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Siyata Mobile to Present at The ThinkEquity Conference
Prism Media Wire· 2024-10-23 11:00
Siyata Mobile to Present at The ThinkEquity Conference Presentation on October 30 at 4 p.m. ET, and Attend 1×1 MeetingsVancouver, BC, October 23, 2024 – PRISM MediaWire – Siyata Mobile Inc. (Nasdaq: SYTA/SYTAW) (“Siyata” or the “Company”), a global vendor of Push-to-Talk over Cellular (“PoC”) devices and cellular signal booster systems, today announced that it will be participating in The ThinkEquity Conference on October 30, 2024, at the Mandarin Oriental Hotel in New York.  The ThinkEquity Conference gat ...
Crude Oil Up 2%; Siyata Mobile Shares Jump
Benzinga· 2024-10-21 18:50
U.S. stocks traded lower toward the end of trading, with the S&P 500 falling around 0.4% on Monday.The Dow traded down 0.87% to 42,901.38 while the NASDAQ slipped 0.03% to 18,484.12. The S&P 500 also fell, dropping, 0.36% to 5,843.72.Check This Out: Top 4 Consumer Stocks That May Dip This QuarterLeading and Lagging SectorsInformation technology shares jumped by 0.4% on Monday.In trading on Monday, real estate shares fell by 1.9%.Top HeadlineSpirit Airlines, Inc. SAVE announced that on October 11, it modifie ...
Siyata Mobile to Showcase PTT Solutions at EMS World Expo September 9 - 13
Prnewswire· 2024-09-09 11:00
Visit Booth 3017 in the West Hall of the Las Vegas Convention Center to Experience Siyata's Critical Communications Solutions VANCOUVER, BC, Sept. 9, 2024 /PRNewswire/ -- Siyata Mobile Inc. (NASDAQ: SYTA, SYTAW) ("Siyata" or the "Company"), a global vendor of Push-to-Talk over Cellular ("PoC") devices and cellular signal booster systems, announced today that it will attend and exhibit at EMS World Expo. The Expo is being held September 9-13, 2024 at the Las Vegas Convention Center in Las Vegas. The Siyata M ...
Siyata Mobile Appoints Campbell Becher to Board of Directors
Prnewswire· 2024-09-03 11:00
VANCOUVER, BC, Sept. 3, 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, today announces the appointment of Mr. Campbell Becher to the Siyata board of directors (the "Board") effective September 1, 2024. Following the appointment, the Board is comprised of 4 directors, 3 of whom are independent. Mr. Becher fills the board seat vacated by Stephen Ospalak who resigned earlier. Marc Se ...
Spartan Capital Securities Announces Successful Closing of Siyata Mobile Inc.'s $4.0 Million Public Offering of Common Shares and Pre-Funded Warrants
GlobeNewswire News Room· 2024-08-19 15:00
NEW YORK, NY, Aug. 19, 2024 (GLOBE NEWSWIRE) -- Spartan Capital Securities LLC, a premier investment banking firm, is thrilled to announce the successful closing of Siyata Mobile Inc.'s public offering. The offering comprised common shares and pre-funded warrants, priced at $1.70 per share (or $1.69 per prefunded warrant), totaling approximately $4.0 million. Siyata Mobile Inc. ("Siyata" or the "Company") is a global developer and vendor of Push-to-Talk over Cellular (PoC) handsets and accessories. The shar ...
