Latest news with #SKYXPlatformsCorp
Reuters
16-07-2025
- Business
- Reuters
SKYX Platforms Corp. Announces Global Sales and Marketing Collaboration with Parrot Uncle to Launch All-in-One Smart Turbo Heater & Ceiling Fan
MIAMI, FL, July 9, 2025 (EZ Newswire) -- SKYX Platforms Corp., opens new tab (NASDAQ: SKYX), a smart home technology leader with over 100 issued and pending patents globally, announced a global sales and marketing collaboration agreement with Parrot Uncle, opens new tab, a world-leading manufacturer of ceiling fans and home décor products. The agreement will support the U.S. and international rollout of SKYX's new all-in-one smart turbo heater and ceiling fan, along with other patented plug-and-play smart home technologies. Parrot Uncle, which has sold millions of ceiling fans in the U.S. and global markets, will partner with SKYX to bring this innovative multi-functional product to a broad consumer and commercial audience. The product line launch is scheduled for the third quarter of 2025, aligned with the upcoming winter season. The SMART SkyFan, which combines a ceiling fan, heater, and light into a single smart fixture, is being produced in multiple versions and available in 6 to 8 color options to meet diverse residential and commercial demands. Production is currently underway with SKYX's manufacturing partners. The ceiling fan and space heater category represents a multi-billion-dollar annual market, with tens of millions of units sold in the U.S. alone. SKYX anticipates that the successful launch of this product line will be a major milestone toward achieving cash-flow positive operations in 2025. 'This sales and collaboration agreement with Parrot Uncle is strategic for both U.S. and global markets,' said Rani Kohen, founder and executive chairman of SKYX Platforms Corp. 'This exemplifies our commitment to global strategic relationships based on our innovation, safety, and global market products. As we prepare for our upcoming launch, we believe this breakthrough all-in-one heater ceiling fan solution will drive significant value for our customers, partners, and shareholders.' The SMART SkyFan, Heater & Light is designed to provide efficient, all-season comfort in a smart, easy-to-install format, supporting SKYX's mission to make homes and buildings smarter, safer, and more advanced. To see SKYX's technologies in action, click here, opens new tab. 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 100 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 opens new tab or follow us on LinkedIn, opens new tab. 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. Media Contact Jeff Ramsonjramson@ ### SOURCE: SKYX Platforms Corp. Copyright 2025 EZ Newswire See release on EZ Newswire
Yahoo
28-05-2025
- Business
- Yahoo
PRISM MarketView Features SKYX Platforms Corp. Following Major Miami Project Win and Russell Index Inclusion
Company to Deploy Over 500,000 Smart Home Units in $3 Billion Development; Joins Russell 2000® and 3000® Indexes NEW YORK, May 28, 2025 (GLOBE NEWSWIRE) -- PRISM MarketView, an investor-focused platform tracking small and emerging growth companies, today featured SKYX Platforms Corp. (NASDAQ: SKYX) following a series of significant milestones, including its selection as the exclusive smart home infrastructure provider for a $3 billion mixed-use development in Miami and its upcoming inclusion in the Russell 2000® and Russell 3000® Indexes. The 63-acre Miami project, located in the Little River District, will integrate SKYX's patented plug & play technologies across more than 5,700 residential units, including 2,400 affordable apartments. More than 500,000 SKYX smart home devices will be deployed as part of the project.'Our advanced plug & play smart platform was designed to support the next generation of urban developments,' said Rani Kohen, Founder, Inventor and Executive Chairman of SKYX Platforms Corp. 