Skkynet Announces Q3 2022 Financial Results

Rhea-AI Summary

Skkynet Cloud Systems (OTCQB: SKKY) reported continued growth in its Q3 2022 financial results with a record revenue of $530,075, up 7% from $497,375 in Q3 2021. Year-to-date revenue reached $1,547,347, reflecting a 12% increase compared to $1,383,414 in the same period last year. The company also achieved a net income of $18,366 for Q3, reversing a net loss of $15,490 in 2021. CEO Andrew Thomas highlighted growing demand for secure industrial data access, enhanced by recent product features.

Positive

• Q3 2022 revenue of $530,075 represents a 7% increase from $497,375 in Q3 2021.
• Year-to-date revenue increased by 12% to $1,547,347 compared to $1,383,414 in 2021.
• Net income for Q3 was $18,366, up from a net loss of $15,490 in Q3 2021.
• Positive customer feedback linked to new features in DataHub product line.

Negative

• None.

Continuing growth drives positive outlook for future with 12% YoY revenue increase

Mississauga, Ontario, Sept. 13, 2022 (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 July 31, 2022.  The Company reported a record third quarter revenue of $530,075 compared to $497,375 for the same period in 2021, marking a 7% growth in sales.  Net income from operations for Q3 was $18,366 compared to a net loss of $15,490 for the same period in 2021.  The Company reported a record nine-month revenue total of $1,547,347 compared to $1,383,414 for the same period in 2021, a 12% growth in sales.

“Skkynet’s Q3 2022 results have met our expectations for continued momentum and revenue growth for the year,” stated Andrew Thomas, CEO. “Demand for industrial process data by IT departments continues to expand, while the need to secure these mission-critical systems has never been greater. Corporate leaders in all our market segments are increasingly recognizing the value of Skkynet’s secure-by-design technology for remote data access.” 

“We’ve been getting positive feedback and can trace growth in sales to several new features recently introduced in version 10 of our DataHub product line,” said Paul Thomas, President of Skkynet.  “This diversification in our offerings is clearly having a significant impact on our sales growth.”

Skkynet’s products and services—DataHub software for in-plant, Skkynet DataHub service on 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/

About Skkynet
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 “Industrial Internet of Things” and “Industry 4.0” because unlike the traditional approach for networked systems, Skkynet’s architecture 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 Q3 2022 revenue figures?

Skkynet reported a Q3 2022 revenue of $530,075, a 7% increase from $497,375 in Q3 2021.

How much did Skkynet earn in net income for Q3 2022?

Skkynet achieved a net income of $18,366 for Q3 2022.

What is Skkynet's year-to-date revenue for 2022?

The year-to-date revenue for Skkynet in 2022 is $1,547,347, reflecting a 12% increase compared to the same period in 2021.

What market trends does Skkynet report in its Q3 2022 results?

Skkynet reports growing demand for secure industrial data access, particularly in IT departments.