Siyata Mobile Posts Record Quarter of $4.9M in Revenue

Siyata Mobile (TSXV:SIM) has announced it has filed its Q1 2017 financial results.
As quoted in the press release:

Highlights

• Q1 2017 revenue of ~$4.9MM versus ~$2.7MM in Q1 2016, an ~80% increase in sales over Q1 2016;
• Adjusted EDITBA of $163K for Q1 2017 versus $28K for Q1 2016, a 482% increase over Q1 2016;
• North American sales of $927K in Q1 2017 versus $42K in Q1 2016, due to Signifi acquisition and increasing dealership and sales channels;
• Gross margin for Q1 was $1,321K (27% of Sales) versus Q1 2016 gross margin of $575K (21.1% of Sales), a 130% increase over Q1 2016;
• $8.2M in working capital as of March 31, 2017.

Marc Seelenfreund, CEO of Siyata Mobile, commented, “We are extremely satisfied with our Q1 financial results with very strong growth in all parameters. I believe that Siyata is still at the early stages of its large scale potential and that we are well positioned to become a market leader in innovative cellular solutions for enterprise customers.”

Click here to read the full press release.