'We look forward to the opportunity to contribute to a connected, safer, and more efficient living environment.' In addition, SKYX announced its expected inclusion in the Russell 2000® and Russell 3000® Indexes as part of FTSE Russell's 2025 annual reconstitution. The company's addition will become effective after the market opens on June 27, 2025. SKYX recently reported record Q1 2025 results, including revenue of $20.1 million, 4.8% sequential gross margin improvement, and a 17% reduction in G&A expenses. The company expanded its footprint across the U.S. and Canada and reaffirmed its expectation to achieve cash flow positivity in the second half of 2025, supported by its razor-and-blade business model. Read the full feature on PRISM MarketView: For SKYX's Technologies Video Link CLICK HERE About SKYX Platforms 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. About PRISM MarketView PRISM MarketView is a financial media platform focused on highlighting emerging growth companies and breakthrough innovation across public markets. Through original editorial, video features, and executive Q&A content, PRISM delivers timely insights and elevates visibility for high-potential companies. PRISM also maintains a suite of proprietary indexes tracking momentum across sectors including biotech, AI, and consumer tech. Learn more at PRISM MarketView does not provide investment advice. Disclaimer This communication was produced by PRISM MarketView, an affiliate of PCG Advisory Inc., (together "PCG"). PCG is not a registered or licensed broker-dealer nor investment adviser. No information contained in this communication constitutes an offer to sell, a solicitation of an offer to buy, or a recommendation of any security. PCG may be compensated by respective clients for publicizing information relating to its clients' securities. See Contact:PRISM MarketView info@ 646-863-6341 A photo accompanying this announcement is available at
Yahoo
27-05-2025
- Business
- Yahoo
SKYX to Be Added to Russell 2000® and Russell 3000® Indexes
MIAMI, May 27, 2025 (GLOBE NEWSWIRE) -- SKYX Platforms Corp. (NASDAQ: SKYX) ('SKYX' or the 'Company'), a highly disruptive smart home platform technology company with over 97 issued and pending patents globally and a growing portfolio of over 60 lighting and home décor websites, with a mission to make homes and buildings become smart, safe, and advanced as the new standard, today announced that it is set to be added to the Russell 2000® and the broad-market Russell 3000® Index following the 2025 annual reconstitution of the Russell indexes, according to a preliminary list of additions posted by FTSE Russell on May 23, 2025. SKYX's inclusion will become effective after the U.S. market opens on June 27, 2025. Annual Russell index reconstitution ranks the Russell 2000® Index and the 3,000 largest U.S. public companies by total market capitalization. Inclusion in the all-cap Russell 3000® Index results in automatic membership in either the large-cap Russell 1000® Index or the small-cap Russell 2000® Index, as well as in relevant growth and value style indexes. FTSE Russell determines index membership primarily based on market-cap rankings and style attributes. 'This is an exciting milestone that reflects the strong progress SKYX has made in scaling our business and executing our strategic vision,' said Lenny Sokolow, Co-CEO of SKYX. 'We believe that inclusion in the Russell indexes will help broaden investor awareness of our technology platform and increase institutional ownership as we continue to grow and advance our mission to make homes and buildings safer and smarter.' Russell indexes are widely used by investment managers and institutional investors for index-based funds and benchmarking purposes. According to FTSE Russell, approximately $10.6 trillion in assets are benchmarked to Russell U.S. indexes. Russell indexes are maintained by FTSE Russell, a global leader in index analytics and solutions. For more information on the Russell 3000® Index and the annual reconstitution process, please visit the 'Russell Reconstitution' section on the FTSE Russell website. For SKYX's Technologies Video Link CLICK HERE 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. Investor Relations Contact:Jeff RamsonPCG Advisoryjramson@ in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
15-05-2025
- Business
- Yahoo
SKYX Platforms Corp (SKYX) Q1 2025 Earnings Call Highlights: Revenue Growth and Strategic ...
