/C O R R E C T I O N -- Siyata Mobile Inc./
Siyata Mobile Inc. (Nasdaq: SYTA) has released its financial results for Q2 2024. The company reported revenues of $1.9 million, down from $2.7 million in Q2 2023. Gross profit was $0.2 million (10.4% of revenue), compared to $0.8 million (29.7% of revenue) last year. The net loss increased to $12.9 million from $2.3 million in the same period last year.
Despite the decline, CEO Marc Seelenfreund expressed optimism, citing a backlog of over $7 million in confirmed orders. The company expects a breakout third quarter with high double-digit year-over-year growth. Siyata has achieved 'stocked' status for its SD7 handsets with four major North American cellular carriers and is expanding into new vertical markets.
The company closed two public offerings in Q2, raising approximately $10 million in gross proceeds. As of June 30, 2024, Siyata had a cash balance of $2.7 million, up from $0.9 million at the end of 2023.
Siyata Mobile Inc. (Nasdaq: SYTA) ha pubblicato i risultati finanziari per il secondo trimestre del 2024. L'azienda ha riportato ricavi di 1,9 milioni di dollari, in calo rispetto ai 2,7 milioni di dollari del secondo trimestre del 2023. L'utile lordo è stato di 0,2 milioni di dollari (10,4% dei ricavi), rispetto a 0,8 milioni di dollari (29,7% dei ricavi) dell'anno scorso. La perdita netta è aumentata a 12,9 milioni di dollari, rispetto ai 2,3 milioni di dollari nello stesso periodo dell'anno scorso.
Nonostante il calo, il CEO Marc Seelenfreund ha espresso ottimismo, citando un portafoglio di ordini confermati superiore a 7 milioni di dollari. L'azienda prevede un terzo trimestre eccezionale con una crescita a doppia cifra elevata rispetto all'anno precedente. Siyata ha raggiunto lo status di 'in stock' per i suoi dispositivi SD7 con quattro importanti operatori cellulari nordamericani e sta espandendosi in nuovi mercati verticali.
L'azienda ha chiuso due offerte pubbliche nel secondo trimestre, raccogliendo circa 10 milioni di dollari in proventi lordi. Al 30 giugno 2024, Siyata aveva un saldo di cassa di 2,7 milioni di dollari, in aumento rispetto a 0,9 milioni di dollari alla fine del 2023.
Siyata Mobile Inc. (Nasdaq: SYTA) ha publicado sus resultados financieros para el segundo trimestre de 2024. La compañía reportó ingresos de 1.9 millones de dólares, una disminución desde los 2.7 millones de dólares en el segundo trimestre de 2023. La ganancia bruta fue de 0.2 millones de dólares (10.4% de los ingresos), comparado con 0.8 millones de dólares (29.7% de los ingresos) el año pasado. La pérdida neta aumentó a 12.9 millones de dólares desde 2.3 millones de dólares en el mismo período del año pasado.
A pesar de la caída, el CEO Marc Seelenfreund expresó optimismo, citando un pedido pendiente de más de 7 millones de dólares en órdenes confirmadas. La compañía espera un tercer trimestre destacado con un crecimiento de dos dígitos alto año tras año. Siyata ha logrado el estatus de 'en stock' para sus dispositivos SD7 con cuatro importantes operadores celulares de América del Norte y está expandiéndose a nuevos mercados verticales.
La compañía cerró dos ofertas públicas en el segundo trimestre, recaudando aproximadamente 10 millones de dólares en ingresos brutos. Al 30 de junio de 2024, Siyata tenía un saldo de efectivo de 2.7 millones de dólares, en comparación con 0.9 millones de dólares a finales de 2023.
Siyata Mobile Inc. (Nasdaq: SYTA)는 2024년 2분기 재무 결과를 발표했습니다. 이 회사는 190만 달러의 수익을 보고했으며, 이는 2023년 2분기의 270만 달러에서 감소한 수치입니다. 총 이익은 20만 달러(수익의 10.4%)로, 작년의 80만 달러(수익의 29.7%)와 비교됩니다. 순손실은 지난해 같은 기간의 230만 달러에서 1290만 달러로 증가했습니다.
