Skkynet Cloud Systems, Inc. announced financial results for the fiscal year ended October 31, 2025, revealing a dramatic 268% year-over-year increase in subscription license revenue. This growth validates the company's strategic pivot toward recurring revenue models while total annual revenue remained stable at $2.55 million during this transition period. The company maintained profitability with net income of $35,351 and strengthened its balance sheet with working capital increasing to $1.0 million, providing financial stability for upcoming growth initiatives.
CEO Gary Tillery emphasized the significance of the subscription revenue surge, stating that it confirms customer preference for the flexibility and scalability of SaaS and subscription models. "We have successfully laid the foundation for high-quality, recurring revenue growth while maintaining profitability and strengthening our cash position," Tillery said. The company continues to offer perpetual licenses alongside subscription options, respecting customer preferences during their transition to new licensing models.
Beyond financial performance, Skkynet executed significant operational milestones designed to accelerate its entry into Industrial AI and Industry 4.0 markets. The company expanded its leadership team with key appointments including Gary Tillery as CEO, Xavier Mesrobian as Chairman of the Board, and Lee Tedstone as a new Director. The advisory board was strengthened with the addition of Aarif Nakhooda and Shaunna Balady, bringing decades of experience in retail, industrial automation, and mergers and acquisitions to strategic planning.
Founder and CTO Andrew Thomas highlighted the strategic importance of this leadership expansion, noting that it allows founders to focus on core expertise while the executive team drives global expansion. "This strategic broadening of our leadership allows myself and the other founders to focus on our core expertise," Thomas said. "We can now dedicate our full attention to expanding product capabilities and optimizing business operations, ensuring our technology continues to lead the market."
During the fiscal year, Skkynet launched a CA$2.6 million AI product development initiative supported by funding from the Government of Canada. This project focuses on developing next-generation secure data connectivity solutions specifically optimized for Artificial Intelligence applications. The initiative positions Skkynet as a critical enabler for industrial enterprises seeking to securely feed real-time production data into AI and Machine Learning models, addressing growing demand for industrial AI integration.
The company's strategic direction emphasizes becoming the default choice for data infrastructure in AI-driven industrial operations. Tillery concluded that Skkynet has "crafted a strong and focused leadership team and board to guide the team to execute the vision of being the default choice for the data backbone for the AI-driven industrial future." The company's funded AI innovation roadmap will be delivered by a team with strong industrial experience and proven track record in secure data connectivity solutions.
For more information about Skkynet's industrial software solutions, visit https://skkynet.com. The company's technologies bridge plant systems, cloud platforms, and AI, enabling safe, intelligent operations across industrial verticals while maintaining robust security and data privacy standards that are increasingly critical in today's connected industrial environments.
