Siyata Mobile Reports Fourth Quarter and Full Year 2024 Financial Results
Siyata Mobile (NASDAQ: SYTA) has released its Q4 and full-year 2024 financial results, highlighting a pending merger with Core Gaming, Inc. Full-year 2024 revenues increased 41% to $11.6 million compared to $8.2 million in 2023.
Q4 2024 performance showed revenues of $1.5 million, down from $1.9 million in Q4 2023, with a net loss of $8.9 million compared to $3.9 million in the year-ago period. The company's Adjusted EBITDA for Q4 was ($5.6 million) versus ($2.3 million) in Q4 2023.
For the full year 2024, the net loss widened to $25.3 million from $12.9 million in 2023, with Adjusted EBITDA at ($14.3 million) compared to ($7.8 million) in 2023. The company's cash position decreased to $0.2 million as of December 31, 2024, down from $0.9 million year-over-year.
Siyata Mobile (NASDAQ: SYTA) ha pubblicato i risultati finanziari del quarto trimestre e dell'intero anno 2024, evidenziando una fusione in sospeso con Core Gaming, Inc. I ricavi dell'anno 2024 sono aumentati del 41%, raggiungendo 11,6 milioni di dollari, rispetto agli 8,2 milioni di dollari del 2023.
Le performance del Q4 2024 hanno mostrato ricavi di 1,5 milioni di dollari, in calo rispetto ai 1,9 milioni di dollari del Q4 2023, con una perdita netta di 8,9 milioni di dollari rispetto ai 3,9 milioni di dollari dello stesso periodo dell'anno precedente. L'Adjusted EBITDA dell'azienda per il Q4 è stato di ($5,6 milioni) rispetto a ($2,3 milioni) nel Q4 2023.
Per l'intero anno 2024, la perdita netta è aumentata a 25,3 milioni di dollari, rispetto ai 12,9 milioni di dollari del 2023, con un Adjusted EBITDA di ($14,3 milioni) rispetto a ($7,8 milioni) nel 2023. La posizione di liquidità dell'azienda è diminuita a 0,2 milioni di dollari al 31 dicembre 2024, rispetto a 0,9 milioni di dollari dell'anno precedente.
Siyata Mobile (NASDAQ: SYTA) ha publicado sus resultados financieros del cuarto trimestre y del año completo 2024, destacando una fusión pendiente con Core Gaming, Inc. Los ingresos del año 2024 aumentaron un 41% a 11,6 millones de dólares en comparación con 8,2 millones de dólares en 2023.
El desempeño del Q4 2024 mostró ingresos de 1,5 millones de dólares, una disminución desde 1,9 millones de dólares en el Q4 2023, con una pérdida neta de 8,9 millones de dólares en comparación con 3,9 millones de dólares en el mismo período del año anterior. El EBITDA ajustado de la empresa para el Q4 fue de ($5,6 millones) en comparación con ($2,3 millones) en el Q4 2023.
Para el año completo 2024, la pérdida neta se amplió a 25,3 millones de dólares desde 12,9 millones de dólares en 2023, con un EBITDA ajustado de ($14,3 millones) en comparación con ($7,8 millones) en 2023. La posición de efectivo de la empresa disminuyó a 0,2 millones de dólares al 31 de diciembre de 2024, frente a 0,9 millones de dólares del año anterior.
시아타 모바일 (NASDAQ: SYTA)는 2024년 4분기 및 연간 재무 결과를 발표하며 Core Gaming, Inc.와의 합병을 예고했습니다. 2024년 연간 수익은 2023년 820만 달러에 비해 41% 증가한 1160만 달러에 달했습니다.
2024년 4분기 실적은 150만 달러의 수익을 기록했으며, 이는 2023년 4분기 190만 달러에서 감소한 수치입니다. 순손실은 890만 달러로, 지난해 같은 기간의 390만 달러와 비교됩니다. 회사의 조정된 EBITDA는 4분기 동안 ($560만)으로, 2023년 4분기의 ($230만)과 비교됩니다.
2024년 전체 연도에 대한 순손실은 2023년의 1290만 달러에서 2530만 달러로 확대되었으며, 조정된 EBITDA는 2023년의 ($780만)과 비교하여 ($1430만)으로 나타났습니다. 2024년 12월 31일 기준 회사의 현금 보유액은 20만 달러로, 전년 대비 90만 달러에서 감소했습니다.
