InvestorNewsBreaks – Siyata Mobile Inc. (NASDAQ: SYTA) (TSX.V: SIM) Reports Q3 2022 Financial Results
Nov 11, 2022
Siyata Mobile (NASDAQ: SYTA) (TSX.V: SIM), a global vendor of Push-to-Talk over Cellular (“PoC”) devices and cellular signal booster systems, released an updated, corrected press release regarding its third quarter 2022 earnings. According to the announcement, the company’s third-quarter revenue increased by 11% year over year, totaling $2,567,885 compared to $1,218,875 for the same period in 2021; its adjusted EBITDA loss declined 68% year-over-year to an estimated $1.6 million; and increased purchase orders for the SYTA SD7 push-to-talk device and accessories increased during the quarter, resulting in revenues of approximately $1.4 million. “We are very pleased to report strong year-over-year and sequential top-line growth and declining losses for the third quarter of 2022,” said Siyata founder and CEO Marc Seelenfreund in the press release.
“Our improved financial performance was driven primarily by a number of customer trials of our SD7 rugged push-to-talk device, which began shipping in the second quarter, many of which then converted into purchase orders with volumes in Q3 that increased over Q2. Sales of our rugged devices and related accessories were up 588% year-over-year to $1.9 million in Q3, driven primarily by volume growth for our SD7. We delivered on our plan to build and expand our potential customers for the SD7 during the third quarter, providing us with a foundation of increased distribution that is directly leading to many potential significant volume opportunities, of which we have begun shipping products in an increasing number of verticals beyond our primary focus on first responders, including government, schools, utilities, security companies, defense contractors, amusement parks and hotel resorts, to name but a few. We are just beginning to see the rapid adoption of our disruptive solutions and as the displacement of land mobile radio (LMR) by PoC continues to progress, this should drive meaningful growth for our innovative products, such as the newest addition to our lineup, the SD7+, which integrates body-camera functionality with 4G cellular connectivity and PoC features in a single solution.”
To view the full press release, visit https://ibn.fm/IjaPC
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 increase situational awareness and save lives. Siyata’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 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 SYATF are available in the company’s newsroom at http://ibn.fm/SYATF
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