감소에도 불구하고, CEO Marc Seelenfreund는 700만 달러 이상의 확정된 주문 잔고를 언급하며 낙관적인 입장을 표현했습니다. 이 회사는 작년 대비 두 자릿수 성장률이 높은 3분기를 기대하고 있습니다. Siyata는 4개의 주요 북미 이동통신사와 함께 SD7 핸드셋에 대해 '재고 보유' 상태를 달성하였으며, 새로운 수직 시장으로 확장하고 있습니다.
회사는 2분기에 두 가지 공개 공모를 마감하며 1천만 달러의 총 수익을 올렸습니다. 2024년 6월 30일 기준, Siyata는 270만 달러의 현금을 보유하고 있으며, 2023년 말의 90만 달러에서 증가하였습니다.
Siyata Mobile Inc. (Nasdaq: SYTA) a publié ses résultats financiers pour le deuxième trimestre de 2024. La société a rapporté des revenus de 1,9 million de dollars, en baisse par rapport à 2,7 millions de dollars au deuxième trimestre 2023. Le bénéfice brut s'élevait à 0,2 million de dollars (10,4 % des revenus), contre 0,8 million de dollars (29,7 % des revenus) l'année dernière. La perte nette a augmenté à 12,9 millions de dollars contre 2,3 millions de dollars au même période de l'an dernier.
Malgré ce déclin, le PDG Marc Seelenfreund a exprimé son optimisme, citant un carnet de commandes confirmé de plus de 7 millions de dollars. La société s'attend à un troisième trimestre remarquable avec une forte croissance à deux chiffres d'une année sur l'autre. Siyata a atteint le statut de 'stocké' pour ses appareils SD7 avec quatre grands opérateurs de téléphonie mobile en Amérique du Nord et s'étend vers de nouveaux marchés verticaux.
La société a clôturé deux offres publiques au cours du deuxième trimestre, levant environ 10 millions de dollars de produits bruts. Au 30 juin 2024, Siyata avait un solde de trésorerie de 2,7 millions de dollars, en hausse par rapport à 0,9 million de dollars à la fin de 2023.
Siyata Mobile Inc. (Nasdaq: SYTA) hat seine finanziellen Ergebnisse für das zweite Quartal 2024 veröffentlicht. Das Unternehmen berichtete von Einnahmen von 1,9 Millionen Dollar, im Vergleich zu 2,7 Millionen Dollar im zweiten Quartal 2023. Der Bruttogewinn betrug 0,2 Millionen Dollar (10,4% der Einnahmen), verglichen mit 0,8 Millionen Dollar (29,7% der Einnahmen) im letzten Jahr. Der Nettoverlust stieg auf 12,9 Millionen Dollar von 2,3 Millionen Dollar im gleichen Zeitraum des Vorjahres.
Trotz des Rückgangs äußerte CEO Marc Seelenfreund Optimismus und verwies auf einen Auftragsbestand von über 7 Millionen Dollar an bestätigten Bestellungen. Das Unternehmen erwartet ein ausgezeichnetes drittes Quartal mit hohem zweistelligem Wachstum im Jahresvergleich. Siyata hat den Status 'lagernd' für seine SD7-Geräte bei vier großen nordamerikanischen Mobilfunkanbietern erreicht und expandiert in neue vertikale Märkte.
Das Unternehmen schloss im zweiten Quartal zwei öffentliche Angebote ab und sammelte etwa 10 Millionen Dollar aus Bruttoerlösen. Zum 30. Juni 2024 hatte Siyata einen Kassenbestand von 2,7 Millionen Dollar, ein Anstieg von 0,9 Millionen Dollar Ende 2023.
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In the news release, Siyata Mobile Announces Second Quarter Financial Results, issued 15-Aug-2024 by Siyata Mobile Inc. over PR Newswire, we are advised by the company that the section Key financial highlights for the three months ended June 30, 2024:, first bullet point, should read "Revenues were
Siyata Mobile Announces Second Quarter Financial Results
Management to Host Conference Call at 8:30 a.m. ET on Friday, August 16
Marc Seelenfreund, CEO of Siyata, said, "Second quarter revenue growth was tempered in large part due to the timing of the delivery of customer orders. However, we have a backlog of more than
Key financial highlights for the three months ended June 30, 2024:
- Revenues were
$1.9 million $2.7 million - Gross profit of
$0.2 million 10.4% of revenue, compared to$0.8 million 29.7% of revenue, in the same period last year, primarily due to a one-time heavily discounted transaction to an international reseller which we believe will positively impact revenue in second half of 2024. - Net loss was
$12.9 million $2.3 million $6.7 million $1.0 million $2.0 million - Adjusted EBITDA was (
$3.8 million $2.0 million
Liquidity and Capital Resources
As of June 30, 2024, the Company had a cash balance of
During the second quarter, the company closed two public offerings of common shares and/or pre-funded warrants to purchase common shares for gross proceeds of approximately
Conference Call Details
The Company will host a conference call at 8:30 a.m. ET on Friday, August 16, 2024 to discuss its second quarter 2024 financial results.
