Skkynet Announces Q2 2020 Financial Results and Reiterates Positive Outlook
Increased sales result in 32% revenue growth, improved earnings, and strong cash position for future growth.
Mississauga, Ontario, June 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 April 30, 2020. The Company reported a record first and second quarter revenue total of $838,525 compared to $635,813 for the same period in 2019, which is a 31.7% growth in sales. Net income for the three and six month periods ended April 30, 2020 was $76,655 and $68,174 compared to a net loss of $278,872 and $433,184 for the same periods in 2019.
“Skkynet’s Q2 2020 results marks another milestone in our growth trajectory, and our continued robust cash position allows us to further accelerate our growth in 2020,” stated Andrew Thomas, CEO. “While the outlook for 2020 remains affected by recent economic events, we reiterate our positive outlook and expect to continue our growth through expanded distribution and to maintain a strong financial position”.
“As a result of more businesses considering new remote capabilities, our product offering and messaging is gaining momentum. We continue to see accelerating growth in demand for secure remote access to industrial data, and 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/
About Skkynet
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.
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.
