Skkynet Achieves Record Sales Growth and Profitability for Fiscal Year 2022
Mississauga, Ontario, January 31, 2023 – Skkynet Cloud Systems, Inc. (“Skkynet” or “the Company”) (OTCQB: SKKY) is pleased to announce its year-end operating and financial results for the period ended October 31, 2022. The Company reported record annual revenue of $2,156,880 compared to $1,830,459 for the same period in 2021, a 17.8% year over year revenue growth. A strong cash position is reinforced by a profitable year, with net income of $32,758.
“Skkynet’s 2022 sales continued the Company’s upward trend. We had a very successful year, despite a challenging environment and we continue to maintain a strong cash position to fuel growth in 2023 and beyond,” stated Andrew Thomas, CEO. “Demand for secure access to remote industrial systems is strong and continues to grow. We see a continued rebound in the industry, and therefore remain confident in our bullish outlook for growth this year, and maintaining our strong financial position.”
Highlights of 2022:
- Launched an enhanced DataHub®
- Launched Skkynet DataHub service on Microsoft Azure.
- Expanded marketing team.
- Significantly enhanced our core product for MQTT (a network protocol designed for machine-to-machine messaging), providing unique capabilities in the industry (patent pending).
- Embarked on larger-scale projects, which we expect to come to light in 2023.
- Further strengthened intellectual property portfolio; in addition to eight issued U.S. patents across three technologies, a patent application for a fourth technology covering secure remote access to historical data was recently allowed in the U.S. and new patent applications were filed for a fifth technology for MQTT connectivity.
“2022 was a year of affirmation for Skkynet,” said Paul Thomas, President of Skkynet. “Response to the technology enhancements introduced in 2022 has been overwhelmingly positive. Long-time customers are upgrading and expanding their systems, while fresh prospects from new companies and sectors are discovering, downloading, testing, and implementing the software at an unprecedented rate.”
The new DataHub® features, combined with the Skkynet DataHub service on Azure can turn the dream of the real-time enterprise into reality. Expanding a real-time approach from the production line to management and then to the whole enterprise is where manufacturing is headed. Our solutions are leading the way. Skkynet’s products and services—DataHub software for in-plant, Skkynet DataHub service for Microsoft Azure, SkkyHub cloud service, 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 Industry 4.0. For more information, visit: https://skkynet.com/investors/
Skkynet Cloud Systems, Inc. (OTCQB: SKKY) is a global leader and innovator in real-time information systems. Skkynet’s leading-edge platform includes the award-winning SkkyHub™ service, DataHub® middleware, Skkynet DataHub service on Microsoft Azure, 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, Skkynet’s architecture 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.