SYTA Siyata Mobile Reports Q2 Revenue of $2.95M, a 47% Increase Over Q2 2019
8:03 pm ET October 13, 2020 (Dow Jones) Print
Siyata Mobile Reports Q2 Revenue of $2.95M, a 47% Increase Over Q2 2019
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VANCOUVER, British Columbia, Oct. 13, 2020 (GLOBE NEWSWIRE) -- Siyata Mobile Inc. (NasdaqCM: SYTA, SYTAW) (TSX-V:SIM) ("Siyata" or the "Company") is pleased to announce $2.95M in revenue in Q2 2020, a 47% increase in sales over Q2 2019 with growing sales in North America resulting in a 25% increase in gross margins.
Q2 2020 Highlights:
-- Reports $2.95M of revenue in Q2 2020 vs $2.04MM in Q2 2019, an increase
of 47% YoY
-- Q2 2020 gross margins of 33% vs 26.5% in Q2 2019, an increase of 25% YoY
-- Q2 2020 EBITDA is negative $850,000 vs negative $1.4MM in Q2 2019, a
positive variance of $560,000
-- Q2 2020 net loss of $969,000 vs $2.4MM in Q2 2019, a positive variance of
"We are pleased that our company sales are over 20% higher compared to the first six months of last year, despite the global pandemic. Our sales in Q2 have grown by 40% and our gross margin has also increased significantly as we continue to focus our sales efforts on the large scale North American market," said Marc Seelenfreund, CEO of Siyata Mobile.
Important Milestones and Subsequent Events to Q2 2020:
-- Announced and closed US$12.6MM U.S. Initial Public Offering on NASDAQ
-- Hired two key sales executives for the Verizon account and cellular
-- Partnered with Source Inc. a premium Verizon partner for sales of the
-- Launched "Hero Series" cellular signal booster line dedicated to first
-- Partnered with Insight, a Fortune 500 distribution company to increase
cellular signal booster sales to their customer base
-- Aligned with Canadian Vive Wireless and received initial purchase order
from leading Canadian construction company
-- Entered into a new alliance with Hyperion Partners and received first
purchase order for UV350
Full Financial statements can be found at www.sedar.com
Siyata Mobile Inc. is a B2B global vendor of next generation Push-To-Talk over Cellular (PTT) devices and cellular booster systems. Its portfolio of in-vehicle and rugged smartphones enable first responders and enterprise workers to instantly communicate, over a nationwide cellular network of choice, to improve communication, increase situational awareness and save lives.
Its portfolio of enterprise cellular booster systems enables first responders and enterprise workers to amplify its cellular signal in remote areas, inside structural buildings where signals are weak and within vehicles for maximum cellular signal strength possible.
Visit www.siyatamobile.com and http://www.unidencellular.com/
to learn more.
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Linkedin: Siyata Mobile
On Behalf of the Board of Directors of:
SIYATA MOBILE INC.