MIAMI, Oct. 22, 2026 (GLOBE NEWSWIRE) -- SKYX Platforms Corp. (NASDAQ: SKYX) (the “Company” or “SKYX”), a highly disruptive platform technology company with over 120 patents and pending applications globally and over 60 lighting and home décor websites, with a mission to make homes and buildings safe and smart as the new standard, today provides a corporate update.

Highlights Recent Events

• The combined SKYX and Deako pipeline is estimated at over 4 million units with an expected average selling price of approximately $50 per product.
• SKYX’s subsidiary Deako announced it will supply over 80,000 units to 1,000 homes of prominent builder Maronda Homes.
• The Company recently signed an agreement to supply two 65 stories luxury Trump Towers with over 2.2 million SQF in one of India’s leading tech cities Hyderabad, expecting to deploy tens of thousands of units.
• SKYX recently announced it will supply its technologies during a renovation of a Marriott city center hotel in Durham, NC.

Maintaining Strong Cash Position

• The Company reported $27.7 million in total cash, cash equivalents, and restricted cash as of the end of the second quarter of 2026 and continues to maintain a strong cash position to achieve its business goals, including achieving positive cash flow as it exits 2026.
• The Company reported 10 consecutive quarters of year-over-year growth and expects to continue this pattern of quarterly growth.

SKYX Patented Turbo Heater Fan

• Despite a very hot summer, SKYX’s sales of its patented Turbo Heater Fan continued to grow during the summer with all retailers, including Home Depot, Lowe’s, Target, Walmart, Costco, Amazon, Wayfair, and through SKYX’s e-commerce platform of 60 websites.
• The Company expects sales of its Turbo Heater Fan to grow significantly during the fall and winter seasons in both the retail and builder segments.
• Due to increasing demand, SKYX intends to launch new designs in both larger and smaller sizes and in five different colors.

SKYX Deako Merger Highlights

Synergies

• SKYX’s full product line is expected to create an opportunity to increase Deako’s revenue per home by up to fivefold.
• Synergies between SKYX and Deako are expected to reduce annual cash expenses by over $6 million. In addition to expected revenues from sales, both SKYX and Deako use the razor-and-blades model and are expected to provide additional future revenues from upgrades, as well as recurring revenue opportunities from plug & play product interchangeability, AI services, monitoring, subscriptions, and licensing, among other sources.
• The merger opens the door for Deako’s products in SKYX projects, including Marriott and European hotels and Miami’s $4 billion Smart City.

Stock Consideration & Lock-Up

• In consideration for the merger, SKYX issued 25,000,000 shares of common stock, subject to a 12-month full lock-up (followed by quarterly leak-out releases at 12, 15, 18, and 21 months after the closing, with share sales subject to a Rule 10b5-1 trading plan).

Deako’s Market Acceptance and Strategic Relations

• Deako’s lead investors include Paul Jacobs, former Chairman and CEO of Qualcomm; Deako’s former board member Marwan Fawaz served as CEO of Nest (Google).
• Deako has recently extended its supply agreement with leading builders D.R. Horton and Stone Martin.
• Deako has shipped over 32 million units, including its smart plug-in wall switches, and generated over $26 million in revenue in 2025.
• Deako is a leading technology supplier with over $26M in 2025 revenues and has shipped over 32 million units, including its smart home plug-in wall switches, to over 50 U.S. homebuilder customers, including D.R. Horton, Toll Brothers, Risewell Homes, Adams Homes, Maronda Homes, Shea Homes, and Schumacher Homes, among many others.
• The merger between SKYX and Deako will enable SKYX to offer an A-to-Z AI and smart home plug & play solution for homes and buildings, including wall outlets, wall switches, and ceiling outlet boxes for smart home and safety products, lighting, ceiling fans, and smoke detectors, among others.
• Most smart home solutions today require time-consuming and costly wired installation and address only part of the A-to-Z opportunity, while the combined company aims to offer a complete A-to-Z AI and plug & play smart home solution.

SKYX’s Signed Agreements Prior to Merger with Builder / Hotel Segments

• The Company recently signed an agreement to supply two 65 stories luxury Trump Towers with over 2.2 million SQF in one of India’s leading tech cities Hyderabad, expecting to deploy tens of thousands of units.
• SKYX recently announced it will supply its technologies during a renovation of a Marriott city center hotel in Durham, NC.
• SKYX announced its technology will become a brand standard for European hotel developer Group OTT, a developer of over 250 hotels and buildings across Europe.
• SKYX’s future U.S. and international projects include Miami’s new $4 billion Smart City and projects in North Carolina, Austin, San Antonio, South Florida, New York, Europe, Saudi Arabia, and Egypt.
• SKYX is progressing toward its goal to become a brand standard for national and international hotel chains and builders.

