Siyata Mobile Reports Fourth Quarter and Full Year 2024 Financial Results
Rhea-AI Summary
Siyata Mobile (NASDAQ: SYTA) has released its Q4 and full-year 2024 financial results, highlighting a pending merger with Core Gaming, Inc. Full-year 2024 revenues increased 41% to $11.6 million compared to $8.2 million in 2023.
Q4 2024 performance showed revenues of $1.5 million, down from $1.9 million in Q4 2023, with a net loss of $8.9 million compared to $3.9 million in the year-ago period. The company's Adjusted EBITDA for Q4 was ($5.6 million) versus ($2.3 million) in Q4 2023.
For the full year 2024, the net loss widened to $25.3 million from $12.9 million in 2023, with Adjusted EBITDA at ($14.3 million) compared to ($7.8 million) in 2023. The company's cash position decreased to $0.2 million as of December 31, 2024, down from $0.9 million year-over-year.
Positive
- 41% year-over-year revenue growth to $11.6 million in 2024
- Strategic merger with Core Gaming expected to unlock new growth opportunities
Negative
- Q4 2024 revenue declined 21% year-over-year to $1.5 million
- Net loss widened significantly to $25.3 million in 2024
- Adjusted EBITDA loss increased to $14.3 million in 2024
- Cash position decreased 78% to $0.2 million
News Market Reaction
On the day this news was published, SYTA declined 0.93%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Company to highlight Core Gaming AI growth strategy online on April 3 at VirtualInvestorConferences.com
In light of the recently announced signing of a definitive merger agreement with Core Gaming, Inc. ("Core Gaming"), the Company will not host a conference call to discuss its Q4 and full-year 2024 financial results. Instead, the Company encourages current and prospective investors to join the AI & Technology Virtual Investor Conference on April 3, 2025, where Aitan Zacharin, CEO of Core Gaming, will present Core Gaming's growth strategy. The event will be hosted by VirtualInvestorConferences.com.
Marc Seelenfreund, CEO of Siyata, said, "As we move closer to finalizing our pending merger with Core Gaming, we are confident this strategic combination will unlock new growth opportunities, enhance value for Siyata shareholders and position the combined company for long-term success. Our teams are working diligently to effect the merger, and our goal is to complete it in the second quarter of 2025."
Key financial highlights for the fourth quarter of 2024
- Revenues of
$1.5 million $1.9 million - Net loss was
$8.9 million $3.9 million - Adjusted EBITDA was (
$5.6 million $2.3 million
Key financial highlights for the full year 2024:
- Revenues of
$11.6 million 41% compared to$8.2 million - Net loss was
$25.3 million $12.9 million - Adjusted EBITDA was (
$14.3 million $7.8 million
Liquidity and Capital Resources
As of December 31, 2024, the Company had a cash balance of
AI & Technology Virtual Investor Conference Details:
- Date: Thursday, April 3, 2025
- Time: 10:30 am Eastern time
- Registration Link: Register Here
This will be an online event where investors are invited to submit their questions in advance. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.
It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.
About Siyata Mobile Inc.
Siyata Mobile Inc. is a B2B global developer and vendor of next-generation Push-To-Talk over Cellular handsets and accessories. Its portfolio of rugged PTT handsets and accessories enables first responders and enterprise workers to instantly communicate over a nationwide cellular network of choice, to increase situational awareness and save lives. Police, fire, and ambulance organizations as well as schools, utilities, security companies, hospitals, waste management companies, resorts and many other organizations use Siyata PTT handsets and accessories today.
In support of our Push-to-Talk handsets and accessories, Siyata also offers enterprise-grade In-Vehicle solutions and Cellular Booster systems enabling our customers to communicate effectively when they are in their vehicles, and even in areas where the cellular signal is weak.
Siyata sells its portfolio through leading North American cellular carriers, and through international cellular carriers and distributors.
Siyata's common shares trade on the Nasdaq under the symbol "SYTA".
Visit www.siyata.net and unidencellular.com to learn more.
About Core Gaming
Core Gaming is an international AI driven mobile games developer and publisher headquartered in Miami. We create entertaining games for millions of players worldwide, while empowering other developers to deliver player-focused apps and games to enthusiasts. Core's mission is to be the leading global AI driven gaming company. Since our launch we have developed and co-developed over 2,000 games, driven over 600 million downloads, and generated a global footprint of over 40 million users from over 140 countries.
