Q1 2024 SKYX Platforms Corp Earnings Call
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Operator: Good day, and welcome to Sky X Platform Corp.'s first quarter 2024 investor update call. Today's webinar is being recorded. Before we begin the formal presentation, I'd like to remind everyone that statements made on the call and webcast, including those regarding future financial results and industry prospects, are forward-looking and may be subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the call.
Speaker Change: Good day, and welcome to Sky X platform Corp, first quarter 'twenty 'twenty four investor update call. Today's webinar is being recorded before we begin the formal presentation I'd like to remind everyone that statements made on the call and webcast, including those regarding future finding.
Operator: Please refer to the company's SEC filings for a list of associated risks, and we would like to refer you to the company's website for more supporting industry information. At this time, I'd like to turn the webinar over to Rani Kohen, Executive Chairman of Sky X Pots. So, please go ahead.
Company Representative: Results in indices prospects are forward looking and maybe subject to a number of risks and uncertainties that could cause actual results to differ materially from those described in the call. Please refer to the company's SEC filings for a list of associated risks and we would like to refer you to the company's website for more supporting it.
Company Representative: Industry information at this time I'd like to turn the webinar over to Randy Cohen Executive Chairman of Sky ex part farms. Sir. Please go ahead.
Rani Kohen: Thank you, Alicia. Thank you, everyone, for joining us on our Q1 update call, 2024. We will have our president, Steve Schimdt, open the call today. And then we will have our CEO, Lenny Sokolow. We'll also have our CFO, Marc Boussuet, and we're going to have our senior smart home and AI advisor, Khadija Mustafa, former AI and business global leader for Microsoft. They joined us last year as we got a few patents related to smart homes and AI. Thank you very much for everyone joining us today. And I'll pass it to Steve Schimdt. Thank you, Steve.
Thank you Alicia Yeah. Thank you everyone for joining us to our Q1 update call 2024.
Company Representative: We will have today opened the call is our president and Steve Schmidt.
Steve Schimdt: And we all have been our C E O.
Steve Schimdt: Lenny Sokolow will also have our CFO Mark Boucher and we also have or senior smart home and AI adviser DJ Mustafa former AR AI and business Global leader for Microsoft They joined US last year.
Steve Schimdt: As we got a few patents related to smart home and AI. Thank you very much yeah, Frank do you want to join a joining here.
Steve Schimdt: And I'll pass it to Steve Schmidt, Thank you Steve.
Steve Schimdt: Rani, thank you very much, and it's my pleasure to be with you here this afternoon. You know, as we've shown you before in the past, we've got a very strong leadership team. We feel very good about both the management team and our board, from Governor Tom Ridge, former head of Homeland Security and governor of Pennsylvania, Bob Nardelli, former Home Depot CEO and Chrysler, you know, Lance Shainer representing Marriott, and Eric Jacobson has joined us from the American Lighting Association. And we've been through this before, Mark Early, also from the National Electric Code.
Steve Schimdt: Brian. Thank you very much my pleasure to be with you here. This afternoon.
Steve Schimdt: Obviously, they're all key executives that we rely on every single day to run the company. And then, as Rani just said, Khadijah Mostafa is going to join us later on the call because of the really importance of AI and everything that's going on in the world and the importance it is to Sky as an overall company. As we've talked to you before, really, there are two key points I want to make here.
Brian: You know as we've shown you before in the past we've got a very strong leadership team, we feel very good about both the management team our board of.
Speaker Change: Governor Tom Ridge, former head of Homeland security and Governor of Pennsylvania, Bob Nardelli, former home depot, CEO and Chrysler.
<unk>, you know Lance Jeaner representing maryanne.
Speaker Change: I think Eric Jacobson has joined US from the American Lighting Association and we've been through this Mark early I'll show for.
Speaker Change: For the National Electric code, obviously are all key executives that we rely on every single day to run the company and then as Ronnie you just said could easily have a staffer he's going to join US later on the call because it really the importance around AI and everything that's going on in the world and the importance. It has to sky as an overall company.
Ronnie: As we've talked to you before really there's two key points I want to make here first of all our mission really is we believe that based on everything that's happening at Sky. We are position to revolutionize both the lighting and smart home industries and become and become a safety standard in homes and buildings.
Steve Schimdt: First of all, our mission really is, we believe that based on everything that's happening at Sky, we're positioned to revolutionize both the lighting and smart home industries and become a safety standard in homes and buildings in the U.S. and globally. And as we've spoken before, our products significantly do four things. We save lives, we save costs, we save time, and we simplify. And many companies have had success simply with one of these areas. And having all four of these, we believe, is foundational and really represents what makes us very special.
Sky: In the U S and globally and.
Speaker Change: And as we've spoken before our products significantly do four things we save lives, we save cost, we save time, and we simplified and many companies have had success simply wouldn't one of these areas and having all four of these we believe is foundational and really represents what makes us very special.
Steve Schimdt: We also talk in this chart about our patents, and we continue to grow patents. We are now over 90 U.S. and global patents and patents pending with 30-issue patents included in the U.S., China, India, and Europe. We're currently selling our products on over 60 lighting and home décor websites. And our TAM is huge. $50 billion U.S. addressable market. 500. I said 50. I apologize.
Speaker Change: We also talk on this chart about our patents and we continue to grow patents. We're now over 90 U S and global patents and patents pending with 30 issued patents included in the U S, China, India and Europe.
Speaker Change: We're currently selling our products in over 760 lighting and home decor website.
Steve Schimdt: There is a small difference with the zeros between 50 and 500. And obviously, we're expecting very strong revenue streams through our royalty, licensing, subscription, monitoring, and sale of global country rights. So a lot of great things are going on from a positioning standpoint. Our technologies advance key sectors, and when you think about the electrical and building safety regulators, it's really about enhancing home and building safety. Insurance companies, huge dollar savings for insurance companies based on the safety aspect of our products.
Speaker Change: And our Tam is huge a 50 billion dollar U S addressable market.
Speaker Change: 500, I said 50 I apologize.
Speaker Change: Small difference with the zeros are between 50, and 500 and obviously, we're expecting very strong revenue streams through a royalty licensing subscription monitoring and sale of global country right. So a lot of great things going on from a positioning standpoint.
Speaker Change: Our technologies advanced key sectors, and when you think about the electrical and building safety regulators, it's really about enhancing home and building safety insurance companies huge dollar savings for insurance companies based on the safety aspect of our products. The lighting industry is going to save cost and increased sales and profit smart home.
