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Siyata Mobile Announces Fourth Quarter and Full-Year 2023 Financial Results
Marc Seelenfreund, CEO of Siyata, said, "2023 was a year of strong growth and expansion for Siyata Mobile. Revenue increased 27% and gross margin increased 92% over 2022 as we expanded the use cases for our SD7 PTT handsets into new verticals, landed wins in new geographies, added new distribution channels, and achieved stocked status' with two of the largest U.S. cellular carriers with a third expected imminently. Demand for our devices is growing as an increasing number of customers are choosing to transition away from legacy LMR devices to PTT solutions, and we are well-positioned to capitalized on this trend with our SD7 PTT Handset and extensive accessories portfolio, the only direct radio replacement currently offered by leading U.S. wireless carriers." Seelenfreund added, "Our pipeline of new business opportunities is healthy and growing with multiple very large scale potential customers in the final stages of their device trials giving us great confidence in achieving dramatic sales momentum in 2024. The core fundamentals are in place to grow our business in North America and internationally and clearly, we are executing. Looking ahead, we are fully committed to ramping our sales aggressively and reaching profitability in the coming quarters. Key financial highlights for the 12 months ended December 31, 2023:
Key financial highlights for the three months ended December 31, 2023:
Liquidity and Capital Resources As of December 31, 2023, the Company had a cash balance of $0.9 million and working capital of $1.3 million compared to $1.9 million and $1.6 million, respectively, as of December 31, 2022. Conference Call Details The Company will host a conference call at 8:30 a.m. ET on Tuesday, April 9, 2024 to discuss its fourth quarter and full year 2023 financial results. Following management's formal remarks there will be a question-and-answer session. Date: Tuesday, April 9, 2024 A replay will be available until April 23, 2024. To access the replay, dial +1 (877) 481-4010 or +1 (919) 882-2331. When prompted, enter Passcode 50110. The call will also be available over the Internet and accessible at: https://www.webcaster4.com/Webcast/Page/2988/50110. About Siyata Mobile Siyata Mobile Inc. is a B2B global vendor of next generation Push-To-Talk over Cellular devices and cellular booster systems. Its portfolio of in-vehicle and rugged devices enable first responders and enterprise workers to instantly communicate, over a nationwide cellular network of choice, to increase situational awareness and save lives. Its portfolio of enterprise grade and consumer cellular booster systems enables first responders and enterprise workers to amplify cellular signal in remote areas, inside structural buildings where signals are weak and within vehicles for the maximum cellular signal strength possible. Siyata's common shares trade on the Nasdaq under the symbol "SYTA" and its previously issued warrants trade on the Nasdaq under the symbol "SYTAW." Visit siyatamobile.com and unidencellular.com to learn more. Investor Relations (Canada): Investor Relations (United States): Siyata Mobile Corporate: Forward Looking Statements This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. Because such statements deal with future events and are based on Siyata's current expectations, they are subject to various risks and uncertainties and actual results, performance or achievements of Siyata could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading "Risk Factors" in Siyata's filings with the Securities and Exchange Commission ("SEC"), and in any subsequent filings with the SEC. Except as otherwise required by law, Siyata undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites and social media have been provided as a convenience, and the information contained on such websites or social media is not incorporated by reference into this press release. -- Tables Follow -- Siyata Mobile Inc.
Siyata Mobile Inc.
Reconciliation to Adjusted EBITDA Adjusted EBITDA for the twelve months ended December 31, 2023 and 2022
Adjusted EBITDA for the three months ended December 31, 2023 and 2022
SOURCE: Siyata Mobile, Inc. View the original press release on accesswire.com
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