Increased sales result in 19% revenue growth year-to-date, and strong cash position for future growth.
Mississauga, Ontario, September 15, 2020 – Skkynet Cloud Systems, Inc. (“Skkynet” or “the Company”) (OTCQB: SKKY) is pleased to announce its quarter-end operating and financial results for the period ended July 31, 2020. The Company reported a record nine month revenue total of $1,155,443 compared to $973,400 for the same period in 2019, which is a 19% growth in sales. Net income for the nine month period ended July 31, 2020 was $7,390 compared to a net loss of $477,924 for the same period in 2019.
“Skkynet’s Q3 2020 sales were marginally lower than last year, however our year-to-date results mark another positive milestone in our growth trajectory, and our continued robust cash position allows us to invest in further growth in 2020 and beyond,” stated Andrew Thomas, CEO. “While a slower Summer season comes as no surprise to us, considering the current economic climate, we are still bullish in our outlook and expect to continue our growth through new partnerships and to maintain a strong financial position”.
“A large part of our growth story is our unrelenting focus on building new partnerships in industry,” said Paul Thomas, President of Skkynet. “With our new channel partners ISDN Software, Servo Dynamics and Samboo, we now have sales and support coverage throughout all of South-East Asia, which is a strong growth region for us right now.” ISDN Software and Servo Dynamics are subsidiaries of ISDN Holdings Ltd and operate in Singapore, Taiwan, Philippines, Malaysia, Indonesia, Thailand, and Vietnam. Samboo System Corp operates in South Korea.
“Additionally, we are partnering with more industry-specific solution providers based on Software-as-a-Service through Microsoft Azure. Examples are Ambyint’s operation optimization solutions and e-Magic’s TwinWorX digital twin platform. We continue to see growth in demand for secure remote access to industrial data, and we are well-positioned to service this demand through partnerships such as these,” stated Paul Thomas. Ambyint provides AI and deep data analytics solutions for the oil and gas segment. e-Magic’s TwinWorX digital twin service is a scalable, secure and high availability platform that integrates and normalizes all telemetry data into a single platform.
Skkynet’s products and services—DataHub for in-plant, SkkyHub for cloud, and ETK for embedded devices—provide secure access to industrial data through open, standard industrial protocols, allowing users to fully integrate OT with IT systems and other applications anywhere in the world. “Secure-by-design”, Skkynet’s solution requires no VPN, no open firewall ports, no special programming, and no additional hardware. Secure integration of embedded devices, on-premise systems, and remote locations through seamless, end-to-end connectivity in real time lets users derive maximum value from Industrial IoT and Industrie 4.0. For more information, visit: https://skkynet.com/investors/
Skkynet Cloud Systems, Inc. (OTCQB: SKKY) is a global leader in real-time cloud information systems. The Skkynet Connected Systems platform includes the award-winning SkkyHub™ service, DataHub® middleware, and Embedded Toolkit (ETK) software. The platform enables real-time data connectivity for industrial, embedded, and financial systems, with no programming required. Skkynet’s platform is uniquely positioned for the “Internet of Things” and “Industry 4.0” because unlike the traditional approach for networked systems, SkkyHub is secure-by-design.
This news release contains “forward-looking statements” as that term is defined in the United States Securities Act of 1933, as amended and the Securities Exchange Act of 1934, as amended. Statements in this press release that are not purely historical are forward-looking statements, including beliefs, plans, expectations or intentions regarding the future, and results of new business opportunities. Actual results could differ from those projected in any forward-looking statements due to numerous factors, such as the inherent uncertainties associated with new business opportunities and development stage companies. Skkynet assumes no obligation to update the forward-looking statements. Although Skkynet believes that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that they will prove to be accurate. Investors should refer to the risk factors disclosure outlined in Skkynet’s annual report on Form 10-K for the most recent fiscal year, quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the U.S. Securities and Exchange Commission.