Fri, Sep 13, 10:01 AM (99 days ago)
For the quarter ending July 31, 2024, Skkynet Cloud Systems, Inc. reported a revenue of $666,359, reflecting a slight increase from $630,040 in the same quarter of 2023. For the nine-month period, revenue rose to $1,898,701, an 8.6% increase year-over-year. Operating expenses decreased slightly to $556,274 for the quarter, contributing to a net income of $121,718, compared to a net income of $65,618 in Q3 2023. The nine-month net loss reduced to $23,401 from a loss of $165,403 in 2023, primarily due to increased revenues. Current assets increased to $1,370,597, with cash and cash equivalents rising to $1,127,206. Current liabilities totaled $616,450, resulting in a working capital of $754,147. Cash flow from operations improved to $199,502, up from $139,270 year-over-year. The company continues to face uncertainties related to market conditions and operational scaling, but its strategic investments in sales and marketing appear to be yielding positive results. Future performance may be influenced by ongoing market dynamics and internal operational efficiencies.