Arkados Group, Inc. Reports Fiscal First Quarter 2017 Results

NEWARK, N.J., Nov. 02, 2016 (GLOBE NEWSWIRE) -- Arkados Group, Inc. (OTCQB:AKDS), a global provider of scalable and interoperable Internet of Things (IoT) solutions focused on industrial automation and energy management, today announced and commented on the Company's consolidated financial and operational results for the fiscal first quarter 2017 ending on August 31, 2016.

Financial and Operational Highlights for the Three Months Ended August 31, 2016:
  • Revenues increased to $424,487, up $106,836 or 397% year-over-year, due to an increase in demand for our energy conservation services business;
  • Net loss decreased year-over-year from ($528,761) to ($286,974), as a result of lower operating expenses and an increase in revenue; and,
  • Launched our boiler conversion services to reduce energy costs and help local property owners comply with NY local law 43. Our initial customer is a local university for a two-site Oil-to-Natural Gas boiler conversion.

"We are very pleased with our first quarter results. Our financial performance continues to improve with extraordinary year-over-year revenue growth and an expansion of our services, products and customer base.  In Fiscal Year 2017 we expect to continue to expand our services business with additional, value-add offerings, and introduce new, cutting-edge technology products, both with the goal of reducing cost and improving productivity for our commercial and industrial customers. The forthcoming products will run on our recently released Arktic software platform and leverage the unique scalability and interoperability that commercial applications demand. We look forward to a very successful year and to further establishing Arkados as a leading provider of Industrial Internet of Things solutions for smart building, smart city and smart machine applications."

The Company's Quarterly Report on Form 10-Q for the quarter ended August 31, 2016 is on file with Securities and Exchange Commission. To access the report visit http://ir.arkadosgroup.com/.

The Industrial Internet of Things is an explosive opportunity according to research firm Markets and Markets, which projects the IIoT market size to reach $151 billion by 2020 and just the smart building segment to reach $24 billion.