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Skkynet Cloud Systems, Inc. reported a net loss for the quarter and six months ended April 30, 2026 as revenue softened and costs rose. Quarterly revenue was $606,106, up slightly from 2025, but six‑month revenue fell to $1,155,499, an 18% decrease year over year as the company shifted from perpetual to subscription licenses and saw lower Cogent sales.
The company posted a net loss of $109,392 for the quarter and $335,901 for the six months, versus a small profit in the prior‑year six‑month period. Operating expenses rose to $1,642,492 for six months, driven by higher advertising and additional staff, while cash used in operations was $280,443, reversing prior‑year positive cash flow.
Liquidity remains supported by $1,339,191 of cash and $1,003,773 of working capital, but stockholders’ equity declined to $837,000. The company received a $146,232 tax refund and drew $166,773 on a FedDev Ontario initiative loan, repayable over five years starting in 2030. Management again identified material weaknesses in internal control over financial reporting due to limited accounting resources.
Skkynet Cloud Systems, Inc. notified the SEC it cannot timely file its Quarterly Report on Form 10-Q for the quarter ended April 30, 2026 because certain information that may materially affect disclosure was unavailable. The company states it will rely on Rule 12b-25 relief and executed the notification on June 15, 2026.
Skkynet Cloud Systems, Inc. director and CEO Tillery Jack Gary Jr. reported two open-market purchases of the company’s common stock. He bought 15,710 shares at $0.28 per share in one transaction and 20,000 shares at $0.28 per share in another, for a total of 35,710 shares acquired.
Skkynet Cloud Systems, Inc. Chief Financial Officer Lowell Thomas Holden reported an open-market purchase of common stock. On March 20, 2026, he bought 17,241 shares of Skkynet common stock at $0.28 per share. After this transaction, he directly holds 226,230 shares of the company’s common stock, indicating an increased personal equity stake.
Skkynet Cloud Systems, Inc. reported weaker results for the quarter ended January 31, 2026. Revenue was $549,393, down from $828,052 a year earlier, a 34% decline driven by lower Cogent sales and a shift from perpetual to subscription licenses.
The company swung from operating income of $198,237 in the prior-year quarter to an operating loss of $217,215, and from net income of $229,063 to a net loss of $226,509. Cash and cash equivalents were $1,390,791, with working capital of $868,843, but operating activities used $42,643 of cash versus providing $157,268 a year earlier.
Management highlights growing subscription revenue—up to $73,337 from $19,763—and notes a FedDev Ontario Industrial AI initiative loan of up to $750,000, with a subsequent payment of CDN $187,209 authorized after quarter-end. The company also discloses continuing material weaknesses in internal control over financial reporting due to limited accounting staff and processes.
Skkynet Cloud Systems develops industrial connectivity and real-time data software, centered on its Cogent DataHub products and Azure-managed cloud service for secure OT-to-cloud data flows and industrial IoT/AI use cases.
For the year ended October 31, 2025, Skkynet generated revenue of $2,550,951, essentially flat versus 2024. A shift from perpetual licenses to subscriptions drove a 268% increase in subscription payments to $364,395, while perpetual license revenue declined to $2,186,556. Operating results slipped to a small operating loss of $6,488, but tax refunds and other income yielded net income of $35,351, down from $99,090 in 2024.
The company reports solid liquidity, with working capital of $1,027,715, including cash of $1,427,321, versus total liabilities of $803,299. As of October 31, 2025, there were 53,143,822 common shares outstanding and 193,661 Series B preferred shares, which carry a 6% cumulative dividend; accrued Series B dividends totaled $119,105.
Management outlines growth plans in industrial automation, cloud SaaS, and AI-focused applications, but notes expansion will require additional capital. The report highlights a material weakness in internal control over financial reporting due to limited accounting staff and segregation of duties. Skkynet describes ongoing efforts to strengthen cybersecurity, including training, incident response planning, third‑party risk management, and enhanced technical safeguards.
Skkynet Cloud Systems, Inc. announced a C$2.6 million (US$1.9 million) Industrial AI Product Development Initiative, aimed at advancing its industrial artificial intelligence products.
The initiative is partially funded by the Government of Canada through FedDev Ontario’s Regional Artificial Intelligence Initiative. Skkynet and FedDev Ontario entered a loan agreement under which up to C$1.04 million (US$0.75 million) will be provided over the project period as an interest-free loan, repayable after project completion and subject to conditions.
Skkynet Cloud Systems, Inc. announced a leadership change as its Board of Directors appointed Gary Tillery as Chief Executive Officer, effective December 8, 2025. Tillery has served as a director since June 18, 2025 and previously was Sr. Director, Strategic Portfolio Partners and M&A at AVEVA. He brings more than 35 years of experience in automation software development and system integration, which the company highlights as important as it executes on its future areas of business. The company also referenced a press release dated December 9, 2025 as an exhibit.
Skkynet Cloud Systems, Inc. reported a change in its leadership structure. On December 2, 2025, the Board of Directors appointed Mr. Lee Tedstone as a new director, effective immediately. He will serve on the Board until the company’s next annual meeting of stockholders.
The company describes Mr. Tedstone as a veteran business leader who brings significant experience to support the Board as it plans future areas of business. The filing also notes that a related press release dated December 3, 2025 has been furnished as an exhibit.
Skkynet Cloud Systems, Inc. (SKKY) reported a leadership change at the board level. On November 21, 2025, the Board of Directors appointed Mr. Xavier Mesrobian as the new Chairman of the Board, effective immediately. He will serve in this role until the company’s next annual meeting of stockholders. Mr. Mesrobian has served as an independent director since November 2024 and is described as bringing significant experience to support the Board as it plans the company’s future areas of business. The company also furnished a related press release as an exhibit to this report.