Latest news with #Cavco
Yahoo
22-05-2025
- Business
- Yahoo
Cavco Industries Reports Fiscal 2025 Fourth Quarter and Year End Results
Net income per diluted share was $4.47 and Adjusted net income (non-GAAP) per diluted share was $5.40 after previously announced non-cash charge PHOENIX, May 22, 2025 (GLOBE NEWSWIRE) -- Cavco Industries, Inc. (Nasdaq: CVCO) today announced financial results for the fourth quarter and fiscal year ended March 29, 2025. Quarterly Highlights Net revenue of $508 million up 21% from $420 million in the prior year quarter. Gross profit as a percentage of Net revenue was 22.8% with factory-built housing Gross profit as a percentage of Net revenue at 22.3%, down 80 basis points ("bps") and 10 bps, respectively, from last year's fourth quarter. Net income and Adjusted net income (non-GAAP)* were $36 million and $44 million, respectively. Net income per diluted share attributable to Cavco common stockholders was $4.47 and Adjusted net income (non-GAAP) per diluted share* was $5.40 compared to $4.03 in last year's fourth quarter. Full Fiscal Year Highlights Net revenue was $2,015 million, up $221 million or 12.3% compared to $1,795 million last year. Factory-built housing Gross profit as a percentage of Net revenue was 22.9%, compared to 23.2% in the prior year. Income before income taxes was $211 million, up $12 million or 6.0% compared to $199 million in the prior year. Net income per diluted share attributable to Cavco common stockholders was $20.71 compared to $18.37 last year. Adjusted net income (non-GAAP) per diluted share* for the year ended was $21.63. Backlogs at March 29, 2025 were $197 million, up from $191 million at March 30, 2024. Stock repurchases were approximately $150 million in the year. On May 20, 2025, the Company's Board of Directors approved an additional $150 million stock repurchase program. Commenting on the results, Bill Boor, President and Chief Executive Officer, said, "A significant pickup in activity in March helped close out a solid quarter after unusually harsh weather across the southern states in February impacted the transition into the Spring selling season. We held production levels throughout the quarter and are well positioned to increase from here as the market allows." He continued, 'As previously announced, in the 4th quarter, we significantly improved our go-to-market position by unifying our 31 manufacturing facilities under the Cavco name. Going forward, national product lines will logically segment our homes based on specific characteristics, simplifying the home search process for our home buyers. All of this leverages our national marketing efforts and the strength we have built in our Cavco name.' *Adjusted net income (non-GAAP) and adjusted net income (non-GAAP) per diluted share exclude a $10.0 million non-cash charge related to the abandonment of indefinite-lived assets associated with the Company's prior brands. See the Exhibit A for the calculation of adjusted results and the manner in which the adjusted measures are determined in this press release. Three months ended March 29, 2025 compared to three months ended March 30, 2024 Three Months Ended ($ in thousands, except revenue per home sold) March 29,2025 March 30,2024 Change Net revenue Factory-built housing $ 487,860 $ 398,493 $ 89,367 22.4 % Financial services 20,498 21,625 (1,127 ) (5.2 ) % $ 508,358 $ 420,118 $ 88,240 21.0 % Factory-built modules sold 8,260 6,231 2,029 32.6 % Factory-built homes sold (consisting of one or more modules) 5,060 3,938 1,122 28.5 % Net factory-built housing revenue per home sold $ 96,415 $ 101,192 $ (4,777 ) (4.7 ) % In the factory-built housing segment, the increase in Net revenue was primarily due to higher sales volume, partially offset by a lower proportion of homes sold through our Company-owned stores, lower average selling price primarily caused by product price decreases, and sales mix. Financial services segment Net revenue decreased primarily due to fewer loan sales in the current period compared to the prior year, partially offset by higher insurance premiums. Three Months Ended ($ in thousands) March 29,2025 March 30,2024 Change Gross profit Factory-built housing $ 108,573 $ 89,288 $ 19,285 21.6 % Financial services 7,544 9,727 (2,183 ) (22.4 ) % $ 116,117 $ 99,015 $ 17,102 17.3 % Gross profit as % of Net revenue Consolidated 22.8 % 23.6 % N/A (0.8 ) % Factory-built housing 22.3 % 22.4 % N/A (0.1 ) % Financial services 36.8 % 45.0 % N/A (8.2 ) % Selling, general and administrative expenses Factory-built housing $ 71,458 $ 55,937 $ 15,521 27.7 % Financial services 6,029 5,485 544 9.9 % $ 77,487 $ 61,422 $ 16,065 26.2 % Income from operations Factory-built housing $ 37,115 $ 33,351 $ 3,764 11.3 % Financial services 1,515 4,242 (2,727 ) (64.3 ) % $ 38,630 $ 37,593 $ 1,037 2.8 % In the factory-built housing segment, Gross profit increased from higher sales volume. Selling, general and administrative expenses increased primarily as a result of a $10.0 million one-time, non-cash charge related to the adjustment of certain legacy brand intangibles due to the consolidation of the Company's brand as well as increased incentive compensation on higher earnings. In the financial services segment, Gross profit decreased primarily due to reduced revenue from loan sales compared to the prior year. Three Months Ended ($ in thousands, except per share amounts) March 29,2025 March 30,2024 Change Net income attributable to Cavco common stockholders $ 36,330 $ 33,934 $ 2,396 7.1 % Diluted net income per share $ 4.47 $ 4.03 $ 0.44 10.9 % Adjusted net income (non-GAAP) attributable to Cavco common stockholders $ 43,900 $ 33,934 $ 9,966 29.4 % Adjusted diluted net income (non-GAAP) per share $ 5.40 $ 4.03 $ 1.37 34.0 % Year ended March 29, 2025 compared to the year ended March 30, 2024 Year Ended ($ in thousands, except revenue per home sold) March 29,2025 March 30,2024 Change Net revenue Factory-built housing $ 1,933,111 $ 1,716,607 $ 216,504 12.6 % Financial services 82,347 78,185 4,162 5.3 % $ 2,015,458 $ 1,794,792 $ 220,666 12.3 % Factory-built modules sold 32,428 27,355 5,073 18.5 % Factory-built homes sold (consisting of one or more modules) 19,753 16,928 2,825 16.7 % Net factory-built housing revenue per home sold $ 97,864 $ 101,406 $ (3,542 ) (3.5 ) % In the factory-built housing segment, the year-over-year increase in Net revenue was primarily due to higher home sales volume, partially offset by lower average selling prices. Financial services segment Net revenue increased year-over-year primarily due to higher insurance premiums in the current year compared to the prior year, partially offset by reduced revenue from loan sales. Year Ended ($ in thousands) March 29,2025 March 30,2024 Change Gross profit Factory-built housing $ 441,796 $ 398,919 $ 42,877 10.7 % Financial services 23,795 27,983 (4,188 ) (15.0 ) % $ 465,591 $ 426,902 $ 38,689 9.1 % Gross profit as % of Net revenue Consolidated 23.1 % 23.8 % N/A (0.7 ) % Factory-built housing 22.9 % 23.2 % N/A (0.3 ) % Financial services 28.9 % 35.8 % N/A (6.9 ) % Selling, general and administrative expenses Factory-built housing $ 253,027 $ 226,267 $ 26,760 11.8 % Financial services 22,288 21,653 635 2.9 % $ 275,315 $ 247,920 $ 27,395 11.0 % Income from operations Factory-built housing $ 188,769 $ 172,652 $ 16,117 9.3 % Financial services 1,507 6,330 (4,823 ) (76.2 ) % $ 190,276 $ 178,982 $ 11,294 6.3 % In the factory-built housing segment, Gross profit increased from higher home sales, partially offset by lower average selling prices. Selling, general and administrative expenses increased as a result of higher incentive compensation on higher sales and a $10.0 million one-time, non-cash charge related to the adjustment of certain legacy brand intangibles due to the consolidation of the Company's brand. In the financial services segment, Gross profit decreased primarily due to higher weather related insurance claims and reduced revenue from loan sales. Year Ended ($ in thousands, except per share amounts) March 29,2025 March 30,2024 Change Net income attributable to Cavco common stockholders $ 171,036 $ 157,817 $ 13,219 8.4 % Diluted net income per share $ 20.71 $ 18.37 $ 2.34 12.7 % Adjusted net income (non-GAAP) attributable to Cavco common stockholders $ 178,606 $ 157,817 $ 20,789 13.2 % Adjusted diluted net income (non-GAAP) per share $ 21.63 $ 18.37 $ 3.26 17.7 % Conference Call Details Cavco's management will hold a conference call to review these results tomorrow, May 23, 2025 at 10:00 a.m. (Eastern Time). Interested parties can access a live webcast of the conference call on the Internet at or via telephone. To participate by phone, please register here to receive the dial in number and your PIN. An archive of the webcast and presentation will be available for 60 days at About Cavco Cavco Industries, Inc., headquartered