Siyata Mobile Inc Stock Price, News & Analysis

Siyata Mobile Inc. (Nasdaq: SYTA) announced its financial results for Q2 2024. Despite tempered revenue growth, the company reports a $7 million backlog of confirmed orders, projecting a strong second half of 2024. Key highlights include:

- Q2 revenues of $1.6 million, down from $2.7 million in Q2 2023
- Gross profit of ($144,000), or -8.9% of revenue
- Net loss of $12.9 million, largely due to non-cash items
- Adjusted EBITDA of ($3.8 million)
- Cash balance of $2.7 million as of June 30, 2024

The company achieved 'stocked' status for SD7 handsets with four major North American carriers and expects high double-digit year-over-year growth in Q3 2024.

Siyata Mobile Inc. (Nasdaq: SYTA) has released its financial results for Q2 2024. The company reported revenues of $1.9 million, down from $2.7 million in Q2 2023. Gross profit was $0.2 million (10.4% of revenue), compared to $0.8 million (29.7% of revenue) last year. The net loss increased to $12.9 million from $2.3 million in the same period last year.

Despite the decline, CEO Marc Seelenfreund expressed optimism, citing a backlog of over $7 million in confirmed orders. The company expects a breakout third quarter with high double-digit year-over-year growth. Siyata has achieved 'stocked' status for its SD7 handsets with four major North American cellular carriers and is expanding into new vertical markets.

The company closed two public offerings in Q2, raising approximately $10 million in gross proceeds. As of June 30, 2024, Siyata had a cash balance of $2.7 million, up from $0.9 million at the end of 2023.

Siyata Mobile Inc. (Nasdaq: SYTA, SYTAW) has closed its previously announced public offering, raising approximately $4.0 million through the sale of common shares and pre-funded warrants. The offering was priced at $1.70 per share. Siyata, a global developer of Push-to-Talk over Cellular handsets and accessories, plans to use the proceeds for working capital, general corporate purposes, and marketing expenses. Spartan Capital Securities, acted as the sole placement agent for the offering, which was conducted under Siyata's Form F-1 registration statement. The final prospectus is available on the SEC's website.

Siyata Mobile Inc. (Nasdaq: SYTA, SYTAW), a global developer of Push-to-Talk over Cellular handsets and accessories, has announced the pricing of a $4 million public offering of common shares and pre-funded warrants. The offering is priced at $1.70 per share (minus $0.01 per pre-funded warrant). Proceeds will be used for working capital, general corporate purposes, and marketing expenses. Spartan Capital Securities, is the sole placement agent. The offering, conducted under the Company's Form F-1 registration statement, is expected to close on August 15, 2024, subject to customary conditions. A final prospectus will be available on the SEC's website.

Siyata Mobile Inc. (Nasdaq: SYTA), a global developer of Push-to-Talk over Cellular (PoC) handsets and accessories, has announced its upcoming Q2 2024 financial results conference call. The call is scheduled for August 16, 2024, at 8:30 a.m. ET, following the release of results after market close on August 15. Investors can join via phone or webcast, with replay options available until August 30. This event provides an opportunity for stakeholders to gain insights into Siyata's financial performance and future outlook in the PoC communications market.

Siyata Mobile Inc. (Nasdaq: SYTA) has announced its participation in the Fire-Rescue International - 2024 event in Dallas, TX, from August 14-16. The company, which develops Push-to-Talk over Cellular (PoC) handsets and accessories, will showcase its product portfolio at Booth #1509 in the Exhibit Hall.

CEO Marc Seelenfreund emphasized the suitability of Siyata's products for firefighters and first responders who require mission-critical Push-to-Talk communications. Notably, the event staff will use Siyata's SD7 Handsets with FirstNet cellular service to coordinate show activities.

Jeff Dulin, Operations Section Chief for the event, expressed excitement about using Siyata handsets for secure communications. The International Association of Fire Chiefs (IAFC), which organizes the event, represents firefighting and emergency response leadership worldwide.

Siyata Mobile Inc. (Nasdaq: SYTA, SYTAW) has announced a 1-for-18 reverse stock split of its common shares, effective August 2, 2024. This move is primarily aimed at maintaining Nasdaq listing compliance by meeting the $1.00 minimum bid price requirement. The company's shares will continue trading under the symbol 'SYTA' with a new CUSIP number. The reverse split will automatically convert 18 current shares into one new share, adjusting all outstanding stock options, warrants, and convertible securities accordingly. No fractional shares will be issued, with all fractions rounded up. While the split doesn't change the par value or authorized number of shares, it's important to note that compliance with Nasdaq's minimum bid price is not guaranteed.

Siyata Mobile Inc. (Nasdaq: SYTA), a global developer of Push-to-Talk over Cellular (PoC) handsets and accessories, has announced its participation in APCO 2024, the largest public safety communications conference in the U.S. The event will take place from August 4-7 at the Orange County Convention Center in Orlando, Florida.

Siyata's products will be showcased in FirstNet's Booth #1313 in the Exhibit Hall. CEO Marc Seelenfreund emphasized the conference's importance as an opportunity to display their solutions and connect with potential new customers. With over 3,700 public safety communications professionals expected to attend, APCO 2024 provides an ideal platform for Siyata to present its offerings to the public safety community.

Verizon has launched the Siyata SD7, a mission-critical push-to-talk device, as part of its stocked handset portfolio. This collaboration with Siyata Mobile Inc. (SYTA) aims to revolutionize communication for first responders and enterprise clients across the United States. The SD7 is a purpose-built 'cellular radio' offering excellent coverage, improved functionality, and low costs.

Key features of the Siyata SD7 include:

• Mission-Critical Push-to-Talk (MCPTT)
• Rugged design for field use
• Emergency button and GPS tracking
• Seamless integration with Verizon Frontline
• Low start-up and operating costs

Verizon Frontline's vice president, Cory Davis, expressed excitement about bringing this potential game-changer to customers, while Siyata's CEO, Marc Seelenfreund, is optimistic about the opportunities for the SD7 as a stocked item by Verizon.