Siyata Mobile (NASDAQ: SYTA, SYTAW), a global developer and vendor of Push-to-Talk over Cellular (“PoC”) devices and cellular signal booster systems, has released financial results for the three-month period ended Sept. 30, 2023. Highlights of the report show revenues for the quarter totaled $1.8 million compared to $2.6 million for the same period last year; gross profit came in at $490,000, or 26.6% of revenues, compared to $856,000, or 33.3% of revenues for Q3 2022; and adjusted EBITDA was ($1.57) million compared to ($1.58) million in the same period in 2022. In addition, the company reported a cash balance of $366,000 and working capital of $3.8 million compared to $1.9 million and $1.6 million, respectively, as of Dec. 31, 2022. “Year-to-date, we have grown our revenue by 45% compared to the same period last year on increasing sales of our mission-critical, Push-to-Talk Over Cellular (PoC) solution,” said Siyata Mobile CEO Marc Seelenfreund in the press release. “Demand for reliable, high-quality communication solutions is strong, and we are well-positioned with an expanding reseller network and partnerships with tier-1 cellular providers to capture additional market share. During the third quarter, we experienced slight order delays as we transitioned from nonstocked to stocked status with a large U.S. wireless carrier, which resulted in lower sales. Importantly, we believe this was a temporary decline isolated to the third quarter as recent orders indicate fourth quarter sales are off to a solid start. Looking ahead, the size and quality of our new business pipeline reinforces our optimism for future growth.”
To view the full press release, visit https://ibn.fm/Jiejj
About Siyata Mobile Inc.
Siyata Mobile is a business-to-business (“B2B”) global vendor of next-generation, Push-to-Talk over cellular (“POC”) handsets and accessories. 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. 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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