Siyata Mobile (NASDAQ: SYTA) a publié ses résultats financiers du quatrième trimestre et de l'année complète 2024, mettant en évidence une fusion en attente avec Core Gaming, Inc. Les revenus de l'année 2024 ont augmenté de 41 % pour atteindre 11,6 millions de dollars, contre 8,2 millions de dollars en 2023.
Les performances du Q4 2024 ont montré des revenus de 1,5 million de dollars, en baisse par rapport à 1,9 million de dollars au Q4 2023, avec une perte nette de 8,9 millions de dollars contre 3,9 millions de dollars au cours de la même période l'année précédente. L'EBITDA ajusté de l'entreprise pour le Q4 était de ($5,6 millions) contre ($2,3 millions) au Q4 2023.
Pour l'année complète 2024, la perte nette s'est creusée à 25,3 millions de dollars contre 12,9 millions de dollars en 2023, avec un EBITDA ajusté de ($14,3 millions) par rapport à ($7,8 millions) en 2023. La position de liquidités de l'entreprise a diminué à 0,2 million de dollars au 31 décembre 2024, contre 0,9 million de dollars l'année précédente.
Siyata Mobile (NASDAQ: SYTA) hat seine Finanzzahlen für das vierte Quartal und das gesamte Jahr 2024 veröffentlicht, wobei eine bevorstehende Fusion mit Core Gaming, Inc. hervorgehoben wird. Die Umsätze für das Jahr 2024 stiegen um 41% auf 11,6 Millionen Dollar im Vergleich zu 8,2 Millionen Dollar im Jahr 2023.
Die Leistung im Q4 2024 zeigte Umsätze von 1,5 Millionen Dollar, ein Rückgang von 1,9 Millionen Dollar im Q4 2023, mit einem Nettoverlust von 8,9 Millionen Dollar im Vergleich zu 3,9 Millionen Dollar im Vorjahreszeitraum. Das bereinigte EBITDA des Unternehmens für das Q4 betrug ($5,6 Millionen) im Vergleich zu ($2,3 Millionen) im Q4 2023.
Für das gesamte Jahr 2024 erweiterte sich der Nettoverlust auf 25,3 Millionen Dollar von 12,9 Millionen Dollar im Jahr 2023, mit einem bereinigten EBITDA von ($14,3 Millionen) im Vergleich zu ($7,8 Millionen) im Jahr 2023. Die Liquiditätsposition des Unternehmens sank zum 31. Dezember 2024 auf 0,2 Millionen Dollar, verglichen mit 0,9 Millionen Dollar im Vorjahr.
- 41% year-over-year revenue growth to $11.6 million in 2024
- Strategic merger with Core Gaming expected to unlock new growth opportunities
- Q4 2024 revenue declined 21% year-over-year to $1.5 million
- Net loss widened significantly to $25.3 million in 2024
- Adjusted EBITDA loss increased to $14.3 million in 2024
- Cash position decreased 78% to $0.2 million
Insights
Siyata Mobile's financial results reveal concerning trends despite their topline growth. While full-year 2024 revenues increased 41% to
Most alarming is the significant expansion of losses. The net loss nearly doubled to
The company's cash position has shrunk dramatically to just
The pending merger with Core Gaming appears to be a strategic necessity rather than an opportunity-driven move. With dwindling cash reserves and expanding losses, Siyata lacks sustainable runway as a standalone entity. While management frames the merger positively, it resembles a financial lifeline rather than a growth-enhancing combination. Investors should view this development as a tacit acknowledgment of Siyata's challenging financial circumstances.
Company to highlight Core Gaming AI growth strategy online on April 3 at VirtualInvestorConferences.com
In light of the recently announced signing of a definitive merger agreement with Core Gaming, Inc. ("Core Gaming"), the Company will not host a conference call to discuss its Q4 and full-year 2024 financial results. Instead, the Company encourages current and prospective investors to join the AI & Technology Virtual Investor Conference on April 3, 2025, where Aitan Zacharin, CEO of Core Gaming, will present Core Gaming's growth strategy. The event will be hosted by VirtualInvestorConferences.com.
Marc Seelenfreund, CEO of Siyata, said, "As we move closer to finalizing our pending merger with Core Gaming, we are confident this strategic combination will unlock new growth opportunities, enhance value for Siyata shareholders and position the combined company for long-term success. Our teams are working diligently to effect the merger, and our goal is to complete it in the second quarter of 2025."
