Increased sales result in 60% revenue growth, improved earnings, and strong cash position for future growth.
Mississauga, Ontario, March 23, 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 January 31, 2020. The Company reported a record first quarter revenue of $419,482 compared to $262,989 for the same period in 2019, which is a 59.5% growth in sales. Comprehensive loss for the 3-month period was $17,035 compared to a loss of $165,963 for the same period in 2019.
“Skkynet’s Q1 2020 results marks a milestone in our growth trajectory, and our robust cash position allows us to further accelerate our growth in 2020,” stated Andrew Thomas, CEO. “While the outlook for 2020 is strongly muted by recent economic events, we remain positive and expect to continue our growth through expanded distribution, and to maintain a strong financial position”.
Highlights of the past year include:
- Skkynet became a Siemens partner. On September 16, 2019, Skkynet announced a collaboration with Siemens Mobility to deliver on Secure IIoT; a hardware/software combination to provide secure access to industrial data, vendor-neutral connectivity, and support for main industrial protocols.
- Significant increase in activity in Asia as a result of our partnership with AVEVA (Schneider Electric), and our Master Distributor in Japan, BellChild, Ltd.
- Continued partner growth, customer acquisition and sales in a number geographies including India, Europe, and the Middle East.
- New case studies on large-scale infrastructure implementations including the TANAP pipeline in Turkey, Air Liquide rollout in the USA, and Siemens in Argentina.
- Skkynet strengthened its intellectual property portfolio substantially; a total of eight (8) issued U.S. patents across three separate technologies, with more filings underway.
“We see accelerating growth in demand for secure remote access to industrial data, and with the validation of our Siemens collaboration, we are entering a new stage of market adoption in the areas of IIoT, Industrie 4.0, and digital transformation,” said Paul Thomas, President of Skkynet.
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. For more information, see https://skkynet.com.
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.