Broadband  |  2024-05-17

Siyata Mobile Reports Significant 30% Year-Over-Year Revenue Growth for the First Quarter of 2024

Source: Siyata Mobile
Curated by: Gert Jan Wolf - Editor-in Chief for The Critical Communications Review

Siyata Mobile Inc. (NASDAQ: SYTA, SYTAW) (“Siyata” or the “Company”), a global vendor of Push-to-Talk over Cellular (PoC) devices announced its financial results for the three months ended March 31, 2024. 

Marc Seelenfreund, CEO of Siyata, said,

"With revenue growth of 30%, a higher gross margin and solid improvement in Adjusted EBITDA, our first quarter financial results reflect improvement in our business and the traction we are gaining in the market. Our unique PTT product portfolio features our SD7 handset, which is now carried as a stocked product by three of the four leading U.S. cellular carriers. The Push-To-Talk over Cellular market reached more than $5 billion in 2023 and is expected to grow to more than $10 billion by 2032[1]. We are rapidly expanding our sales channels both in North America and internationally to capture a portion of this massive market opportunity and position Siyata as a global leader in the industry." 

Key financial highlights for the three months ended March 31, 2024:

  • Revenues were $2.4 million compared to $1.8 million for the three months ended March 31, 2023.
  • Gross profit of $863,000, or 36.6% of revenue, compared to $0.5 million, or 27.5% of revenue in the same period last year
  • Net loss was $2.8 million as compared to a net loss of $4.9 million in the same period in the prior year.
  • Adjusted EBITDA was ($1.5) million versus ($2.0) million in the prior year.
  • Appointed Mr. Gary Herman as Chairman of the Board of Directors, following the resignation of Mr. Peter Goldstein as Director and Chairman