Skkynet Cloud Systems, Inc. announced financial results for the fiscal year ended October 31, 2025, demonstrating profitability during a strategic transition while executing significant leadership expansion and launching a major artificial intelligence initiative. The company reported total annual revenue of $2.55 million, with revenue from subscription licenses growing by 268% year-over-year, validating the company's strategic shift toward a recurring revenue model.
Net income for the fiscal year was $35,351, maintaining profitability while the company invested heavily in team expansion and product development. Working capital increased to $1.0 million, providing a solid financial foundation for upcoming growth initiatives. CEO Gary Tillery noted that while total revenue remained relatively flat, the composition changed dramatically as customers increasingly prefer the flexibility and scalability of subscription models available through Skkynet's platform.
Beyond financial performance, Skkynet achieved significant operational milestones designed to accelerate its entry into Industrial AI and Industry 4.0 markets. The company significantly bolstered its executive and advisory capabilities, appointing Gary Tillery as Chief Executive Officer to lead global strategy and operations. Xavier Mesrobian was appointed Chairman of the Board, while Lee Tedstone joined as a new Director, adding deep operational governance and industry expertise to the company's leadership structure.
The advisory board expanded with the addition of Aarif Nakhooda and Shaunna Balady, bringing decades of experience in retail, industrial automation, and mergers and acquisitions to the company's strategic planning. Founder and CTO Andrew Thomas emphasized that this strategic broadening of leadership allows founders to focus on core expertise while the executive team drives global expansion and product development.
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, positioning Skkynet as a critical enabler for industrial enterprises seeking to securely feed real-time production data into AI and machine learning models. The initiative represents a significant investment in the company's future technological capabilities and market positioning within the growing industrial AI sector.
Tillery concluded that the company has crafted a strong and focused leadership team to guide execution of the vision to become the default choice for the data backbone of the AI-driven industrial future. The funded AI innovation strategy will be delivered by a company with strong industrial experience and a proven track record in secure, real-time data connectivity solutions. This combination of financial stability, leadership expansion, and strategic AI investment positions Skkynet for continued growth in the evolving industrial software market.