Technology Licensing and Roadmap

• SKYX has recently signed a licensing agreement for its advanced technologies with Eurofase, a leading lighting company in the U.S., Canada, and global markets.
• SKYX expects to continue its licensing model for its vast patent portfolio as part of its safety code standardization efforts, as well as through licensing to leading tech companies.
• SKYX will be launching a new AI-driven system and infrastructure for its e-commerce platform of 60 websites, expected to significantly increase its conversion rate and sales.
• The Company secured U.S. and global strategic manufacturing partnerships with premier manufacturers in the U.S., Vietnam, Taiwan, China, and Cambodia.

Safety Standardization Mandatory Code and Insurance Exposure

• SKYX's Safety Code Standardization Team is receiving support from a prominent new leader in connection with its government safety agency process for mandatory safety standardization of its electrical ceiling outlet/receptacle technology.
• SKYX’s code team is led by industry veterans Mark Earley, former head of the National Electrical Code (NEC), and Eric Jacobson, former President and CEO of the American Lighting Association (ALA). The Company’s Safety Code Standardization Team believes it will garner assistance from additional safety organizations in its mandatory safety code standardization efforts based on the product’s significant safety aspects. Mr. Earley and Mr. Jacobson were instrumental in numerous code and safety changes in both the electrical and lighting industries. Both strongly believe that, considering the Company’s standardization progress, including ANSI / NEMA (American National Standards Institute / National Electrical Manufacturers Association) voting to approve its product specification and its technology being voted into 10 segments of the NEC Code Book, its technology has met the necessary safety conditions for becoming a ceiling safety standardization requirement for homes and buildings.
• The Company strongly believes its products can save insurance companies many billions of dollars annually by minimizing risks (e.g., reducing fires, ladder fall injuries, and electrocutions). Management expects that insurance companies will use the Company’s range and variations of its safe advanced plug & play products to reduce their exposure and minimize their risks. 

About SKYX Platforms Corp.

As electricity is a standard in every home and building, our mission is to make homes and buildings safe-advanced and smart as the new standard. SKYX has a series of highly disruptive advanced, safe, smart and AI platform technologies, with over 120 U.S. and global patents and patent pending applications. Additionally, the Company owns 60 lighting and home décor websites for both retail and commercial segments. Our technologies place an emphasis on high quality and ease of use, while significantly enhancing both safety and lifestyle in homes and buildings. We believe that our products are a necessity in every room in both homes and other buildings in the U.S. and globally. For more information, please visit our website at https://www.skyx.com/ or follow us on LinkedIn.

Forward-Looking Statements

Certain statements made in this press release are not based on historical facts, but are forward-looking statements. These statements can be identified by the use of forward-looking terminology such as “aim,” “anticipate,” “believe,” “can,” “could,” “continue,” “estimate,” “expect,” “evaluate,” “forecast,” “guidance,” “intend,” “likely,” “may,” “might,” “objective,” “ongoing,” “outlook,” “plan,” “potential,” “predict,” “probable,” “project,” “seek,” “should,” “target,” “view,” “will,” or “would,” or the negative thereof or other variations thereon or comparable terminology, although not all forward-looking statements contain these words. These statements reflect the Company’s reasonable judgment with respect to future events and are subject to risks, uncertainties and other factors, many of which have outcomes difficult to predict and may be outside our control, that could cause actual results or outcomes to differ materially from those in the forward-looking statements. Such risks and uncertainties include statements relating to the Company’s ability to successfully launch, commercialize, develop additional features and achieve market acceptance of its products and technologies and integrate its products and technologies with third-party platforms or technologies; the Company’s ability to achieve positive cash flows; the Company’s efforts and ability to drive the adoption of its products and technologies as a standard feature, including their use in homes, hotels, offices and cruise ships; the Company’s ability to capture market share; the Company’s estimates of its potential addressable market and demand for its products and technologies; the Company’s ability to raise additional capital to support its operations as needed, which may not be available on acceptable terms or at all; the Company’s ability to continue as a going concern; the Company’s ability to execute on any sales and licensing or other strategic opportunities; the possibility that any of the Company’s products will become mandatory under the National Electrical Code (NEC), code or otherwise code mandatory in any jurisdiction, or that any of the Company’s current or future products or technologies will be adopted by any state, country, or municipality, within any specific timeframe or at all; risks arising from mergers, acquisitions, joint ventures and other collaborations; the Company’s ability to attract and retain key executives and qualified personnel; guidance provided by management, which may differ from the Company’s actual operating results; the potential impact of unstable market and economic conditions on the Company’s business, financial condition, and stock price; and other risks and uncertainties described in the Company’s filings with the Securities and Exchange Commission, including its periodic reports on Form 10-K and Form 10-Q. There can be no assurance as to any of the foregoing matters. Any forward-looking statement speaks only as of the date of this press release, and the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by U.S. federal securities laws. 

Investor Relations Contact:

Jeff Ramson
PCG Advisory
jramson@pcgadvisory.com

Ronald A. Both
Encore Investor Relations
rb@encore-ir.com