Corp. We have a highly disruptive technology that's already in the market, and we continue to penetrate. A little bit about SKYX. We're on NASDAQ, and we went public in 2022.
I've got a three-minute, three-and-a-half-minute video to give you an idea of our products, and then I'll go into a little more detail.
SKYX Platforms. SKYX, the future is here. Advancing, simplifying, while saving time, cost, and lives. SKYX's technologies won seven CES awards and has nearly 100 U.S. and global patents and patent applications. Thomas Edison invented the light bulb that for many years was installed by twisting hazardous wires until inventing the Edison base that became the global standard in every home and building for billions of light bulbs. Billions of fixtures are installed annually while touching hazardous, dangerous wires and risking lives. SKYX has a goal to follow Edison's path to become a U.S. and global standard in homes and buildings for billions of fixtures, including smart home, AI, lighting, and fans, to become plug-and-play, advancing their performance, making homes become safer and smart within seconds while saving time, cost, and lives.
Our Gen one SKYPlug enables a safe installation of light fixtures, ceiling fans, smart home, and electronics within seconds, making it safe, easy, and convenient for the user. First-time installation takes a minute to install, and it is safe to touch. SKYPlug is recognized as part of the NEC, the National Electrical Code determining electrical safety protocols and code nationally. SKYPlug's technology has been listed multiple times in the NEC code books. SKYPlug's technology is also in the IAEI, the International Association of Electrical Inspectors, and mentioned in multiple publications, acknowledging the safety and the usability that its technology brings to the electrical profession. Our Gen two is a smart SKYPlug, takes only seconds to install, and is integrated with the newest technologies and platforms. The SKYPlug Smart is integrated with many smart features, including phone control, voice control, energy-saving eco mode, scheduling, dimming, works with Siri, Alexa, Google, Cortana, and SmartThings.
It has an emergency light, night light, color-changing light. Our Gen three SKY all-in-one smart home platform enhances your all-around lifestyle, making your home become smart and safe instantly. It includes the most advanced, smart, and safe features that are necessary for every home. The SKY platform installed safely and simply within minutes to the top center of your ceiling, blending inconspicuously with your decor. The SKY platform is integrated with a backup power failure LED light. In the center of the SKY platform is embedded the SKY outlet, as approved by the National Electrical Code. SKYPlug lighting, fans, and accessories can connect with the click of a button to the SKY Platform. A series of SKY Platforms installed in a home could repeat Wi-Fi signal and play the same music throughout the house.
In the event of a fire, the integrated smoke and CO2 sensor would make an alarming sound. The SKY Home app can easily control light intensity, motion detector, light color control, temperature and humidity monitoring, room-to-room intercom, control volume and music in each room. SKYX Platforms.
We showed you all three generations. We have Generation one and two is in the market. We're selling and penetrating, and Generation three should be in production by the end of the year, and then ramping up even more so in 2026. If I could, just a little overview, right, of our evolution. As we talked about on the video, the, you know, Edison bulb, you know, which was put in the ceiling originally with wires and twisted, then it did not become a global standard till they came up with the Edison base. That is when GE became a conglomerate. And then you had the evolution of the wall outlet, the same thing with the having to splice wires and twist them, and then someone invented the wall receptacle, which was over one hundred years ago.
And then you've got the same, we've had the same problem for over a hundred years with the ceiling outlets. You know, we've been to the moon, no one's figured out how to avoid this, you know, this issue of having to twist wires and carry heavy fixtures on your shoulder or ceiling fans, et cetera. I'll show you a little bit. There's, there's a documented by the National Fire Protection Association, hundreds of deaths a year just from fires, of people installing light fixtures in the ceiling incorrectly. Then this receptacle came along, which was, you know, invented over 13 years ago. We have renewable patents. We have 97 patents approximately and patents pending. Thirty-six have been granted, and they're global: U.S., Canada, China, India, Europe. We are already a standard, and I'll explain, explain that in a second.
I hate when I used to see on Wall Street a lot of companies, and we got this guy, an advisory board, and that guy, and it's all, you know, you talk to them once a year. These are the reason, and you'll see why we've accomplished so much. These are people that are very active with us on a daily basis. Our President is Steve Schmidt, who was a former CEO of Nielsen and President of Office Depot International. We have a whole data play with our product because once you have sensors in the ceiling, you could do data aggregation. Bob Nardelli, we announced a collaborative deal with Home Depot. Bob, of course, was a former CEO of Home Depot. Chrysler, and most importantly, GE Power Systems that went through a tremendous amount of national electrical code modifications.