Visit www.coregaming.co to learn more.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. Because such statements deal with future events and are based on Siyata's current expectations, they are subject to various risks and uncertainties and actual results, performance, or achievements of Siyata could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading "Risk Factors" in Siyata's filings with the Securities and Exchange Commission ("SEC"), and in any subsequent filings with the SEC. Except as otherwise required by law, Siyata undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites and social media have been provided as a convenience, and the information contained on such websites or social media is not incorporated by reference into this press release.
-- Tables Follow --
Siyata Mobile Inc. | ||||||||
Condensed Consolidated Statements of Financial Position | ||||||||
(Expressed in US dollars) | ||||||||
USD | USD | |||||||
December 31, | December 31, | |||||||
ASSETS | ||||||||
Current | ||||||||
Cash | 181,730 | 898,771 | ||||||
Trade and other receivables | 1,404,180 | 1,181,257 | ||||||
Prepaid expenses | 119,802 | 29,673 | ||||||
Inventory | 3,942,896 | 3,544,519 | ||||||
Advance to suppliers | 33,672 | 1,048,227 | ||||||
5,682,280 | 6,702,447 | |||||||
Long term deposit | 181,584 | 147,100 | ||||||
Right of use assets, net | 582,485 | 630,793 | ||||||
Equipment, net | 157,820 | 175,335 | ||||||
Intangible assets, net | 8,285,036 | 7,856,730 | ||||||
Total Assets | 14,889,205 | 15,512,405 | ||||||
Liabilities And Shareholders' Equity | ||||||||
Current | ||||||||
Loans from Financial Institutions | 2,077,290 | 89,298 | ||||||
Sales of future receipts | 1,688,435 | 1,467,899 | ||||||
Accounts payable and accrued liabilities | 5,497,957 | 3,451,128 | ||||||
Lease obligations | 296,366 | 254,668 | ||||||
Warrant and preferred share liability | 1,069,513 | 156,433 | ||||||
10,629,561 | 5,419,426 | |||||||
Lease obligations | 338,373 | 385,639 | ||||||
338,373 | 385,639 | |||||||
Total liabilities | 10,967,934 | 5,805,065 | ||||||
Shareholders' Equity | ||||||||
Share capital | 104,916,071 | 85,714,727 | ||||||
Reserves | 14,927,501 | 14,644,200 | ||||||
Accumulated other comprehensive loss | 98,870 | 98,870 | ||||||
Deficit | (116,021,171) | (90,750,457) | ||||||
3,921,271 | 9,707,340 | |||||||
Total Liabilities And Shareholders' Equity | 14,889,205 | 15,512,405 | ||||||
Siyata Mobile Inc. | ||
Consolidated Statement of Operation and Comprehensive Income (Loss) | ||
For the three months ended | ||
December 31, | December 31, | |
Revenue | ||
Cost Of Sales | (2,139,007) | (1,010,732) |
Gross Profit | (620,857) | 866,825 |
-40.9 % | 46.2 % | |
Expenses | ||
Amortization And Depreciation | 417,659 | 446,318 |
Development Expenses | 295,270 | 405,254 |
Selling And Marketing | 1,010,061 | 1,630,066 |
Equity promotion and marketing | 1,580,077 | 242,000 |
Inventory loss (income) from water damage | - | (49,272) |
General And Administrative | 1,621,376 | 1,115,918 |
Bad Debts (Recovered) | (20,064) | 20,866 |
Inventory Impairment | 230,312 | (161,450) |
Impairment of intangibles | 279,828 | - |
Share-Based Payments | 27,733 | 156,959 |
Total Operating Expenses | 5,442,252 | 3,806,659 |
Net Operating Loss | (6,063,109) | (2,939,834) |
Other Expenses | ||
Finance Expense | 1,291,593 | 732,782 |
Loss on issuance | 138,118 | - |
Impairment of Investment | 1,300,000 | - |
Foreign exchange | 45,766 | 139,236 |
Change in fair value of warrant liability | 1,989 | 1,517,389 |
Transaction Costs | 82,670 | (1,462,236) |
Total Other Expenses | 2,860,136 | 927,171 |
Net Loss For The Period | ||
