Siyata Mobile Inc
NASDAQ:SYTA
Siyata Mobile Inc
Siyata Mobile, Inc. engages in the provision of cellular communications systems for enterprise customers. The company is headquartered in Vancouver, British Columbia. The company went IPO on 2001-06-21. The firm provides its products under the Uniden Cellular and Siyata brands. Its three product categories include in-vehicle communications solutions, rugged handheld mobile devices and cellular amplifiers. Its lead device, the Uniden UV350 4G/LTE, is a purpose built in-vehicle communication device designed specifically for professional vehicles, such as trucks, vans, buses, emergency service vehicles and other enterprise vehicles. In addition to its connected vehicle product portfolio, the Company develops, manufactures, markets, and sells its SD7, which is a 4G rugged handheld push-to-talk smartphone device. The company also manufactures, markets, and sells its Uniden cellular signal boosters and accessories for homes, buildings, manufacturing facilities and vehicles with poor cell coverage across Canada and the United States.
Siyata Mobile, Inc. engages in the provision of cellular communications systems for enterprise customers. The company is headquartered in Vancouver, British Columbia. The company went IPO on 2001-06-21. The firm provides its products under the Uniden Cellular and Siyata brands. Its three product categories include in-vehicle communications solutions, rugged handheld mobile devices and cellular amplifiers. Its lead device, the Uniden UV350 4G/LTE, is a purpose built in-vehicle communication device designed specifically for professional vehicles, such as trucks, vans, buses, emergency service vehicles and other enterprise vehicles. In addition to its connected vehicle product portfolio, the Company develops, manufactures, markets, and sells its SD7, which is a 4G rugged handheld push-to-talk smartphone device. The company also manufactures, markets, and sells its Uniden cellular signal boosters and accessories for homes, buildings, manufacturing facilities and vehicles with poor cell coverage across Canada and the United States.
Record Revenue: Siyata Mobile reported its strongest revenue quarter ever, reaching $5.9 million in Q3 2024, a 218% increase year-over-year.
US Market Strength: US revenue made up 81% of total revenue, showing strong growth from the previous year.
Product Demand: The surge in sales was driven by demand for the SD7 handset and accessories, with inventory available to meet this demand.
Margin Improvement: Gross margin improved to 29% from 26.6% the previous year, though absolute SG&A expenses rose significantly.
Profitability Goal: Management reiterated its goal of strong revenue growth and aims to reach profitability in the coming quarters.
Outlook: The company is optimistic about continued sales growth and plans to launch a 5G product portfolio in 2025, starting with T-Mobile.
