Siyata Mobile (NASDAQ: SYTA, SYTAW) (TSX.V: SIM), a global vendor of Push-to-Talk (“PTT”) over Cellular (“PoC”) and cellular signal booster solutions, is capturing industry attention with its most recent financial report; the report included revenues of $2.7 million, which is a significant increase of 180% compared to the same period 2022. According to the report, much of the growth comes from sales of Siyata Mobiles flagship product, the SD7, which brought in $1.9 million in revenue during Q2 2023. The company noted that the sharp increase in sales is an indication of the increasing demand and popularity of the SD7 handset among customers. In addition to the increase in revenue, the report showed gross profits of $804,000, equivalent to 29.7% of revenues, a substantial improvement compared to the previous year’s $109,000, which accounted for 11.2% of revenues. The company noted that this increase was largely attributed to a strategic shift in selling more SD7 handsets. With these growing numbers as a backdrop, combined with the company’s cash on hand and experienced sales team, Siyata says its market cap is undervalued at approximately $7 million.
“Growth continued to accelerate in the second quarter with a 180% year-over-year increase in revenue on strengthening sales of our mission-critical PoC (MCPTT) SD7 solution,” said Siyata Mobile founder and CEO Marc Seelenfreund in the press release. “Adoption of our critical communications devices is expanding. We have received purchase orders for the SD7 handset and its accessories of more than $5 million since the start of 2023, and our resellers also anticipate an increase in demand. Just as important, the increase in orders reaches beyond emergency services to include education, healthcare, industrial, and enterprise use cases among others. Given our performance in the first half of the year and our expanding sales pipeline, we are increasingly optimistic that 2023 will be a strong growth sales year for Siyata.”
To view the full press release, visit https://ibn.fm/6B7dQ
About Siyata Mobile Inc.
Siyata Mobile is a B2B global vendor of next-generation, Push-to-Talk over cellular devices, cellular booster systems and video monitoring 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. The company’s 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. For its video monitoring system, Siyata integrates software that we license with off-the-shelf hardware providing our customers with an integrated advanced camera system for management and visual monitoring of their fleet vehicles. For more information about the company, visit www.SiyataMobile.com or www.UnidenCellular.com.
NOTE TO INVESTORS: The latest news and updates relating to SYTA are available in the company’s newsroom at http://ibn.fm/SYTA
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