Steve Schimdt: The lighting industry is going to save costs and increase sales and profits. The smart home industry does the same thing. And then the electro-outlet box manufacturers will see a significant increase, and truly, we have a significant increase in sales and profits. And when you think about builders, apartment buildings, hotels, cruise industries, all of them will see significant cost and time savings while enhancing building safety. Our first quarter 2014 financial highlights. We generated a record first quarter sales of 2024 of $19 million in revenue compared to $18.6 million for the first quarter of 2023, including sales of our advanced and smart platform plug-and-play products. We've reported $19.8 million in cash, cash equivalents, restricted cash, available cash, and investments available for sale as of December 31, 2023, as compared to $22.4 million as of December 31, 2023.
Speaker Change: Just read the same thing and then electrical outlet back manufacturers will save significant increase in Chile, where we have a significant increase in sales and profits.
unknown: When you think about builders apartment buildings hotels cruise industries, all of them will have significant cost and time savings while enhancing building safety.
unknown: Our first quarter 2014 financial highlights.
Speaker Change: We generated record first quarter sales of 2024 sales of $19 million in revenue compared to $18 6 million for the first quarter of 2023, including sales of our advanced and smart platform plug and play products.
Management: We reported $19 8 million in cash cash equivalents restricted cash and available cash and investments available for sale as of December 31, 2023, as compared to $22 4 million as of December 31st 2023, and very importantly management anticipates the company will become <unk>.
Speaker Change: Cash flow positive during 2025.
Steve Schimdt: And very importantly, management anticipates the company will become cash flow positive during 2025. So, let's go through some key updates over the last six months that have occurred at Sky. First of all, new global smart home and AI-related patents enable and enhance performance of smart home and AI sensors in addition to home safety sensors. We recently received 8 additional patent issuances, bringing the company's Intelligent Intellectual Property portfolio to a total of over 90 issued and pending patents, 30 of which are issued covering Sky's advanced plug-and-play smart home platform technologies for the smart home AI electrical and lighting industry.
Speaker Change: So let's go through some key updates over the last six months that have occurred at Sky first of all new global Smart home in AI related patents, enabling enhanced performance of smart home and AI sensors. In addition to home safety sensors. We recently received eight additional patent issuance, bringing the company.
Sky: Intelligent issue the intellectual property portfolio to a total of over 90 issued and pending patents 30 of which are issued covering sky's advanced plug and play Smart home platform technologies for the smart home AI electrical and lighting industries.
Steve Schimdt: We've got a collaboration with a world-leading Chinese lighting supplier and manufacturer, Rui Appliances. This collaboration with RUI will bring Sky's advanced and smart products to both professional and retail markets and provide Sky substantial backing in several areas, including financial, mass production, manufacturing capabilities, and distribution to global markets, including China and Europe. Plus, this collaboration is expected to substantially enhance gross margins on Sky's product sales.
Rewey appliances: We've got collaboration with a world, leading Chinese lighting supplier and manufacturer Rewey appliances. This collaboration with Rewey will include Sky's advanced and smart products to both professional and retail markets and provide sky substantial backing in several areas, including financial mass.
Rewey appliances: Production manufacturing capabilities and distribution to global markets, including China and Europe.
Rewey appliances: This collaboration is expected to substantially enhance gross margins on sky's products sales.
Steve Schimdt: We have signed a five-year global licensing partnership agreement with General Electric to license Sky's patented advanced and smart home platform technology, including its ceiling, outlet receptacle-related products, as well as its all-in-one smart home platform technology. We've announced a collaboration with the world-leading lighting company Kichler, which will include Sky's Advanced Smart Standard Products for online, retail, and professional channels. We've announced a collaboration with Quazelle, a premier U.S. lighting manufacturer for nearly 100 years, to integrate Sky X's Advanced Smart and Standard Products for online, retail, and professional channels.
General Electric: We have signed with general electric a five year global licensing partnership agreement to license Sky's patented advanced and smart home platform technologies, including our ceiling outlet recepticle related products as well as its all in one smart home platform technologies, we announced a collaboration.
General Electric: With a world leading lighting company gets alert, which will include Sky advanced Smart standard products for online retail and professional channels, we've announced the collaboration with quite as L. A premier U S lighting manufacturer for nearly 100 years integrate sky accidents advanced smart and standard products for online retail and professional channels.
Steve Schimdt: And finally, we've announced a collaboration with Golden Lighting, a leading provider of elegant lighting solutions in the US, which will again feature Sky's advanced and smart products for different channels. Enhancing market penetration, both in retail and professional segments, is really one of our key strategies. And let's talk about what we did.
Golden lighting: And finally, we've announced the collaboration with Golden lighting.
Golden lighting: <unk> provider of elegant lighting solutions in the U S, which will again feature Sky's advanced and smart products for different channels.
Golden lighting: Enhancing market penetration in both retail and pro segments are really one of our key strategies and let's talk about what we've done.
Steve Schimdt: Our company continues to grow its market penetration of its advanced and smart platform technology products to both retail and commercial segments through its e-commerce platform of over 60 websites for lighting and home decor. We continue to deliver our products to thousands of homes in the U.S. and Canada and expect our products to be in tens of thousands of homes within a year. We've started sales to builders and pro segments, and we opened up over 100 builder and pro accounts during the International Builder Show in Las Vegas.
The company: The company continues to grow its market penetration of its advanced and smart platform technology products that both retail and commercial segments.
Sky: Through its e-commerce platform of over 60 websites for lighting and home decor.
Sky: We continue to deliver our products to thousands of homes in the U S and Canada and expect our products to be in tens of thousands of homes within a year.
We: We have started the sales to builders and pro segments, and we've opened up over 100 builder and pro accounts during the international builder show in Las Vegas.
Steve Schimdt: We've entered into an agreement to supply approximately 1,000 homes with advanced smart home platform technologies and expect to deliver approximately 30,000 units representing a variety of our advanced and smart platform technology products to the developers' upcoming projects. And as we've announced prior, we have won seven CIS awards, CES, I said CES, I apologize, including most recently two awards for all-in-one smart home platform. And most importantly, we plan to announce significant additional partnerships and collaboration over the coming months.
Speaker Change: We've entered into an agreement to supply approximately 1000 homes with advanced Smart home platform technologies and expecting to deliver approximately 30000 units representing a variety of our advanced and smart platform technology products too.
unknown: To the developers upcoming projects.
Speaker Change: And as we've announced prior we have won seven C. I S Awards.
Speaker Change: So, yes, as I said see actually I apologize, including most recently two awards for our all in one smart home platform.
Speaker Change: And most importantly, we plan to act now and now significant additional partnerships and collaboration over the coming months.
Steve Schimdt: So when you think about, really, our outlet in how we think about building our business. In just the ceiling receptacles alone, we believe there are 4.2 billion applications in the U.S. in building markets. There are 140 million U.S. homes, you can do the math, and that comes to 4.2 billion applications and opportunities for us. The TAM is huge, which we've already spoken about, and those 4.2 billion U.S. installations are residential only and do not include commercial properties, and we believe that's approximately the same size, so you can double that number.
