Increased sales resulted in 21% revenue growth year-over-year.
Mississauga, Ontario, January 31, 2022 – 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, 2021. The Company reported a record annual revenue total of $1,830,459 compared to $1,506,929 for the same period in 2020, a 21.5% growth in revenue. A strong cash position is reinforced by an increase in profitability.
“Skkynet’s 2021 sales accelerated its upward trend, doubling our growth rate compared to 2020. Moreover, we continue to maintain a strong cash position allowing us to further fuel growth in 2022 and beyond. Demand is strong and growing for secure access to remote industrial systems,” stated Andrew Thomas, CEO. “We see clear signs of a continued rebound in the industry, and therefore remain confident in our bullish outlook for growth in 2022, all while maintaining our strong financial position.”
Highlights of the past year include:
- Launched Skkynet DataHub® on Microsoft Azure Marketplace, as a new Microsoft Partner
- Released a new, enhanced version 10 of DataHub® software which combines secure tunnelling with support for historical data storage and alarms, along with a smart MQTT broker that supports Sparkplug B, providing industrial data connectivity that is unique in the industry.
- Large-scale projects use Skkynet software and services, including real-time bidirectional Industrial IoT systems for industrial and commercial applications using Microsoft Azure, and cloud-based remote monitoring of water treatment plants service N-Share in Japan.
- Further strengthened intellectual property portfolio; in addition to eight (8) issued U.S. patents across three technologies, pending U.S. and international patent applications to a fourth technology, new provisional patents filed for a fifth technology for MQTT connectivity.
“2021 was milestone year for Skkynet technical innovations,” said Paul Thomas, President of Skkynet. “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.