Skkynet Achieves Record Sales Growth YoY
Mississauga, Ontario, June 14, 2023 – 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 April 30, 2023. The Company reported a record second quarter revenue of $625,464 compared to $540,093 for the same period in 2022, a 16% year over year revenue growth. Comprehensive loss from operations for the 3-month period was $90,740 compared to $19,475 for the same period in 2022 due to increased headcount for expanding operations and capabilities, including development of new DataHub version 11, due for beta release in Q3. Development of applications to leverage AI within the DataHub product stack is also underway.
“Skkynet’s Q2 2023 sales continued the Company’s ongoing upward trend. We had a very successful quarter despite a challenging economic environment, continuing our strong cash position,” stated Andrew Thomas, CEO. “Demand for secure access to remote industrial systems is strong and continues to grow. Our Q2 results are indicative of our bullish growth outlook for 2023.”
“We continue to focus on building new industry partnerships, such our recent partnering with HongKe Technology Co., Ltd., and targeting high-growth industrial sectors and regions,” said Paul Thomas, President of Skkynet. “With the new regulatory requirements in Europe, the Directive on Security of Network and Information Systems (NIS 2), we are seeing a rapid shift in the marketplace.”
The new Cogent 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, our cloud service for Microsoft Azure, 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/
About Skkynet
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 DataHub® software, 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.
Safe Harbor
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.