Siyata Mobile(SYTA) - 2024 Q2 - Earnings Call Transcript
2024-08-16 14:02
Financial Data and Key Metrics Changes - For Q2 2024, revenue was $1.9 million, a decrease of $800,000 compared to $2.7 million in Q2 2023, primarily due to working capital constraints [5] - Gross margin percentage for Q2 2024 was 10.4%, down from 29.7% in Q2 2023, with gross margin dollars decreasing from $800,000 to $200,000 [7] - Adjusted EBITDA for Q2 2024 was negative $3.8 million compared to negative $2 million in Q2 2023, reflecting a $1.8 million negative variance [8] - Working capital as of June 30, 2024, was negative $8.3 million, a decrease of $7 million from $1.3 million as of December 31, 2023 [8] Business Line Data and Key Metrics Changes - The company reported strong demand from wireless carriers and distributors, with an order backlog of over $7 million, indicating strong visibility into Q3 and Q4 [5] - Sales have expanded beyond emergency services to include sectors such as school safety, healthcare, utilities, hospitality, and enterprise use cases [6] Market Data and Key Metrics Changes - The company is currently in a stock position with major North American carriers including AT&T, Verizon, UScellular, and Bell Mobility, while continuing to sell in a non-stock position at T-Mobile [6] - The integration of the SD7 handset with the Zello push-to-talk application has led to meaningful sales and new sales opportunities [10] Company Strategy and Development Direction - The company aims for high double-digit revenue growth in 2024 and is optimistic about strong sales growth compared to 2023 [5][11] - Discussions are ongoing with business partners regarding new product launches expected to positively impact revenue in 2025 and beyond [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's path for strong organic growth and the belief that revenue in Q3 2024 will be significantly higher than in Q2 2024 [5] - The company is excited about the rapid adoption of its PTT product portfolio and anticipates continued growth as the displacement of land mobile radio by push-to-talk over cellular progresses [11] Other Important Information - SG&A expenses increased to $4 million in Q2 2024 from $2.7 million in Q2 2023, primarily due to marketing expenses related to investor awareness [7] - The company has expanded its sales team with the hiring of Bob Escalle as VP of Public Safety, who has already contributed to sharpening product strategy [10] Q&A Session Summary - The Q&A session concluded without any recorded questions or answers, indicating no further inquiries were made during the call [12]
Siyata Mobile(SYTA) - 2024 Q2 - Quarterly Report
2024-08-16 00:39
Financial Condition and Profitability - As of June 30, 2024, the company had an accumulated deficit of $105,071,597, indicating a history of operating losses and uncertainty about achieving profitability[30]. - The independent registered public accountants expressed substantial doubt about the company's ability to continue as a going concern for the next twelve months[31]. - The company may require additional capital to fund its business and support growth, with potential dilution of existing shareholders if new equity is issued[32]. - The company does not expect to pay cash dividends in the foreseeable future, requiring investors to rely on stock price appreciation for returns[188]. - The trading price of the company's common shares is likely to be volatile, influenced by various market factors, which may limit liquidity for investors[186]. - The company anticipates that market conditions and geopolitical events may significantly impact its stock price and overall financial performance[189]. Internal Controls and Compliance - Material weaknesses in internal controls over financial reporting were identified in 2023, 2022, and 2021, which could impact the accuracy of financial reporting[34]. - The company has taken steps to remediate identified material weaknesses, including strengthening the research and development approval process for invoices[37]. - The company has taken steps to remediate material weaknesses in internal controls identified in audits for 2021 and 2022, but acknowledges ongoing risks[44]. - The company has implemented a process to ensure proper revenue recognition in accordance with IFRS15, including quarterly peer reviews of sales recognition policies[41]. - Changes in accounting standards could significantly alter reported financial performance and increase operating costs[123]. Revenue Generation and Market Dependency - The company relies heavily on channel partners for revenue generation, and any failure in these partnerships could significantly harm operating results[19]. - More than 61% and 50% of the company's revenues for the six months ended June 30, 2024, and 2023, respectively, were generated through sales by channel partners[49]. - The company derived 52% and 49% of its revenue from five key customers/channel partners for the fiscal years ended December 31, 2023 and 2022, respectively[95]. - The company is materially dependent on the adoption of its solutions by both industrial enterprise and public sector markets, which could impact revenue if not widely accepted[55]. - The company is dependent on the adoption of its solutions by industrial and public sector markets, which could adversely impact revenues if not achieved[19]. Competition and Market Risks - The company faces risks related to competition, including competitors with greater resources and experience in high-volume product manufacturing[20]. - The company faces significant competition from established players like LG, Apple, and Samsung, which may affect market share and pricing strategies[56]. - The company must adapt to rapidly changing technology and customer demands to remain competitive in the mobile device market[72]. - The application development ecosystem supporting the company's devices is new and evolving, which may limit demand for its products[97]. Operational Challenges - Lengthy sales cycles for products could lead to unexpected revenue shortfalls if large orders are delayed[20]. - The company faces challenges in developing new features or enhancing solutions to meet evolving user needs in a rapidly changing industry[20]. - The company has limited experience with third-party manufacturers