Skkynet Announces Strong Q2 2021 Financial Results

Rhea-AI Summary

Skkynet Cloud Systems (OTCQB: SKKY) reported a record revenue of US$447,972 for Q2 2021, marking a 6.9% increase from $419,043 in Q2 2020. The company generated $18,137 in income from operations, up from $5,866 a year earlier. CEO Andrew Thomas expressed optimism for continued growth fueled by demand for secure industrial data access due to regulatory mandates stemming from the pandemic. New, innovative product offerings are set to enhance customer data access capabilities, positioning Skkynet favorably in the Industrial IoT market.

Positive

• Record Q2 2021 revenue of US$447,972, a 6.9% year-over-year increase.
• Income from operations of $18,137, significantly improved from $5,866 in Q2 2020.
• Strong outlook for 2021 driven by increased demand for secure industrial data access.

Negative

• None.

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Data tracked by StockTitan Argus on the day of publication.

Increased sales result in 6.9% revenue growth for record-setting quarter.

Mississauga, Ontario, June 16, 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 April 30, 2021.  The Company reported a record second quarter revenue of US$447,972 compared to $419,043 for the same period in 2020, which marks a 6.9% growth in sales.  Income from operations for the 3-month period was $18,137 compared to $5,866 for the same period in 2020.

“As we expected, Skkynet’s Q2 2021 results continues our positive revenue growth trend.  We maintain a robust cash position for further growth in 2021,” stated Andrew Thomas, CEO.  “The outlook for 2021 continues to be 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 pandemic.”

“With new, patent-pending innovations, we are excited for Skkynet’s new product portfolio,” said Paul Thomas, President of Skkynet.  “Leveraging our expertise in secure, remote data, we are introducing new store-and-forward capabilities that the industry has not yet seen.  Skkynet now offers its customers unparalleled secured access to real time and historical data.  We expect demand for such data access capabilities to only increase in the future.”

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 Q2 2021 revenue results?

Skkynet recorded a revenue of US$447,972 for Q2 2021, up 6.9% from the previous year.

What is the forecast for Skkynet in 2021?

The company expects to continue accelerating growth throughout 2021 due to increased demand for secure industrial data access.

What was Skkynet's income from operations in Q2 2021?

Skkynet reported an income from operations of $18,137 for Q2 2021.

How does Skkynet's new product portfolio impact its future?

Skkynet's new patent-pending innovations aim to provide unparalleled secured access to real-time and historical data, boosting future demand.