SYTA - Siyata Mobile Grows Y-o-Y Q1 Revenue 36%

2024-05-16 10:19:29 ET

DENVER, Colo., May 16, 2024 ( 247marketnews.com )- Siyata Mobile Inc. (NASDAQ: SYTA ) announced its first quarter financial results.

In addition to the 36% revenue growth, $2.4 million compared to $1.8 million for Q1 2023, its financial highlights for the quarter included gross margin growth to 36.6%, up from 27.5% in Q1 2023, while its net loss shrank $2.8 million, compared to a net loss of $4.9 million in the same period in the prior year.

Siyata’s CEO, Marc Seelenfreund, commented, “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. 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[1]. 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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