Siyata Mobile Reports a Record $17.7M in Revenue, a 44% Increase Over 2016

Siyata Mobile Inc. (TSXV:SIM), a leading developer and provider of cellular communications systems for enterprise customers, specializing in connected vehicle products for professional fleets announced its 2017 year-end audited financial statements.

As quoted in the press release:

Highlights Include:

•	Record revenue of $17.7M (44% YoY Growth) vs $12.3M in 2016 (24% YoY Growth)
2017 North American Sales of $4.6M vs $2.8M in 2016 (64% YoY Growth);
•	Year-end cash on hand of $4.38M and $9.7M in working capital;
•	Gross Margins of 21.8% vs 23.9% in 2016;
•	Adjusted EBITDA of negative $2.3MM in 2017 versus negative $600K in 2016
Variance of adjusted EBITDA due to one-time recognition of inventory obsolescence of $976K and one-time costs of $1.0MM related to the launch of the new products.

Marc Seelenfreund, CEO and Chairman of Siyata Mobile stated, “It was another great year for the Company, and we are now seeing the demand roll into our next generation 4G products which have significantly higher selling prices and profit margins than our legacy portfolio. There are substantial up-front costs associated in launching these devices with various carriers, which include research, development, marketing and government approvals in which the majority was completed in 2017. We anticipate 2018 to be another excellent year for growth, as the world moves away from two-way radio into cellular based solutions in numerous verticals.”

The company will hold a conference call on Tuesday, May 1st, at 9:00 AM EST (06:00 AM PST) to discuss the year-end results, along with a Q&A session with Siyata Mobile CEO and Chairman, Marc Seelenfreund.

Click here for the full text release.