SYATF Siyata Mobile Reports $3.06M in Q1 2020, Schedules Conference Call
GlobeNewswire GlobeNewswire•June 30, 2020
MONTRÉAL, June 30, 2020 (GLOBE NEWSWIRE) -- Siyata Mobile Inc. (TSX-V:SIM / OTCQX:SYATF/ FRA: WK3D) announces it has filed its Q1 2020 financials and will be hosting an investor conference call on Thursday, July 2nd at 9:00 AM EDT (6:00 AM PDT) to discuss these results followed by a Q&A for investors.
Q1 2020 Highlights:
Top line revenue of $3.06M in Q1 2020, a slight increase over Q1 2019 of $3.03M
Gross margins improved to 32.4% in Q1 2020, up from 28.0% in Q1 2019
Comprehensive net loss of $439,935, vs a net loss of $2.15M in 2019
Q1 2020 EBITDA was negative $0.6MM vs $0.9MM in Q1 2019, a positive variance of $0.3MM
A 172% increase quarter over quarter in Q1 YoY North American sales ($2,010,000 vs $738,000)
North American sales represent 66% of Gross sales vs Q1 YoY 24%
Working capital of $5.9MM at end of Q1 2020 vs $8.3MM at Q1 2019
Important Milestones and Subsequent Events to Q1 2020:
Closes previously announced $1.33M unsecured convertible debenture with leading current investor
Received two purchase orders for Uniden® UV 350 4G/LTE in-vehicle device and accessories from leading distributors servicing US Tier 1 cellular operators totalling $625,000
Received $300,000 purchase order for Uniden® UV 350 4G/LTE out of Australia
Launched complete portfolio of 4G cellular signal boosters at Amazon.com
Received $685,000 follow-on purchase order to supply ambulances with Uniden® UV 350 4G/LTE
Partnered with TASSTA for entry into the Southeast Asian market. TASSTA has integrated its mission critical push-to-talk software across a portfolio of Siyata’s in-vehicle (UV350, CP250) communication devices
Launched 4G/LTE UR5 rugged smartphone, with IP68 Mil Spec rating, for enterprise and first responder enterprise mobile workforce
Won $600,000 contract for rugged Push-to-Talk devices to supply hospitals, healthcare workers and ambulances to help manage the battle against COVID-19
Received $400,000 in purchase orders for Uniden® UV 350 4G/LTE from three new distributors working on First Responder projects in the United States
Signed Uniden® UV 350 4G/LTE supply agreement with global Land Mobile Radio (LMR) and software vendor
"Our first quarter saw a number of positive achievements, including the continued growth of our gross profit margins and rapid growth in our North American revenues and pipeline," said Marc Seelenfreund, CEO of Siyata Mobile.
"In line with our aggressive expansion initiatives within North America, we are seeking approval from our shareholders to make certain changes to our share structure and constating documents which will allow us to file an application to list our securities on The NASDAQ, which we are confident will open Siyata to investment from the thousands of microcap funds, family offices and retail investors based in the U.S. We look forward to continuing to press forward with the vision of building a profitable, growing business that will generate significant shareholder value. We will retain our listing on the TSX Venture exchange."
Details of the conference call:
Date: Thursday, July 2, 2020
Time: 9:00 AM Eastern 6:00 AM PDT
North America toll free dial-in number: (866) 521-4887
International dial-in number: (647) 427-3299
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