PRISM Q&A CORNER
Rani Kohen , Executive Chairman, SKYXA Bright Idea Aimed at Revolutionizing the Smart Home and Lighting Industry: The Transformational Technology Behind SKYX Platforms’ SkyPlug
SKYX Platforms Corp. (NASDAQ: SKYX) is transforming the way consumers and industries think about lighting and smart homes as the company diligently makes strides toward becoming the new smart, safe electrical standard for ceilings. SKYX applies its proprietary technology to ceiling light fixtures with the aim of revolutionizing ceiling lighting installation and a platform for delivering smart technology to modernize lighting. These technological enhancements now provide safer, cost-effective, updated and more efficient ceiling lighting products and smart home features, including the SkyPlug. SKYX promises to “Save Lives. Save Cost. Save Time.”
SKYX developed the SkyPlug, which encompasses two devices that work together as one to create a safer and simpler installation. First, the Sky Outlet is hardwired into the ceiling junction box and – one time only – wires are connected into the terminal points to create a ceiling outlet. This effective approach is both safer and simpler than the traditional way light fixtures have been installed. Once completed, the installer attaches the SkyPlug to the existing or new light fixture. After the connections have been made, the installer inserts the SkyPlug into the Sky Outlet, eliminating the cumbersome and potentially dangerous process of hardwiring fixtures while standing on a ladder. Once the Sky Outlet is installed, ceiling lighting fixtures can be easily switched in and out by simply attaching the Sky Plug to a fixture for a “Plug and Play” installation.
As an enhancement, the next-gen SkyPlug Smart Base can be installed to make the light fixture “smart” with the ability to control dimming, the lighting schedule, emergency lighting, room ambiance color changing, night lights and on/off functionality from the SkyHome App with complete control of the fixture from anywhere at any time to reduce electricity costs. The SkyPlug Smart Base can also be voice-controlled by Apple’s Siri, Amazon’s Alexa, Google Home and Samsung’s Bixby and provides for grouping control mode.
Video Link to SKYX’s three generations of products Click Here
SKYX has achieved numerous accolades as it revolutionizes the lighting industry and becomes the new standard for ceilings. The highly disruptive smart platform technology company has nearly 100 issued and pending patents in the U.S. and globally, owns over 60 lighting and home décor websites, has amassed significant global partnerships and has won 7 CES (Consumer Electronics Show) Awards for its smart home technology. Additionally, SKYX has filed for a mandatory safety standardization for its ceiling outlet receptacle for ceilings in homes and buildings with the National Electrical Code (NEC), which could accelerate growth for the company upon its approval.
We had the chance to speak with SKYX Executive Chairman Rani Kohen to learn more about the Company’s exciting achievements and revolutionary journey.
Q:A:We have successfully collaborated with multiple distributors, manufacturers and lighting companies across multiple markets and have signed agreements with top industry players. Our total addressable market in the U.S. is approximately $500 billion with over 4.2 billion ceiling applications in the U.S. alone. We currently have a five-year global licensing agreement with the multinational conglomerate General Electric Licensing (GE) to license our technologies with a goal to create an advanced smart global ceiling standard. We recently announced a collaboration with Home Depot for the retail and professional markets. Our products are already being sold in 100 stores and on the Home Depot website, and we expect to have hundreds of advanced smart plug & play products at HomeDepot.com in the near future.
Our other collaborations include world-leading Chinese lighting distributor and manufacturer Ruee Appliances for the U.S., China and European markets, global lighting company Kichler, U.S. company Quoizel and European company EGLO for online and builder segments. These collaborations leverage the fast and easy interchangeability capabilities of our technology to enhance sales of smart fixtures and fixture replacements for seasonality, energy savings, holidays, smart capabilities and renovations for both retail and professional segments.
Q:A:SKYX’s recent collaboration with Wayfair marks a milestone in expanding our reach into both retail and professional markets. By offering a variety of advanced and smart Plug & Play products such as ceiling fans, recessed lights, and retrofit kits on Wayfair’s platform, we are further penetrating the home décor market. This partnership also enhances our exposure to architects, designers, and home decorators. We believe this partnership will drive growth and boost our brand presence in a rapidly growing category.