Speaker Change: So when you think about it.
Speaker Change: Really our outlet and how we think about building our business.
Speaker Change: And just the ceiling receptacles alone. We believe there is $4 2 billion applications in the U S and building market theirs.
Speaker Change: There's 140 million U S homes, you can do the math and that comes to $4 2 billion applications and opportunities for us.
Speaker Change: Hamish huge which we've already spoken about.
Hamish Huge: And those 4.2 billion U S installed our residential only and do not include commercial properties and we believe that's approximately the same size. So you can double that number and global global fixture installations are estimated to be several billion annually. So a significant opportunity on our core outlet.
Steve Schimdt: And global fixture installations are estimated to be several billion annually, so a significant, Our strategy on the core receptacle is very simple, and we call it the razor and blade model. We want to get that receptacle installed in as many locations as possible, and then bring on our Phase II and Phase III technology products with a plug-and-play concept. And so we're really opening up a whole new world for plug-and-play ceiling products, and all of this is dealing with apps and voice control, and we feel very good that this really is the foundation of building what we have.
Hamish Huge: Receptacle.
Speaker Change: Our strategy on the core receptacle, it's very simple and we call it the razor and blade model.
Speaker Change: We want to get that Recepticle installed in as many locations as possible and then bring on than our phase II and phase III technology products.
unknown: It's from a plug and play concept and so we're really opening up a whole new world for plug and play sealing products and all of this is dealing with App and voice control and we feel very good that this really is the foundation of building what we have.
Steve Schimdt: Our all-in-one smart platform is really something that is our phase three. And if you look at this chart, think about an all-in-one platform from the standpoint of being able to make a home or building smart almost instantly, versus the way it's done today, which literally takes thousands of hours and hundreds of man hours of work to get done in buildings. And we have the ability, with our product, our all-in-one platform, to plug it directly into our platform and look at the different attributes that it's got. We have security features. We have speakers. We have Wi-Fi.
unknown: Our all in one smart platform is really something that is our phase three.
Speaker Change: And if you look on this chart think about an all in one platform from the standpoint of being able to make a home or building smart almost instantly versus the way. It's done today that literally takes thousands of hours in hundreds of man hours of work to do.
Speaker Change: Get dining in buildings, and we have the ability with our product or on one platform. The plug it directly into our platform and it look at the different attributes that it's got we have security features we have speakers we have Wi Fi we have emergency intercom, we are compatible with Apple Amazon, Google Android and Entercom.
Steve Schimdt: We have emergency intercoms. We are compatible with Apple, Amazon, Google, Android, an intercom system, and premium speakers. And so everything that you can think about from a smarter standpoint is represented in our all-in-one smart platform, which will be available this year. Finally, if you think about our three products, it's really three in three phases. You've got Gen One, which is our plug and play.
Speaker Change: System premiums speakers and so everything that you can think about from a smart enhanced standpoint are represented in our all in one smart platform, which will be available coming this year.
Speaker Change: Finally, as you think about really our three products. It's really three three phases, you've got Gen, one which is our plug and play.
Steve Schimdt: You then got the smart products, our smart Sky plug-in ceiling outlets and then Gen 3, our smart product Sky All-in-One Home Ceiling Platform that makes homes become smart in just minutes, and GE Licensing, all three generations. We're really working with GE to sell all three of these generations to the lighting and technology industries. Continuing here, we've already talked about CES and the seven awards that we've achieved through our launches of our Sky products and services, and we think this really speaks volumes to the industry's recognition of how significant our products and services are. And then the products that we're offering here, you can see the plug-and-play products that we've got are ready and are being sold in the marketplace today, and we're ready for distribution.
Speaker Change: Then got the smart products are smart sky plug in sealing outlets and then gen three or smart product sky on one's home sealing platform that makes all of these become smart in just minutes.
GE: And GE licensing all three generations, we're really working with GE really sell all three of these generations to the lighting and technology industries.
Speaker Change: Yeah.
Speaker Change: Yes.
Speaker Change:
GE: <unk> here, we've already talked about the CES and the seven awards that we've.
GE: Achieved through our launches of our sky products and services and we think this really speaks volumes to the industry's recognition of how significant our products and services are.
GE: And then the products that we're offering here you can see the plug and play products now that we've got already and are being sold in the marketplace today.
GE: We're ready for distribution.
Steve Schimdt: One of the key subjects that we continue to talk about is the mandatory application of the National Electric Code for homes and buildings in all 50 states and our safety mandatory filing with the NEC, and we filed for mandatory safety standardization with the NEC for our ceiling outlet receptacle for ceilings in homes and buildings, with our team, which is led by Mark Early, our former head of the National Electric Code, and Eric Jacobson, the former president and CEO of the American Mr. Earley and Mr. Jacobson have been instrumental in numerous code and safety changes in both the electrical and lighting industries.
GE: One of the key subjects that we continue to talk about is the mandatory application with the National Electric code for.
GE: For homes and buildings in all 50 states.
Speaker Change: And our safety mandatory filing with U N D C and.
Speaker Change: And we filed for mandatory safety standardization with E. D C for our ceiling outlet receptacle for ceilings in homes and buildings.
Speaker Change: With our team, which is led by Mark early our former head of National Electric code and Erik Jacobsen, the former President and CEO of the American Lighting Association.
Speaker Change: Mr Early and Mr. Jacobs and are instrumental in numerous code and safety changes in both the electrical and lighting industries.
Steve Schimdt: And from a highlight standpoint, we believe that after over 11, 12 years of standardization processes, including product specification, approval voting, or by ANSI and NEMA, the American National Standardization Institute, and the National Electric Manufacturing Association, we have met the necessary safety conditions for becoming a ceiling safety standardization requirement for homes and buildings in the past 12 years. Our products were voted into 10 segments in the National Electric Code book, but, as we have to be straight, voting decisions are at the discretion of the NEC voting membership.
Speaker Change: And from a highlight standpoint, we believe that.
Speaker Change: After over 11, 12 years of standardization processes, including product specification approval voting or by anti and NEMA. The American National Standardization Institute and the National Electric Manufacturing Association.
Speaker Change: We have met the necessary safety conditions for becoming a ceiling safety standardization requirement for homes and buildings.
Speaker Change: And in the past 12 years.
Speaker Change: Our products were voted into tags 10 segments and the National Electric code book, and but we have to be extremely well read decisions are at the discretion of the Yankee see voting membership.
Steve Schimdt: When you look at filing for safety mandatory in homes and buildings, this is really the picture. Ceilings from yesterday and ceilings from today and tomorrow using our basic platform really will save lives and create safety in the marketplace, and it's a real core reason why we believe our products and services will be accepted by the National Electric Code and become a standard. We have our Sky Ceiling Outlet Receptacle. Hundreds of millions of US hazards occur every year. You have ladder falls.
