24/7 Market News Publishes Editorial on Quarterly Financial Reports to Watch

Rhea-AI Summary

Siyata Mobile (NASDAQ: SYTA) reported record quarterly revenue of $5.9 million in Q3, marking a significant 218% year-over-year increase from the third quarter of 2023. The company's U.S. market sales have grown by 55% year-to-date. CEO Marc Seelenfreund highlighted increasing demand for SD7 handsets across various vertical markets, as these ruggedized devices are replacing traditional land mobile radio (LMR) systems. The company reports a strong pipeline of sales opportunities and is developing next-generation products to establish leadership in their multi-billion-dollar industry.

Positive

• Record quarterly revenue of $5.9 million
• 218% year-over-year revenue growth
• 55% year-to-date sales growth in U.S. market
• Expanding market penetration with SD7 handsets

Negative

• None.

Insights

Financial Analyst

The record quarterly revenue of $5.9 million with 218% YoY growth represents a significant milestone for Siyata Mobile. The 55% YTD sales increase in the U.S. market demonstrates strong market penetration and product adoption. The company's focus on ruggedized handsets targeting the LMR replacement market positions it well in a multi-billion-dollar industry. However, with a market cap of just $5.15 million, the company appears significantly undervalued relative to its revenue growth and market opportunity. Key risks include the sustainability of this growth rate and the company's ability to maintain margins while scaling operations. The transition from traditional LMR to modern handsets presents a substantial market opportunity, but success will depend on continued execution and market acceptance.

Denver, Colorado--(Newsfile Corp. - November 15, 2024) - 247marketnews.com, a pioneer in digital media dedicated to the swift distribution of financial market news and information, today publishes an editorial discussing this week's quarterly financial reports, featuring Siyata Mobile (NASDAQ: SYTA), which reported a record quarterly revenue, which was a 218% year-over-year increase from the third quarter of 2023.

SD7 handset

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Marc Seelenfreund, CEO of Siyata, commented, "We delivered $5.9 million in revenue for the third quarter, the largest in our company's history and representing exponential growth of more than 200% year-over-year. This performance underscores the significant momentum we are building, especially in the U.S. market, where sales have increased by 55% year-to-date. More broadly, demand for our SD7 handsets is increasing across a diversity of vertical markets and use cases. Adoption of our disruptive, ruggedized handsets is accelerating to replace more traditional land mobile radio (LMR). Importantly, we have a pipeline of exciting new sales opportunities an innovative next generation product portfolio, and we are well-positioned to become a market leader in this multi-billion-dollar industry."

Siyata Mobile (NASDAQ: SYTA)

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About 24/7 Market News

24/7 MarketNews is a leading market news platform for public companies. As a pioneer in digital media, we are dedicated to the swift distribution of financial market news and information. We take great pride in creating innovative public relations campaigns that help our clients reach their target audience.

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24/7 MARKET NEWS, INC Disclaimer
Please go to 24/7 Market News disclosure or https://www.247marketnews.com/disclaimer/ for disclaimer information. 24/7MN Will receive $2500 from a third party for covering Siyata this week and providing other services.

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24/7 Market News
Editor@247marketnews.com

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/212443

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/230104

FAQ

What was Siyata Mobile's (SYTA) revenue growth in Q3 2024?

Siyata Mobile reported a 218% year-over-year revenue growth in Q3 2024, reaching a record $5.9 million.

How much has Siyata Mobile's (SYTA) U.S. sales grown in 2024?

Siyata Mobile's U.S. sales have increased by 55% year-to-date in 2024.

What is Siyata Mobile's (SYTA) main product driving growth?

The SD7 ruggedized handset is Siyata Mobile's main product driving growth, replacing traditional land mobile radio (LMR) systems.