Q:A:Since 2022, SKYX has succeeded in achieving major milestones for mandatory standardization, including voting approvals by U.S. standardization organizations ANSI/NEMA (American National Standardization Institute/National Electrical Manufacturing Association) as well as a vote approval by the NEC for the generic name WSCR (Weight Support Ceiling Receptacle) for its ceiling outlet receptacle. Additionally, after 120 years, the definition of the receptacle in the NEC Code Book was changed to include SKYX’s ceiling outlet/receptacle.
Furthermore, we have built a strong team with vast and uniquely suited leadership experience to ensure we are on the right path to achieving approval. SKYX’s code team is led by Mark Earley, former head of the National Electrical Code (NEC), and Eric Jacobson, former President and CEO of the American Lighting Association (ALA). As part of the mandatory application, SKYX’s code team has submitted significant supporting data regarding hazardous incidents due to electrical wire installations. The data includes fires, ladder falls, electrocutions, injuries, and deaths caused by hazardous wire installations. Upon NEC approval, the SKYX patented ceiling outlet receptacle would be mandated as the new smart, safe electrical standard for ceilings in homes and buildings across the country.
Q:Recently, SKYX secured an $11M strategic investment led by Global Marriot hotel-chain owner and developer Lance Shaner. Can you provide more details on this and any recent financial highlights?
A:The $11 million equity preferred stock investment represents $2.00 per share of common stock with no warrants, led by Shaner, the Chairman and CEO of Shaner Hotel Group who owns and has developed over 60 hotels. This investment was joined by other strategic SKYX investors. Significant insider buying in this round further reinforces management’s confidence in the company’s long-term growth. SKYX’s President Steve Schmidt invested $500,000, while Co-CEOs Lenny Sokolow and John Campi each invested $250,000, demonstrating strong alignment with shareholders and a commitment to future success.
In addition to this investment, SKYX has achieved financial success with 2023 sales of $58M and a record 2024 second quarter sales of $21.4M. We believe we have sufficient cash to achieve our goals that include being cash flow positive in 2025. Our expected revenue streams from retail and professional segments include product sales, royalties, licensing, subscription, monitoring and sale of global country rights.
All of this adds up to significant growth and notable milestones in our ultimate goal to revolutionize modern lighting with smart technology and provide a whole new world for a smart ceiling platform.
Link to an updated company summary Click Here
SKYX Platforms Corp. (NASDAQ: SKYX) is transforming the way consumers and industries think about lighting and smart homes as the company diligently makes strides toward becoming the new smart, safe electrical standard for ceilings. SKYX applies its proprietary technology to ceiling light fixtures with the aim of revolutionizing ceiling lighting installation and a platform for delivering smart technology to modernize lighting. These technological enhancements now provide safer, cost-effective, updated and more efficient ceiling lighting products and smart home features, including the SkyPlug. SKYX promises to “Save Lives. Save Cost. Save Time.”
SKYX developed the SkyPlug, which encompasses two devices that work together as one to create a safer and simpler installation. First, the Sky Outlet is hardwired into the ceiling junction box and – one time only – wires are connected into the terminal points to create a ceiling outlet. This effective approach is both safer and simpler than the traditional way light fixtures have been installed. Once completed, the installer attaches the SkyPlug to the existing or new light fixture. After the connections have been made, the installer inserts the SkyPlug into the Sky Outlet, eliminating the cumbersome and potentially dangerous process of hardwiring fixtures while standing on a ladder. Once the Sky Outlet is installed, ceiling lighting fixtures can be easily switched in and out by simply attaching the Sky Plug to a fixture for a “Plug and Play” installation.
As an enhancement, the next-gen SkyPlug Smart Base can be installed to make the light fixture “smart” with the ability to control dimming, the lighting schedule, emergency lighting, room ambiance color changing, night lights and on/off functionality from the SkyHome App with complete control of the fixture from anywhere at any time to reduce electricity costs. The SkyPlug Smart Base can also be voice-controlled by Apple’s Siri, Amazon’s Alexa, Google Home and Samsung’s Bixby and provides for grouping control mode.
