SKYX Platforms Corp.

Good day and welcome to the SkyX Platforms Corporation fourth quarter 2024 earnings call. All participants will be in a listen-only mode. Should you need assistance, please signal conference specialists by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touchtone phone. And to withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Mr. Ronnie Cohen, founder, inventor, and executive chairman. Please go ahead, sir.

Thank you very much. Good afternoon. We will start our fourth quarter 2024 earning call. And with that, I will have Steve Schmidt, our president, start with the call. Thank you.

Ronnie, 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. Sales of our advanced and smart home-related products surged over 1,000%. We expect our products to be in 20,000 units and homes by Q1 2025, and additional tens of thousands of units and homes in 2025. We expect significant projects and order growth, resulting in 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 to over $23.7 million in Q4 for record sales. Our safety code standardization team, which is led by Mark Early, 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 receptable technology. We 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 it, we generated a record $23.7 million in revenue in Q3-24 compared to $22.2 million in Q4-23. We reported $15.5 million in cash, cash equivalents and restricted cash, as of December 24, compared to $13 million as of September 30 of 24. In March 25, we secured 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 capital. We reduced our G&A expenses by $5.7 million to $31.4 million and in 2024 from $37 million as of December 31st, 2023. We reported a $3.3 million 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 2025. As we previously announced, we secured $11 million of equity preferred stock investment, led by the Shainer Group, a leading Marriott hotel owner with over 70 hotels, including significant insider investing by myself at $500,000, co-CEO Len Sokolow and John Campy at $250,000, and 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 segment. We continue to grow our market penetration of our advanced and smart plug-and-play products expecting our products to be in 20,000 U.S. 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 and smart home plug-and-play products, the blade, including lighting, chandeliers, pennants, ceiling fans, recessed lights, down lights, exit signs, emergency lights, holiday kits, themes 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 segments. From 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, recessed lights, and more. We continue to collaborate with U.S. and world-leading lighting companies, including Kitzler, Kweizel, European leading company EGLO, and world-leading manufacturer RUI. We announced the collaboration with Cavco Homes, a leading U.S. prefabricated home manufacturer, on integrating our advanced and smart and plug plate technologies into Cavco's high-end premium homes shown at the Builder's Show. Cavco is a public company that has sold nearly 1 million homes and continues to deliver close to 20,000 annually. Free luxury developments by Forte Developments, including an 80-story high-rise in Miami's Brickell District, and projects in Clearwater Beach in Jupiter, Florida, will feature our technology. More than 12,000 smart plug-and-play products, including ceiling outlets, lighting fans, and emergency fixtures, will be supplied across 400-plus units. A 1,000-unit mixed-use development by Jeremiah's Baron Companies will incorporate smart plug-and-play technologies with 140 units of initial product supply. 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 U.S. homes, will distribute SkyX lighting solutions, ceiling fans, resets, lights, emergency lights, exit signs, and indoor-outdoor wall lights beginning early this year. On the people front, a couple announcements. First, Huey Long, former Amazon e-commerce director and executive at Walmart and Ashley Furniture, has joined as head of our SkyX e-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 U.S. and Canada. Additionally, Greg St. John, former head of Home Depot Lighting, head and CEO of Eglu and Cordelia Lighting, has been appointed president of Lighting Fans and Smart Home Products. With 30-plus 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 retailers. Hopefully 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 Len Sokolow, our co-CEO, and talk more about our financials and where we're going. Len?