Yankee: When you look at filing for safety mandatory in homes and buildings, it's really this picture.
Yankee: Feelings from yesterday and ceilings from today and tomorrow with using our basic platform.
Yankee See: He will save lives and create safety in the marketplace and that's the real core reason why we believe our products and services will be accepted by the National Electric code and become a standard.
Speaker Change: We have our sky ceiling outlet receptacle hundreds of million U S. Hazards occur every year you have a ladder falls you have electric electrocutions from touching wires et cetera, and all of these things are contributing to the safety standards for our products.
Steve Schimdt: You have electrocutions from touching wires, et cetera. And all of these things are contributing to the safety standards for our product. And most significantly, the addition of the national code in 40 years, we believe this will be. All are familiar with GFCI, and that was really the last significant change. And we believe, with our products, that we will be the next big change that's occurring in the National Electric Code. And really, after 120 years, changing the definition of a receptacle is really what we're talking about here. And we feel very confident that in the near future, this will be achieved. And with that, I want to stop, and I'd like to introduce our CFO, Mark Basso. Mark, to you.
Speaker Change: And most significantly. The addition of the National coding 40 years, we believe this will be a new.
National coding: All are familiar with the G F I E G F C I.
Speaker Change: And that was really the last significant change and we believe with our products that we will be the next big change that's occurring in the National Electric code and really after 120 years changing the definition of a receptacle if really what we're talking about here and we feel very confident that in the near future. This will be achieved.
Speaker Change: And with that I want to stop and I'd like to introduce our CFO Mark Basile Mark to you.
Mark Basso: Thank you, Steve. Thank everybody for joining our earnings call. Basically, revenue in the first quarter of 2024 increased to $19 million. This includes all the e-commerce sales as well as the smart and standard plug-and-play products. And this compares favorably to the $18.6 million in comparable e-commerce platform sales in the first quarter of 2023. Cash, cash equivalents, and restricted cash amounted to $19.8 million as of March 31, 2024, compared to $22.4 million as of December 31, 2022.
Mark Basile: Thank you, Steve and thanks, everybody for joining our earnings call.
Mark Basile: This exceeded our revenue in the first quarter 'twenty to 'twenty four increased to 19 million dogs.
Mark Basile: This includes all the e-commerce sales as well as the smart and standard plug and play products and this compares favorably to the 18.6 millions in comparable E Commerce platform sales in the first quarter of 2023.
Mark Basile: Cash cash equivalent and restricted cash amounted to $19 8 million as of March 31, 'twenty to 'twenty four.
Mark Basile: Compared to 22.4 million as of December 31st 2022.
Mark Basile: Sales and marketing expenses amounted to $6 5 million during the first quarter of 'twenty 'twenty four.
Mark Basso: Sales and marketing expenses amounted to $6.5 million during the first quarter of 2024, which compares to the comparable e-commerce platform sales and marketing expenses of the first quarter of 2023 of $5.7 million. The Mint Cash Law, which is a non-GAP measure, amounted to $5.1 million in Q1 of 2024. In addition, there was a non-cash basis loss of $4.6 million. In an aggregate, our net loss was $9.7 million during the first quarter of 2024, or $0.10 per share.
Mark Basile: Which compares to the comparable e-commerce platform sales and marketing expenses of the first quarter of 'twenty to 'twenty three of five 7 million.
Mark Basile: The net cash loss.
Mark Basile: Which is a non-GAAP measure.
Mark Basile: Minutes of $5 1 million in Q4 Q1 of 'twenty 'twenty four.
Mark Basile: And in addition, there's a noncash basis loss of $4 6 million.
Speaker Change: And in aggregate, our net loss was $9 7 million during the first quarter figure of 24 or 10 cents per share.
Mark Basso: In the first quarter of 2023, our net cash loss was $4.4 million, and our non-cash basis loss was $3.6 million, again for a net loss of $8 million, or 10 cents. And let me introduce you to Lenny Sokolow, our co-CEO.
Speaker Change: In the first quarter of 2023 that were net cash loss was $4 4 million and our noncash basis loss was $3 6 million.
Speaker Change: Again for a net loss of 8 million or 10 cents per share.
Sokolov: And let me introduce you to the latest Sokolov our co CEO.
Lenny Sokolow: Thank you, Mark, very much. As Mark indicated, the fourth quarter of 2024, which reflected expected tempered revenues following traditionally stronger calendar fourth quarter sales, was highlighted by our continued market penetration, positioning that not only includes the RUI appliances collaboration but also developing our sales channels and focusing on sales and marketing programs with key stakeholders in such channels. We believe we have accelerated our pace of sales with a robust gross margin profile, notably managing our cash burn.
Sokolov: Thank you very much.
Sokolov: As Mark indicated the first quarter of 2024.
Sokolov: Which reflects.
Sokolov: Uh huh.
Mark: The bumper tempered revenues following traditionally stronger calendar fourth quarter sales was highlighted by our continued market penetration.
Mark: Listening that not only includes the rewey appliances collaboration, but also developing our sales channels and focusing on sales and marketing programs with key stakeholders and such channels. We believe we have accelerated our cadence of sales with a robust gross margin.
Mark: While notably managing our cash burn.
Lenny Sokolow: Additionally, our e-commerce platform with over 60 websites is providing additional cash flow to the company, which, when combined with our existing cash, enhances our cash position to continue executing our business plan. As stated before, we believe we will be cash flow positive during 2025. We're encouraged by our path to the builder, commercial segments, large online, and brick and mortar retail partners, as well as our future potential to realize incremental licensing, subscription, and AI data aggregation revenue.
Mark: Additionally, our e-commerce platform with over 60 websites is providing additional cash flow to the company, which when combined with our existing cash enhances our cash position to continue executing our business plan as stated before we believe we will be cash flow positive during 2025.
Mark: We're encouraged by our our path to the builder commercial segments large online and brick and mortar retail partners as well as our future potential to realize incremental licensing subscription.
Mark: <unk> data aggregation revenues. Furthermore.
Lenny Sokolow: Furthermore, our e-commerce website platform with over 60 websites, which enhances the acceleration of marketing, distribution channels, collaborations, and sales to both professional and retail segments has been a factor for us. Our websites include banners, videos, and educational materials regarding the simplicity cost savings, time savings, and life savings aspects of the company's patented technologies. And now, if I could turn it over to Rani, please. Thank you very much, Steve, Mark, and Lenny.
Mark: With our our e-commerce website platform with over 60 websites.
Speaker Change: Which enhances the acceleration of marketing distribution channels collaborations themselves. So both professional and retail segments, there's been a material Oh.
