Strong Demand for Secure Industrial Data Solutions Drives Revenue Growth and Fuels Optimism for 2025
MISSISSAUGA, ON - February 4, 2025 (NEWMEDIAWIRE) - Skkynet Cloud Systems, Inc. (“Skkynet” or “the Company”) (OTCQB: SKKY), a global leader in real-time data communications technology for industrial systems, today announced record-breaking financial results for the fiscal year ending October 31, 2024. The Company achieved $2.56 million in annual revenue, reflecting an 8% year-over-year increase, alongside a profitable year with net income of $99,090—strengthening its financial position as it looks ahead to continued growth in 2025.
“Skkynet’s momentum continues to build,” said Andrew Thomas, CEO. “Despite economic challenges, we delivered solid results and maintained a strong cash position, readying us for expansion in 2025 and beyond. The demand for secure remote access to industrial systems is surging—driven in part by security demands and AI applications—and we anticipate even greater growth as the industry rebounds.”
Aarif Nakhooha, Senior Advisor to Skkynet, commented on the company’s performance and its focus on innovation. “Skkynet’s ability to adapt to market trends and integrate cutting-edge technologies like AI has been pivotal in driving its success,” Nakhooha said. “As industries increasingly rely on automation and real-time data solutions, Skkynet is well-positioned to capitalize on these opportunities. I’m confident that the company’s investments in AI-driven projects will further enhance its offerings and fuel sustained growth in the coming years.”
2024 Milestones and Strategic Initiatives:
- Launch of Cogent DataHub® V11 – featuring new, cutting edge security enhancements.
- Expansion of the sales team to accelerate market penetration.
- Engagement in AI-related projects set to unfold in 2025.
- Strengthened intellectual property portfolio, with 13 issued U.S. patents covering secure remote access and data management technologies.
“2024 was a transformative year for Skkynet,” said Paul Thomas, President. “Customer adoption has surged, with both longtime clients upgrading their systems and new industries discovering our technology. The overwhelmingly positive response to our latest innovations confirms our position as a trusted leader in secure industrial connectivity.”
Looking Ahead
Skkynet remains at the forefront of digital transformation, empowering industrial enterprises to securely connect, monitor, and control their systems in real time—without exposing sensitive data to external networks. As businesses increasingly embrace AI-driven automation, Skkynet’s solutions are more relevant than ever, ensuring seamless, secure, and scalable industrial data communications.
For more information, visit skkynet.com.
About Skkynet
Skkynet Cloud Systems, Inc. (OTCQB: SKKY) provides real-time, secure, and reliable communication technologies for industrial automation, AI-driven operations, and Industry 4.0. Skkynet’s solutions empower organizations to connect, monitor, and control their systems in real time while maintaining robust security and data privacy standards.
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
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