Important Corporate Development in SYTA

Rhea-AI Summary

Siyata Mobile (Nasdaq: SYTA) announced an upcoming press event scheduled for late December 2024 to showcase a significant material development. The company, which develops Push-to-Talk over Cellular handsets and accessories, reported several recent achievements: record quarterly revenue of $5.9 million (200% year-over-year increase), a $2.5 million order for Q1 2025, and the launch of next-generation SD7 Ultra Series 5G mission-critical push-to-talk handsets for T-Mobile's network. CEO Marc Seelenfreund stated the company is in its strongest position ever, with improved performance metrics across the board.

Positive

• Record quarterly revenue of $5.9M, up 200% YoY
• Secured $2.5M order for Q1 2025
• 55% revenue growth year-to-date
• Launch of new SD7 Ultra Series 5G handsets on T-Mobile network

Negative

• None.

Insights

Financial Analyst

The Q3 2024 performance metrics are noteworthy, with revenue reaching a record $5.9 million, representing a substantial 200% YoY growth. The secured $2.5 million order for Q1 2025 provides good revenue visibility. The company's expansion into 5G technology through the SD7 Ultra Series on T-Mobile's network positions it well in the growing Push-to-Talk over Cellular market. However, the micro-cap status ($2.9 million market cap) and the vague nature of the upcoming announcement warrant caution. While the financial trajectory shows improvement, the company's small size makes it susceptible to high volatility and execution risks.

Tech Industry Analyst

The strategic pivot to 5G-enabled mission-critical push-to-talk devices represents a significant technological advancement. Partnering with T-Mobile, which operates the largest 5G network in the U.S., strengthens SYTA's market position in the mission-critical communications sector. The SD7 Ultra Series launch demonstrates the company's commitment to product innovation and market expansion. This technological progression, combined with growing product acceptance and substantial revenue growth, indicates improving market penetration in the specialized PoC communications segment.

VANCOUVER, BC, Dec. 12, 2024 /PRNewswire/ -- Siyata Mobile Inc. (Nasdaq: SYTA) ("Siyata" or the "Company"), a global developer and vendor of Push-to-Talk over Cellular (PoC) handsets and accessories, is pleased to announce that the Company will host an upcoming press event that will showcase a new significant material development, which is tentatively scheduled for late December, 2024.

Marc Seelenfreund, Siyata's Chief Executive Officer, and others will be the featured presenters, and the Company will provide further scheduling and viewing details in an upcoming press release.  Media representatives are invited to contact IR@siyata.net to RSVP or for additional details.

Key Recent Achievements:

• Siyata's product acceptance and expansion has continually increased.
• Record Revenue Growth: On November 14, 2024, Siyata reported its highest-ever quarterly revenue of $5.9 million, marking a 200% year-over-year increase and a 55% growth year-to-date.
• Major Order Secured: On November 4, 2024, the Company confirmed a $2.5 million order for Q1 2025, consisting of its PoC handsets and Real Time View devices for an existing client.
• Strategic Product Expansion: On October 21, 2024, Siyata unveiled the next-generation SD7 Ultra Series 5G mission-critical push-to-talk (MCPTT) cellular radio handsets, to be available on T-Mobile's extensive 5G network—the largest in the United States.

Mr. Seelenfreund further emphasized, "Siyata is in the best position it's been in since our company's inception, as our capital expenditures have directly improved all performance metrics, and we look forward to delivering continued successful results. Please tune into our upcoming press conference, which will highlight a next level shareholder value creation event that you surely won't want to miss."

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", and its warrants under the symbol "SYTAW".

Visit www.siyata.net 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.

 

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SOURCE Siyata Mobile Inc.

FAQ

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

Siyata Mobile reported record quarterly revenue of $5.9 million in Q3 2024, representing a 200% increase year-over-year.

What is the value of SYTA's recent order for Q1 2025?

Siyata Mobile secured a $2.5 million order for Q1 2025, consisting of PoC handsets and Real Time View devices for an existing client.

What new product did SYTA launch on T-Mobile's network?

Siyata launched the SD7 Ultra Series 5G mission-critical push-to-talk (MCPTT) cellular radio handsets on T-Mobile's 5G network.

When is SYTA's upcoming press event scheduled?

Siyata Mobile's press event is tentatively scheduled for late December 2024.