Siyata Mobile(US:SYTA)2024-11-15 13:53Financial Data and Key Metrics Changes - In Q3 2024, revenue was $5.9 million, a 218% increase or $4 million compared to $1.8 million in Q3 2023, and a 210% increase or $4 million compared to $1.9 million in Q2 2024 [8] - Gross margin percentage for Q3 2024 was 29%, up from 26.6% in Q3 2023, with gross margin dollars increasing from $500,000 to $1.7 million, a positive variance of $1.2 million [11] - Adjusted EBITDA for Q3 2024 was negative $3.3 million, compared to negative $1.6 million in Q3 2023, reflecting a $1.8 million negative variance [12] - Working capital as of September 30, 2024, was $200,000, down from $1.3 million as of December 31, 2023, a decrease of $1.1 million [13] Business Line Data and Key Metrics Changes - Revenue from the U.S. market was $4.8 million, representing 81% of total revenue, compared to $1.3 million or 69% of total revenue for Q3 2023, marking the strongest revenue quarter in the company's history [9] Company Strategy and Development Direction - The company plans to launch a 5G product portfolio in 2025, aiming to become the leading PTT handset provider globally, with T-Mobile as the first carrier to launch part of this portfolio [10] - The company continues to see rapid adoption of its disruptive solutions, with a focus on the displacement of land mobile radio by push-to-talk over cellular, which is expected to drive meaningful growth [15] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about strong organic growth and revenue growth in the coming quarters, with a focus on fulfilling increased demand for the SD7 handset and accessories [8][9] - The company stands by its goal of achieving profitability in the upcoming quarters [15] Other Important Information - SG&A expenses increased to $4.7 million in Q3 2024 from $2.7 million in Q3 2023, primarily due to marketing expenses related to investor awareness [11] - For the nine months ended September 30, 2024, total revenue was $10.1 million, compared to $6.3 million in the same period of 2023, a positive variance of $3.8 million [14] Q&A Session Summary - No specific questions or answers were provided in the transcript, indicating that the Q&A session may not have been included in the provided content [17]