Monday, April 29, 2024
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Initiating coverage with an Outperform rating and $5 price target. SKYX Platforms is an innovative developer of smart home technologies that improve safety in residential and commercial buildings. The company holds over 30 patents with approximately 60 pending. In our view, SKYX shares could offer investors significant upside due to the growth of the smart home technology industry, as well as the prospect for one of the most impactful electrical safety developments in the last 40 years.
Favorable outlook. In 2024, we estimate revenue will grow roughly 60% from the prior year, reaching $94.1 million. In 2025, revenue is expected to reach $140.3 million, an increase of 49% over 2024. The strong revenue growth is to be driven by the company’s owned and operated lighting websites, as well as its key partnerships, detailed later in this report.
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This Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.