Siyata Mobile (NASDAQ: SYTA, SYTAW) (TSX.V: SIM), a global vendor of Push-to-Talk (“PTT”) over Cellular (“PoC”) and cellular signal booster solutions, is reporting on its financial results for the three-month period ended June 30, 2023. Highlights of the report include $2.7 million in revenues, a 180% increase from the $970,000 reported for the same period in 2022; gross profit of $804,000, or 29.7% of revenues, compared to $109,000, or 11.2% of revenues, for the three months ended June 30, 2022; net loss came in at ($2.3) million compared to ($4.3) million in the Q2 2022; and Adjusted EBITDA totaled ($2.0) million compared to ($3.4) million in the same period in the prior year. The report also noted that Siyata had $2 million in cash and working capital of $3.7 million at the end of Q2 2023, compared to $1.9 million and $1.6 million, respectively, as of Dec. 31, 2022. In addition, the company reported that in June 2023, it issued 50 million common shares at a purchase price of $0.045 per share in a public offering, resulting in gross proceeds of $2.25 million.
After June 30, 2023, the company effected a 1-for-100 reverse stock split and issued an additional 51.45 million common shares at a purchase price of $0.045 per share in a registered direct offering for gross proceeds of $2.3 million. “Growth continued to accelerate in the second quarter with a 180% year-over-year increase in revenue on strengthening sales of our mission-critical PoC (MCPTT) SD7 solution,” said Siyata Mobile founder and CEO Marc Seelenfreund in the press release. “Adoption of our critical communications devices is expanding. We have received purchase orders for SD7 handset and its accessories of more than $5 million since the start of 2023, and our resellers also anticipate an increase in demand. Just as important, the increase in orders reaches beyond emergency services to include education, healthcare, industrial and enterprise use cases among others. Given our performance in the first half of the year and our expanding sales pipeline, we are increasingly optimistic that 2023 will be a strong growth sales year for Siyata.”
To view the full press release, visit https://ibn.fm/IRsG3
About Siyata Mobile Inc.
Siyata Mobile is a B2B global vendor of next-generation, Push-to-Talk over cellular devices and cellular booster systems. Its portfolio of in-vehicle and rugged devices enable first responders and enterprise workers to instantly communicate, over a nationwide cellular network of choice, to increase situational awareness and save lives. The company’s portfolio of enterprise-grade and consumer cellular-booster systems enables first responders and enterprise workers to amplify cellular signal in remote areas, inside structural buildings where signals are weak and within vehicles for the maximum cellular signal strength possible. For more information about the company, visit www.SiyataMobile.com or www.UnidenCellular.com.
NOTE TO INVESTORS: The latest news and updates relating to SYTA are available in the company’s newsroom at http://ibn.fm/SYTA
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