Siyata Mobile Announces Record Quarter with 77% Revenue Increase

Siyata Mobile (TSXV:SIM) announced its financial results for Q2 2018 with the company reporting 77 percent revenue as compared to its Q1 period.

The company is a leading global developer and provider of cellular communications for enterprise customers reported revenue of C$5.3 million as compared to C$3 million in Q1 2018.

As quoted in the press release:

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.”

Highlights:

• 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.

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