Speaker Change: Factor for us.
Speaker Change: Our websites include banners videos and educational materials regarding the surplus city.
Speaker Change: Cost savings time, saving and lifestyle things aspects of the company's patented technologies.
Speaker Change: If I could turn it over to Ronnie please thank you very much.
Ronnie: Mark lending and now we will have to teach them to stop that.
Lenny Sokolow: And now we will have Khadijah Mustafa, former global leader for AI and business at Microsoft, share with you what she likes about our products, and why she joined us, and what she believes. And I put a slide here that references one of her favorite slides on our deck. Please, Khadijah. You can hear us.
Ronnie: Former global leader.
Ronnie: For a I M.
Microsoft: And business and Microsoft did.
Cathedral: He joined our company last year and Cathedral.
Cathedral: Share with you what she likes about our products and what she a y.
Cathedral: Why she joined US in what she believes and I'd put a slide here that breast prices one of her.
Cathedral: Our favorite slide.
Cathedral: All of our deck. Please could need that you can hear us.
Khadijah Mustafa: Thanks so much, Rani. Yeah, so I think these days it's pretty hard to get away from anything related to AI. It's almost, I think it's less about what the potential is, and it's sometimes easier to talk about where it doesn't apply. I think the part that's very important is that when you think about realizing the value of AI, it relies on data. I think that's been mentioned several times during the
Ronnie: Thanks, so much Ronnie.
Ronnie: Yeah. So I think these days, it's pretty much hard to get away from anything related to AI.
Ronnie: It's almost hum.
Ronnie: I think it's less about what the potential is and it's sometimes easier to talk about where it doesn't apply.
Speaker Change: I think the part that's very important.
Ronnie: When you think about realizing the value of the eye. It relies on data I think that's been mentioned several times on the call.
Khadijah Mustafa: And, you know, if you think about three different sockets, I mean, we've had our consumer devices, so when you think about the phone. The second one, of course, has been the automobile. It's still an area that has a lot of focus. But the third one is the smart home. You can also extend it to smart buildings, but this is one space that is right now ripe for disruption. You know, when you think about big tech companies, obviously, the world that I was coming from before, that has been a space that's been a big focus area, because how do you take all the data that's being garnered through our movements in that environment? And that is a space that has had a bigger long tail, I would say.
Speaker Change: Yeah. If you think about three different sockets I mean, it's we've had our consumer devices. So when you think about the phone and the second one of course has been the automobile is still an area that which has a lot of focus but the third one is smart home. I mean, you can also extended to smart buildings, but this is one space that is right.
Tech companies: Now ripe for disruption you know when you think about the tech companies, obviously, the world that I was coming from before that has been a space that's been a big focus area because how do you take all the data that's been garnering a true.
Speaker Change: Two our movements in that environment.
Khadijah Mustafa: There's really, there have been very few companies that have been able to sort of master that space. You'll see a lot of different players with different components of the solution. But there really hasn't been, there hasn't been any consolidation yet.
Speaker Change: That is a space, which has had a bigger long term I would say theres really there've been very few companies that had been able to sort of master that space, you'll see a lot of different players with different components of the solution, but there really hasn't been there hasn't been a consolidation yet so I think that is.
Prime: Yes, Prime which is of course clear sky explain when.
Khadijah Mustafa: So I think that area is prime, which is, of course, where Sky X is playing. When you combine, and of course, when we talk about data, we are talking about anonymized data and sort of leveraging that to then garner insights. So I think this is what uniquely positions Sky X to be a key player in that third socket for all kinds of companies. The tech companies, of course, but also when you think about various different companies that want to harness or that can harness that data to then provide services.
Prime: When you combine and then of course, when we talk about data we are talking about anonymised data instead of leveraging that to then going with the insights. So I think this is what uniquely positions Sky X.
Sky X: To be a key player in that third socket for all kinds of companies.
Sky X: Tech companies as well of course, but also when you think about it.
Speaker Change: Various different companies that want to harness or that can harness that data to then provide services.
Khadijah Mustafa: And from that perspective, I think Sky X is uniquely positioned because of some of the things that were mentioned in the phone call. The IP portfolio that's been established, all of the engineering work that's been done, and that's something, especially on the tech side, that's really not the core focus area. And then their focus area, and then, most importantly, the potential that it could become a mandatory component. So when you combine all of these together, there's lots of potential, and not to mention that the sorts of partnerships that can be established can be fairly wide-ranging. So I think for me, I particularly found that to be what attracted me to take on an advisory role, and I look forward to seeing a lot of those things come to fruition.
Sky X: And that from that perspective, I think sky Xs uniquely positioned.
Speaker Change: Because of some of the things that were mentioned in this phone call.
Sky X: The IP portfolio, that's been established all of the engineering work, that's been done and that's something especially on the tech side, that's really not the core focus area.
Speaker Change: And then their focus area and then most importantly, the potential that it could become a mandatory.
Speaker Change: The component so when you combine all of these together, there's lots of potential and.
Speaker Change: Not to mention.
Speaker Change: The sorts of partnerships that can be established can be fairly wide ranging so I think for me I, particularly found that to be.
Speaker Change: What attracted me.
Speaker Change: To take on an advisor role and I look forward to seeing a lot of those things come to fruition.
Rani Kohen: Thank you very much, Khadijah. I think we can summarize today based on some bullet points here that we don't take for granted. Our team, as Steve mentioned in the beginning, and we're leading people and having Khadijah.
Speaker Change: Thank you very much kidney job I think we can summarize today are based on some bullet points here are that we don't take for granted our team as Steve mentioned at the beginning.
Rani Kohen: By the way, she has a nice TED talk show that I encourage people to see and learn about her a bit, but how she grew her position in 23 years at Microsoft and a few weeks after joining our company. We really very much appreciate her knowledge, expertise, and connections, and we're working together on some major things now that, hopefully, we'll be able to announce to the market sometime. It depends on when it happens, but in addition to this, as Steve mentioned earlier, we're working on additional collaborations on different fronts, some of them major, and hopefully, they'll come to fruition, and we'll be able to share them with everyone.
Speaker Change: And world, leading people and having to V. Jack by the way she has a nice Ted.
Jack: <unk> show that I encourage people to see and learn about her a base, but how she grew her position in 23 years in Microsoft in few weeks. After joining our company are we really very much appreciate her knowledge expertise in connections and we're working together on some major things now that hopefully will be able to.
Speaker Change: Announce to the market sometime.
Speaker Change: It depends on how you know when it happens but in addition to this as Steve mentioned earlier.
Satya Nadella: Working in additional collaborations are in different fronts that are some of them major and hopefully they'll come to fruition that we'll be able to share with everyone.