Key financial highlights for the fourth quarter of 2024
- Revenues of
$1.5 million $1.9 million - Net loss was
$8.9 million $3.9 million - Adjusted EBITDA was (
$5.6 million $2.3 million
Key financial highlights for the full year 2024:
- Revenues of
$11.6 million 41% compared to$8.2 million - Net loss was
$25.3 million $12.9 million - Adjusted EBITDA was (
$14.3 million $7.8 million
Liquidity and Capital Resources
As of December 31, 2024, the Company had a cash balance of
AI & Technology Virtual Investor Conference Details:
- Date: Thursday, April 3, 2025
- Time: 10:30 am Eastern time
- Registration Link: Register Here
This will be an online event where investors are invited to submit their questions in advance. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.
It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.
About Siyata Mobile Inc.
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.
About Core Gaming
Core Gaming is an international AI driven mobile games developer and publisher headquartered in Miami. We create entertaining games for millions of players worldwide, while empowering other developers to deliver player-focused apps and games to enthusiasts. Core's mission is to be the leading global AI driven gaming company. Since our launch we have developed and co-developed over 2,000 games, driven over 600 million downloads, and generated a global footprint of over 40 million users from over 140 countries.
Visit www.coregaming.co 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 | |||||||
December 31, | December 31, | |||||||
ASSETS | ||||||||
Current | ||||||||
Cash | 181,730 | 898,771 | ||||||
Trade and other receivables | 1,404,180 | 1,181,257 | ||||||
Prepaid expenses | 119,802 | 29,673 | ||||||
Inventory | 3,942,896 | 3,544,519 | ||||||
Advance to suppliers | 33,672 | 1,048,227 | ||||||
5,682,280 | 6,702,447 | |||||||
Long term deposit | 181,584 | 147,100 | ||||||
Right of use assets, net | 582,485 | 630,793 | ||||||
Equipment, net | 157,820 | 175,335 | ||||||
Intangible assets, net | 8,285,036 | 7,856,730 | ||||||
Total Assets | 14,889,205 | 15,512,405 | ||||||
Liabilities And Shareholders' Equity | ||||||||
Current | ||||||||
Loans from Financial Institutions | 2,077,290 | 89,298 | ||||||
Sales of future receipts | 1,688,435 | 1,467,899 | ||||||
Accounts payable and accrued liabilities | 5,497,957 | 3,451,128 | ||||||
Lease obligations | 296,366 | 254,668 | ||||||
Warrant and preferred share liability | 1,069,513 | 156,433 | ||||||
10,629,561 | 5,419,426 | |||||||
Lease obligations | 338,373 | 385,639 | ||||||
338,373 | 385,639 | |||||||
Total liabilities | 10,967,934 | 5,805,065 | ||||||
Shareholders' Equity | ||||||||
Share capital | 104,916,071 | 85,714,727 | ||||||
Reserves | 14,927,501 | 14,644,200 | ||||||
Accumulated other comprehensive loss | 98,870 | 98,870 | ||||||
Deficit | (116,021,171) | (90,750,457) | ||||||
3,921,271 | 9,707,340 | |||||||
Total Liabilities And Shareholders' Equity | 14,889,205 | 15,512,405 | ||||||
Siyata Mobile Inc. | ||
Consolidated Statement of Operation and Comprehensive Income (Loss) | ||
For the three months ended | ||
December 31, | December 31, | |
Revenue | ||
Cost Of Sales | (2,139,007) | (1,010,732) |
Gross Profit | (620,857) | 866,825 |
-40.9 % | 46.2 % | |
Expenses | ||
Amortization And Depreciation | 417,659 | 446,318 |
Development Expenses | 295,270 | 405,254 |
Selling And Marketing | 1,010,061 | 1,630,066 |
Equity promotion and marketing | 1,580,077 | 242,000 |
Inventory loss (income) from water damage | - | (49,272) |
General And Administrative | 1,621,376 | 1,115,918 |
Bad Debts (Recovered) | (20,064) | 20,866 |
Inventory Impairment | 230,312 | (161,450) |
Impairment of intangibles | 279,828 | - |
Share-Based Payments | 27,733 | 156,959 |
Total Operating Expenses | 5,442,252 | 3,806,659 |
Net Operating Loss | (6,063,109) | (2,939,834) |
Other Expenses | ||
Finance Expense | 1,291,593 | 732,782 |
Loss on issuance | 138,118 | - |
