Siyata Mobile Announces Record Quarter with 77% Revenue Increase Over Q1 2018
August 29, 2018 (Source) — Siyata Mobile Inc. (the “Company” or “Siyata”) (TSX-V:SIM / OTCQX:SYATF) is pleased to announce that its financial results for Q2 2018 mark a record quarter for Siyata.
- Revenue for the quarter was $5.3MM compared to $3.0MM in Q1 2018, which is an increase of 77%;
- Received all major industry and Government approvals for Uniden® UV350 device, including FCC, Google Android CTS, PTCRB, CE and Industry Canada;
- $1.4MM Purchase order of 4G Push-to-Talk over Cellular (“PTT”) devices from a global two-way radio vendor;
- Additional Tier 1 Cellular operator in the U.S. commenced network certification for Uniden® UV350, with expected completion by Q4 2018.
Marc Seelenfreund, CEO and Chairman of Siyata Mobile commented, “This record second quarter has marked the successful shift of our product portfolio from 3G to 4G devices. With revenue up by 77% over Q1 and with a $110K adjusted EBITDA, we are starting to see positive results from our efforts to develop our innovative 4G portfolio. In addition, we have made great progress in integrating leading “PTT” software into the Uniden UV350, which is an integral step before launching with Tier 1 North American operators. With another Tier 1 US network certification underway, we are expecting this success to continue and we are excited for what is to come in the upcoming months.”
The company will be hosting a conference call on Thursday, August 30, 2018, at 9:00AM Eastern Time (6:00 AM PST) to discuss the second quarter results, along with a Q&A session with Siyata Mobile CEO and Chairman, Marc Seelenfreund.
Details of the conference call:
Date: Thursday, August 30, 2018
Time: 9:00 AM EST (6:00 AM PST)
North America dial-in number: 1 (866) 521-4909
International dial-in number: 1 (647) 427-2311
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A TSX Venture Top 50 Company, Siyata Mobile Inc. is a leading global developer and provider of cellular communications systems for enterprise customers, specializing in connected vehicle products for professional fleets, marketed under the Uniden® Cellular brand. Since developing the world’s first 3G connected vehicle device, Siyata has been a pioneer in the industry, launching the world’s first 4G LTE all-in-one fleet communications device in 2017. Incorporating voice, Push-to-Talk Over Cellular, data, and fleet management solutions into a single device, the company aims to become the connected vehicle communications device of choice for commercial vehicles and fleets around the world.
Siyata also offers rugged phones for industrial users and signal boosters for homes, buildings, and fleets with poor cell coverage. Siyata’s customers include cellular operators, commercial vehicle technology distributors, and fleets of all sizes in Canada, the U.S., Europe, Australia, and the Middle East.
On Behalf of the Board of Directors of:
SIYATA MOBILE INC.
CEO and Chairman
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.
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