SKYX Platforms (SKYX) – Setting the Table for Future Revenue Growth


Thursday, August 15, 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.

Execution on target. The company reported a solid quarter, in line with our revenue estimate and better than our adj. EBITDA loss estimate. Q2 revenue was $21.4 million, roughly in line with our estimate of $22.0 million, while an adj. EBITDA loss of $2.1 million was better than our forecast of a loss of $4.0 million. In our view, the sequential revenue growth, coupled with a diminishing cash burn should serve as a favorable indicator of the company’s ability to execute its growth strategy, while targeting a swing towards profitability in 2025.  

Expanding distribution channels. Recently, the company announced that its products would become available at Home Depot. Products are already live on Home Depot’s website and various products are expected to arrive in a select number of stores in the coming months. We view this as a significant expansion that furthers the company’s ability to reach both the retail and professional channels at scale. As such, we believe the inclusion of SKYX products at Home Depot could accelerate revenue growth in both customer verticals.


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This Company Sponsored 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. 

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