Siyata Mobile Announces Second Quarter Financial Results

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]