Skkynet Reports Strong Sales Growth and Robust Profitability in Third Quarter

Rhea-AI Summary

Skkynet announces Q3 2023 performance with exceptional sales growth of 19%

Positive

• Record second quarter revenue of $630,040, a 19% YoY growth
• Comprehensive income from operations for the 3-month period was $69,680, a significant increase

Negative

• None.

Skkynet Announces Fiscal Quarter-end Performance for Q3 2023, Delivering Exceptional Sales Growth of 19%

MISSISSAUGA, Ontario, Sept. 19, 2023 (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, 2023.  The Company reported a record second quarter revenue of $630,040 compared to $530,075 for the same period in 2022, a 19% year over year revenue growth. Comprehensive income from operations for the 3-month period was $69,680 compared to $17,280 for the same period in 2022 due to increased sales.

CEO Andrew Thomas remarked, “Skkynet’s Q3 2023 results affirm our upward trajectory, demonstrating the resilience and strength of our company even amidst a challenging economic landscape.  We had a profitable and strong quarter, and further improved on our cash position.”  Thomas continued, “We are being asked more and more for subscription pricing, which is a big positive. Our third quarter achievements underscore our optimistic growth outlook for the entire year of 2023.”

Paul Thomas, President of Skkynet, added, “Our steadfast commitment to establishing strategic industry alliances, such as our recent collaboration with Incentro S.A., continues to be a focal point of our strategy. We are actively targeting high-growth industrial sectors and specific regions that align with our growth objectives.”  Thomas further noted, “The rapidly evolving regulatory landscape in Europe, particularly the Directive on Security of Network and Information Systems (NIS 2), is fueling demand for secure access to remote industrial systems.”

Skkynet’s exceptional performance in Q3 2023 underscores its resilience, adaptability, and commitment to growth, positioning the company for a promising future.

The new Cogent DataHub® features, combined with the Skkynet DataHub service on Azure can turn the dream of the real-time enterprise into reality. Expanding a real-time approach from the production line to management and then to the whole enterprise is where manufacturing is headed.  Our solutions are leading the way.  Skkynet’s products and services—DataHub software for in-plant, our cloud service for Microsoft Azure, 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 DataHub® software, 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.

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