MONTREAL, QC --(Marketwired - November 30, 2016) - Siyata Mobile Inc. (the "Company" or "Siyata") (TSX VENTURE: SIM) (OTC PINK: SIMFF) is pleased to announce that it has filed its Q3 2016 financial results.
- Revenues for Q3 was $3.7MM, an 85% increase over Q2 and a 68% increase over Q3 2015
- Adjusted EBITDA for Q3 of $26K is made up of a net operating loss of $153K and adding back the non-cash share based payments and amortizations totalling $179K. This compares to an Adjusted EBITDA in Q2 of negative $211K- a $237K positive variance in the quarter
- Total Revenues for YTD Q3 is $8.4MM, a 17% increase over YTD Q3 2015
- Gross Margin for Q3 was 27.3% compared to 24.2% in Q2 and 20.0% in Q3 2015
- Net Income for Q3 is $20K vs. negative $404K in Q2 2016, a $424K positive variance
- Comprehensive loss for Q3 was negative $91K vs negative $412K in Q2 2016 for a positive variance of $321K
- Over 30% of sales were in North America
The Company posted revenues of $3.7MM in Q3, an 85% increase over Q2 and a 68% increase over Q3 2015. This was achieved due to strong sales in North America and International sales.
Marc Seelenfruend, CEO and Director of Siyata stated, "We are very happy with our results which show over 60 percent growth both year over year as well as over Q2. With a current run rate of approximately $16M dollars we expect double digit growth in 2017 from this base number. Our rich product line, multiple customers both internationally and in North America and our large scale market opportunities will allow us to become a leading global innovative telecom provider."
The Company will hold a conference call on Wednesday, November 30, 2016, at 9:00 a.m. Eastern Time (6:00 a.m. PST), to discuss its recent Q3 financial results along with an investor call with Marc Seelenfreund, CEO of Siyata Mobile.
Details of the conference call:
Date: Wednesday, November 30, 2016
Time: 9:00 a.m. Eastern Time
North America dial-in number: 1-877-277-0232
International dial-in number: 1-647-788-4965
There will also be a playback of the conference call, available in mp3 format.
Siyata's Q3 full financial results can be found at www.sedar.com.
Siyata Mobile Inc. is a leading global developer and provider of innovative cellular communication systems under the Uniden® Cellular brand. Siyata's "Connected-Vehicle" devices and accessories are specifically designed for professional fleets including trucks, vans, buses, emergency service vehicles, government cars and more. Siyata aims to provide greater mobile connectivity for professional drivers and to facilitate replacement of the aging in-vehicle, multi-device status quo with a single device that incorporates voice, push-to-talk, data, and fleet management solutions.
Siyata also markets and sells Uniden® cellular signal boosters and accessories as well as rugged mobile phones for both the consumer and enterprise markets. Siyata's customers include cellular operators, commercial vehicle technology distributors, and fleets of all sizes in Canada, the US, Europe, Australia, and the Middle East.
Visit www.siyatamobile.com and www.unidencellular.com to learn more.
On Behalf of the Board of Directors of:
SIYATA MOBILE INC.
CEO and Director
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.