Skkynet Announces 2020 Financial Results and Provides Corporate Update

Rhea-AI Summary

Skkynet Cloud Systems (OTCQB: SKKY) reported a 10.2% year-over-year revenue growth, achieving $1,506,929 in annual revenue compared to $1,367,448 in 2019. The net loss decreased to $311,333 from $575,854 in the previous year. Despite a slowdown in Q4 sales due to the global economy, the company maintains a strong cash position, indicating potential for future growth. They have become a Certified Technology Partner with AVEVA and expanded channel partnerships, which may enhance their market presence moving forward.

Positive

• 10.2% revenue growth year-over-year.
• Net loss decreased from $575,854 to $311,333.
• Strong cash position for future investments.
• Certified Technology Partner with AVEVA.

Negative

• Q4 sales slowed due to economic conditions.

Increased sales result in 10.2% revenue growth year-over-year, and strong cash position for future growth.

Mississauga, Ontario, Feb. 10, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- 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, 2020.  The Company reported a record annual revenue total of $1,506,929 compared to $1,367,448 for the same period in 2019, which is a 10.2% growth in sales. Net loss for the annual period ended October 31, 2020 was $311,333 compared to a net loss of $575,854 for the same period in 2019.

“Skkynet’s 2020 sales continue its upward trend, and our annual results mark another positive milestone in our growth trajectory.  We continue to maintain a strong cash position allowing us to invest in further growth in 2021 and beyond,” stated Andrew Thomas, CEO.  “While our Q4 sales slowed due to the global economic climate, we see early signs of a rebound in the industry, and therefore remain confident in our bullish outlook for growth in 2021, all while maintaining our strong financial position.”

Highlights of the past year include:

• Became a Certified Technology Partner of AVEVA, to provide secure integration and networking for in-plant, enterprise-wide, and Industrial IoT applications.
• New channel partners: ISDN Software and Servo Dynamics are subsidiaries of ISDN Holdings Ltd and operate in Singapore, Taiwan, Philippines, Malaysia, Indonesia, Thailand, and Vietnam.  Samboo System Corp operates in South Korea.
• New solution provider partners: Ambyint provides AI and deep data analytics solutions for the oil and gas segment.  e-Magic’s TwinWorX digital twin service is a scalable, secure and high availability platform that integrates and normalizes all telemetry data into a single platform.
• New case studies on secure networking on the 1800 kilometer Trans-Anatolian Natural Gas Pipeline (TANAP) project in Turkey, standardizing connections between air separation units and control systems for Air Liquide in the USA, and cloud-based remote monitoring of medical gas usage in over 20 hospitals in and around Osaka, Japan.
• Further strengthened intellectual property portfolio; in addition to eight (8) issued U.S. patents across three technologies, two new provisional patents filed on a fourth and pivotal technology for secure store-and-forward.

“2020 was a pivotal year for Skkynet.  The COVID-19 pandemic is having a dramatic impact on the automation industry: a change in priorities from increased efficiencies and lower costs to expanding remote capabilities in a secure manner,” said Paul Thomas, President of Skkynet.  “This change in focus at the C-level is a boon to Skkynet: remote capabilities have become a necessity, not a nice-to-have.  Delivering secure, remote connectivity of industrial data is what we do best.  The paradigm shift is so broad that it was highlighted in a recent Economist article entitled ‘Bearing fruit: After years of dithering companies are embracing automation.’”  A summary of the Economist article is available at the Skkynet blog at https://skkynet.com/embracing-automation-tough-times/

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.

Contact

Skkynet Cloud Systems, Inc.
Paul E. Thomas, President
Tel: (888) 702-7851
Web: https://skkynet.com
Email: ir@skkynet.com 

FAQ

What was Skkynet's revenue for the year ending October 31, 2020?

Skkynet reported a revenue of $1,506,929 for the year ending October 31, 2020.

How did Skkynet's net loss change from 2019 to 2020?

Skkynet's net loss decreased from $575,854 in 2019 to $311,333 in 2020.

What is Skkynet's outlook for 2021 following the recent press release?

Skkynet is confident in its growth outlook for 2021 despite a slowdown in Q4 sales.

Which new partnerships did Skkynet establish recently?

Skkynet established partnerships with ISDN Software and Servo Dynamics, among others.

What operational highlights did Skkynet achieve in 2020?

Skkynet became a Certified Technology Partner of AVEVA and strengthened its intellectual property portfolio.