Siyata Mobile Inc (SYTA)

[StockpickerCAPC]

Siyata Mobile Announces First Quarter 2023 Financial Results.

Source
https://finance.yahoo.com/news/siyata-mobile-announces-first-quarter-200500901.html

May 25, 2023

- Revenue of $1.8 million, up 116% year-over-year.
- Company to host conference call at 8 a.m. ET on Thursday, May 25.

Siyata Mobile Inc. (NASDAQ:SYTA)(NASDAQ:SYTAW), a global vendor of Push-to-Talk over Cellular (PoC) devices and cellular signal booster systems, announced its financial results for the three months ended March 31, 2023. All amounts are in US dollars unless otherwise indicated.

"We are returning to growth with first quarter revenue more than doubling compared to the first quarter last year on strengthening sales of our mission-critical PoC (MCPTT) SD7 solution," said Marc Seelenfreund, Founder and CEO of Siyata. The majority of our customer trials that were initiated in the second half of 2022 have proven successful, and as a result, we are experiencing a step up in purchase orders. Recent purchase orders in the emergency response and education verticals establish a basis for accelerating growth in the second quarter, and our pipeline of developing opportunities reinforce our optimism for the second half of 2023 and beyond."

Seelenfreund continued, "Our distribution network now includes established relationships with leading North American cellular carriers, including AT&T, FirstNet, T-Mobile, Verizon, Bell and US Cellular, and we recently added KPN Royal Dutch Telecom to the lineup, expanding our reach in Europe. The push-to-talk over cellular market represents a multi-billion opportunity globally.1 We are building out a global channel strategy that we believe will enable us to capture a meaningful share of this massive opportunity."

Key financial highlights for the three months ended March 31, 2023:
- Revenues were $1.8 million compared to $0.8 million for the three months ended March 31, 2022. This increase of $970,000, or 116%, was due mainly to sales of the SD7 in Q1 2023 of $800,000, offset by a decrease in sales of the legacy products and boosters.

- Net operating loss was ($2.7) million as compared to an operating loss of ($3.6) million, an improvement of $901,000.

- Net loss was ($7.6) million, inclusive of a ($4.9) million non-cash change in fair value of warranty liabilities, as compared to a net loss of ($3.9) million, inclusive of a $0.6 million non-cash change in fair value of derivative liabilities, in the same period in the prior year.

- Adjusted EBITDA was ($2.0) million versus ($2.6) million in the same period in the prior year, an improvement of $676,000.

Liquidity and Capital Resources
As of March 31, 2023, the Company had a cash balance of $1.2 million and working capital of $4.2 million compared to $1.9 million and $1.6 million, respectively, as of December 31, 2022.

As of March 31, 2023, the Company had zero debt, excluding trade payables.

Conference Call Details
The Company will host a conference call at 8 a.m. ET on Thursday, May 25, 2023 to discuss its fourth quarter and full year 2022 and its first quarter 2023 financial results. Following management's formal remarks there will be a question-and-answer session.

Date: Thursday, May 25, 2023
Time: 8 a.m. Eastern Time/5 a.m. Pacific Time
Conference ID number: 96645139
North America dial-in number: [phone]
International toll-free dial-in number: [phone]

There will also be a playback of the conference call, available in MP3 format by contacting investor relations below.
Visit to learn more:
https://www.siyatamobile.com/
https://unidencellular.com/

To read and view all Tables please visit:
https://finance.yahoo.com/news/siyata-mobile-announces-first-quarter-200500901.html

Investor Relations (Canada):
Kin Communications
1-866-684-6730
[e-mail]

Investor Relations (United States):
Brett Maas
Hayden IR
[e-mail]
646-536-7331

Siyata Mobile Corporate:
Daniel Kim, VP of Corporate Development
Siyata Mobile Inc.
[e-mail]