Siyata Mobile Inc. (NASDAQ:SYTA) is a B2B global vendor of next generation Push-To-Talk over Cellular devices and cellular booster systems. Its portfolio of in-vehicle and rugged devices enable first responders and enterprise workers to instantly communicate, over a nationwide cellular network of choice, to increase situational awareness and save lives.Its portfolio of enterprise grade and consumer cellular booster systems enables first responders and enterprise workers to amplify cellular signal in remote areas, inside structural buildings where signals are weak and within vehicles for the maximum cellular signal strength possible.Siyata's common shares trade on the Nasdaq under the symbol "SYTA" and its previously issued warrants trade on the Nasdaq under the symbol "SYTAW."
On May 24th, SYTA announced its financial results for the three months ended March 31, 2023. All amounts are in US dollars unless otherwise indicated. Source: https://finance.yahoo.com/news/siyata-mobile-announces-first-quarter-200500901.html
Revenues were $1.8 million compared to $0.8 million for the three months ended March 31, 2022. This increase of $970,000, or 116%, was due mainly to sales of the SD7 in Q1 2023 of $800,000, offset by a decrease in sales of the legacy products and boosters. Net operating loss was ($2.7) million as compared to an operating loss of ($3.6) million, an improvement of $901,000.Net loss was ($7.6) million, inclusive of a ($4.9) million non-cash change in fair value of warranty liabilities, as compared to a net loss of ($3.9) million, inclusive of a $0.6 million non-cash change in fair value of derivative liabilities, in the same period in the prior year.Adjusted EBITDA was ($2.0) million versus ($2.6) million in the same period in the prior year, an improvement of $676,000. (See reconciliation with IFRS below).Liquidity and Capital ResourcesAs of March 31, 2023, the Company had a cash balance of $1.2 million and working capital of $4.2 million compared to $1.9 million and $1.6 million, respectively, as of December 31, 2022. As of March 31, 2023, the Company had zero debt, excluding trade payables.
"We are returning to growth with first quarter revenue more than doubling compared to the first quarter last year on strengthening sales of our mission-critical PoC (MCPTT) SD7 solution," said Marc Seelenfreund, Founder and CEO of Siyata. The majority of our customer trials that were initiated in the second half of 2022 have proven successful, and as a result, we are experiencing a step up in purchase orders. Recent purchase orders in the emergency response and education verticals establish a basis for accelerating growth in the second quarter, and our pipeline of developing opportunities reinforce our optimism for the second half of 2023 and beyond."Seelenfreund continued, "Our distribution network now includes established relationships with leading North American cellular carriers, including AT&T, FirstNet, T-Mobile, Verizon, Bell and US Cellular, and we recently added KPN Royal Dutch Telecom to the lineup, expanding our reach in Europe. The push-to-talk over cellular market represents a multi-billion opportunity globally.1 We are building out a global channel strategy that we believe will enable us to capture a meaningful share of this massive opportunity."
On the trading side, SYTA stock is currently trading at mere $0.0903. The 52 week high for SYTA is $1.6200 suggesting a tremendous upside potential. (Source:https://finance.yahoo.com/quote/SYTA/). Start your DD now by watching this video:
Video Link: https://www.youtube.com/embed/n2ve_j5CeKk
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