in Asia, which may result in manufacturing capacity constraints and challenges in meeting customer demand[80]. - The company may incur additional costs or experience manufacturing delays if it fails to accurately forecast demand for inventory and supply needs[89]. - Any interruption in the supply of key components could significantly delay production and harm revenues, profitability, and financial condition[93]. Geopolitical and Economic Risks - The ongoing geopolitical conflicts, such as the Middle East War and the Russian invasion of Ukraine, could adversely affect the company's financial condition and operations due to potential supply chain disruptions[82][84]. - Economic uncertainties or downturns could limit the availability of funds for customers, adversely impacting the company's business[113]. - The political and legal climate in China is unpredictable, which may hinder the company's ability to operate effectively and could lead to increased costs[176]. - The evolving conflict situation in Israel makes it difficult to predict its duration and potential effects on business[163]. Legal and Regulatory Risks - Compliance with anti-corruption and economic sanctions laws is critical to avoid significant penalties and reputational harm[134]. - Regulatory and safety laws could impose future costs and liabilities, affecting production capabilities and financial performance[140]. - The company is subject to a variety of privacy and data security laws, which are rapidly evolving and may increase compliance costs[144]. - The General Data Protection Regulation (GDPR) may impose additional obligations and risks, potentially increasing penalties for non-compliance[145]. - The California Consumer Privacy Act (CCPA) introduces significant new disclosure obligations and privacy rights for consumers[146]. Strategic Growth and Investments - The company plans to invest in sales and marketing, research and development, and general administrative functions to manage anticipated growth[63]. - The company aims to expand into new vertical markets and increase awareness of its solutions' benefits[65]. - The company may consider strategic acquisitions in the future, which involve risks related to integration and realization of anticipated benefits[118]. - Future acquisitions may not be financed on favorable terms, potentially impacting stock value[120]. Stock and Shareholder Information - The company received a notification from Nasdaq on August 26, 2022, regarding non-compliance with the minimum bid price requirement, as the closing bid price was below $1.00 for 30 consecutive business days[193]. - The company underwent a 100-1 reverse stock split on August 3, 2023, followed by a 7-1 reverse stock split on December 4, 2023, to remediate the delisting issue[194]. - If the Common Shares are delisted, they would trade over-the-counter (OTC), which could lead to reduced liquidity and increased volatility[196]. - The company’s executive officers and directors, along with affiliated entities, own approximately 0.03% of the Common Shares as of August 15, 2024[202]. - The company is subject to significant increased costs due to operating as a public company in the U.S., including legal and accounting expenses[209].
Siyata Mobile Announces Second Quarter Financial Results
Prnewswire· 2024-08-15 23:59
Core Insights - Siyata Mobile Inc. reported a revenue of $1.6 million for Q2 2024, a decrease from $2.7 million in Q2 2023, primarily due to the timing of customer order deliveries [3] - The company has a backlog of over $7 million in confirmed orders, indicating strong visibility for the second half of 2024, with expectations for high double-digit year-over-year growth in Q3 [2] - The net loss for Q2 2024 was $12.9 million, significantly higher than the $2.3 million loss in the same period last year, largely due to non-cash losses and increased marketing costs [3] Financial Performance - Revenues for the three months ended June 30, 2024, were $1.6 million, down from $2.7 million in the same period last year [3] - Gross profit was negative at ($144,000), or -8.9% of revenue, compared to a gross profit of $804,000, or 29.7% of revenue in Q2 2023 [3] - Adjusted EBITDA was ($3.8 million) for Q2 2024, compared to ($2.0 million) in Q2 2023 [3] Liquidity and Capital Resources - As of June 30, 2024, the company had a cash balance of $2.7 million, an increase from $0.9 million as of December 31, 2023 [4] - The company raised approximately $10 million through two public offerings during the second quarter [4] Market Position and Strategy - Siyata has achieved 'stocked' status for its SD7 handsets with four major North American cellular carriers, enhancing its market presence [2] - The company is expanding into new vertical markets, which is expected to support growth into 2025 and beyond [2] - Siyata's products are utilized by various organizations, including police, fire, ambulance services, schools, and utilities, indicating a diverse customer base [6][7]
Siyata Mobile Announces Closing of approximately $4.0 Million Public Offering of Common Shares and Pre-Funded Warrants
Prnewswire· 2024-08-15 20:30
VANCOUVER, Canada, Aug. 15, 2024 /PRNewswire/ -- Siyata Mobile Inc. (Nasdaq: SYTA) (Nasdaq: SYTAW) ("Siyata" or the "Company"), a global developer and vendor of Push-to-Talk over Cellular (PoC) handsets and accessories, today announced the closing of its previously announced public offering of approximately $4.0 million of common shares, and pre-funded warrants to purchase common shares at a public offering price of $1.70 per share. The gross proceeds of the offering do not include any proceeds to the Compa ...
Siyata Mobile Inc. Announces Pricing of approx. $4 Million Public Offering of Common Shares and Pre-Funded Warrants
Prnewswire· 2024-08-14 13:00
VANCOUVER, BC, Aug. 14, 2024 /PRNewswire/ -- Siyata Mobile Inc. (Nasdaq: SYTA) (Nasdaq: SYTAW) ("Siyata" or the "Company"), a global developer and vendor of Push-to-Talk over Cellular (PoC) handsets and accessories, announces the pricing of its public offering of approx. $4 million of common shares, and/or pre-funded warrants to purchase common shares at a public offering price of $1.70 per share (minus $0.01 per pre-funded warrant). The Company intends to use the proceeds of the offering for working capita ...