Release Date: May 14, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. SKYX Platforms Corp (NASDAQ:SKYX) reported a 6% increase in revenue for Q1 2025, reaching $20.1 million compared to $18.9 million in Q1 2024. The company achieved its 5th consecutive quarter of year-over-year revenue growth. Gross margin improved by 4.8% and gross profit increased by 2% in Q1 2025 compared to Q4 2024. General and administrative expenses decreased by 17% compared to Q1 2024. SKYX Platforms Corp (NASDAQ:SKYX) secured approximately $4 million in additional equity, contributing to a broader financing round totaling $15 million. Cash equivalents and restricted cash decreased from $15.5 million as of March 31, 2024, to $12.3 million as of March 31, 2025. Net cash used in operating activities was $4 million in Q1 2025, although this was a decrease from $6.1 million in Q4 2024. The company reported an adjusted EBITDA loss of $3.6 million or $0.04 per share in Q1 2025. The net loss per share was $0.09 in Q1 2025, only a slight improvement from $0.10 per share in Q1 2024. There are ongoing uncertainties regarding the timeline and impact of mandatory standardization for their safety products. Warning! GuruFocus has detected 3 Warning Signs with SKYX. Q: Can you provide an update on the US manufacturing partnership and its cost implications compared to international manufacturing? A: Unidentified_2: The partnership with Profab Electronics in Florida aims to automate production, minimizing cost differences with international manufacturing. The goal is to fully automate production in the US, making it competitive despite not necessarily being cheaper. The advanced facility and machinery at Profab support this initiative. Q: Is there potential for further investment from the Schaer Group, and how does this relate to the hotel distribution channel? A: Unidentified_2: The recent $4 million investment from strategic investors, including the Schaer Group, is part of a broader financing round. The company welcomes strategic investors who believe in its future. The hotel distribution channel is expected to benefit from the full product assortment, which will be available by the end of the quarter, facilitating partnerships with hotels. Q: What percentage of products do you plan to manufacture domestically, and how long will it take to achieve full automation? A: Unidentified_2: The company is exploring domestic manufacturing options, with a goal to increase US production. The timeline for full automation is not specified, but the company is actively working on it. The recent tariff changes have brought Chinese manufacturers back into consideration, but the focus remains on establishing a domestic supply chain. Q: Can you clarify the safety code mandatory standardization process and its timeline? A: Unidentified_2: The company is exploring multiple government organizations that could expedite mandatory standardization due to their focus on safety. The decision date for a mandate is crucial, as it typically precedes the effective date by 18-24 months. The company is optimistic about meeting the conditions for standardization. Q: How does the company plan to mitigate tariff impacts on manufacturing? A: Unidentified_2: The company has significant relationships in the US and is exploring the best options for domestic production. Recent tariff reductions have made Chinese manufacturing more viable again, but the company aims to increase US production in the long term. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus.
Yahoo
25-03-2025
- Business
- Yahoo
Q4 2024 SKYX Platforms Corp Earnings Call
Rani Kohen; Executive Chairman of the Board; SKYX Platforms Corp Steven Schmidt; President; SKYX Platforms Corp Leonard Sokolow; Co-Chief Executive Officer, Director; SKYX Platforms Corp Patrick McCann; Analyst; Noble Financial Capital Markets Jack Vander Aarde; Analyst; Maxim Group, LLC Brandon Rogers; Analyst; Roth Capital Partners Operator Good day and welcome to the SKYX Platforms Corporation Fourth Quarter 2024 Earnings Call. (Operator Instructions) Please note this event is being recorded.I would now like to turn the conference over to Mr. Rani Kohen, Founder, Inventor, and Executive Chairman. Please go ahead, sir. Rani Kohen Thank you very much. Good afternoon. We will start our Fourth Quarter 2024 Earnings Call. And with that, I will have Steve Schmidt, our President, start with the call. Thank you. Steven Schmidt Rani, thank you very much. We have a lot to report and let's start. First of all, I'm very pleased to talk about the fact that we grew our revenue 48% in 2024 from $58.8 million in '23 to $86.3 million in 2024. The sales of our advanced and smart home related products surged over 1000%. We expect our products to be in 20,000 units and homes by Q1 '25, and additional tens of thousands of units and homes in 2025. We expect significant projects and order growth resulting becoming cash flow positive in the second half of 2025. We also achieved revenue growth in four consecutive quarters for 2024, from Q1 of $19 