Broadband  |  2024-11-15

Siyata Mobile Reports Third Quarter Revenue of $5.9 Million

Curated by: Gert Jan Wolf - Editor-in Chief for The Critical Communications Review

Siyata Mobile Inc., a global developer and vendor of Push-to-Talk over Cellular (PoC) handsets and accessories, today announced its financial results for the three months ended September 30, 2024 .


Marc Seelenfreund , CEO of Siyata, said,

We delivered $5.9 million in revenue for the third quarter, the largest in our company's history and representing exponential growth of more than 200% year-over-year. This performance underscores the significant momentum we are building, especially in the U.S. market, where sales have increased by 55% year-to-date. More broadly, demand for our SD7 handsets is increasing across a diversity of vertical markets and use cases. Adoption of our disruptive, ruggedized handsets is accelerating to replace more traditional land mobile radio (LMR). We are optimistic about our outlook going forward with the goal of reaching profitability in the coming quarters. We have a pipeline of exciting new sales opportunities, and we are well positioned with ample inventory to meet demand. Further, we believe that we have a very exciting 5G product portfolio planned to launch in 2025 which will position us as the leading PTT handset provider on a global level.  We announced recently that T-Mobile is the first wireless carrier that will be launching part of the portfolio and will be releasing details of the innovative devices over the coming months.  We are optimistic that more wireless carriers will follow suit.

Key financial highlights for the three months ended September 30, 2024 :

  • Revenues were $5.9 million compared to $1.8 million for the three months ended September 30, 2023 .
  • Revenue from the U.S. market was $4.8 million , or 81% of total revenue, compared to $1.3 million or 69% percent of total revenue for the three months ended September 30, 2023 .
  • Gross margin of $1.7 million , or 29.0% of revenue, compared to $0.5 million , or 26.6% of revenue, in the same period last year
  • Net loss was $0.6 million as compared to a net loss of $1.9 million in the same period last year.
  • Adjusted EBITDA was ($3.3) million versus ($1.6) million in the same period last year.