Skkynet Announces Fiscal Quarter-end Results for Q1 2024 With Record Sales Growth of 28%
MISSISSAUGA, ON, March 18, 2024 (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, 2023. The Company reported a record first quarter revenue of $630,536 compared to $492,119 for the same period in 2023, a 28% year over year revenue growth. Comprehensive income from operations for the 3-month period was $23,951 compared to a loss of $144,627 for the same period in 2023 due to increased sales.
“Skkynet’s growing sales and expanding channels have maintained the Company’s upward growth trend. We had a very successful quarter in elevating our marketing presence, attracting new partners, and maintaining our strong cash position,” stated Andrew Thomas, CEO. “Demand for secure access to remote industrial systems is strong and continues to grow. Our Q1 results reflect our confident outlook for 2024.”
“We maintain our focus on building new industry partnerships, such our recent partnering with Becolve Digital, S.A. in Spain, and Davinco SPA in Chile, so we can target high-growth industrial sectors and regions,” said Paul Thomas, President of Skkynet. “In Q2, we expect to build on our forward momentum with the launch of our most ambitious software release yet, which includes several new features, improved performance and enhanced security to meet our enterprise customers’ needs.”
The new Cogent DataHub® features, combined with the Cogent 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 entire 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 Cogent DataHub® software, Cogent 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
