Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| But this is something that we have really great response as it really takes all the time, cost, simplify the process as well as life-saving aspects that we add to those units |
| We strongly all believe that we can revolutionize an industry or more than one industry even with our disruptive technology here and our feedbacks from both consumers and builders are really encouraging |
| First of all, we generated a record $21.6 million in revenue in the third quarter of 2023, including sales of our advanced and smart plug and play products |
| And again, we're very happy, as Steve mentioned, where we are, keep on enhancing market penetration |
| So that -- we're very excited on this |
| So, we're very encouraged with this |
| We believe we have accelerated our cadence of sales with a robust gross margin profile, notably managing the cash burn of SKYX on a sequential basis |
| We are actually very pleased where we are with those numbers and the number of this quarter proves us that we're in the right path and the conversion rate towards our products we're selling |
| We are encouraged with our path to the builder/commercial segments that we believe will assist in paving the way for our standardization efforts |
| Additionally, our e-commerce website platform enhances the acceleration of marketing, distribution channels, collaborations, and sales to both professional and retail segments |
| And we're very happy with our conversion rates that are improved significantly, significantly improved from first quarter to this quarter, and we expect them to significantly improve as we load more and more fixtures and our conversion rates are getting better from day to day |
| We followed that path and we strongly -- management and our co-team, strongly believe we have the safety necessities to become mandatory |
| So, those are really very important points in segments that we strongly believe that we can capture a nice percentage of the market with this |
| We have -- most of the product is under production already and we're selling and enhancing our market penetration, as Steve was mentioning in opening statements |
| I agreed to take a substantial portion of my compensation in SKYX equity because I strongly believe SKYX was at a great inflection point, well positioned to be a U.S |
| and global leader in smart plug and play platform technology products |
| Furthermore, I strongly believe in the compelling safety aspects of SKYX products |
| This is why I am a strong believer in the SKYX safety and standardization path |
| We're trying to follow that path and really we believe we have the equivalent of concepts here and we have a good chance, we believe strongly to make this happen |
| So with that being said, we are excited about our opportunity with builders and we are probably one of our last slides here, is really what builders have today with the smart home complexity, as you see on the left here |
| Gross profit was positively impacted by the gross profit of the acquisition of our e-commerce platform of over 60 websites for lighting and home decor |
| We continue to enhance our market penetration of our advanced and smart platform technology products to both retail and commercial segments through our e-commerce platform of over 60 websites for lighting and home decor |
| Percentages actually look good and we hope to enhance to get much more smarts, but a lot of people want the standard |
| Fourth, when you look at the number of patents and proprietary products that we have, both from a technology and service perspective one gets excited |
| I just became Co-CEO and joined this fantastic and experienced management team |
| With respect to our financials, as mentioned, our revenue in the third quarter of 2023 increased to a record $21.6 million, including e-commerce sales as well as smart and standard plug and play products |
| And our solution, we strongly believe, would save many lives in addition to saving time, significant cost and money, as well as simplifying the entire process |
| And as I've said in the past, there were really six or seven key reasons that I became really excited about SKYX, and it started with Rani for both his strategic vision, his leadership, and the way that he understands how to run a company |
| So, I think at that point, we -- as you can see in this slide, we accomplished what we believe and what we were told to understanding all the safety necessities here and we accomplished all significant -- additional significant milestones including the voting of ANSI, American National Standardization Institute, that's in charge of constructions reliability and safety of the products going to every construction in the U.S., as well as NEMA, the National Electrical Manufacturers, as well as we got voted by the American Institute of Architects as part of the safety and continuing education programs |
| We enhanced our integration -- online integrations of many products into plug and play capability and smart plug and play capability |
| Statement |
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| In addition to the slowdown in the builders market, that is not helping the high interest and slowdown in new construction |
| So, the home decor market and lighting market in general are in decline |
| But as you can see, the numbers of Wayfair and many others in home decor were sliding and every year going down |
| So, as everyone knows the home decor is in decline for the past few years |
| We are experiencing technical issues |
| That's the bad news |
| The net loss declined from $12.3 million in Q2 2023 to $7.2 million in Q3 |
| And the loss before interest tax, depreciation and amortization and share-based payment declined from $2.7 million in Q2 2023 to $2.5 million in Q3 |
| And as you can see here on the slides, we are blessed to have key members that are joining us as part of our members here that invested in us |
| Net cash loss before interest taxes, depreciation, and amortization as adjusted for share-based payments, which is an adjusted EBITDA, a non-GAAP measure, amounted to $2.5 million in addition to a non-cash basis loss of $4.7 million, amounted to a net loss of $7.2 million, or $0.08 loss per share, in the third quarter of 2023, as compared to a net cash loss of $1.9 million, in addition to a non-cash basis loss of $2.8 million, amounted to a net loss of $5.7 million, or $0.07 per share, in the third quarter of 2022 |
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