The CEO of Home Depot now is Bob Nardelli, hired when he was CEO. Al Weiss, who was former president of Disney Worldwide Parks and Hotels, is active with us and is strategically, and you'll see the hotel vertical we have. Myself, I work closely with Governor Tom Ridge, two-time governor of Pennsylvania, first director of Homeland Security. He's our lead director. I've been on the board for over 13 years and then joined as CEO a few years ago. Lan Shaner, who led, we did an $11 million preferred equity round in October. We continue to add some more with his strategics. Lan owns over 60 Marriotts and 20 Hiltons. The brand hotels have to renovate every five to seven years. Our solution saves time, money, and is safer.
We're ready, starting to penetrate into the hotel industry with our full line of products that you'll see. Probably the most important, at least famous, is Mark Early, who was the head of the National Electrical Code for over 33 years. Mark retired. Three months later, he joined us. He heads up our code committee. And him, along with Eric Jacobson, who is the former CEO of the American Lighting Association, probably responsible for the most changes in the electrical and lighting market for standards. Both of them signed our application, our last and hopefully final application, which is to be mandatory. We are now a code provision. I'll explain that. Khadija Mustafa joined us. She was head of global AI and sales for Microsoft. Came, and she is one of our advisors.
She believes that there's no hub in a home or a room for data aggregation and AI and chip performance. The best location is the center of the room. You have Nest, you have Ring, you got a Samsung refrigerator, washer, dryer that may be smart, but this has the best location because of the range and the power that you get when you sit in that. Nothing's in the way of a room. You know, you have it on the ceiling. Paul Ternowski is our insurance expert. We think once we have our full line of product in this year, the insurance companies will start incentivizing companies in co-homes to install our product just like they do home alarms. Paul, you've probably heard of the company he founded, Endurance Car Warranty. It's on the radio. We're extended warranties for cars.
He sold it, bought it back again. He was the E&Y Entrepreneur of the Year in Chicago. And Patty Baron is our UL technology expert out of our office in Atlanta. What do we do? Our mission, we save lives, we save cost, we save time, and we simplify and advance. Any one of those by itself is a billion-dollar company. I don't, people have trouble naming one that has all four of those that we could defend and explain. We have the patents, which I explained to you. We own over 60 websites for lighting, which we bought in 2023 to be able to use a model that GE taught us, which is lead and seed, where we're selling fixtures and lights where we could show people how to retrofit them with our kit so they could make it plug and play.
The lighting companies have followed, and I'll show you the collaborations as a result. We have a huge TAM in the U.S. I could give you the numbers, but we have about 140 million homes. The average home has 30 locations for ceiling fixtures or sconces or outdoor lighting. When you look at what the wall outlet is, it's the wall, it's a fraction of that. When you do the math, you know, our market in the U.S. with a projected retail price is $500 billion. It's like a crazy number. If we get less than a fraction, a fraction of 1%, we're a huge company.
We continue our market penetration. You know, we have collaborations with GE, Wayfair, Quoizel, the oldest lighting company. Kichler, the largest, Eglo, the largest, largest in the U.S., Kichler, probably the world, Eglo, the largest in Europe. We have a collaboration with Rui, which is the largest lighting manufacturer, probably, you know, in China and the world. They make for about half of the lighting companies in Europe, U.S., and in China for the markets. We believe we're gonna generate a lot of money not only from our product sales, but from licensing and, you know, monitoring, subscriptions, et cetera. There are whole revenue streams associated with that.
The CAGR growth and a little smart and the smart building and smart home market is extraordinary besides just normal growth. 97% of the homes in the U.S. are not smart. There's a reason. It's too complicated for a builder to bother with. When you, and then globally, it's even a greater percentage. To make a home smart instantly or products, is, is, it's an amazing thing.
Just some financial highlights in 2023, we did $58.8 million, 2024, $86.3 million. Our, you know, Q1 through Q4 of this last year, we show this continued growth. We've continued to slowly penetrate our mark, the market, especially as we get our products out there. The first products that we sell are the receptacle, the, the, you know, which is, which is the lowest dollar product, but we call that our razors. The more razors we get in the market, the more plugs that fit in those are sold or licensed. It's a very compelling, repeatable, almost annuity-like.
