Skkynet Reports Strong Sales Growth and Robust Profitability in Third Quarter

Summary

Sept. 19, 2023 - Skkynet Cloud Systems, Inc. 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 the website.

About Skkynet

Skkynet Cloud Systems, Inc. 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.