in Phoenix, Arizona, designs and produces factory-built housing products primarily distributed through a network of independent and Company-owned retailers. We are one of the largest producers of manufactured and modular homes in the United States, based on reported wholesale shipments. We are also a leading producer of park model RVs, vacation cabins and factory-built commercial structures. Cavco's finance subsidiary, CountryPlace Mortgage, is an approved Fannie Mae and Freddie Mac seller/servicer and a Ginnie Mae mortgage-backed securities issuer that offers conforming mortgages, non-conforming mortgages and home-only loans to purchasers of factory-built homes. Our insurance subsidiary, Standard Casualty, provides property and casualty insurance to owners of manufactured homes. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts. These forward-looking statements reflect Cavco's current expectations and projections with respect to our expected future business and financial performance, including, among other things: (i) expected financial performance and operating results, such as revenue and gross margin percentage; (ii) our liquidity and financial resources; (iii) our outlook with respect to the Company and the manufactured housing business in general; (iv) the expected effect of certain risks and uncertainties on our business; and (iv) the strength of Cavco's business model. These statements may be preceded by, followed by, or include the words "aim," "anticipate," "believe," "estimate," "expect," "forecast," "future," "goal," "intend," "likely," "outlook," "plan," "potential," "project," "seek," "target," "can," "could," "may," "should," "would," "will," the negatives thereof and other words and terms of similar meaning. A number of factors could cause actual results or outcomes to differ materially from those indicated by these forward-looking statements. These factors include, among other factors, Cavco's ability to manage: (i) customer demand and the availability of financing for our products; (ii) labor shortages and the pricing, availability, or transportation of raw materials; (iii) the impact of local or national emergencies; (iv) excessive health and safety incidents or warranty and construction claims; (v) increases in cancellations of home sales; (vi) information technology failures or cyber incidents; (vii) our ability to maintain the security of personally identifiable information of our customers, (viii) compliance with the numerous laws and regulations applicable to our business, including state, federal, and foreign laws relating manufactured housing, privacy, the internet, and accounting matters; (ix) successful defense against litigation, government inquiries, and investigations, and (x) other risks and uncertainties indicated from time to time in documents filed or to be filed with the Securities and Exchange Commission (the "SEC") by Cavco. The forward-looking statements herein represent the judgment of Cavco as of the date of this release and Cavco disclaims any intent or obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments, or otherwise. This press release should be read in conjunction with the information included in the Company's other press releases, reports, and other filings with the SEC. Readers are specifically referred to the Risk Factors described in Item 1A of the Company's Annual Report on Form 10-K for the year ended March 30, 2024 as may be updated from time to time in future filings on Form 10-Q and other reports filed by the Company pursuant to the Securities Exchange Act of 1934, which identify important risks that could cause actual results to differ from those contained in the forward-looking statements. Understanding the information contained in these filings is important in order to fully understand Cavco's reported financial results and our business outlook for future periods. For additional information, contact: Mark FuslerCorporate Controller and Investor Relationsinvestor_relations@ Phone: 602-256-6263On the Internet: INDUSTRIES, INC. CONSOLIDATED BALANCE SHEETS (Dollars in thousands, except per share amounts) March 29,2025 March 30,2024 ASSETS (Unaudited) Current assets Cash and cash equivalents $ 356,225 $ 352,687 Restricted cash, current 18,535 15,481 Accounts receivable, net 105,849 77,123 Short-term investments 19,842 18,270 Current portion of consumer loans receivable, net 35,852 20,713 