Skkynet Announces Strong Q3 2021 Financial Results
Rhea-AI Summary
Skkynet Cloud Systems (SKKY) reported a record third quarter revenue of $497,375, marking a 57% growth compared to $316,918 in Q3 2020. Additionally, the nine-month revenue totaled $1,383,414, up 20% from $1,155,443 in the prior year. The net loss from operations decreased to $15,490 from $60,784 year-over-year. The Company, driven by increasing demand for remote data access, maintains a positive outlook for the remainder of 2021 and anticipates continued growth into 2022.
Positive
- Third quarter revenue of $497,375 represents a 57% year-over-year growth.
- Net loss from operations reduced significantly to $15,490 from $60,784 in the previous year.
- Nine-month revenue total increased by 20%, reaching $1,383,414.
- Continued demand for remote data access is expected to drive growth through 2022.
Negative
- None.
News Market Reaction – SKKY
On the day this news was published, SKKY gained 2.94%, reflecting a moderate positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Increased sales result in
Mississauga, Ontario, Sept. 14, 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 July 31, 2021. The Company reported a record third quarter revenue of
“Skkynet’s Q3 2021 results are in line with our expectations, and positive revenue growth trend continues. We also continue to maintain a robust cash position for further growth in the foreseeable future,” stated Andrew Thomas, CEO. “We maintain our positive outlook for the remainder of 2021, and we expect an excellent 2022 in line with previous guidance; we expect to accelerate our growth through the remainder of the year due to increased demand for remote access to data in the industrial sector in response to the pandemic, and for the rest of the decade to meet regulatory and corporate mandates for secure access to critical infrastructure.”
“Skkynet’s new product portfolio is attracting a new class of customer: large enterprises with numerous remote locations requiring data connectivity,” said Paul Thomas, President of Skkynet. “We deliver secure, remote data with novel store-and-forward capabilities that are being very well-received in industry. We are now seeing steadily increasing demand for such data access capabilities.”
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
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