Impairment of Investment | 1,300,000 | - |
Foreign exchange | 45,766 | 139,236 |
Change in fair value of warrant liability | 1,989 | 1,517,389 |
Transaction Costs | 82,670 | (1,462,236) |
Total Other Expenses | 2,860,136 | 927,171 |
Net Loss For The Period | ||
Comprehensive Loss For The Period | (8,923,245) | (3,867,005) |
Weighted average shares | 481,167 | 2,574 |
Basic and diluted loss per share | (18.55) | (1,502.33) |
Siyata Mobile Inc. | ||||||||||||
Condensed Consolidated Statements of Loss and Comprehensive Loss | ||||||||||||
(Expressed in US dollars) | ||||||||||||
For the three and 12 months ended December 31, 2024 and 2023 | ||||||||||||
2024 | 2023 | 2022 | ||||||||||
Revenue | $ | 11,629,572 | $ | 8,233,301 | $ | 6,481,910 | ||||||
Cost of sales | (9,487,165) | (5,575,372) | (5,092,011) | |||||||||
Gross profit | 2,142,407 | 2,657,929 | 1,389,899 | |||||||||
EXPENSES | ||||||||||||
Amortization and depreciation | 1,679,839 | 1,754,957 | 1,142,165 | |||||||||
Development expenses | 625,023 | 578,356 | 339,828 | |||||||||
Selling and marketing | 4,480,013 | 4,364,994 | 4,508,901 | |||||||||
General and administrative | 4,859,690 | 5,128,814 | 6,942,183 | |||||||||
Equity promotion and marketing | 5,920,239 | 1,371,200 | 707,241 | |||||||||
(Gain) loss on valuation of inventory | 230,312 | (161,450) | 813,205 | |||||||||
Loss (income) from water damage | - | (834,713) | 544,967 | |||||||||
Bad debts | 6,926 | 47,526 | 86,103 | |||||||||
Impairment of intangibles | 279,828 | - | - | |||||||||
Share-based payments | 283,301 | 930,564 | 2,888,704 | |||||||||
Total operating expenses | 18,365,171 | 13,180,248 | 17,973,297 | |||||||||
Net operating loss | (16,222,764) | (10,522,319) | (16,583,398) | |||||||||
OTHER EXPENSES | ||||||||||||
Finance expense | 3,541,594 | 841,815 | 181,413 | |||||||||
Loss on issuance | 6,267,400 | - | - | |||||||||
Loss on extinguishment of financial liability | 601,163 | - | - | |||||||||
Impairment of Investment | 1,300,000 | - | - | |||||||||
Foreign exchange | 8,523 | (49,258) | 586,794 | |||||||||
Change in preferred share liability | (386,022) | - | - | |||||||||
Gain on settlement of derivative | (3,723,827) | - | - | |||||||||
Change in fair value of convertible promissory note | - | - | 4,794,710 | |||||||||
Change in fair value of warrant liability | (48,681) | 1,517,389 | (8,245,662) | |||||||||
Transaction costs | 1,487,800 | 99,529 | 1,398,598 | |||||||||
Total other expenses | 9,047,950 | 2,409,475 | (1,284,147) | |||||||||
Recovery of income taxes | - | - | ||||||||||
Net loss for the year | (25,270,714) | (12,931,794) | (15,299,251) | |||||||||
Other comprehensive income | ||||||||||||
Translation adjustment | - | - | 137,609 | |||||||||
Comprehensive loss for the year | $ | (25,270,714) | $ | (12,931,794) | $ | (15,161,642) | ||||||
Weighted average shares | 163,397 | 1,270 | 166 | |||||||||
Basic and diluted loss per share | $ | (154.66) | $ | (10,183) | $ | (92,164) | ||||||
Reconciliation to Adjusted EBITDA | |||||
(Expressed in US dollars) | |||||
For the three and 12 months ended December 31, 2024 and 2023 | |||||
Three Months Ended | 12 Months Ended | ||||
December 31, | December 31, | December 31, | December 31, | ||
Net Operating Loss | (6,063,109) | (2,937,834) | (16,222,764) | (10,522,319) | |
Addback | |||||
Amortization and depreciation | 417,659 | 446,318 | 1,679,839 | 1,754,957 | |
Share based compensation | 27,733 | 156,959 | 283,301 | 930,564 | |
Adjusted EBITDA | (5,617,717) | (2,334,557) | (14,259,624) | (7,836,798) | |
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SOURCE Siyata Mobile Inc.
FAQ
What was Siyata Mobile's revenue growth in 2024 compared to 2023?
How much did SYTA's Q4 2024 revenue decline compared to Q4 2023?
What is SYTA's current cash position as of December 31, 2024?
When is the expected completion date for SYTA's merger with Core Gaming?
How much did SYTA's net loss increase in 2024?
