Skkynet Reports Fiscal 2025 Financial Results: Subscription Revenue Surges 268% Amidst Strategic Pivot to AI and SaaS
Company maintains profitability and strengthens balance sheet while executing major leadership expansion and launching CA$2.6 million AI initiative.
Mississauga, Ontario, January 28, 2026 – Skkynet Cloud Systems, Inc. (“Skkynet” or “the Company”) (OTCQB: SKKY), a global leader in industrial software for secure, real-time data connectivity and edge processing, today announced financial results for the fiscal year ended October 31, 2025, and provided a corporate update on its strategic milestones.
Fiscal 2025 Financial Highlights
- Subscription Growth: Revenue from subscription licenses grew by 268% year-over-year, validating the Company’s strategic shift toward a recurring revenue model.
- Revenue: Total annual revenue remained stable at $2.55 million, reflecting the transition period as the Company converts perpetual license opportunities into long-term subscription contracts.
- Profitability: The Company reported Net Income of $35,351, maintaining profitability while investing heavily in team expansion and product development.
- Balance Sheet: Working capital increased to $1.0 million, providing a solid financial runway for upcoming growth initiatives.
“I am so proud of our team and our partners for making fiscal 2025 a transformational year for Skkynet,” said Gary Tillery, CEO of Skkynet. “While our total top-line revenue remained relatively flat, the composition of that revenue changed dramatically. The 268% surge in subscription revenue confirms that many of our customers prefer the flexibility and scalability of our SaaS and subscription models. We have successfully laid the foundation for high-quality, recurring revenue growth while maintaining profitability and strengthening our cash position. Additionally, we did not force our customers to choose our subscription model as others have, as we still offer perpetual licenses for those still making the transition themselves or if they prefer to stay with perpetual, we respect their decision.”
Strategic Milestones: Leadership and Innovation
Beyond financial performance, Skkynet achieved significant operational milestones in 2025 designed to accelerate its entry into the Industrial AI and Industry 4.0 markets.
- Leadership Team Expansion
To drive this next phase of growth, Skkynet significantly bolstered its executive and advisory capabilities:
- Executive Leadership: Appointed Gary Tillery as Chief Executive Officer to lead global strategy and operations.
- Board of Directors: Appointed Xavier Mesrobian as Chairman of the Board and welcomed Lee Tedstone as a new Director, adding deep operational governance and industry expertise.
- Advisory Board: Added Aarif Nakhooda and Shaunna Balady, bringing decades of experience in retail, industrial automation, and M&A to the Company’s strategic planning.
“We are incredibly excited about how this expanded management team positions the Company for the future,” said Andrew Thomas, Founder and CTO of Skkynet. “This strategic broadening of our leadership allows myself and the other founders to focus on our core expertise. We can now dedicate our full attention to expanding product capabilities and optimizing business operations, ensuring our technology continues to lead the market while the executive team drives our global expansion.”
- Launch of Major AI Initiative
During the fiscal year, Skkynet launched a CA$2.6 million AI product development initiative. Supported by funding from the Government of Canada, this project is focused on developing next-generation secure data connectivity solutions specifically optimized for Artificial Intelligence applications. This initiative positions Skkynet as a critical enabler for industrial enterprises seeking to securely feed real-time production data into AI and Machine Learning models.
“It’s an exciting time to be at Skkynet, we have crafted a strong and focused leadership team and board to guide the team to execute the vision of being the default choice for the data backbone for the AI-driven industrial future. We have a funded strategy and roadmap for AI innovation that will be delivered by a company that has very strong industrial experience and a proven track record,” concluded Tillery.