million to over $23.7 million in Q4 for record safety code standardization team, which is led by Mark Earley, former Head of the National Electric Code and Chief Engineer of the NFPA and still a member of the International Electric Code, together with Eric Jacobson, former President and CEO of the American Lighting Association. We anticipate major support from additional safety organizations and leading members for our safety mandatory standardization of our electrical ceiling outlet receptible have recently received some indications that based on the significant safety aspects of our technology, we are being positively reviewed by leading personnel, including leading safety experts that are assisting us with our mandatory safety standardization process as they strongly believe our technology has met all the criteria to become mandatory.A few as we kind of look at, we generated a record $23.7 million revenue in Q3 '24 compared to $22.2 million in Q4 '23. We reported $15.5 million in cash equivalents and restricted cash as of December '24 compared in $13 million as of September 30 of ' March '25, we secured an additional $1.45 million of funding, including from a strategic investor through our $2 Series A1 preferred offering. As is common with companies such as ours, when sales are converted into cash rapidly, often referred to as the Dell working capital model, we continue to leverage our trades payable to finance our operations to enhance our cash position and to lower our cost of reduced our G&A expenses by $5.7 million to $31.4 million in 2024 from $37 million as of December 31, 2023. We reported a $3.3 million dollar decrease in total liabilities and a reduction of $3.9 million in that loss comparing 2024 to 2023. And as I said before, we plan to become cash flow positive in the second half of we previously announced, we secured $11 million of equity preferred stock investment led by the Shaner Group, a leading Marriott Hotel owner with over 70 hotels, including significant insider investing by myself at $500,000, co-CEO Leon Sokolow and John Campi at $250,000 at a preferred investment, representing the $2 per share of common stock with no warrants. We expect to grow increasingly units and growth to pro builders and retail continue to grow our market penetration of our advanced and smart plug-and-play products, expecting our products to be in 20,000 US and Canadian homes and units by the end of Q1 2025. We expect our products to be in tens of thousands of additional homes incrementally this year.A big plus is our technology provides opportunities for recurring revenue through interchangeability, upgrades, monitoring, and subscriptions. We continue to focus on our razor and blade model, and our product range includes our advanced ceiling and electrical outlet: the razor, our advanced smart home plug and play products; the blade, including lighting, chandeliers, pennant ceiling fans, recess lights, down lights, exit signs, emergency lights, holiday kits, the lights, indoor-outdoor wall lights, among other smart products. We continue to utilize our e-commerce platform of over 60 websites for lighting and home decor to educate and enhance our market penetration to both the retail and professional a partnership and collaboration standpoint, we have significant collaborations and partners with Home Depot and Wayfair for our advanced and smart plug-and-play products for both retail and professional segments. Our product offerings will include a variety of our advanced and smart plug-and-play products, including retrofit kits, smart light fixtures, smart ceiling fans, ceiling outlet receptacles, recess lights, and continue to collaborate with US and world leading lighting companies, including Kichler, [Kwell], European leading company EGLO, and world leading manufacturer Rui. We announced the collaboration with Cavco Homes, a leading US prefabricated home manufacturer, on integrating our advanced and smart and plug play technologies into Cavco's high-end premium homes shown at the Builders Show. GAO is a public company that has sold nearly 1 million homes and continues to deliver close to 20,000 annually. Three luxury developments by Forte Developments, including an 80-story high rise in Miami's BrickellDistrict and projects in Clearwater Beach in Jupiter, Florida, will feature our technology. More than 12,000 smart plug-and-play products, including sing outlets, lighting fans, and emergency fixtures, will be supplied across 400-plus units.A 1,000-unit mixed-use development by Jeremiah Baron Companies will incorporate smart plug-and-play technologies with 140 units initial product supplied. This product rollout will include ceiling outlets, lighting fans, and emergency fixtures with deliveries continuing throughout construction.A strategic partnership with JIT Electrical Supply, a leading builder supplier, will expand SKYX's footprint in electrical lighting and ceiling fan markets. JIT, which has supplied over 100,000 US homes, will distribute SKYX lighting solutions, ceiling fans, resets