MIAMI - SKYX Platforms Corp. (NASDAQ: SKYX), a company specializing in smart platform technology, has expanded its intellectual property holdings with the issuance of eight new patents. These patents, granted in the United States, China, Europe, and India, contribute to SKYX's portfolio, which now encompasses over 90 issued and pending patents globally.
The recent additions to the company's patent collection cover technologies related to plug and play and smart home platforms, enhancing the functionality of smart home and artificial intelligence sensors as well as home safety sensors. With these patents, SKYX now holds more than 30 issued patents specifically tailored to its smart home, AI, electrical, and lighting platform technologies.
Rani Kohen, the Founder and Executive Chairman of SKYX Platforms, expressed confidence in the company's strengthened intellectual property position. "These advancements position SKYX to be a leading technology provider of smart home platforms for the smart home, electrical and lighting industries," Kohen stated.
SKYX's mission is to make homes and buildings safe and smart as the new standard, akin to how electricity is a standard feature in modern structures. The company's platform technologies are designed to improve safety and lifestyle in both residential and commercial settings.
This news is based on a press release statement from SKYX Platforms Corp.
InvestingPro Insights
Amidst SKYX Platforms Corp.'s expansion of its intellectual property with new patents, investors are keeping a close eye on the company's financial health and market performance. According to InvestingPro data, the company's market capitalization currently stands at 108.01 million USD, reflecting its size and investor valuation in the market. Despite the impressive growth in revenue, with an extraordinary increase of over 183,000% in the last twelve months as of Q1 2023, SKYX is grappling with profitability challenges. The company's Price to Earnings (P/E) Ratio is negative at -2.62, indicating that it has not been profitable during this period.
Furthermore, the Price to Book (P/B) multiple is at a high of 6.63, suggesting that the market values the company significantly higher than the net value of its assets. This metric is particularly relevant for investors as it may reflect the market's optimism about the company's future growth prospects despite its current lack of profitability. An InvestingPro Tip highlights that analysts do not expect SKYX to be profitable this year, which is an essential consideration for potential investors.
The stock's performance over the last week shows a sharp decline of 14.89%, part of a broader trend where the price has significantly fallen by 67.11% over the last year. This volatility is critical for investors to consider, especially those looking for stable returns. For those seeking more insights, there are additional InvestingPro Tips available for SKYX at InvestingPro. To enhance your investment research, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking a wealth of financial data and expert analysis.
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