SYTAW - InvestorNewsBreaks - Siyata Mobile Inc. (NASDAQ: SYTA) Releases Q1 2024 Financial Results Reports 30% YOY Revenue Growth
Siyata Mobile (NASDAQ: SYTA, SYTAW), a global developer and vendor of Push-to-Talk over Cellular (PoC) handsets and accessories, has released its financial results for the three-month period ended March 31, 2024. Highlights of the report show gross margin expanding to 36.6%, up from 27.5% in the previous year and a 30% revenue increase year over year, with revenues for the quarter totaling $2.4 million; gross profit was 36.6% of revenue, or $863,000; Adjusted EBITDA totaled ($1.5) million versus ($2) million in the prior year; and net loss for the quarter was $2.8 million, down from $4.9 million in the same period the previous year. The company also noted that Gary Herman was named chair of the board of directors. “With revenue growth of 30%, a higher gross margin and solid improvement in Adjusted EBITDA, our first quarter financial results reflect improvement in our business and the traction we are gaining in the market,” said Siyata CEO Marc Seelenfreund in the press release. “Our unique PTT product portfolio features our SD7 handset, which is now carried as a stocked product by three of the four leading U.S. cellular carriers. The Push-To-Talk over Cellular market reached more than $5 billion in 2023 and is expected to grow to more than $10 billion by 2032. We are rapidly expanding our sales channels both in North America and internationally to capture a portion of this massive market opportunity and position Siyata as a global leader in the industry.”
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About Siyata Mobile Inc.
Siyata Mobile is a business-to-business (“B2B”) global developer and vendor of next-generation, Push-to-Talk (“PTT”) over cellular (“POC”) 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. In support of its Push-to-Talk handsets and accessories, Siyata also offers enterprise-grade, in-vehicle solutions and cellular booster systems enabling customers to communicate effectively when they are in their vehicles, 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. For more information about the company, visit www.SiyataMobile.com or www.UnidenCellular.com.
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