lights, emergency lights, exit signs, and indoor-outdoor wall lights beginning early this the people front, a couple of announcements. First, Huey Long, former Amazon e-commerce director and executive at Walmart and Ashley Furniture, has joined as head of our SKYX platform. He will collaborate with the existing team to expand market penetration across our 60 lighting and home decor websites and other key e-commerce channels in the US and Greg Saint John, former head of Home Depot Lighting, head and CEO of Igloo and Cordelia Lighting, has been appointed President of Lighting fans and Smart Home Products. With 30+ years of industry experience, he will lead expansion efforts in retail, home builder, and commercial markets, overseeing partnerships with Home Depot, Wayfair, and other major you can see that we have an awful lot going on that we feel very proud about that will provide significant momentum as we go forward. I thank you. All right. At this point, I'd like to turn the call over to Leon Sokolow, our co-CEO, and talk more about our financials and where we're going. Leon. Thank you. Leonard Sokolow Thank you very much, appreciate it. Just to recap a little bit, besides the SKYX reporting, the 48% growth in revenues from $58.8 million in 2023 to $86.3 million in 2024, we generated a record $23.7 million in revenue in Q4 compared to $22.2 million in Q4 in reported -- as Steven mentioned, we're reflecting the Dell working capital model, so our cash conversion is very rapid and we're leveraging our trade payables as we continue to grow our operations. We anticipate, as Steve mentioned, number one, the significance of projects and orders. And in addition, and in light of that, we anticipate that we will become cash flow positive during the second half of reported a reduction in general and administrative expense by $5.7 million to $31.4 million as of December 31, 2024 from $37 million at the end of December 31, 2023. We reported, in addition, $3.3 million decrease in total liabilities. From '23 to '24, and a 10% reduction of approximately $3.9 million in net loss. Our adjusted IBA loss per share is a non-GAAP measure amounted to $0.13 per share in 2024, as compared to $0.17 loss per share in company also reported a 14% decrease in loss to $13.1 million in 2024 from $15.2 million in 2023 before interest, taxes, depreciation, amortization as adjusted for share-based payments or adjusted, which is a non-GAAP measure. And of significance is that our gross profit increased 36% year over year by approximately $6.5 with that, in light of those highlights, Rani, anything further? Rani Kohen Thank you very much, Steve, and thank you very much, Lenny. Just would like to emphasize that, as Steve mentioned, our leading code members, Mark Earley, former head of the National Electrical Code, and Eric Jacobson, former President and CEO of American Lighting Association, are receiving great support now to the code efforts. There's several organizations that can help expedite that process and we're working together they're working together with those teams to Steve mentioned, we feel we met all these criteria and there's several organizations that can help expediting that product process and we also got some leading members that are helping us on a national level. And the code team are feeling that they're very confident on their new path here. And that's something we're happy obviously encouraged by quarter to quarter growth, and revenues, and also very happy about the razor and the blade model, as Steve mentioned, using this Is really to start penetrating with more builders as you saw we start announcing some collaborations with builders and as Steven and then he mentioned we anticipate to have to announce additional projects, additional builders and some leading projects that we have overall, we feel that the razor and the blade model is really working for us and as we said many times before, we're penetrating first, and foremost creating, a new, I would say, a way to enhance our sales by providing our sealing outlets here you can see on the left we had a 24 pack, we have a 24 pack, 8 pack, and 4 pack and 1 pack of the ceiling outlet receptacle, what we call our razor, and we anticipate enhancing and growing our market penetration with those razors. And as Steve mentioned, we expect those razors to create or those ceiling outlets to create recurring revenues from different types of pictures, intention ability, and then also down the road with smart products with monitoring subscription, data aggregation, and AI and other also are very proud that our members here, our leading members that are helping us with the code in addition to our leading members in other areas, we also have Paul Chernawsky, Entrepreneur of the year, second from right here, former Entrepreneur of the Year by E&Y is an insurance guy and we are also encouraged with some initial discussions that we're having with insurance companies that are all waiting for our products, the entire arrive and to be accessible in several places, not only in