Skkynet Cloud Systems, Inc. (OTCQB:SKKY) announced its third quarter financial results for the period that ended on July 31, 2021. Below are highlights of the Q3 results as well as comparisons to previous reports.
Revenue: Net revenue for this quarter was $497,375, a 57% increase since the same period last year.
Net Loss: This quarter resulted in a net loss of $15,490, compared to a $60,784 net loss for the 2020 third quarter.
Total Revenue: Skkynet saw a 20% overall increase in sales with a total of $1,383,414 for the third quarter.
Skkynet is a global leader in data acquisition, providing real-time connectivity for industrial and office systems. The company’s “secure-by-design”connection status and remote access connectivity are offered to customers across a wide variety of industries spanning financial, pharmaceutical, education, and manufacturing, to name a few.
Skkynet’s CEO, Andrew Thomas, remarked in the press release that this report affirms the company’s expectations and foresees growth in the future. Thomas also commented that Skkynet expects 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.”
Adding to the observation of this demand, President of Skkynet Paul Thomas noted a new customer base of large enterprises which are in need of data connectivity for remote locations, saying the company is “very well-received in industry” and “seeing steadily increasing demand for such data access capabilities.”