Rani Kohen: But really, the goal is, at the end of the day, to enhance market penetration. As Steve mentioned, we have 4.2 billion potential applications in homes, and that's just residential; commercial is much bigger, or the same size, at least. And globally, based on the safety aspects, many here believe, including Khadijah and Steve and the team here, that there's a global potential to have wall outlets. Like you have a wall outlet in every home, why not a ceiling outlet rather than going on ladders and risking life.
Steve: But really the goal is at the end of the day, so enhanced market penetration as Steve mentioned, we have $4 2 billion applications potential and homes and that's residential only and and commercial is much bigger as a or same size at least and globally based on the <unk>.
Speaker Change: The aspects.
Speaker Change: Many here believe.
Speaker Change: Including <unk> and Steven and the team here that there's a global potential.
Speaker Change: To have a wall.
Steven: Like you have a wall outlet in every home why not a ceiling outlet are rather than going on ladders and risking life. So really a lot of hard working and riding behind the scenes for the team here and I want to thank everyone for joining us on.
Rani Kohen: So really, a lot of hard work and grinding behind the scenes for the team here. And I want to thank everyone for joining us, our team here, and investors and potential new investors. And we'll open up for Q&A. If someone has any questions, we'll be happy to answer those questions. Thank you again.
Speaker Change: Our team here and investors and.
Speaker Change: Potential new investors and we'll open up for Q&A. If someone has any question we'll be happy to.
Speaker Change: Answered those questions. Thank you again.
Speaker Change: Thank you.
Operator: We will now be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star 2. One moment, please, while we poll for questions.
Speaker Change: We will now be conducting a question and answer session. If you would like to ask a question. Please press star one on your telephone keypad.
Speaker Change: Confirmation tone will indicate your line is in the question queue you.
Speaker Change: You May press Star two if you.
Speaker Change: We'd like to remove your question from the Q4.
Speaker Change: For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys one.
Speaker Change: One moment, please while we poll for questions.
Speaker Change: Okay.
Operator: Okay, I think we have Jack and Ben Raid from Maxim here, so
Speaker Change: Okay, I see I think we have.
Speaker Change: Jack.
Maxim: Venerate from Maxim here so.
Jack Venerate: Be happy to take.
Jack Venerate: Hum.
Jack Venerate: <unk>.
Maxim: Can you hear me okay.
Maxim: Yes, we do okay. Okay, great. Thanks, guys, just Android here and also at Maxim Group.
Jack Vandern: Okay, great. Thanks, guys. Jack Vandern here, analyst at Maxim Group. Hey, great to see the continued momentum. There's plenty to talk about with you guys, that's for sure. So I'll start with a question, maybe for Rani and whoever else wants to chime in on this.
Android: Hey, great to see the continued momentum there's plenty to talk about with you guys. That's for sure. So I'll start with a question maybe.
Android: Maybe for Ronnie and whoever wants to chime in on this I'm sure everyone has a perspective, but you've recently announced all these new major collaborations kit kits were quite well really appliance Golden lighting you name. It I'd be interested to hear your perspective on which of these collaboration you consider maybe.
Jack Vandern: I'm sure everyone has a perspective, but you've recently announced all these new major collaborations, Kistler, Quazelle, Rui Appliance, Golden Lighting, you name it. I'd be interested to hear your perspective on which of these collaborations you consider maybe the most impactful on your business in the near term and then in the long term. I think Rui Appliance comes to mind when I think about maybe a gross margin driver for you guys, but I just would like to get your perspective on these collaborations just to make sense of it all. Thanks.
Ronnie: The most impactful on your business.
Ronnie: In the near term and then the long term I think really appliances comes to mind when I think about maybe a gross margin driver for you guys, but just would like to get your perspective on these collaborations just to make sense of it all.
Rani Kohen: Sure, I'd be happy to. I think all of them, you know, Kichler is a world-leading brand of elite products, same as Quazelle, a hundred years old brand. And I think having companies like this, we started our collaborations online, but we're working, moving together to build bigger segments and working together with major brands like this, I think that's quite significant for us. And the potential is just, we just started, and there's a lot to capture based on the size of the TAM, and we just mentioned potentially down the road 4.2 billion applications of outlets. So I think there's a lot to accomplish, and step by step, we're working on that together.
unknown: Sure be happy to I think it's all of them, you know kitchen or as a world leading brand Ah Ah Ah Ah elite products.
Speaker Change: They missed quite well over 100 years brand and I think having the companies like this we started our collaborations online but will won't keep moving together to build their segments and working together with major brands like this I think that's quite significant for us and the potential is just we just started and theirs.
Wuxi appliances: Lot to capture based on the size of the Tam and you just mentioned potentially down the road at $4 2 billion applications of outlets. So I think there's a lot to do accomplish and step by step where we're working that together that the collaboration with Wuxi appliances, I think is a quite significant.
Rani Kohen: The collaboration with Rui Appliances, I think is quite significant as well, for several reasons. The first is it's a global manufacturer player that has the highest quality of products that are sold here in the U.S. In Europe, there's a major player as well, as in China.
Wuxi appliances: <unk> is well for several reasons.
Wuxi appliances: The first is it's a global manufacturer player that's with highest quality of products that are sold here in the U S. In Europe as a major player as well as in China Ah Theres.
Wuxi appliances: There's a potential of collaboration towards codes in China, and safety aspects and other areas of the world with with him, but also the fact that.
Rani Kohen: There's potential collaborations towards codes in China and safety aspects in other areas of the world with him, but also the fact that they are going to be backing us with products and financing aspects of this. I think it's a major factor that having a company that started from zero with the leader of this company, Abe, taking it to become one of the biggest lighting manufacturers in the world and selling all around the world globally is a major factor in the belief in our product and a lot of confirmation of what we're saying and all the collaborations we have with those leaders.
unknown: They are going to be bashing us with products and financing aspects of this I think its major having accompany that started from zero with the leader of this company as then taking it to become one of the biggest lighting manufacturers in the world and selling all around the world globally.
Speaker Change #100: <unk> is a major factor in our belief and our product in a lot of consummation to what we're seeing in all of the collaboration we have with those leaders that the first to jump in there or actually the people that see the potential we have here and and you know to mentioned GE. It also believes that Steve mentioned that we have potential.
Rani Kohen: The first to jump in are actually the people that see the potential we have here and to mention GE that also believes, as Steve mentioned, that we have potential for global licensing of our three generations of products, the first generation plug-and-play platform and then the second generation smart and the third one that's going to be the all-in-one smart platform that we can license it to global names that have softwares and hardwares that want to be in every room. So the generation three platform is really enabling us to combine as much more players as Steve mentioned earlier, we already have Apple inside of it and we have Google inside of that platform and we have Amazon and Samsung and we're going to add in addition and as we always like to say, every CEO and every company wants to be in every room and we feel that our patents enable this and not only this, based on its top center of the ceiling location, it will enhance any type of products, if it's smart home, if it's Wi-Fi, if it's sound, if it's voice and our patents really protect that type of platform in what we have.