our 60 websites but also with Home Depot, with Wayfair, and with other places that we're working on. So we're very happy from the progress that we're and feedback receiving using, again, the razor and the blade model. To penetrate, and we're getting great reaction from builders and also from hotels, we're working on with Shaner Group that owns over 60 Marriotts and 20 other hotels. We're working on some of their renovations that once we have some products in the market, the entire assortment, we believe we can, start working towards, hopefully, hotel renovations, and definitely, grow our, builder and our pro segments, that we addition to this, we, as Steve mentioned, we have -- we're blessed to join the company Huey Long, that is e-commerce, leading US leading member. Was one of, directors for Amazon when they started, was also, head of e-commerce and marketing for, Walmart and also was. Ashley Furniture grew their business substantially when it comes to e-commerce and joining him, he anticipates, to deliver real strong numbers with our e-commerce platform, and we'll share more about this in the coming months. But one of his main goals is also to enhance our B2B towards the pro and the builders through our e-commerce as currently, high 90% is retail and, really single digit, small single digit is pro and now bringing all this assortment, he sees a great opportunity to grow the B2B with the plug-and-play also had the former, lighting head of Home Depot join us so to accommodate our growth with Home Depot, and we hope to share more, news on other companies and other, growth opportunities, including the existing one with Home Depot and others, but also with, hopefully new in general, we're happy and we're working very hard, we're growing our business and we're optimistic. Our code team is very optimistic on some things that help and assistance we're getting that being said, thank you, everyone, and we're probably going to open up to Q&A. Operator (Operator Instructions) Rani Kohen Okay, so maybe Pat from Noble. Patrick McCann Hey Rani, thanks for taking my questions and congrats on the on the strong quarter and the strong year. First, I just wanted to ask about, I think it's almost a mandatory question probably is about the tariffs. Could you just touch on your partnership with through we and how you may be able to avoid some of the impacts, how that might be, how you might be able to mitigate some of those risks? Rani Kohen I thank you, Pat, and we are the last call we also was asked the same questions and we didn't know those new tariffs, will happen, but the good news is we even last call we answered that we're already working with factories, in Vietnam, in Taiwan, and now in Cambodia, and even we, for since last year, way before those tariffs came. Has opened other options, including Cambodia and Vietnam, that he can supply products from I must say the first two years of the tariffs with COVID and everything else happened, I think a lot of people didn't take it serious. But I must say that in the past 2 years, the Chinese manufacturers are taking those tariffs very seriously as they saw the tremendous business was lost in China, and it didn't, until it didn't hurt them, they didn't find the good news is they're already working for two years on those solutions and happens to be that that that's really serves us well with the new tariffs that no one expected, but really that should not affect us as we already have in place and I said in the last earning call the same so we already had it there that time and we definitely are utilizing it for now so it won't affect our business here. But thank you for the question. Patrick McCann Right, and if I could squeeze in one more, I was just also wondering if, you mentioned earlier about the mandatory approval process and that there are some organizations that could sort of help expedite that process. I was wondering if you could give any more insight into you know what sorts of organizations those would be if you had any examples in mind or you know any more color you could give there. Rani Kohen And the standardization? Yes. Yeah, so what we're finding out, and I don't want to mention names at that point, but we're finding out working with very high level, people that, working with our code team that, between, Mark Earley and Eric Jacobson, they actually created more or influenced more standardizations the in electrical and the lighting industry than anyone else in in the past 35 years in the US. So getting support for them or they feel very confident that there's several other paths of safety organizations that have a criteria to help in situations like as we are starting our process in the last several weeks, the team, the code team are very optimistic on several options and organizations that are looking into it and. And some people that understand that type of business, really think that we, hey, we met, as Steve mentioned, all the criteria, to become mandatory, and it's very obvious, there are hundreds of millions of times people go here in