Siyata Mobile Reports Encouraging Financial Growth in 2023 Despite Losses

Siyata Mobile Inc. has unveiled its financial results for 2023, demonstrating a robust revenue increase of 27% year-over-year, amounting to $8.2 million. The company, specializing in Push-to-Talk over Cellular devices and cellular booster systems, sees this as evidence of significant growth and operational expansion.

CEO Marc Seelenfreund highlighted the company's expansion into new verticals and geographies, attributing the revenue and gross margin increase to the wide acceptance of its SD7 PTT handsets. Despite a reported net loss of $12.9 million, down from $15.2 million the previous year, the improvement in adjusted EBITDA from negative $12.6 million to negative $7.8 million suggests positive momentum in cost efficiency and operational focus.

The fourth quarter, however, saw a slight decrease in revenue compared to the same period in 2022, with revenues at $1.9 million and a net loss reduced to $3.9 million from $6.6 million. This reflects ongoing challenges despite overall annual growth. Liquidity and capital resources show a cash balance of $0.9 million and working capital of $1.3 million as of the end of 2023, indicating tight financial conditions.

Looking ahead, Seelenfreund expressed optimism for 2024, with a healthy pipeline of opportunities and potential large-scale customer conversions. The company aims to leverage its market position and unique product offerings to achieve profitability in the near future.