Current portion of commercial loans receivable, net 43,492 40,787 Current portion of commercial loans receivable from affiliates, net 2,881 2,529 Inventories 252,695 241,339 Prepaid expenses and other current assets 74,815 82,870 Total current assets 910,186 851,799 Restricted cash 585 585 Investments 18,067 17,316 Consumer loans receivable, net 20,685 23,354 Commercial loans receivable, net 48,605 45,660 Commercial loans receivable from affiliates, net 4,768 2,065 Property, plant and equipment, net 227,620 224,199 Goodwill 121,969 121,934 Other intangibles, net 16,731 28,221 Operating lease right-of-use assets 35,576 39,027 Deferred income taxes 1,853 — Total assets $ 1,406,645 $ 1,354,160 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities Accounts payable $ 37,195 $ 33,531 Accrued expenses and other current liabilities 265,971 239,736 Total current liabilities 303,166 273,267 Operating lease liabilities 31,538 35,148 Other liabilities 7,359 7,759 Deferred income taxes — 4,575 Total liabilities 342,063 320,749 Stockholders' equity Preferred stock, $0.01 par value; 1,000,000 shares authorized; No shares issued or outstanding — — Common stock, $0.01 par value; 40,000,000 shares authorized; Issued 9,436,732 and 9,389,953 shares, respectively; Outstanding 8,008,012 and 8,320,718 shares, respectively 94 94 Treasury stock, at cost; 1,428,720 and 1,069,235 shares, respectively (424,624 ) (274,693 ) Additional paid-in capital 290,940 281,216 Retained earnings 1,198,163 1,027,127 Accumulated other comprehensive income (loss) 9 (333 ) Total stockholders' equity 1,064,582 1,033,411 Total liabilities and stockholders' equity $ 1,406,645 $ 1,354,160 CAVCO INDUSTRIES, INC. CONSOLIDATED STATEMENTS OF INCOME (Dollars in thousands, except per share amounts) (Unaudited) Three Months Ended Year Ended March 29,2025 March 30,2024 March 29,2025 March 30,2024 Net revenue $ 508,358 $ 420,118 $ 2,015,458 $ 1,794,792 Cost of sales 392,241 321,103 1,549,867 1,367,890 Gross profit 116,117 99,015 465,591 426,902 Selling, general and administrative expenses 77,487 61,422 275,315 247,920 Income from operations 38,630 37,593 190,276 178,982 Interest income 4,533 5,334 21,089 20,998 Interest expense (147 ) (284 ) (517 ) (1,649 ) Other (expense) income, net (93 ) 292 222 849 Income before income taxes 42,923 42,935 211,070 199,180 Income tax expense (6,593 ) (9,001 ) (40,034 ) (41,275 ) Net income 36,330 33,934 171,036 157,905 Less: net income attributable to redeemable noncontrolling interest — — — 88 Net income attributable to Cavco common stockholders $ 36,330 $ 33,934 $ 171,036 $ 157,817 Net income per share attributable to Cavco common stockholders Basic $ 4.53 $ 4.07 $ 20.97 $ 18.55 Diluted $ 4.47 $ 4.03 $ 20.71 $ 18.37 Weighted average shares outstanding Basic 8,015,611 8,338,595 8,157,615 8,506,673 Diluted 8,120,407 8,428,613 8,259,956 8,591,911 CAVCO INDUSTRIES, INC. OTHER OPERATING DATA (Dollars in thousands) (Unaudited) Three Months Ended Year Ended March 29,2025 March 30,2024 March 29,2025 March 30,2024 Capital expenditures $ 6,174 $ 4,184 $ 21,427 $ 17,421 Depreciation $ 4,578 $ 4,279 $ 17,729 $ 16,956 Amortization of other intangibles $ 376 $ 392 $ 1,530 $ 1,569 CAVCO INDUSTRIES, A: Unaudited Non-GAAP Financial Measures - Adjusted Net Income and Adjusted Net Income per Diluted Share(Dollars in thousands)(Unaudited) Use of non-GAAP measures To supplement our financial statements presented in accordance with U.S. generally accepted accounting principles ('GAAP'), we report non-GAAP financial measures such as Adjusted net income and Adjusted net income per diluted share. The $10.0 million non-cash charge relates to the adjustment of certain legacy brand indefinite-lived intangible values due to the unification of the Company's extensive manufacturing brand lineup under the Cavco name. This charge is tax effected and excluded from Adjusted net income and Adjusted earnings per diluted share because it is a non-cash charge that is non-recurring and not indicative of the Company's core operational results. These non-GAAP financial measures are not a substitute for GAAP results and should be considered in conjunction with GAAP results. Three Months Ended Year Ended March 29,2025 March 29,2025 Adjusted net income As reported Net income (GAAP) $ 36,330 $ 171,036 Plus after-tax impact(1)of indefinite lived asset charge 7,570 7,570 Adjusted net income (non-GAAP) $ 43,900 $ 178,606 Earnings per diluted share As reported diluted earnings per share (GAAP) $ 4.47 $ 20.71 After-tax impact of indefinite lived asset charge 0.93 0.92 Adjusted net income (non-GAAP) per diluted share $ 5.40 $ 21.63 (1) The impact to net income reflects the tax effect of the noted item, which is based on the enacted rate in the jurisdiction in which the expense is in to access your portfolio
