Siyata Mobile Reports Significant 30% Revenue Growth in Q1 2024

Siyata Mobile Inc., a global vendor of Push-to-Talk over Cellular (PoC) devices, has posted a 30% increase in revenue for the first quarter of 2024. The Vancouver-based company announced revenues of $2.4 million compared to $1.8 million in the same period the previous year. This financial improvement was highlighted by an expanded gross margin of 36.6%, up from 27.5% in the year-ago period.

The company noted a decrease in net loss to $2.8 million from $4.9 million year-over-year. Adjusted EBITDA also showed better performance, with a reported figure of ($1.5) million compared to ($2.0) million in the prior year. Alongside its financial achievements, Siyata Mobile introduced Gary Herman as the new Chairman of the Board of Directors.

In terms of liquidity, Siyata Mobile disclosed a cash balance of $0.6 million as of the end of March 2024, slightly down from $0.9 million at the end of December 2023. Notably, after the quarter concluded, the company successfully raised approximately $4 million through a public offering of common shares. Siyata aims to strengthen its take on the Push-to-Talk over Cellular market, which is anticipated to grow significantly in the upcoming years.