Speaker Change #101: Global licensing of our three generations of products that are the first generation plug and play platform and then the second generation smart and the third one that they're going to be that are all in one smart platform that we can license it to global names that have software and hardware as they want to be in every room.
Steve: So the the generation three platform is really enabling us to combine as much more players that Steve mentioned earlier, we already have apple inside of it and we have a Google inside of that platform that we have Amazon and Samsung and we're gonna add in addition, and as we always like to say.
Speaker Change #101: You know every CEO and every company wants to be in every room in that we feel that our patents enable this and not only does it based on its top center of the ceiling location. It will enhance any type of products that if its smart home if it's Wi Fi if it sounds if its voice and our patents are really protect that.
Speaker Change #102: Type of platform and what we have so this is why G. E. Also another major collaboration strongly believes there's a global licensing potential and as Steve said many times. It's also based on safety. So there's a lot of win win situations and I believe that that's what <unk> also said in likes about this so hopefully that answered your question.
Rani Kohen: So this is why GE also, another major collaboration, strongly believes there's global licensing potential, and as Steve said many times, it's all also based on safety. So there are a lot of win-win situations, and I believe that that's what Khadija also said and likes about this. So hopefully, that answers your question, Jeff.
Speaker Change #101: Yes.
Jack Vandern: Yeah, very thorough. I appreciate the response. It's kind of a loaded question there.
Speaker Change #101: Yes, very very thorough I appreciate the their spots as kind of a loaded question. There and then maybe a two part follow up here and then I'll hop back in the queue, but can.
Jack Vandern: And then maybe a two-part follow-up here, and then I'll hop back in the queue, but can you maybe provide an update on the launch timing or just whatever you're expecting for the upcoming Gen 3 all-in-one platform product? And then, kind of, second part to that, according to Steve Schimdt's prepared remarks, it sounds like you'll be announcing some additional major collaborations in 2024. I'm assuming maybe one of those, or maybe I'm getting ahead of myself, but would any of those collaborations or future announcements relate to potential service offerings and the subscription offerings that you could attach to that Gen 3 product? Thanks.
Speaker Change #101: Can you maybe provide an update on the launch timing or just whatever you are expecting for the upcoming Gen. Three all in one platform product and then kind of second parts that are according to Steve Schmidt's prepared remarks, it sounds like you'll be announcing some additional major collaborations in 2024.
Steve Schimdt: I'm, assuming maybe one of those or maybe maybe I'm getting ahead of myself, but would any of those collaborations are future announcements relate to potential service offerings and subscription offerings that you could attach that gen three product. Thanks.
Rani Kohen: You know, we can't say what type; we're working on several collaborations and several segments. And we know that until something doesn't happen, it won't happen.
Speaker Change #107: You know, we can't say what type of working on several collaborations instead one segment.
Speaker Change #106: And we know it until something doesn't happen it doesn't happen and.
Rani Kohen: We can tell you, based on the team we have and based on the team we showed earlier in the chart, we're working with Bob Nardelli, who is not only the CEO of Home Depot and Chrysler but also the former CEO of G-Power Systems. And then Steve, our president, is the former CEO of Nielsen. And then we have Al Weiss, who we have, the former president of Disney World, and Khadija. And each one of them is a world-class player that helps us in different areas and segments here.
Speaker Change #103: We can tell you based on the team we have and based on <unk>.
Speaker Change #104: And the team we showed early under charged with working with Bob Nardelli, our that you know not only CEO former CEO of home depot and Chrysler, but also the policy of G power systems, and then Steve as if our president is a former CEO of Nielsen and then al Weiss a that we have former president of <unk>.
al Weiss: Disneyworld then could be giant each one of them is a world class player that helps us in different areas and segments here, but we really don't know what's going to happen in person. We'll keep we can announce but we can tell you. We're working on all fronts and and it looks good but again everything is slowly hopefully shortly.
Rani Kohen: But we really don't know what's going to happen first and what we can announce. But we can tell you we're working on all fronts, and it looks good. But, again, everything is slowly, hopefully shortly, according to what we accomplish. But if you really look at the list of accomplishments for us, Q4 and Q1, the last six months or seven months, I think that we're very well positioned, and I think we're building a very strong foundation for a leading company. And that's what we all believe we're positioned to be.
Speaker Change #109: And according to what we accomplished but if you really looked at the list of accomplishments for us that Q Q4, and Q1, the last six months or seven months I think that that we're very good positioned and I think we're building a very strong foundation of a leading company and that's why we all believe we're positioned to be.
Jack Vandern: Okay. I really appreciate it, Rani. I'll hop back in the queue. Thank you.
Speaker Change #111: Okay I really appreciate it Ronny I'll hop back in the queue. Thank you.
Rani Kohen: Thank you so much. We also have, I believe, Pat McCann from Noble, and I'd be happy to take your call, Pat.
Speaker Change #112: Thank you so much we also have.
Speaker Change #112: I believe Pat Mccann from noble.
Speaker Change #108: And I'd be happy to take your call Pat.
Pat McCann: Yes, good afternoon, and yeah, thanks for taking my questions and congratulations on the quarter. My first question is just about the timing of some of the partnerships that have already been announced. I guess what I'm wondering is what, you know, what they would be, if there are any.
Speaker Change #110: Hey, yes, good afternoon, and thanks for thanks for taking my questions and congratulations.
Pat McCann: On the quarter. My first question is just about.
Pat McCann: About the timing of some of the partnerships that have already been announced.
Speaker Change #108: I guess, what I'm wondering is.
Speaker Change #108: What.
Speaker Change #108: What would be is there any additional information you can give about when some of those partnerships do you catch were quite Zelda Rewey partnership.
Speaker Change #108: When.
Speaker Change #108: When we might start to see the effects of those in your results.
Speaker Change #108: Kind of in addition to what you already has built with your your your websites and the revenue you're generating from those.
Lenny Sokolow: Lenny, please, do you want to answer?
Patrick: I'm sure. It because you know we have any please do you want to absolutely Patrick as you know we haven't projected out.
Speaker Change #115: I appreciate your question, though.
Speaker Change #108: And I think that you know are.
Speaker Change #108: Our expectation is that.
Speaker Change #108: That it'll be it'll it'll evolve this year in 2024, it'll start to get the penetration will start to realize it.
Speaker Change #108: Turnover and revenues from that you know we're on a good path.
Speaker Change #108: These multiple collaborations.
Speaker Change #108: Everything takes a little time largest on our end, but on there on the on the.