Yahoo
22-04-2025
- Business
- Yahoo
Project to build more than 50 units of housing for homeless people in Merced
A 58-unit project to help those at risk of or experiencing homelessness in Merced is underway. A groundbreaking ceremony was held Thursday in Merced, to kick off the start of a project to build 58 units for individuals experiencing or at risk of experiencing homelessness. The Homekey-funded housing project will include 58 units at 125 E. 13th St.. The single-story units will have ground floor access making them ADA accessible. One bedroom, one bath units will be roughly 407 square-feet in size, with two bedroom, two bath units approximately 574 square-feet. The units will be built on 2.7 acres of land utilizing modular construction, landscaping with be featured throughout with an emphasis on cost efficiency and livability. The modular units will be manufactured by Phoenix-based Cavco total project will cost $11,150,000, with 100% of the project's funding coming form California's Project Homekey, said Adam Conour, CEO of Anabasis real estate company, which also is involved in the project. 'This (will) have a very community, clean feel to it,' said Dean Sparks, a real estate professional partnering with Anabasis. 'It's been designed from scratch versus taking an existing hospitality property and reconverting it to this.' Both Sparks and Conour who are Army veterans, emphasized the importance of providing housing for veterans who they say are disproportionately affected by homelessness. 'We're trying to house veterans, we're trying to be responsible and we're trying to be impactful to the mission that we have,' Conour said. The project will also include the construction of a community building on site that will serve to house social services as well as case management and property management teams as well as a community room. The ground breaking ceremony will include red, white and blue balloons, as well as tactical military-style shovels used for the groundbreaking. Construction on the project is expected to begin this summer, with the development being one of seven affordable housing projects supported by the city in collaboration with developers. 'The City is committed to creating housing opportunities. By partnering with mission-aligned developers and leveraging funding opportunities from state and federal sources, we are working to ensure that affordable housing becomes a reality for more people throughout our community,' the city said in a statement to the Merced Sun-Star. The state-led initiative was launched in 2020 in an effort to expand housing for individuals experiencing homelessness or for those at risk of homelessnesses. The program enables both local and regional public entities to acquire various types of properties including motels, hotels, or commercial buildings into interim or permanent housing. According to the California Department of Housing and Community Development, as of August, Homekey has funded 15,850 homes.
Yahoo
17-03-2025
- Business
- Yahoo
Cavco Industries unifies manufacturing brand lineup under Cavco name
Cavco Industries (CVCO) enters 2025 with momentum introducing their new tagline, 'Where Exceptional Meets Affordable.' Building on this momentum, the company is proud to announce that it is unifying its extensive manufacturing brand lineup under the Cavco name, strengthening its national brand identity and recognition. This repositioning leverages the resources, experience and vision of the corporate brand with the unique, local expertise and reputation of the regional manufacturing facilities. Additionally, the company will streamline product segmentation to maximize digital marketing effectiveness and simplify the homebuying process. Moving forward, homes will be identified by defined product lines rather than legacy brand names. This shift ensures prospective homebuyers, dealers, communities and developers can more easily find the right Cavco-built affordable home that meets their needs. This brand and product alignment is the natural next step in the company's development, reinforcing its leadership in the manufactured housing industry. As a result of this strategic brand realignment, Cavco will record a non-cash charge in the fourth quarter of fiscal 2025, impacting pre-tax earnings by approximately $9.9 million and reducing net income by approximately $7.6 million. This reflects the adjustment of legacy intangible brand values. Easily identify stocks' risks and opportunities. Discover stocks' market position with detailed competitor analyses. Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See Insiders' Hot Stocks on TipRanks >> Read More on CVCO: Questions or Comments about the article? Write to editor@ Skyx Platforms enters collaboration with Cavco Industries Cavco Industries price target raised to $550 from $480 at Wedbush Cavco Industries' Earnings Call Highlights Growth Cavco Industries Sees Strong Growth in Q3 Earnings Cavco Industries reports Q3 EPS $6.90 vs. $4.27 last year Sign in to access your portfolio
Associated Press
14-03-2025
- Business
- Associated Press
Cavco Unifies Under a Strong Brand Strategy
Phoenix, Ariz., March 14, 2025 (GLOBE NEWSWIRE) -- FOR IMMEDIATE RELEASE Cavco Unifies Under a Strong Brand Strategy Strategic brand alignment strengthens Cavco's position in the affordable housing market and simplifies the homebuying journey PHOENIX, Ariz., March 14, 2025 (GLOBE NEWSWIRE) – Cavco Industries, Inc. (Nasdaq: CVCO) enters 2025 with momentum – celebrating 60 years of building high-quality, affordable homes and introducing their new tagline, 'Where Exceptional Meets Affordable.' After decades of impressive growth and acquisitions, Cavco remains committed to providing a safe and engaging workplace for its associates, developing innovative products and solving the affordable housing crisis. Building on this momentum, the company is proud to announce that it is unifying its extensive manufacturing brand lineup under the Cavco name, strengthening its national brand identity and recognition. This repositioning leverages the resources, experience and vision of the corporate brand with the unique, local expertise and reputation of the regional manufacturing facilities. Additionally, the company will streamline product segmentation to maximize digital marketing effectiveness and simplify the homebuying process. Moving forward, homes will be identified by defined product lines rather than legacy brand names. This shift ensures prospective homebuyers, dealers, communities and developers can more easily find the right Cavco-built affordable home that meets their needs. This brand and product alignment is the natural next step in the company's development, reinforcing its leadership in the manufactured housing industry. 'With Cavco's growth and our focus on the customer experience, the time is right to rethink how we can improve the customer's ability to quickly focus their home search,' said Bill Boor, Cavco President and CEO. 'This realignment to a single brand that focuses on product characteristics will transform how we go to market across our national manufacturing operation, leveraging our investment in digital marketing and opening new national marketing opportunities. It's a big win for Cavco, our retail partners and most importantly, our homebuyers.' As a result of this strategic brand realignment, Cavco will record a non-cash charge in the fourth quarter of fiscal 2025, impacting pre-tax earnings by approximately $9.9 million and reducing net income by approximately $7.6 million. This reflects the adjustment of legacy intangible brand values. About Cavco Cavco Industries, Inc., headquartered in Phoenix, Arizona, designs and produces factory-built housing products primarily distributed through a network of independent and Company-owned retailers. We are one of the largest producers of manufactured and modular homes in the United States, based on reported wholesale shipments. We are also a leading producer of park model RVs, vacation cabins and factory-built commercial structures. Cavco's finance subsidiary, CountryPlace Mortgage, is an approved Fannie Mae and Freddie Mac seller/servicer and a Ginnie Mae mortgage-backed securities issuer that offers conforming mortgages, non-conforming mortgages, and home-only loans to purchasers of factory-built homes. Our insurance subsidiary, Standard Casualty, provides property and casualty insurance to owners of manufactured homes.
