Siyata Mobile Reports Third Quarter Revenue of $5.9 Million, Up 218%
Rhea-AI Summary
Siyata Mobile reported record Q3 2024 revenue of $5.9 million, marking a 218% increase year-over-year. U.S. market sales reached $4.8 million, representing 81% of total revenue. The company achieved a gross margin of $1.7 million (29.0%) and reduced its net loss to $0.6 million from $1.9 million in the same period last year. Despite growth, Adjusted EBITDA was ($3.3) million versus ($1.6) million year-over-year. The company's cash balance decreased to $0.2 million from $0.9 million at the end of 2023. Management expressed optimism about reaching profitability and plans to launch a new 5G product portfolio in 2025, with T-Mobile as their first wireless carrier partner.
Positive
- Record quarterly revenue of $5.9M, up 218% YoY
- Strong U.S. market performance with $4.8M in sales (81% of total revenue)
- Improved gross margin to 29.0% from 26.6% YoY
- Reduced net loss to $0.6M from $1.9M YoY
- T-Mobile partnership secured for upcoming 5G product portfolio
Negative
- Adjusted EBITDA worsened to ($3.3M) from ($1.6M) YoY
- Cash balance declined to $0.2M from $0.9M since December 2023
- Company still operating at a loss
News Market Reaction – SYTA
In the trading session that priced this news, SYTA declined 0.78%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Accelerating Adoption Driving Exponential Increase in Unit Sales
Management to Host Conference Call at 8:30 a.m. ET on Friday, November 15
Marc Seelenfreund, CEO of Siyata, said, "We delivered
Seelenfreund continued, "We are optimistic about our outlook going forward with the goal of reaching profitability in the coming quarters. We have a pipeline of exciting new sales opportunities, and we are well positioned with ample inventory to meet demand. Further, we believe that we have a very exciting 5G product portfolio planned to launch in 2025 which will position us as the leading PTT handset provider on a global level. We announced recently that T-Mobile is the first wireless carrier that will be launching part of the portfolio and will be releasing details of the innovative devices over the coming months. We are optimistic that more wireless carriers will follow suit."
Key financial highlights for the three months ended September 30, 2024:
- Revenues were
$5.9 million $1.8 million - Revenue from the U.S. market was
$4.8 million 81% of total revenue, compared to$1.3 million 69% percent of total revenue for the three months ended September 30, 2023. - Gross margin of
$1.7 million 29.0% of revenue, compared to$0.5 million 26.6% of revenue, in the same period last year - Net loss was
$0.6 million $1.9 million - Adjusted EBITDA was
( versus$3.3) million ( in the same period last year.$1.6) million
Liquidity and Capital Resources
As of September 30, 2024, the Company had a cash balance of
Conference Call Details
The Company will host a conference call at 8:30 a.m. ET on Friday, November 15, 2024 to discuss its third quarter 2024 financial results.
Date: Friday, November 15, 2024
Time: 8:30 a.m. Eastern Time/5:30 a.m. Pacific Time
International toll-free dial-in number: +1 (973) 528-0011
Access Code: 721899
A replay will be available until November 29, 2024. To access the replay, dial +1 (877) 481-4010 or +1 (919) 882-2331. When prompted, enter Passcode 51578.
The call will also be available over the Internet and accessible at: https://www.webcaster4.com/Webcast/Page/2988/51578.
About Siyata Mobile
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.