Speaker Change #108: Mark their marketing materials, and all kinds of things, but we're on a good path. We just cant point to you know when in the year.
Speaker Change #108: It's going to evolve.
Speaker Change #108: And.
Speaker Change #108: And in a material way, but it's for US. It's it's it is happening.
Lenny Sokolow: Sure, okay, I understand. And then there was another question with regard to the safety standardization application. I know we can't really go behind the curtain of the NECs and know what's going on there, but I'm wondering if there's any... Any color you can give as to what that process looks like on the side of the NEC. So you made the application last year, and here we are in May, and I'm just wondering what sort of process they go through when they're assessing your application before they come to that vote? What do you know? Is there any information we might have about what that looks like, even though I know we don't know when exactly a vote will come?
Speaker Change #108: Sure Okay understand.
Speaker Change #116: And then another question was with regards to the to the.
Speaker Change #108: Safety standardization application.
Speaker Change #108: No we can't we can't really go behind the curtain of any sees no what's going on there, but I'm wondering if there are any.
Speaker Change #108: Any color you can give as to what the what that process looks like.
Speaker Change #108: On the and on the side of the any sea. So you you made do you have.
Speaker Change #118: <unk> made the application last year and so here we are in May and I'm, just wondering what sort of process do they go through when they're assessing your application before they come to that vote. What are you all.
Speaker Change #108: Is there any information we might have about what that looks like even though I know, we don't know when exactly a vote will come.
Lenny Sokolow: Yes, thank you for the question. So, as we said many times, and we'll say again, it's a very lengthy process to standardize an industry. It happened with the GFCI 40 years ago in homes, and I think that's the last time that something significant happened in homes, and it also took them that same cycle that we're experiencing here of over 12 years. But I think the bad news is a very slow process.
Speaker Change #117: Oh, yes, yes. Thank you for the question so.
Speaker Change #119: As we said many times, let's say again, its a very lengthy process the standardized and industry. It happened with the G. F. C. I 40 years ago in homes and I think that's the last time that happened in something significant in homes and it also took them that that's the same cycle that we're experiencing here.
Speaker Change #120: <unk> of over 12 years, but.
Speaker Change #120: The good the bad news is a very slow process I think the good news is we're already 12 years, and we're really getting momentum and we're getting support from some major companies, we can't announce yet, but we get really got some good feedback and some help the process is slow.
Lenny Sokolow: I think the good news is we're already 12 years old and we're really getting momentum, and we're getting support from some major companies. We can't announce it yet, but we really got some good feedback and some help. The process is slow, but our team is, as Steve mentioned earlier, confident about where they are, and there are cycles of meetings and task groups and discussions, and at every meeting like this, you try to enhance your position and address one more issue.
Steve: And but our team is as Steve mentioned earlier, our confidence the way to where they are and theirs.
Speaker Change #120: The cycles of meetings and and.
Speaker Change #120: Task Goofs and discussions.
Speaker Change #120: And every meeting like this you try to enhance your position and address one more issue. It's a major Ah you know cold change, but remember people really today in 'twenty 'twenty four in order to install the light fixture go on ladders and risked their lives and the regulators.
Lenny Sokolow: It's a major code change, but remember, people really will today in 2024, in order to install a light fixture, go on ladders and risk their lives, and the regulators, that's their job at the end of the day, and I think they're taking it very seriously. But there's a process and timetable, and it's a major change. So we can't, as you said, we can't anticipate the time, but we can say that our co-team, led by Mark Early, Eric Jacobson, Patty Barron, Amy Cronin, Chuck Mello, and other leading people here, are meeting, and I would say almost on a weekly basis, and enhancing and moving in the right direction.
Speaker Change #120: That's their job at the end of the day and I think they're taking it very serious but theres a process and timetable and it's at a.
Speaker Change #120: Major change so we can as you said, we can't anticipate the time, but we can say that we are co team.
Speaker Change #120: Led by Mark early Erik Jacobsen, Paddy Barron, Amy crime, and Chuck Mellow and other leading people here are meeting and I would say elements than the weekly base, and and and enhancing and moving the right direction. So really the clock isn't they're not not on our end, but I think we're making.
Lenny Sokolow: So really, the clock is not on our end, but I think we're making great progress in accomplishing the ANSI NEMA vote, and to mention, we already have a generic name for our product that's in the code books, like the GFCI has a generic name of Ground, False, Secret, and Interrupter. Our Sky Outlet has the generic name WSCR, Weight, Support, Sealing, Receptacle, and those are major necessary steps to become mandatory in the standardization. Great, thanks.
Paddy Barron: Great progress in accomplishing the ANC NEMA vote, then to mentioned we already got a generic name for our products and the Codebooks legs of G. F. C. I is has a generic name a ground fault circuit interrupter.
Pat McCann: Great. Thanks so much. I'll hand the floor back over.
Steve Schimdt: Thank you very much. Any additional questions I don't see for now? So, I think... Steve, do you want to add something?
Paddy Barron: Our Sky outlet has the generic name was voted for double U S. T. R. A wait support ceiling receptacle and those are major necessary steps to become a mandatory and the standardization. So I think we accomplished a lot and we are accomplishing more that we can't announce yet, but hopefully yes.
Paddy Barron: It seems that we're in the right directions here.
Speaker Change #122: Great. Thanks, so much I'll I'll hand, the floor back over.
Paddy Barron: Yeah.
Speaker Change #126: Thank you very much any additional questions I don't see for now.
Speaker Change #124: So I think I'm, Steve do you want to add something.
Steve Schimdt: I would just say that, as you've heard today, there continues to be significant momentum in all areas around Sky. As a management leadership team, we are very confident in the future, and we have some very exciting things that we'll hopefully be sharing with you in the next few quarters, as we've spoken about, but a lot of great stuff and momentum, and much more to come.
Steve: I would just say that I think as you've heard today there continues to be significant momentum.
Steve: In all areas around Sky.
Speaker Change #123: As a management leadership team, we are very confident in the future and we have some very exciting things that we'll hope we would be sharing with you in the next few quarters as we've spoken about but yeah.
Speaker Change #123: A lot of great stuff in momentum and much more to come.
Steve Schimdt: Okay, great. Thank you very much, Steve. Khadija, thank you very much. I hope everyone has a great evening.
Speaker Change #125: Okay, great. Thank you very much Steve could you just say thank you very much having you on those calls law hopefully will bring you again and every time, we will have some something more to share here Lenny our co CEO. Thank you. So much Lenny Sokolow, then Markus <unk> CFO. Thank you so much everyone and.
Speaker Change #123: Hope everyone has a great evening, thanks again.
Speaker Change #123: Yeah.
Operator: This concludes today's virtual webinar. Thank you for your participation.
Speaker Change #127: This concludes today's virtual webinar. Thank you for your participation.
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