Associated Press
24-02-2025
- Business
- Associated Press
SKYX Collaborating with U.S. Leading Prefabricated Home Manufacturer Cavco Homes
SKYX Advanced and Smart Plug & Play Technologies to be utilized in Cavco's High-End Premium Manufactured Homes at the World Largest Builders' Show IBS Since its Inception Cavco Homes is Estimated to Have Sold Nearly 1 Million Homes and Close to 20,000 Homes Annually During the Past Years As SKYX Continues to Increase its U.S. and Canada Market Penetration, its Technologies will be Used in Cavco's High-End Homes including the New Leading Premium Homes Skye View and Bungalow Models, in Show Village during the International Builders' Show in Las Vegas February 25-27, 2025 MIAMI, Feb. 24, 2025 (GLOBE NEWSWIRE) -- SKYX Platforms Corp. (NASDAQ: SKYX) (d/b/a SKYX Technologies) (the 'Company' or 'SKYX'), a highly disruptive advanced and smart home platform technology company for homes and buildings, with more than 97 issued and pending patents globally and over 60 lighting and home décor websites, announces it will collaborate with Cavco Industries, Inc., a U.S. leading prefabricated home manufacturer to utilize SKYX's advanced and smart plug & play technologies in Cavco's premium prefabricated homes during the International Builders' Show (IBS). SKYX's technologies will be used in Cavco's high-end homes, including their new leading premium homes Skye View and Bungalow models, in Show Village during the International Builders' Show place in Las Vegas from February 25-27, 2025. SKYX's advance and smart plug & play platform technologies makes homes and buildings become advanced, safe, and smart instantly while significantly saving time and cost as well as adding substantial value to developers and homeowners. Cavco is a leading U.S. manufacturer of prefabricated homes. As a publicly traded company, it ranks among the largest producers of manufactured and modular homes in the nation, renowned for its high-quality, premium designs. Cavco specializes in designing and producing factory-built housing products, which are distributed through an extensive network of independent and company-owned retailers. Since its inception, it is estimated that Cavco has sold nearly one million homes, with recent annual sales approaching 20,000 units. Tim Gage, National Vice President of Cavco's Park Models, and Specialty Homes said, 'We are excited to utilize SKYX's game-changing safe plug and play technology in our Cavco Park Model prefabricated homes at the IBS Pro Builder Show Village. We welcome people to visit our premium homes including our Skye View and Bungalow models to see how we utilize SKYX's technologies. I strongly believe that the SKYX technology can become the standard for new construction, as it provides, safety, time saving, and smart capabilities, while advancing and adding significant value to our homes.' Rani Kohen, Founder/Inventor and Executive Chairman, of SKYX Platforms, said, 'We are truly excited to collaborate with a U.S. leading premium prefabricated home manufacturer such as Cavco during the world's largest building show, IBS. This is another step toward our goal of making homes and buildings become advanced, safe, and smart as the new standard. We look forward to continuing to demonstrate our advanced smart platform technology's ability to make homes and buildings become smarter and safer instantly, while significantly advancing buildings and saving time and costs for developers.' About SKYX Platforms Corp. As electricity is a standard in every home and building, our mission is to make homes and buildings become safe-advanced and smart as the new standard. SKYX has a series of highly disruptive advanced-safe-smart platform technologies, with over 97 U.S. and global patents and patent pending applications. Additionally, the Company owns over 60 lighting and home decor websites for both retail and commercial segments. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. For more information, please visit our website at or follow us on LinkedIn. Forward-Looking Statements Certain statements made in this press release are not based on historical facts, but are forward-looking statements. These statements can be identified by the use of forward-looking terminology such as 'aim,' 'anticipate,' 'believe,' 'can,' 'could,' 'continue,' 'estimate,' 'expect,' 'evaluate,' 'forecast,' 'guidance,' 'intend,' 'likely,' 'may,' 'might,' 'objective,' 'ongoing,' 'outlook,' 'plan,' 'potential,' 'predict,' 'probable,' 'project,' 'seek,' 'should,' 'target' 'view,' 'will,' or 'would,' or the negative thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these words. These statements reflect the Company's reasonable judgment with respect to future events and are subject to risks, uncertainties and other factors, many of which have outcomes difficult to predict and may be outside our control, that could cause actual results or outcomes to differ materially from those in the forward-looking statements. Such risks and uncertainties include statements relating to the Company's ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its products and technologies and integrate its products and technologies with third-party platforms or technologies; the Company's efforts and ability to drive the adoption of its products and technologies as a standard feature, including their use in homes, hotels, offices and cruise ships; the Company's ability to capture market share; the Company's estimates of its potential addressable market and demand for its products and technologies; the Company's ability to raise additional capital to support its operations as needed, which may not be available on acceptable terms or at all; the Company's ability to continue as a going concern; the Company's ability to execute on any sales and licensing or other strategic opportunities; the possibility that any of the Company's products will become National Electrical Code (NEC)-code or otherwise code mandatory in any jurisdiction, or that any of the Company's current or future products or technologies will be adopted by any state, country, or municipality, within any specific timeframe or at all; risks arising from mergers, acquisitions, joint ventures and other collaborations; the Company's ability to attract and retain key executives and qualified personnel; guidance provided by management, which may differ from the Company's actual operating results; the potential impact of unstable market and economic conditions on the Company's business, financial condition, and stock price; and other risks and uncertainties described in the Company's filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. There can be no assurance as to any of the foregoing matters. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by U.S. federal securities laws. Jeff Ramson