What's important to understand is unlike the wall outlet, the guys who invented the wall outlet had a patent, but anything that plugged into it, like a lamp or a phone charger, they got nothing on. We own patents on both sides, the receptacle and the plug. Not only that, our patents that are smart with the, really anything that's a sensor that touches each side, those are our patents as well.
These are the collaborations I mentioned: Home Depot, Wayfair, GE, you know, all these are announced. We've announced deals with developers, large, high-rise developers. Kafco, the prefab modular homemaker, you know, this all makes sense for them. It's too, and there's been nobody that didn't say it didn't make sense for their business, especially when it saves them money and time.
Again, our three generations, our standard plug and receptacle, the smart, which is both one and two are in the market. The two, we have our app, you know, it's working, available, you could schedule, you could do it by the, you know, circadian cycle, whatever you wanna do. The all-in-one platform, which will be later down this year. The CES awards you mentioned, you understand the evolution here between the wires, the Edison bulb, and then where we are. This is why GE, we have a five-year agreement with GE to be our licensing partner because they know how to license technologies. Our margins on licensing are about 85%. Our top line is all ours. We pay GE 15% for helping us approach the market and help us defend the patents if we needed to. We have had the need to do that.
You understand the ceilings today, tomorrow, and when the builder does his build-out or rough-out, the wall outlets go in the wall for, you know, the old receptacles and then our ceiling outlet. Because of the code provisions we have, the builders can get their certificate of occupancy without having to put in a light fixture anymore. Just like a wall outlet, they do not have to plug a lamp in to get the permit. If you are doing a renovation or a new build, the builder could get their CO, they put in all the receptacles, ceiling, and the wall outlets. When they got their CO, and within hours for a house, they could light it up and put fans in and click, click, click, click. In one bedroom, it is within minutes. A hotel, it's, and you know, it's days, not months or a year.
This is the standard we're creating. The residential applications, when I did, you do the math, you've got the ability to see how many fixtures there are. People just really haven't measured it. We know there's generally over 30 per home, but we use that as a conservative number. Right now there's about 4.2 billion fixtures installed in U.S. homes.
Then you got hotels, commercial, cruise ships, et cetera. One of our strategic investors is a former chairman of Norwegian Cruise Lines. They do their cabins and retro renovations the same way. A lot of the cabins are modular. They just go, they slip in the hole, but to put in lights, et cetera, it makes it easy to do a renovation now. Once the receptacles are in, the next time they do it, they're clicking stuff in and putting stuff out.
This is the core. You know, I like to go to the slide first, but everything else, everything seems important to us. When you look at the wall outlet, which was in the early 1900s, then 40 years later, you had the GFCI, which I know everyone here has one in their bathroom or kitchen. That was made mandatory. Now it's in basements and they extended it. That GFCI, the ground fault circuit interrupter, the guys that have that are still getting patent royalties on that.
That was the last time the code gave, you know, did a mandatory to that magnitude. They had, they called it a GFCI, ground fault circuit interrupter. What's happened to us is that we're already in 10 code provisions, 10 paragraphs in the electrical code. It's like getting 10 FDA phase three approvals. That was all done in the over 12 years. We got an historical approval from ANSI, which covers all the building standardization for building. You know, they cover rebar, concrete. We've been approved by ANSI, which was also monumental. There's only been about 15 companies in the last 50 years in our category that have gotten that kind of approval. The National Electrical Manufacturers Association has approved us. Right now the architects, the AIA, they're doing training on safety to their architects.
It's one of the few products that an architect could spec in that actually saves money to the builder or developer. Usually the architects are designing stuff that costs more money. What happened is that after we've checked all the boxes, the next step is mandatory. What's happened is that, as part of the last step, the National Electrical Code has given us a generic name that's in the code book, WSCR, Weight Support Ceiling Receptacle. So we're a receptacle, but we're able to hold weight. We have the junction box in the ceiling only, the codes only require 50 pounds. We could hold 200. We actually know we hold more. It's two clicks. It's the ball bearing system that clicks in, actually has two locks. If you don't put it all the way up, it'll catch itself.
It's extremely safe. We just finished an extensive ladder study with two PhDs about, 'cause we do believe and everyone understands intuitively that being on a ladder less time with less weight on your shoulder with better balance is gonna be safer. That's been proven. Intuitively, we all know someone that's fallen off a ladder. That's a big problem in the United States. Most people go into a hospital and say, by the way, what were you doing on the ladder? They just fell off and really hurt themselves. Safety is a necessity. Under the National Electrical Code, the reason why we're in there is not because they like us, it's because we save lives. Their whole mandate is if a life is being saved, they've really gotta consider it. Thus the GFCI, et cetera.
