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Siyata Mobile Inc. (NASDAQ:SYTA), a global developer and vendor of Push-to-Talk over Cellular (PoC) handsets and accessories, today announced that it delivered an order for its SD7 handsets to a new customer, the California Department of Parks and Recreation, for use at beaches and along waterfronts in the state.
Marc Seelenfreund, CEO of Siyata, expressed satisfaction with the timely delivery of their SD7 handsets to the state of California before the busy Fourth of July holiday. He highlighted that the devices are being utilized by lifeguards and parks and recreation professionals to ensure the safety of residents enjoying California’s beaches, waterfronts, and other outdoor spaces.
Yesterday, Siyata Mobile reported a second-quarter 2024 revenue decline of 30.2% year-over-year to $1.89 million, with a net loss of $12.9 million.
Gross margin for the quarter contracted by 1,927 bps to 10.41%, and gross profit was down 75.5% YoY. Operating loss for the quarter widened to $4.307 million from $2.692 million in the second quarter of 2023.
“Second quarter revenue growth was tempered in large part due to the timing of the delivery of customer orders. However, we have a backlog of more than $7 million of confirmed orders, which gives us strong visibility into the second half of 2024,” commented Marc Seelenfreund, CEO of Siyata.
“As such, we expect the third quarter will be a break-out quarter with high double digit year-over-year growth as the delivery of orders accelerates. We have achieved ‘stocked’ status for our SD7 handsets with four of the largest North American cellular carriers and continue to tap into new vertical markets reinforcing a growth trajectory that extends into 2025 and beyond,” added Seelenfreund.
As of June-end, the company had a cash balance of $2.7 million compared to $0.9 million as of December 31, 2023.
Price Action: SYTA shares are trading lower by 10.8% at $2.131 at the last check Friday.
Image by Joseph Mucira from Pixabay
Posted In: SYTA
