VANCOUVER - Siyata Mobile Inc. (NASDAQ:SYTA), a developer and vendor of Push-to-Talk over Cellular (PoC) handsets and accessories, has secured new orders valued at over $4.5 million for its SD7 handsets and related accessories from U.S. wireless carriers.
The company's CEO, Marc Seelenfreund, announced on Thursday that these orders are expected to contribute to what is anticipated to be the company's best sales quarter, ending September 30, 2024. Seelenfreund credited the success to the company's expanding relationships with leading U.S. carriers and their distributors, which have facilitated wider adoption of the SD7 handset.
Siyata Mobile specializes in providing rugged PTT handsets and accessories that cater to first responders and enterprise workers, allowing for instant nationwide communication via cellular networks. The company's products are utilized by a wide range of sectors including emergency services, education, utilities, security, healthcare, waste management, and hospitality.
Siyata Mobile also offers In-Vehicle solutions and Cellular Booster systems to ensure effective communication in vehicles and areas with poor cellular signals.
The company's products are distributed across North America through major cellular carriers and internationally via carriers and distributors.
The information from this article is based on a press release statement.
In other recent news, Siyata Mobile Inc. has made significant strides in its operations. The company announced the integration of Zello's push-to-talk app into its SD7 handsets, aiming to enhance communication for first responders and enterprise workers.
This partnership is expected to extend the market reach of Siyata's devices. In addition, Siyata Mobile has invested in Canadian Towers & Fiber Optics Inc., a firm that constructs and manages telecom infrastructure in Mexico, which is anticipated to create new avenues for Siyata to advance its sales initiatives.
The company also secured a US patent for its VK7 Vehicle Kit, a mobile conversion apparatus designed for docking cellular data devices. Further, Siyata Mobile unveiled an enhanced version of its SD7 Wired Palm Mic Pro, incorporating advanced AI noise cancellation technology aimed at improving communication clarity in loud environments.
Siyata Mobile recently reported receiving orders worth over $2.2 million for its SD7 handsets and accessories, indicating growing adoption in the US and international markets. Furthermore, the company priced a public offering of $4 million in common shares and/or pre-funded warrants to purchase common shares at $1.30 per share.
The proceeds are intended for use as working capital, general corporate purposes, payments for marketing and advertising services, and potential future acquisitions. These are recent developments in the company's operations.
InvestingPro Insights
As Siyata Mobile Inc. (NASDAQ:SYTA) gears up for what could be its strongest sales quarter, recent data from InvestingPro provides a deeper look into the company's financial health and market performance. With a market capitalization of just $0.96 million, Siyata is considered a micro-cap stock, which typically offers a unique set of investment opportunities and risks. The company's Price / Book ratio as of the last twelve months ending Q1 2024 stands at a low 0.14, indicating that the stock may be undervalued relative to its book value—a point of interest for value investors.
Despite securing substantial orders, the company's revenue growth showcases a promising trend with an increase of 17.94% over the last twelve months as of Q1 2024. This aligns with the InvestingPro Tip that analysts anticipate sales growth in the current year. Additionally, the company's revenue growth for Q1 2024 was reported at an impressive 30.8%, reflecting a strong start to the year.
However, it's important for investors to consider that Siyata has been quickly burning through cash, and analysts do not anticipate the company will be profitable this year. These are crucial considerations given the company's current financial state, as reflected by an Operating Income Margin of -122.21% for the same period. Moreover, Siyata's stock has experienced significant volatility, with a 1 Month Price Total Return as of 2024 standing at -48.55%, which is consistent with another InvestingPro Tip indicating high price volatility.
For those interested in further insights and tips, there are 17 additional InvestingPro Tips available on the InvestingPro platform, which can be accessed at https://www.investing.com/pro/SYTA. To enrich your investment strategy, use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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