Comprehensive Loss For The Period | (8,923,245) | (3,867,005) |
Weighted average shares | 481,167 | 2,574 |
Basic and diluted loss per share | (18.55) | (1,502.33) |
Siyata Mobile Inc. | ||||||||||||
Condensed Consolidated Statements of Loss and Comprehensive Loss | ||||||||||||
(Expressed in US dollars) | ||||||||||||
For the three and 12 months ended December 31, 2024 and 2023 | ||||||||||||
2024 | 2023 | 2022 | ||||||||||
Revenue | $ | 11,629,572 | $ | 8,233,301 | $ | 6,481,910 | ||||||
Cost of sales | (9,487,165) | (5,575,372) | (5,092,011) | |||||||||
Gross profit | 2,142,407 | 2,657,929 | 1,389,899 | |||||||||
EXPENSES | ||||||||||||
Amortization and depreciation | 1,679,839 | 1,754,957 | 1,142,165 | |||||||||
Development expenses | 625,023 | 578,356 | 339,828 | |||||||||
Selling and marketing | 4,480,013 | 4,364,994 | 4,508,901 | |||||||||
General and administrative | 4,859,690 | 5,128,814 | 6,942,183 | |||||||||
Equity promotion and marketing | 5,920,239 | 1,371,200 | 707,241 | |||||||||
(Gain) loss on valuation of inventory | 230,312 | (161,450) | 813,205 | |||||||||
Loss (income) from water damage | - | (834,713) | 544,967 | |||||||||
Bad debts | 6,926 | 47,526 | 86,103 | |||||||||
Impairment of intangibles | 279,828 | - | - | |||||||||
Share-based payments | 283,301 | 930,564 | 2,888,704 | |||||||||
Total operating expenses | 18,365,171 | 13,180,248 | 17,973,297 | |||||||||
Net operating loss | (16,222,764) | (10,522,319) | (16,583,398) | |||||||||
OTHER EXPENSES | ||||||||||||
Finance expense | 3,541,594 | 841,815 | 181,413 | |||||||||
Loss on issuance | 6,267,400 | - | - | |||||||||
Loss on extinguishment of financial liability | 601,163 | - | - | |||||||||
Impairment of Investment | 1,300,000 | - | - | |||||||||
Foreign exchange | 8,523 | (49,258) | 586,794 | |||||||||
Change in preferred share liability | (386,022) | - | - | |||||||||
Gain on settlement of derivative | (3,723,827) | - | - | |||||||||
Change in fair value of convertible promissory note | - | - | 4,794,710 | |||||||||
Change in fair value of warrant liability | (48,681) | 1,517,389 | (8,245,662) | |||||||||
Transaction costs | 1,487,800 | 99,529 | 1,398,598 | |||||||||
Total other expenses | 9,047,950 | 2,409,475 | (1,284,147) | |||||||||
Recovery of income taxes | - | - | ||||||||||
Net loss for the year | (25,270,714) | (12,931,794) | (15,299,251) | |||||||||
Other comprehensive income | ||||||||||||
Translation adjustment | - | - | 137,609 | |||||||||
Comprehensive loss for the year | $ | (25,270,714) | $ | (12,931,794) | $ | (15,161,642) | ||||||
Weighted average shares | 163,397 | 1,270 | 166 | |||||||||
Basic and diluted loss per share | $ | (154.66) | $ | (10,183) | $ | (92,164) | ||||||
Reconciliation to Adjusted EBITDA | |||||
(Expressed in US dollars) | |||||
For the three and 12 months ended December 31, 2024 and 2023 | |||||
Three Months Ended | 12 Months Ended | ||||
December 31, | December 31, | December 31, | December 31, | ||
Net Operating Loss | (6,063,109) | (2,937,834) | (16,222,764) | (10,522,319) | |
Addback | |||||
Amortization and depreciation | 417,659 | 446,318 | 1,679,839 | 1,754,957 | |
Share based compensation | 27,733 | 156,959 | 283,301 | 930,564 | |
Adjusted EBITDA | (5,617,717) | (2,334,557) | (14,259,624) | (7,836,798) | |
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SOURCE Siyata Mobile Inc.
FAQ
What was Siyata Mobile's revenue growth in 2024 compared to 2023?
How much did SYTA's Q4 2024 revenue decline compared to Q4 2023?
What is SYTA's current cash position as of December 31, 2024?
When is the expected completion date for SYTA's merger with Core Gaming?
How much did SYTA's net loss increase in 2024?
