SKYX Platforms Q3 revenue rises 7.4% but misses estimates

Overview

• US smart home tech firm's Q3 revenue rose 7.4% but missed analyst expectations

• Gross profit for Q3 increased 11% to a record $8.1 mln

• Company completed Deako merger after quarter-end, expanding builder pipeline and targeting cost savings

Outlook

• Company expects annual cash expense savings of more than $6 mln from Deako merger

• SKYX targets cash flow positivity, supported by merger savings and sales channel expansion

• Company estimates builder channel pipeline at about 4 mln units, average selling price $50 per product

Result Drivers

• MARKET EXPANSION - Co said Q3 growth was driven by continued expansion of market penetration across builder, professional, commercial, hospitality and retail channels

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the electrical components & equipment peer group is "buy"

• Wall Street's median 12-month price target for SKYX Platforms Corp is $4.38, about 511.5% above its November 11 closing price of $0.72

Reuters Recommended Reads

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)