Just as a side note, I was a former EVP and General Counsel at Windmere Corporation. We made hair dryers and we competed against Conair and GE and Sunbeam. In the late eighties, after the GFCI was put in the market, we had to go, we were having, getting the whole industry was getting sued by people dropping their hair dryers into bathtubs and sinks. In the late eighties, the industry was required to, on a mandatory basis, put those blocks at the end of your hair dryer cord. When you're in the hotel and you take the hair dryer out, some of you may need it. You know, you've got that GFCI essentially at the end of the hair dryer cord so people don't get injured. We were getting, people were getting burned and fires, et cetera.
When I saw the inventor's invention, I said, this thing is brilliant. Speaking of which, Rani K ohen, who is the founder, was a businessman, never an inventor before. He's got the 97th patent. He will be here tomorrow one-on-ones if you'd like to meet him. He'll be coming in tonight. Our whole strategy is the razor, razor blade model. To get the receptacles out in the market, we now have, we're now having or we're landing all these products. The top row, we have global patents on all and recessed lighting, can lighting, and which is everything's going to LED. I have one in my kitchen. It's an LED can that was installed a few years ago. It burned out. They burn even though they're supposed to last forever. There's a defective rate.
I gotta replace the whole fixture because the LED is just a chip. To do this in a hotel, you could just click, click, click, and you could change them or a home, of course. We have exit signs, which is a massive market. We had to do this for the hotel and the commercial guys and emergency lights, 'cause all those are installed like a fixture with wires here. When you have a receptacle, you're just clicking in the exit signs. They break all the time, especially in hotels. The hotel guys tell me that the people, kids jump up to the hallways and whack 'em. Not that any of you have done that before, but the bottom are landing already. The products, the sconces and the outdoor lighting, they have the plug already manufactured in the back.
When you take 'em out of the box and there's a few of the receptacles up, you're just clicking it in. Then you've got the second row is all here. It's being sold on our websites, including Christmas trees for the second season where you can just click it in and Halloween lights. Then the fans. We have a very interesting, here's the recessed lights are all in one solution, which solves a major problem of making your home smart. It's the same concept as an iPhone, putting everything on one app, essentially. We have all these features, including the iPhone one, voice activated, room to room. This is the problem why builders don't do this. This is our solution. In one minute, two minutes, you have a fully integrated smart home.
The speakers are great, by the way. Having them in the center of the ceiling is, the sound's phenomenal. Going on for Wi-Fi and sheer performance, better. Everyone's got a Wi-Fi extender in a wall. It loses, loses the power when you get to the rest of the room. Having it over in the center of the room, you have, it's twice the range, twice the, intent, you know, a power of the signal, making buildings quick, hotels, et cetera. The use cases are enormous. You've got all our, all the products. This is coming out at the end of this year. Also revolutionary. The all-in-one feeder, a fan with a heater, a turbo heater underneath, safer. It's off the floor and it's got a light. There's one that's called the fan heater .
This is a big box again, going to our relationships with like a Home Depot, et cetera. This is a game changer too because no one has it in the planet. It also is, you do not have the box heaters on floors where it causes fires. This is all ready and the boxes are prepared. This is our whole product line. On the left, you see our SKY Outlet. We sell 24 pack for builders and contractors. The whole product line is ready and being sold generation one and two. Lead and seed are go-to market strategy, very well defined. This is our licensing strategy with GE, the GE management team. Our team. I know it was quick, but it is just to give you a flavor.
You know, if you wanted to one-on-ones, this is very disruptive. We've got really great people involved and it's very smart. Once it's mandatory in the U.S., 20 to 30 other countries have to pick it up. We work dual voltage, so it's safer. Question? It's a great question. Could be months. Seriously, could be years. The NF NEC is not a government organization, although it's not for profit, but we have a new relationship we've alluded to in one of our press releases where we think we have four other government agency avenues now based on where we are because it needs the, every day someone's dying. We need to avoid political swampiness of people having a syndrome of giving agreeing to mandatory now. They've agreed on everything else, all these code provisions.
We're just, we're now really pushing really hard. We think we have a better pass than we've ever had before. Once it's mandatory, people will know, they'll get the industry, you know, 18 to 24 months to get ready. Any more questions? I could be outside. I don't want to take up their time.