VANCOUVER - Siyata Mobile Inc. (NASDAQ:SYTA), a global developer and vendor of Push-to-Talk over Cellular (PoC) handsets and accessories, has reported significant growth and is preparing to host a press event to announce a major corporate development. According to InvestingPro data, the company maintains a modest market capitalization of $2.95 million and trades at a low Price/Book multiple of 0.3. The event is set to occur in late December 2024, with CEO Marc Seelenfreund among the presenters.
The company recently celebrated its highest-ever quarterly revenue, reaching $5.9 million, which represents a 200% increase over the previous year and a 55% growth year-to-date. This growth aligns with InvestingPro data showing a 41.59% revenue growth over the last twelve months, though analysts note the company faces challenges with cash burn and profitability. This financial milestone was announced on November 14, 2024. Additionally, on November 4, 2024, Siyata secured a $2.5 million order for Q1 2025 from an existing client, further cementing its growth trajectory. For deeper insights into Siyata's financial health and growth prospects, investors can access comprehensive analysis through InvestingPro's detailed research reports.
Siyata's strategic product expansion includes the launch of the next-generation SD7 Ultra Series 5G mission-critical push-to-talk (MCPTT) cellular radio handsets. These devices are designed to operate on T-Mobile's 5G network, which is touted as the largest in the United States. The new product was unveiled on October 21, 2024, as the company aims to strengthen its market position despite operating with a significant debt burden, as highlighted by InvestingPro analysis.
The company's offerings cater to first responders and enterprise workers, providing rugged PTT handsets and accessories that facilitate instant communication over a nationwide cellular network. Siyata's solutions are utilized by a variety of organizations, including police, fire, and ambulance services, schools, and hospitals.
Siyata Mobile's common shares are traded on the Nasdaq under the ticker symbol "SYTA". The company distributes its products through major North American cellular carriers and international carriers and distributors.
The upcoming press event is anticipated to be a significant moment for the company, with Siyata expressing confidence in its current position and future prospects. This announcement is based on a press release statement.
In other recent news, Siyata Mobile reported a record-breaking revenue of $5.9 million for the third quarter of 2024, marking a 218% increase year-over-year, with the U.S. market accounting for 81% of the total revenue. Despite this impressive growth, the company experienced a negative adjusted EBITDA and an increase in SG&A expenses, primarily due to marketing efforts. Siyata Mobile has also expanded its market with a Bluetooth Remote Speaker Microphone (RSM), which has recently gained iOS compatibility, broadening its market potential.
Novatek DMI Inc., a key reseller of Siyata's products, has been instrumental in expanding the reach of the RSM to various industries. Furthermore, Siyata Mobile reported a net loss of $20.21 million in the last twelve months, emphasizing the importance of thorough financial analysis for investors. Looking ahead, Siyata Mobile plans to launch a 5G product portfolio in 2025, with T-Mobile set to introduce part of this lineup. These are the recent developments from Siyata Mobile, providing a snapshot of the company's financial performance and strategic initiatives.
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