Skkynet Announces Q1 2021 Financial Results and Reiterates Positive Outlook

Rhea-AI Summary

Skkynet Cloud Systems (OTCQB: SKKY) reports a 4.4% revenue growth for Q1 2021, achieving US$438,066 in sales compared to US$419,482 in Q1 2020. The company has maintained a strong cash position and reduced its loss from operations to $10,581 from $12,271 year-over-year. Skkynet anticipates continued growth driven by increasing demand for secure access to industrial data, especially in the APAC region.

Positive

• 4.4% revenue growth year-over-year, totaling $438,066.
• Reduced loss from operations to $10,581 from $12,271.
• Strong cash position for future growth.
• Continued development of partnerships in the APAC region, particularly in China.

Negative

• Still operating at a loss, indicating ongoing financial challenges.

Increased sales result in 4.4% revenue growth and strong cash position for future growth.

Mississauga, Ontario, March 09, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- 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, 2021.  The Company reported a record first quarter revenue of US$438,066 compared to $419,482 for the same period in 2020, which marks a 4.4% growth in sales, all during industry-wide slow-downs due to COVID-19 disruptions.  Loss from operations for the 3-month period was $10,581 compared to a loss of $12,271 for the same period in 2020.

“Skkynet’s Q1 2021 results maintain our positive revenue growth, notable considering the same quarter in 2020 represented 60% growth over the same period in 2019.  We continue to maintain a robust cash position for further growth in 2021,” stated Andrew Thomas, CEO.  “The outlook for 2021 is excellent; we remain positive and expect to accelerate our growth through the remainder of the year due to regulatory and corporate mandates for secure access to industrial data in response to the world-wide pandemic.”

“We have continued to focus on building new partnerships in industry, especially in the Asia region, which has not seen the same slowdown as North America and Europe,” said Paul Thomas, President of Skkynet.  “With our new channel partner in China, Beijing Hongxin Zhaoyang Technology Co., Ltd., we now have sales and support coverage in the largest Asian market, in addition to Servo Dynamics with coverage in Singapore, Taiwan, Philippines, Malaysia, Indonesia, Thailand, Vietnam, Burma, and Cambodia.  We are seeing very strong interest from within the APAC region.”

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 were Skkynet's Q1 2021 revenue results?

Skkynet reported revenue of US$438,066 for Q1 2021, marking a 4.4% increase from Q1 2020.

What is the current outlook for Skkynet in 2021?

Skkynet expects to accelerate growth throughout 2021 due to increasing regulatory and corporate mandates.

How did Skkynet's loss from operations change in Q1 2021?

The loss from operations decreased to $10,581 in Q1 2021 from $12,271 in Q1 2020.

Which regions is Skkynet focusing on for growth?

Skkynet is concentrating on building partnerships in the APAC region, particularly in China and Southeast Asia.