VANCOUVER – Siyata Mobile Inc. (NASDAQ:SYTA, SYTAW), specializing in Push-to-Talk over Cellular (PoC) technology, has been granted a new patent by the United States Patent and Trademark Office for its innovative VK7 Vehicle Kit, the company announced today. The patent, numbered US 11,949,442 B2, covers the mobile conversion apparatus designed for docking cellular data devices.
The VK7 Vehicle Kit, which is already patented in China, features an integrated 10-watt speaker, a slide-in connection sleeve for the SD7 Handset, and an external antenna connection. This design aims to provide a traditional land mobile radio experience within vehicles. It is tailored to work with the company's SD7 Handset and can be connected to the vehicle's power system and a cellular amplifier to enhance connectivity.
Marc Seelenfreund, CEO of Siyata, expressed that the U.S. patent underscores the company's innovative approach and the expertise of its research and development team. He emphasized that the VK7 is a key component in Siyata's strategy to lead the global PoC market, providing a competitive edge through patented technology.
Siyata Mobile's product line includes rugged PTT handsets and accessories, which cater to first responders and enterprise workers, enabling instant communication over cellular networks. Their solutions are employed by various organizations, including emergency services, schools, and hospitals, to improve situational awareness and safety. Moreover, the company offers in-vehicle solutions and cellular booster systems to support effective communication in vehicles and areas with poor cellular signals.
The company's products are distributed through major North American and international cellular carriers and distributors. Siyata Mobile's common shares and previously issued warrants are traded on the Nasdaq stock market under the symbols "SYTA" and "SYTAW," respectively.
The announcement is based on a press release statement from Siyata Mobile Inc. and contains forward-looking statements subject to risks and uncertainties. Siyata does not take on the obligation to update these forward-looking statements except as required by law.
InvestingPro Insights
As Siyata Mobile Inc. (NASDAQ:SYTA) continues to innovate within the Push-to-Talk over Cellular (PoC) technology space, recent real-time data from InvestingPro provides valuable insights into the company's financial health and market performance. With a market capitalization of just $1.12 million, Siyata is a small player in the tech industry, reflecting its niche focus and growth potential.
Despite Siyata's efforts to expand its patented technology and product offerings, InvestingPro Tips indicate the company is trading at a low Price / Book multiple of 0.16, suggesting that the market may not fully recognize the value of its assets.
Moreover, the company has experienced significant revenue growth over the last twelve months as of Q1 2024, with an increase of 17.94%, and even more impressive quarterly revenue growth of 30.8% in Q1 2024. This suggests that Siyata's sales are expanding, aligning with analysts' expectations of sales growth in the current year.
Still, the financials also highlight some challenges. Siyata has a negative P/E ratio, indicating that it is not currently profitable. The company's operating income margin is significantly negative at -122.21%, and with an adjusted operating income of approximately -$10.74 million, it is clear that cost management and the path to profitability are areas of concern. Moreover, Siyata's stock has taken a considerable hit, with a one-month price total return as of Y2024.D151 of -42.15%, reflecting market skepticism and potentially high price volatility, which is also noted in InvestingPro Tips.
Investors interested in the PoC sector and considering Siyata as a potential investment may find additional insights with InvestingPro, which lists 16 more InvestingPro Tips for the company. These tips could offer a deeper understanding of Siyata's financial position and market dynamics. To gain access to these valuable insights, readers can use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at InvestingPro.
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