Video Link to SKYX’s three generations of products Click Here
SKYX has achieved numerous accolades as it revolutionizes the lighting industry and becomes the new standard for ceilings. The highly disruptive smart platform technology company has nearly 100 issued and pending patents in the U.S. and globally, owns over 60 lighting and home décor websites, has amassed significant global partnerships and has won 7 CES (Consumer Electronics Show) Awards for its smart home technology. Additionally, SKYX has filed for a mandatory safety standardization for its ceiling outlet receptacle for ceilings in homes and buildings with the National Electrical Code (NEC), which could accelerate growth for the company upon its approval.
We had the chance to speak with SKYX Executive Chairman Rani Kohen to learn more about the Company’s exciting achievements and revolutionary journey.
We have successfully collaborated with multiple distributors, manufacturers and lighting companies across multiple markets and have signed agreements with top industry players. Our total addressable market in the U.S. is approximately $500 billion with over 4.2 billion ceiling applications in the U.S. alone. We currently have a five-year global licensing agreement with the multinational conglomerate General Electric Licensing (GE) to license our technologies with a goal to create an advanced smart global ceiling standard. We recently announced a collaboration with Home Depot for the retail and professional markets. Our products are already being sold in 100 stores and on the Home Depot website, and we expect to have hundreds of advanced smart plug & play products at HomeDepot.com in the near future.
Our other collaborations include world-leading Chinese lighting distributor and manufacturer Ruee Appliances for the U.S., China and European markets, global lighting company Kichler, U.S. company Quoizel and European company EGLO for online and builder segments. These collaborations leverage the fast and easy interchangeability capabilities of our technology to enhance sales of smart fixtures and fixture replacements for seasonality, energy savings, holidays, smart capabilities and renovations for both retail and professional segments.
SKYX’s recent collaboration with Wayfair marks a milestone in expanding our reach into both retail and professional markets. By offering a variety of advanced and smart Plug & Play products such as ceiling fans, recessed lights, and retrofit kits on Wayfair’s platform, we are further penetrating the home décor market. This partnership also enhances our exposure to architects, designers, and home decorators. We believe this partnership will drive growth and boost our brand presence in a rapidly growing category.
Since 2022, SKYX has succeeded in achieving major milestones for mandatory standardization, including voting approvals by U.S. standardization organizations ANSI/NEMA (American National Standardization Institute/National Electrical Manufacturing Association) as well as a vote approval by the NEC for the generic name WSCR (Weight Support Ceiling Receptacle) for its ceiling outlet receptacle. Additionally, after 120 years, the definition of the receptacle in the NEC Code Book was changed to include SKYX’s ceiling outlet/receptacle.
Furthermore, we have built a strong team with vast and uniquely suited leadership experience to ensure we are on the right path to achieving approval. SKYX’s code team is led by Mark Earley, former head of the National Electrical Code (NEC), and Eric Jacobson, former President and CEO of the American Lighting Association (ALA). As part of the mandatory application, SKYX’s code team has submitted significant supporting data regarding hazardous incidents due to electrical wire installations. The data includes fires, ladder falls, electrocutions, injuries, and deaths caused by hazardous wire installations. Upon NEC approval, the SKYX patented ceiling outlet receptacle would be mandated as the new smart, safe electrical standard for ceilings in homes and buildings across the country.
Recently, SKYX secured an $11M strategic investment led by Global Marriot hotel-chain owner and developer Lance Shaner. Can you provide more details on this and any recent financial highlights?
The $11 million equity preferred stock investment represents $2.00 per share of common stock with no warrants, led by Shaner, the Chairman and CEO of Shaner Hotel Group who owns and has developed over 60 hotels. This investment was joined by other strategic SKYX investors. Significant insider buying in this round further reinforces management’s confidence in the company’s long-term growth. SKYX’s President Steve Schmidt invested $500,000, while Co-CEOs Lenny Sokolow and John Campi each invested $250,000, demonstrating strong alignment with shareholders and a commitment to future success.
In addition to this investment, SKYX has achieved financial success with 2023 sales of $58M and a record 2024 second quarter sales of $21.4M. We believe we have sufficient cash to achieve our goals that include being cash flow positive in 2025. Our expected revenue streams from retail and professional segments include product sales, royalties, licensing, subscription, monitoring and sale of global country rights.
All of this adds up to significant growth and notable milestones in our ultimate goal to revolutionize modern lighting with smart technology and provide a whole new world for a smart ceiling platform.
Link to an updated company summary Click Here
