It has been a very productive year for the company. B-Scada has opened its European subsidiary in Cartagena, Spain providing us with European presence and the opportunity to engage with our customers in Spanish and Portuguese. Technology from our Status Enterprise SCADA and HMI systems has been utilized to launch our VoT (Virtualization of Things) IoT platform for monitoring and archiving real time data from various locations and hardware types through the Internet. A new B-Scada initiative, Monitor Sensing Technologies Inc. is a wholly owned subsidiary of B-Scada Inc. will be launching a line of lightweight sensors designed for residential and light commercial use in early 2016. Monitor Sensing will be utilizing Microsoft Azure and B-Scada software technology in the cloud for remote monitoring and archiving IoT data. Our SCADA software solutions have been enhanced to provide CMMS (Computerized Maintenance Monitoring System) capabilities. CMMS, when used in conjunction with our workflow and notifications capabilities now provides a true predictive maintenance system integrated with the monitoring of real time data.
B-Scada's strategy will be changing as we move into 2016. Our growth plans continue to stay focused on software revenues providing high margins and growth opportunity for the business, but we have also recognized that our SCADA, IoT and Smart City customers are looking for entire solutions not just software. In order to grow our software revenues, B-Scada will be engaging our customer base as a solution provider, providing not only world class data monitoring solutions but also our expertise and the expertise of our many hardware and software partners. As we move into 2016 we believe that approaching the market with this ecosystem will drive revenue and growth for B-Scada and its partners, as well as provide world class solutions to our valued customers.
Revenue is expected to be generated in 2016 from new directions, from Monitor Sensing Technologies Inc. through sensors sales and the sale of data monitoring services via a SASS model (Software as a Service) using our VoT Platform. Revenue is expected to increase from our IoT product offerings with our VoT Platform and from B-Scada Soluciones Industriales SL., our Spanish subsidiary. Our traditional SCADA and HMI software systems continue to be more and more recognized in the market.
B-Scada has a verbal commitment for additional equity funding to provide inventory and marketing efforts to launch Monitor Sensing Technologies Inc. This effort, together with our SCADA, HMI and IoT solutions will provide revenue for the company from multiple streams and verticals increasing our potential for growth and success.
B-Scada faced some fierce headwinds in 2015, the price of oil and pressures on coal resulted in the loss of significant revenue from the petrochemical and mining industries which accounted for almost half of our revenue. These losses affected our software revenue, consulting and technology licensing. Despite the drop in revenue from the petrochemical sector, Q3 2015 generated the most software revenue of any previous quarter for the company, partially due to new revenue from our Internet of Things (IoT) Platform.
We do not anticipate revenue from petrochemical to return in the near future. We do see revenue growth for software in IoT, Smart Cities and all other verticals and are confident the void will be filled in time. B-Scada has implemented cost reduction measures to bring our expenses in line with our new revenue reality and will be striving to return to profitability as soon as possible.
Revenue for the year ended October 31, 2015 was flat primarily due to the drop in revenue from the petrochemical sector. Revenue for the year was $1,933,321 - down 5% from fiscal 2014. Net loss was $406,534 due primarily to one time expenditures associated with the opening of the Spanish office, incorporation, and research and development costs for Monitoring Sensing Technologies Inc., launching of our VoT Platform initiative and development of CMMS capabilities into our systems. Results are unaudited, preliminary and subject to change.