MONTRAL, June 30, 2020 (GLOBE NEWSWIRE) -- Siyata Mobile Inc. (TSX-V:SIM / OTCQX:SYATF/ FRA: WK3D ) announces it has filed its Q1 2020 financials and will be hosting an investor conference call on Thursday, July 2nd at 9:00 AM EDT (6:00 AM PDT) to discuss these results followed by a Q&A for investors.
MONTRÉAL, June 30, 2020 (GLOBE NEWSWIRE) -- Siyata Mobile Inc. (TSX-V:SIM / OTCQX:SYATF/ FRA: WK3D) announces it has filed its Q1 2020 financials and will be hosting an investor conference call on Thursday, July 2nd at 9:00 AM EDT (6:00 AM PDT) to discuss these results followed by a Q&A for investors.
Q1 2020 Highlights:
- Top line revenue of $3.06M in Q1 2020, a slight increase over Q1 2019 of $3.03M
- Gross margins improved to 32.4% in Q1 2020, up from 28.0% in Q1 2019
- Comprehensive net loss of $439,935, vs a net loss of $2.15M in 2019
- Q1 2020 EBITDA was negative $0.6MM vs $0.9MM in Q1 2019, a positive variance of $0.3MM
- A 172% increase quarter over quarter in Q1 YoY North American sales ($2,010,000 vs $738,000)
- North American sales represent 66% of Gross sales vs Q1 YoY 24%
- Working capital of $5.9MM at end of Q1 2020 vs $8.3MM at Q1 2019
Important Milestones and Subsequent Events to Q1 2020:
- Closes previously announced $1.33M unsecured convertible debenture with leading current investor
- Received two purchase orders for Uniden® UV 350 4G/LTE in-vehicle device and accessories from leading distributors servicing US Tier 1 cellular operators totalling $625,000
- Received $300,000 purchase order for Uniden® UV 350 4G/LTE out of Australia
- Launched complete portfolio of 4G cellular signal boosters at Amazon.com
- Received $685,000 follow-on purchase order to supply ambulances with Uniden® UV 350 4G/LTE
- Partnered with TASSTA for entry into the Southeast Asian market. TASSTA has integrated its mission critical push-to-talk software across a portfolio of Siyata’s in-vehicle (UV350, CP250) communication devices
- Launched 4G/LTE UR5 rugged smartphone, with IP68 Mil Spec rating, for enterprise and first responder enterprise mobile workforce
- Won $600,000 contract for rugged Push-to-Talk devices to supply hospitals, healthcare workers and ambulances to help manage the battle against COVID-19
- Received $400,000 in purchase orders for Uniden® UV 350 4G/LTE from three new distributors working on First Responder projects in the United States
- Signed Uniden® UV 350 4G/LTE supply agreement with global Land Mobile Radio (LMR) and software vendor
"Our first quarter saw a number of positive achievements, including the continued growth of our gross profit margins and rapid growth in our North American revenues and pipeline," said Marc Seelenfreund, CEO of Siyata Mobile.
"In line with our aggressive expansion initiatives within North America, we are seeking approval from our shareholders to make certain changes to our share structure and constating documents which will allow us to file an application to list our securities on The NASDAQ, which we are confident will open Siyata to investment from the thousands of microcap funds, family offices and retail investors based in the U.S. We look forward to continuing to press forward with the vision of building a profitable, growing business that will generate significant shareholder value. We will retain our listing on the TSX Venture exchange."
Details of the conference call:
Date: Thursday, July 2, 2020
Time: 9:00 AM Eastern 6:00 AM PDT
North America toll free dial-in number: (866) 521-4887
International dial-in number: (647) 427-3299
There will also be a playback of the conference call, available in MP3 format by contacting investor relations below.
Siyata Mobile Inc. is a B2B global vendor of next generation Push-To-Talk over Cellular (PTT) devices and cellular booster systems. Its portfolio of in-vehicle and rugged smartphones enable first responders and enterprise workers to instantly communicate, over a nationwide cellular network of choice, to improve communication, increase situational awareness and save lives.
Its portfolio of enterprise cellular booster systems enables first responders and enterprise workers to amplify its cellular signal in remote areas, inside structural buildings where signals are weak and within vehicles for maximum cellular signal strength possible.
On Behalf of the Board of Directors of:
SIYATA MOBILE INC.
Glenn Kennedy, VP Sales
Siyata Mobile Inc.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.