the US on ceilings and touching hazardous wires, staying long time on ladders, would, creates electrocutions, ladder fall, fires, and many other hazardous then now that that brought to attention of leading, very high-level leading members, they're kind of a quote-unquote in a state of shock and how long it's taking. So our cote feels quite confident with that, and we hope we can announce some things in the next coming months and to give some more colors, but I think some doors have opened to us that we were not aware of, or we did not have ways to explore in the past few weeks and we hope that that's going to lead to some things we can share in the near future. Patrick McCann Great. I appreciate the additional commentary, Rani. I'll pass the floor. Rani Kohen Thank you. And Jack from Maxim. Hi, Jack. How are you? Jack Vander Aarde Hey, Rani. Doing well, thanks for taking my questions guys. So it's great to see the continued momentum behind the scenes and definitely see a good control over the operating expenses. I do want to touch on the 4th quarter gross margin, so that did dip down a bit, just wondering if there's anything to touch on there is this a blip, is this seasonality, and then what kind of can we expect for gross margin in the first half of the year which might be seasonally slower? Rani Kohen Yes, so with the gross margins as we, as we're starting to, and I saw that, we showed it on our slides, earlier today we're starting to bring all our products in, with several joint ventures that we announced and those products have, really, much higher gross margins than our standard e-commerce pro products have and we're blending, we're starting to blend in, great products really what we have is just to put more and more products we're going to start ceiling fans it looks like very soon towards the summer with high margins we're going to start some wall sconces, recess lights, indoor and outdoor wall sconces, including variety of chandeliers and down lights, among exit signs emergency lights, and we anticipate a very high gross margins, and our goal is just to blend them more in our system and that's in the process. Once we have the entire assortment and we anticipate Q2. Will be, we probably can announce the entire assortment is in place, to see that affecting our gross addition to that, as we're doing the razor and the blade model, we currently, going with our razors receptacles into the market once the blades hit with the ceiling, smart ceiling fans, smart light fixtures, and other light fixtures. That also will help our gross margins, and we also mentioned that we're working anticipating some, major projects and major or hopefully significant orders to come, so all of this together we anticipate will significantly improve our gross margins as we keep on coming with more products from our joint ventures and collaboration. Jack Vander Aarde Okay, no, that, that's very helpful. Can I zero in maybe on, you have tons of recent new announcements obviously there's so much to talk about, but just to not take up everyone's time, let me just drill down on the Home Depot, and Wayfair collaborations really quick. Can I get an update just kind of how those relationships are performing or moving along? I think you're expected to be in a 100 initial Home Depot stores or online locations. Can you just give an update on how that's been going, and what you expect in 2025 from maybe Home Depot and Wayfair just in general? Rani Kohen Yes, sure, we, as we, for the other, for our e-commerce 60 websites we're using the same products, plug-and-play products including ceiling fans and smart ceiling fans, smart lighting. A recess light and all the emergency lights and exit signs and indoor-outdoor wall lanterns to arrive. And as they're arriving, we're also enhancing our product assortments in both Home Depot and in Wayfair and Home Depot we're also getting into stores, and we hope that the more stores, the more products we have online, the percentage of products going to store will grow. We're working on some in-store programs that we can't disclose yet, but it's really for us it's all about to have more and more products coming very encouraged that the last several months since our last call, every month, I would say products more and more products are coming into the country and we're continuing that training of products and that supply chain to grow and the more we grow it, it's going to influence positively both our programs in Home Depot and in Wayfair. Jack Vander Aarde Okay great I appreciate the color look forward to watching you guys execute. I'll hop back in the queue. Rani Kohen Thank you. And then we have Jerry from Roth Capital. Brandon Rogers Hello, this is Brandon Rogers on for Jerry Sweeney. Can you guys hear me? Rani Kohen Yes, hello. Brandon Rogers Yes, thanks for taking my call. So I just had a question about, bringing on Mr. Long. Given his background, does this have any impact to your strategy? Any changes you guys are looking to implement in, 2025 and, any challenges on this front? Rani