Fourth Quarter 2022 and Subsequent Operational Highlights:
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Signed a strategic acquisition agreement to acquire Belami, a profitable lighting and home décor eCommerce conglomerate with $86 million in revenues and 64 websites, that is expected to enhance the Company’s cash flow and serve as a marketing education platform, as well as accelerate SKYX’s products’ time to market and distribution to both professional and retail segments. The transaction is mostly funded through stock/equity payments while the cash portion for the closing was fully funded by two major SKYX leading investors. |
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The Company is planning to announce an investor call upon the closing of the e-commerce acquisition that is expected to occur in April and will discuss the Form 10-K as well as the significant implications of the 64 lighting and décor websites on the Company’s go-to-market strategy. |
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SKYX was approved by the American Institute of Architects (AIA) for inclusion in its mandatory annual Continuing Education Systems course for its 96,000+ member architects. |
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SKYX’s Smart plug & play for ceilings products won a total of five prestigious awards during the Consumer Electronic Show – CES 2023 from leading technology publications, including the CES Smart Home Innovation Award. |
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As part of the standardization process of SKYX’s ceiling outlet/receptacle specifications, received an approval vote by ANSI / NEMA (American National Standards Institute and National Electrical Manufacturers Association). Additionally, our ceiling receptacle was voted and approved by the National Electrical Code (NEC) for the generic name WSCR (Weight-Supporting Ceiling Receptacle). |
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Cash, cash equivalents, restricted cash, and investments available for sale totaled $16.8 million as of December 31, 2022, as compared with $10.4 million as of December 31, 2021. |
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Cash used in operations during 2022 amounted to $13.8 million, as compared to $4.6 million in the prior year. |
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Net cash operating loss of $13 million for 2022, in addition to $14 million of non-cash shares- and options-based payment, resulted in a $27.0 million net loss, as compared to $5.7 million in the prior year. The $14.0 million of non-cash shares- and options-based payments compared to $1.5 million included in the net loss figure for the prior year. |