Date: Friday, August 16, 2024
Time: 8:30 a.m. Eastern Time/5:30 a.m. Pacific Time
International toll-free dial-in number: 973-528-0011
Access Code: 922573
A replay will be available until August 30, 2024. To access the replay, dial +1 (877) 481-4010 or +1 (919) 882-2331. When prompted, enter Passcode 51033.
The call will also be available over the Internet and accessible at: https://www.webcaster4.com/Webcast/Page/2988/51033
About Siyata Mobile
Siyata Mobile Inc. is a B2B global developer and vendor of next-generation Push-To-Talk over Cellular handsets and accessories. Its portfolio of rugged PTT handsets and accessories enables first responders and enterprise workers to instantly communicate over a nationwide cellular network of choice, to increase situational awareness and save lives. Police, fire, and ambulance organizations as well as schools, utilities, security companies, hospitals, waste management companies, resorts and many other organizations use Siyata PTT handsets and accessories today.
In support of our Push-to-Talk handsets and accessories, Siyata also offers enterprise-grade In-Vehicle solutions and Cellular Booster systems enabling our customers to communicate effectively when they are in their vehicles, and even in areas where the cellular signal is weak.
Siyata sells its portfolio through leading North American cellular carriers, and through international cellular carriers and distributors.
Siyata's common shares trade on the Nasdaq under the symbol "SYTA".
Visit www.siyata.net and unidencellular.com to learn more.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. Because such statements deal with future events and are based on Siyata's current expectations, they are subject to various risks and uncertainties and actual results, performance, or achievements of Siyata could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading "Risk Factors" in Siyata's filings with the Securities and Exchange Commission ("SEC"), and in any subsequent filings with the SEC. Except as otherwise required by law, Siyata undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites and social media have been provided as a convenience, and the information contained on such websites or social media is not incorporated by reference into this press release.
-- Tables Follow --
Siyata Mobile Inc. | ||||||||
Condensed Consolidated Statements of Financial Position | ||||||||
(Expressed in US dollars) | ||||||||
USD | USD | |||||||
June 30, | December 31, | |||||||
Assets | ||||||||
Current | ||||||||
Cash | 2,653,226 | 898,771 | ||||||
Trade And Other Receivables | 1,508,799 | 1,181,257 | ||||||
Prepaid Expenses | 2,244,232 | 29,673 | ||||||
Inventory | 2,299,647 | 3,544,519 | ||||||
Advance To Suppliers | 891,144 | 1,048,227 | ||||||
9,597,048 | 6,702,447 | |||||||
Long Term Receivable | 142,904 | 147,100 | ||||||
Investment in Securities | 1,000,000 | - | ||||||
Right Of Use Assets | 500,849 | 630,793 | ||||||
Equipment | 157,022 | 175,335 | ||||||
Intangible Assets | 7,785,176 | 7,856,730 | ||||||
Total Assets | 19,182,999 | 15,512,405 | ||||||
Liabilities And Shareholders' Equity | ||||||||
Current | ||||||||
Loans to Financial Institutions | 619,068 | 89,298 | ||||||
Sale of future receipts | 2,152,375 | 1,467,899 | ||||||
Accounts Payable and Accrued Liabilities | 4,087,199 | 3,449,103 | ||||||
Deferred Revenue | 3,182 | 2,025 | ||||||
Short Term Lease Liability | 243,214 | 254,668 | ||||||
Warrant Liability and Preferred Shares | 10,755,482 | 156,433 | ||||||
