Siyata Mobile (NASDAQ: SYTA) (TSX.V: SIM), a global vendor of Push-to-Talk over Cellular (“PoC”) devices and cellular booster systems, has posted its financial report for second quarter 2021, the period ended June 30, 2021. Key points of the report include revenues of $356,979 compared to $2,130,981 in the prior year period while revenues for the six months ended June 30, 2021, totaled $4,388,954 compared to $4,414,031 in the prior year period. The company noted that the negative variance stemmed from a one-time merchandise return from a customer in Q2 2021. The report also noted adjusted EBITDA at ($4,607,747) versus ($541,721) for the same period last year as well as a net loss for the quarter of ($10,862,538) compared to net loss of ($627,004) in the prior year period. The Q2 report also noted several noncash, nonrecurring items, including an inventory impairment of $1.8 million, an intangible impairment of $4.3 million and a goodwill impairment of $0.8 million. The company ended the quarter with $5,819,387 in cash and restricted cash along with $5,355,098 in working capital. According to the announcement, although COVID-19 slowed the company’s strategic growth plans, the foundation for greater distribution with expanded partnerships, key new sale hires and expanded product offerings into North America is in place as all three SYTA product categories have resumed business. “While we are disappointed with our financial performance for the quarter, we continue to believe that we are on the path for strong organic growth in the coming quarters coupled with higher gross margins,” said Siyata CEO Marc Seelenfreund in the press release. “I reiterate, our goal remains to deliver to our shareholders strong year-over-year revenue growth and to reach profitability in the coming quarters.”
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About Siyata Mobile Inc.
Siyata Mobile is a B2B global vendor of next-generation Push-to-Talk over cellular (“PoC”) devices and cellular booster systems. Its portfolio of in-vehicle and rugged smartphones enable first responders and enterprise workers to instantly communicate over a nationwide cellular network of choice to improve communication, increase situational awareness and save lives.
Its portfolio of enterprise 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 maximum cellular signal strength possible. For more information about the company, visit www.SiyataMobile.com or www.UnidenCellular.com.
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