24/7 Market News: Core Gaming Presentation Supports ValueScope Siyata Mobile Merger Thesis

Rhea-AI Summary

Siyata Mobile (NASDAQ: SYTA) received an updated valuation for its merger with Core Gaming, with ValueScope increasing Core Gaming's enterprise value to $185.9 million as of November 30, 2024, up from the initial $160 million valuation. The revision reflects Core Gaming's impressive growth metrics:

- Monthly Active Users (MAUs) increased from 40 million to 43 million
- Downloads grew from 600 million to over 790 million
- Game portfolio expanded from 2,000+ to over 2,100 titles

ValueScope projects Core Gaming's 2026 revenues to reach $240.8 million with a potential enterprise value of $963 million. The merger, expected to close in Q2, includes shareholder protection measures. Core Gaming leverages proprietary AI technology for game development and marketing optimization, maintaining partnerships with major platforms like Meta, Google, and TikTok.

Positive

• Core Gaming shows strong growth with MAUs increasing from 40M to 43M
• Downloads significantly increased from 600M to 790M
• ValueScope projects substantial revenue growth to $240.8M by 2026
• Enterprise value potential of $963M by 2026
• Merger includes built-in shareholder protection measures
• Strategic partnerships with major platforms (Meta, Google, TikTok)

Negative

• Merger completion still subject to regulatory approval
• Significant gap between current valuation ($185.9M) and projected value ($963M) indicates execution risk

Insights

Financial Analyst

The revised valuation of Core Gaming from $160 million to $185.9 million represents a 16.2% increase in enterprise value, reflecting meaningful growth in key operational metrics. Core Gaming's monthly active users have grown from 40 million to 43 million, while downloads have surged from 600 million to 790 million—a 31.7% increase. The company's game portfolio has expanded by 5% to over 2,100 titles.

ValueScope's projections for $240.8 million in 2026 revenue with a potential enterprise valuation of $963 million suggests a forward-looking revenue multiple of approximately 4x. This valuation appears to be predicated on Core Gaming's technological advantages, including proprietary AI tools that streamline game development and optimize user acquisition.

The merger structure contains protective mechanisms for Siyata shareholders, which is particularly significant given Siyata's current market capitalization of only $5.4 million. This creates a substantial valuation gap between Siyata's current market cap and Core Gaming's $185.9 million valuation—potentially indicating either significant undervaluation of Siyata shares or market skepticism about the merger's completion and terms.

With the merger expected to close in Q2 2025 (pending regulatory approval), investors should focus on the specific mechanisms that will determine final ownership percentages and any potential dilution issues that could impact shareholder value.

Gaming Industry Expert

Core Gaming's positioning in the casual mobile gaming market shows several notable strengths in a highly competitive landscape. Their dual approach of both developing first-party content and co-developing with partners gives them flexibility in content creation while maintaining quality control. The expansion to 43 million monthly active users represents a healthy growth trajectory in user engagement.

Their proprietary BI platform for marketing optimization addresses one of the industry's most significant challenges: efficient user acquisition amid rising costs. By leveraging in-house AI tools for both game development and marketing, Core Gaming appears to be creating technological moats beyond just content.

Particularly noteworthy is Core Gaming's relationship with AppLovin, which serves as both competitor and client—a unique dynamic that speaks to Core Gaming's publishing capabilities. Their relationships with major ad platforms (Meta, Google, TikTok) are critical for effective monetization in the free-to-play space.

The company's inverse approach to game development—targeting specific user markets and then developing games for those niches—differs from traditional developer-led approaches and could prove more capital-efficient. However, the casual mobile gaming space remains intensely competitive with low barriers to entry and high user acquisition costs. Core Gaming will need to continue demonstrating that its AI capabilities and publishing expertise translate to sustainable competitive advantages beyond just scale metrics.

Rapid Growth Rate Including MAUs, Downloads, and Game Offerings

Denver, Colorado--(Newsfile Corp. - April 10, 2025) - 247marketnews.com, a pioneer in digital media dedicated to the swift distribution of financial market news and information, highlights that when Siyata Mobile (NASDAQ: SYTA) (Siyata) originally announced the signing of a definitive merger agreement with Core Gaming, Siyata received a fairness opinion from ValueScope, LLC., a Marshall & Stevens company, valuing Core Gaming at $160 million, partly based on Core Gaming's 40 million monthly active users (MAUs) and 600 million downloads, across 2,000+ games.

However, Aitan Zacharin's April 3 investor presentation confirmed strong growth, by stating that Core Gaming is now at 43 million monthly active users (MAUs), and over 790 million downloads across over 2,100 games.

