Siyata Mobile Inc. ( (SYTA) ) has released its Q3 earnings. Here is a breakdown of the information Siyata Mobile Inc. presented to its investors.
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Siyata Mobile Inc. is a global developer and vendor specializing in Push-to-Talk over Cellular (PoC) handsets and accessories. The company provides communication solutions primarily for first responders and enterprise workers, enhancing situational awareness and safety across various sectors.
Siyata Mobile recently reported a significant third-quarter revenue of $5.9 million, marking a 218% increase compared to the same period last year. This growth is attributed to the rising demand for their SD7 handsets, particularly in the U.S. market, which accounts for 81% of their total revenue.
The key financial indicators for the quarter include a gross margin of $1.7 million, up from $0.5 million year-on-year, and a net loss of $0.6 million, a substantial improvement from the $1.9 million loss reported in the previous year. Despite a challenging adjusted EBITDA of ($3.3) million, the company remains optimistic about future profitability.
Looking ahead, Siyata Mobile is poised for further expansion with a robust pipeline of sales opportunities. The company plans to launch an innovative 5G product portfolio in 2025, with T-Mobile as the first carrier to introduce these products, anticipating further collaborations with additional wireless carriers.
