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VANCOUVER, British Columbia, Oct. 13, 2020 (GLOBE NEWSWIRE) -- Siyata Mobile Inc. (NasdaqCM: SYTA, SYTAW) (TSX-V:SIM) (“Siyata” or the “Company”) is pleased to announce $2.95M in revenue in Q2 2020, a 47% increase in sales over Q2 2019 with growing sales in North America resulting in a 25% increase in gross margins.
Q2 2020 Highlights:
- Reports $2.95M of revenue in Q2 2020 vs $2.04MM in Q2 2019, an increase of 47% YoY
- Q2 2020 gross margins of 33% vs 26.5% in Q2 2019, an increase of 25% YoY
- Q2 2020 EBITDA is negative $850,000 vs negative $1.4MM in Q2 2019, a positive variance of $560,000
- Q2 2020 net loss of $969,000 vs $2.4MM in Q2 2019, a positive variance of $1.4M
"We are pleased that our company sales are over 20% higher compared to the first six months of last year, despite the global pandemic. Our sales in Q2 have grown by 40% and our gross margin has also increased significantly as we continue to focus our sales efforts on the large scale North American market,” said Marc Seelenfreund, CEO of Siyata Mobile.
Important Milestones and Subsequent Events to Q2 2020:
- Announced and closed US$12.6MM U.S. Initial Public Offering on NASDAQ
- Hired two key sales executives for the Verizon account and cellular booster sales
- Partnered with Source Inc. a premium Verizon partner for sales of the Company’s UV350
- Launched “Hero Series” cellular signal booster line dedicated to first responders
- Partnered with Insight, a Fortune 500 distribution company to increase cellular signal booster sales to their customer base
- Aligned with Canadian Vive Wireless and received initial purchase order from leading Canadian construction company
- Entered into a new alliance with Hyperion Partners and received first purchase order for UV350
Full Financial statements can be found at www.sedar.com
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.
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On Behalf of the Board of Directors of:
SIYATA MOBILE INC.
Glenn Kennedy, VP Sales
Siyata Mobile Inc.
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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.