Siyata Logo

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Siyata Mobile (NASDAQ: SYTA)

More recently, Siyata released a pivotal valuation report from ValueScope, pegging Core Gaming's enterprise value at $185.9 million as of November 30, 2024. ValueScope expects Core Gaming's 2026 revenues to reach $240.8 million and a potential enterprise value of $963 million, supported by Core Gaming's rapid growth rate.

Zacharin, CEO of Core Gaming and tapped to lead the combined Companies, declared that Core Gaming is "On a mission to be the leading global AI driven gaming company and we feel that we're well on our way with strong organic growth."

Core Gaming logo

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Core Gaming is a leading international developer and publisher of casual mobile games with its own distribution platform, large marketing platform, as well as partner platforms, which enables it to distribute and market mobile games. Core Gaming also co-develops casual mobile games with other gaming developers.

Core Gaming’s competitive advantages include technology, a strong gaming launch track record, mobile gaming ecosystem expertise, and third-party relationships with mobile gaming industry leader. For example, AppLovin is both a competitor and client that utilizes Core Gaming’s publishing proficiency. Core Gaming leverages AI tools, which Core Gaming developed inhouse and uses to create a unique aspect for both its games and marketing platform.

Its proprietary BI platform provides deep insight into effectiveness of various marketing efforts for each title, enabling Core Gaming to focus on the channels that are the most successful in reaching its target audience, in terms of game distribution and serving of ads.

Core Gaming's primary revenue stream is monetization of its own and co-developed games. Its secondary revenue stream is helping its gaming partners achieve user acquisition, cross-promotion, monetization, and scalability, which are very important functions in the gaming ecosystem

Its AI streamlines game development and production time, and drive proven user acquisition strategies. This cutting-edge technology should help to continue driving Core Gaming's success, by engaging users with innovative techniques and models.

Key presentation highlights;

• Core Gaming is targeting the 2.5 billion global mobile gaming players, who average over 7 hours per week, with more than 2,100 casual games that were developed inhouse or co-developed.
• Core Gaming has 43 million MAUs and over 790 million downloads.
• Core Gaming has gaming space and complimentary vertical acquisition targets in mind.
• Core Gaming offers mobile gaming app developers distribution through its highly effective publication services.
• Core Gaming established strong partnerships and relationships with major advertisers, advertising platform, and agencies, including Meta, Google, and TikTok.
• Core Gaming is a data driven organization with strong predictive models supported by an innovative advertising and operations optimization through a self-developed AI distribution platform.
• Core Gaming is positioned at the forefront of AI R&D and dedicated to creating cutting edge results and driving innovation in high-end AI technology, including text and language models, voice models, image models, and video models.
• Core Gaming targets user markets and can develop games to target that niche, which is an inverse to the traditional gaming models.
• "The merger is expected to close in Q2", pending regulatory approval.

The $160 million Core Gaming merger includes a built-in safety net for Siyata's shareholders, blending upside potential with downside protection.

ValueScope logo

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ValueScope, LLC, a Marshall & Stevens company, is recognized as the gold standard in financial valuation. From blockbuster mergers to high-stakes litigation, ValueScope has left its mark on some of Wall Street's prime transactions, wielding a meticulous approach that's the envy of the Street.

Please click here to view ValueScope's Core Gaming valuation report.

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About Siyata Mobile

Siyata Mobile Inc. is a leading global developer and provider of cellular communications solutions for enterprise customers, including first responders, transportation, logistics, and more. Their mission is to enable effective communication in critical moments through innovative technology.

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Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding the Company's ability to grow its business and other statements that are not historical facts, including statements which may be accompanied by the words "intends," "may," "will," "plans," "expects," "anticipates," "projects," "predicts," "estimates," "aims," "believes," "hopes," "potential" or similar words. Actual results could differ materially from those described in these forward-looking statements due to a number of factors, including without limitation, the Company's ability to continue as a going concern, the popularity and/or competitive success of the Company's acquired football and other sports teams, the Company's ability to attract players and staff for acquired clubs, unsuccessful acquisitions or other strategic transactions, the possibility of a decline in the popularity of football or other sports, the Company's ability to expand its fanbase, sponsors and commercial partners, general economic conditions, and other risk factors detailed in the Company's filings with the SEC. The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any responsibility to update such forward-looking statements except in accordance with applicable law.

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FAQ

What is the new valuation of Core Gaming in the SYTA merger deal?

ValueScope updated Core Gaming's enterprise value to $185.9 million as of November 30, 2024, up from the initial $160 million valuation.

How many monthly active users and downloads does Core Gaming have in 2025?

Core Gaming has 43 million monthly active users (MAUs) and over 790 million downloads across more than 2,100 games.

What are ValueScope's revenue projections for Core Gaming by 2026?

ValueScope projects Core Gaming's 2026 revenues to reach $240.8 million with a potential enterprise value of $963 million.

When is the SYTA-Core Gaming merger expected to close?

The merger is expected to close in Q2, pending regulatory approval.