Kohen Related to tariffs, you mean? Brandon Rogers No, in terms of just given his e-commerce background, is there any differences? Is there any? Rani Kohen Yes, correct, yes. Yes, so, yeah, Huey is really a veteran and well known actually was a director in Amazon and created Amazon's main brand, Amazon Basic. That was their first brand out there, today they have 100, and he's a really US leading e-commerce expert and to bring a level. High level talent in his level, he probably saw something into what we have, and I'll take his word, he started his career as a buyer in Circuit City, and then he opened his own sourcing company, grew it up from $0 to $800 million at that time, and then sold it to the CEO of Circuit then we announced to the Amazon and Jeff Bezos that he sold his company, they grabbed him. And I'm saying that because his Circuit City experience is saying we're going to have 60 websites and hopefully a lot of them soon, starting to do plug-and-play and down the road plug-and-play only, and that's going to give us, and we can still have competitive pricing that we don't need to significantly if at all to increase cost and that's kind of you said with the Circuit City days is like selling TVs. The Circuit City would sell TVs with remote controls when the competitors will send them without. So I think he's very optimistic and we're very happy to have a guy in that caliber come and explore, and also some software options that can increase our conversion rates. And competitive edge that he's working on, so we're quite excited. And as I answered earlier, I think on another question, I think we'll have some announcements together with him in the coming months. Brandon Rogers Thank you. And if I just ask another one, and can you give me any updates on the continued expansion into the residential home builders channel? I know you said that you expect 20,000 homes by end of one queue and an additional tens of thousands of units in 2025. Any additional color on this front? Rani Kohen Yes, so as we announced, we believe, this, quarters, we're going to be around 20,000 units slash homes, with our, products, and we, have indications and started, and we'll supply. We believe 10s of thousands, hopefully on the higher side of 10s of thousands, but additional, pipelines that we have here and, that's with a variety of projects and we hope to be able to announce some of them in the coming months but we really have great feedback from builders pro segment hotel owners.I don't know if we mentioned this, but not only the Shaner Group with 60 hotels, invested with us, but, and 60 Marriotts and probably 20 Hiltons and Intercontinentals that they own globally and we hope to grow with them globally, but we also have one of our, that round. Another leading investor that owns Waldorf Astoria and several maybe 10 or more Hiltons that's also very excited. So for us it's just to get the products here and it's coming, it's slowly but surely and again I want to remind everyone it's a razor and the blade model. The razor always goes first, the feeling receptacle and sometimes it can take. 3 to 6 to 9 months until the blades come in, and that's where the revenue growth is anticipated. So we're very encouraged and on a razor and the blade model and we think that this program is really a great success for us. We just need to get more blades, as we say, more products down here, to accommodate the demand. Brandon Rogers Thank you. And then if I could just ask one more, you mentioned the cash flow positive during the second half 2025. Could you just walk me through what you need to accomplish to get cash flow positive? You mentioned significant projects and orders, any more to add there. Rani Kohen So it's a combination of orders that we anticipate and the razor and the blade model to more blades more fixtures into the market and growing our collaborations with that we announced on higher gross margins and getting more products here so our management, is confident that that we have, in the second half of the year a path to get cash flow positive. As we are going to get more products and more projects out there and anticipate some announcing some projects and orders in combination with our collaborations that all are in the direction of increasing gross margins what we anticipate and expect that that can bring us to a cash flow positive in the second half of 2025. Brandon Rogers Awesome. Thank you, Rani. I appreciate it thanks for taking my call. Rani Kohen Sure. Okay. Thank you very much, everyone. We're looking forward to talk to you more and hopefully, we can share more things that we're doing, once we, they come to fruition. But we're, quite confident and on the company's direction and we would like to say thank you Steve Schmidt, our President and our co-CEO Lenny Sokolow and thank you for you participating in that call looking forward for our next call. Thank you. Operator The conference is now concluded. Thank you for attending today's presentation. You may now disconnect. Sign in to access your portfolio
