Skkynet Continues Growth with Q1 2022 Financial Results
8.9% YoY revenue growth maintains positive outlook for future growth.
Mississauga, Ontario, March 16, 2022 – 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, 2022. The Company reported a record first quarter revenue of US$477,179 compared to $438,066 for the same period in 2021, which marks an 8.9% growth in sales. Comprehensive loss from operations for the 3-month period was $90,713 compared to a loss of $33,076 for the same period in 2021.
“Skkynet’s Q1 2022 results indicate positive momentum and consistent revenue growth. We continue to maintain a robust cash position for further growth this year,” stated Andrew Thomas, CEO. “The outlook for 2022 is excellent; we remain positive and expect to accelerate our growth throughout the year. We do not believe that the current situation in Eastern Europe will have a significant impact on sales.”
“We have continued our focus on building new industry partnerships, particularly in under-represented regions,” said Paul Thomas, President of Skkynet. “With our new channel partners in Germany and Brazil, we now have additional sales and support opportunities in two large markets.”
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.