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. | ||
USD | USD | |
September 30, 2024 | December 31, 2023 | |
Assets | ||
Current | ||
Cash | 220,243 | 898,771 |
Trade And Other Receivables | 3,058,921 | 1,181,257 |
Prepaid Expenses | 1,441,564 | 29,673 |
Inventory | 3,866,118 | 3,544,519 |
Advance To Suppliers | 683,442 | 1,048,227 |
9,270,288 | 6,702,447 | |
Long Term Receivable | 177,155 | 147,100 |
Investment in Securities | 1,300,000 | - |
Right Of Use Assets | 431,471 | 630,793 |
Equipment | 145,750 | 175,335 |
Intangible Assets | 8,038,601 | 7,856,730 |
Total Assets | 19,363,265 | 15,512,405 |
Liabilities And Shareholders' Equity | ||
Current | ||
Loans to Financial Institutions | 2,546,335 | 89,298 |
Sale of future receipts | 996,048 | 1,467,899 |
Accounts Payable And Accrued Liabilities | 4,374,116 | 3,449,103 |
Deferred Revenue | 31,277 | 2,025 |
Short Term Lease Liability | 26,427 | 254,668 |
Warrants and preferred shares liability | 1,051,865 | 156,433 |
9,026,068 | 5,419,426 | |
Long Term Lease Liability | 439,027 | 385,639 |
439,027 | 385,639 | |
Total Liabilities | 9,465,095 | 5,805,065 |
Shareholders' Equity | ||
Share Capital | 101,997,458 | 85,714,727 |
Reserves | 14,899,768 | 14,644,200 |
Accumulated Other Comprehensive Loss | 98,870 | 98,870 |
Deficit | (107,097,926) | (90,750,457) |
9,898,170 | 9,707,340 | |
Total Liabilities And Shareholders' Equity | 19,363,265 | 15,512,405 |
Siyata Mobile Inc. | ||||||
Three Months Ended | Nine Months Ended | |||||
September 30, | September 30, | September 30, | September 30, | |||
Revenue | $ 5,862,575 | $ 1,842,390 | $ 10,111,422 | $ 6,355,744 | ||
Cost Of Sales | (4,159,542) | (1,352,293) | (7,348,158) | (4,564,640) | ||
Gross Profit | 1,703,033 | 490,097 | 2,763,264 | 1,791,104 | ||
29.0 % | 26.6 % | 27.3 % | 28.2 % | |||
Expenses | ||||||
Amortization And Depreciation | 424,393 | 453,500 | 1,262,180 | 1,308,639 | ||
Development Expenses | 294,753 | 87,652 | 329,753 | 173,102 | ||
Selling And Marketing | 1,367,546 | 743,760 | 3,469,952 | 2,734,928 | ||
Equity promotion and marketing | 2,190,162 | 540,000 | 4,340,162 | 1,131,200 | ||
Inventory loss (income) from water | - | (405,364) | - | (405,364) | ||
General And Administrative | 1,166,461 | 1,458,284 | 3,238,314 | 4,012,896 | ||
Bad Debts (Recovered) | 8,132 | 16,512 | 26,990 | 26,660 | ||
Insurance proceeds from water | - | (380,077) | - | (380,077) | ||
Share-Based Payments | 54,682 | 202,072 | 255,568 | 773,605 | ||
Total Operating Expenses | 5,506,129 | 2,716,339 | 12,922,919 | 9,375,589 | ||
Net Operating Loss | (3,803,096) | (2,226,242) | (10,159,655) | (7,584,485) | ||
- | ||||||
Other Expenses | - | |||||
Finance Expense | 527,962 | 33,684 | 2,250,001 | 109,033 | ||
Loss on issuance | - | - | 6,129,282 | - | ||
Loss on extinguishment of financial | - | - | 601,163 | - | ||
Foreign exchange | (26,592) | (109,895) | (37,243) | (188,494) | ||
Change in preferred share liability | (386,022) | - | (386,022) | |||
Gain on settlement of derivative | (3,723,827) | - | (3,723,827) | |||
Change in fair value of warrant | 3,900 | (294,858) | (50,670) | 1,561,765 | ||
Transaction Costs | 427,812 | - | 1,405,130 | - | ||
Total Other Expenses | (3,176,767) | (371,069) | 6,187,814 | 1,482,304 | ||
Net Loss For The Period | $ (626,329) | $ (1,855,173) | $ (9,066,789) | |||
Comprehensive Loss For The Period | (626,329) | (1,855,173) | (16,347,469) | (9,066,789) | ||
Weighted average shares | 1,580,010 | 14,226 | 574,313 | 8,353 | ||
Basic and diluted loss per share | (0.40) | (130.41) | (28.46) | (1,085.40) | ||
Reconciliation to Adjusted EBITDA | |||||
Three Months Ended | Nine Months Ended | ||||
September 30, | September 30, | September 30, | September 30, | ||
Net Operating Loss | (3,803,096) | (2,226,242) | (10,159,655) | (7,584,485) | |
Addback | |||||
Amortization and | 424,393 | 453,500 | 1,262,180 | 1,308,639 | |
Share based | 54,682 | 202,072 | 255,568 | 773,605 | |
Adjusted EBITDA | (3,324,021) | (1,570,670) | (8,641,907) | (5,502,241) | |
View original content to download multimedia:https://www.prnewswire.com/news-releases/siyata-mobile-reports-third-quarter-revenue-of-5-9-million-up-218-302306360.html
SOURCE Siyata Mobile Inc.