17,860,520 | 5,419,426 | |||||||
Long Term Lease Liability | 284,393 | 385,639 | ||||||
284,393 | 385,639 | |||||||
Total Liabilities | 18,144,913 | 5,805,065 | ||||||
Shareholders' Equity | ||||||||
Share Capital | 92,565,727 | 85,714,727 | ||||||
Reserves | 14,845,086 | 14,644,200 | ||||||
Accumulated Other Comprehensive Loss | 98,870 | 98,870 | ||||||
Deficit | (106,471,597) | (90,750,457) | ||||||
1,038,086 | 9,707,340 | |||||||
Total Liabilities And Shareholders' Equity | 19,182,999 | 15,512,405 | ||||||
Siyata Mobile Inc. | ||||||||||||||||
Condensed Consolidated Statements of Loss and Comprehensive Loss | ||||||||||||||||
(Expressed in US dollars) | ||||||||||||||||
For the three and six months ended June 30, 2024 and 2023 | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||
Revenue | $ | 1,890,968 | $ | 2,710,717 | $ | 4,248,847 | $ | 4,513,354 | ||||||||
Cost Of Sales | (1,694,154) | (1,906,227) | (3,188,616) | (3,212,347) | ||||||||||||
Gross Profit | 196,814 | 804,490 | 1,060,231 | 1,301,007 | ||||||||||||
10.4 | % | 29.7 | % | 25.0 | % | 28.8 | % | |||||||||
Expenses | ||||||||||||||||
Amortization And Depreciation | 433,129 | 453,499 | 837,787 | 855,139 | ||||||||||||
Development Expenses | - | 31,465 | 35,000 | 85,450 | ||||||||||||
Selling And Marketing | 954,388 | 987,803 | 2,102,406 | 1,991,168 | ||||||||||||
Equity promotion and marketing | 2,000,000 | 250,000 | 2,150,000 | 591,200 | ||||||||||||
General And Administrative | 1,033,301 | 1,503,382 | 2,071,853 | 2,554,612 | ||||||||||||
Bad Debts (Recovered) | - | 10,148 | 18,858 | 10,148 | ||||||||||||
Share-Based Payments | 83,762 | 260,705 | 200,886 | 571,533 | ||||||||||||
Total Operating Expenses | 4,504,580 | 3,497,002 | 7,416,790 | 6,659,250 | ||||||||||||
Net Operating Loss | (4,307,766) | (2,692,512) | (6,356,559) | (5,358,243) | ||||||||||||
Other Expenses | ||||||||||||||||
Finance Expense | 942,283 | 41,251 | 1,722,039 | 75,349 | ||||||||||||
Loss on issuance | 6,129,282 | - | 6,129,282 | - | ||||||||||||
Loss on extinguishment of financial liability | 601,163 | - | 601,163 | - | ||||||||||||
Foreign Exchange | (1,706) | (78,762) | (10,651) | (78,599) | ||||||||||||
Change In Fair Value of Warrant Liability | (31,986) | (321,384) | (54,570) | 1,856,623 | ||||||||||||
Transaction Costs | 977,318 | - | 977,318 | - | ||||||||||||
Total Other Expenses | 8,616,354 | (358,895) | 9,364,581 | 1,853,373 | ||||||||||||
Net Loss for The Period | (12,924,120) | (2,333,617) | (15,721,140) | (7,211,616) | ||||||||||||
Comprehensive Loss for The Period | (12,924,120) | (2,333,617) | (15,721,140) | (7,211,616) | ||||||||||||
Weighted average shares (after 18 to 1 reverse split) | 108,922 | 5,417 | 70,307 | 4,691 | ||||||||||||
Basic and diluted loss per share | (118.65) | (430.78) | (223.61) | (1,537.33) | ||||||||||||
Reconciliation to Adjusted EBITDA | ||||||||||||||||
(Expressed in US dollars) | ||||||||||||||||
For the three and six months ended June 30, 2024 and 2023 | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||
Net operating loss | (4,307,766) | (2,692,512) | (6,356,559) | (5,358,243) | ||||||||||||
addback | ||||||||||||||||
Amortization And Depreciation | 433,129 | 453,499 | 837,787 | 855,139 | ||||||||||||
Share-Based Payments | 83,762 | 260,705 | 200,886 | 571,533 | ||||||||||||
Adjusted EBITDA | (3,790,875) | (1,978,308) | (5,317,886) | (3,931,571) | ||||||||||||
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SOURCE Siyata Mobile Inc.
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