MONTRÉAL, Nov. 29, 2017 (GLOBE NEWSWIRE) -- Siyata Mobile Inc. (the "Company" or "Siyata") (SIM.V) (SYATF) is pleased to announce it has filed its Q3 2017 financial results and will hold conference call on Wednesday November 29th, 2017 at 9:00AM EST.
- Q3 2017 revenue of $4.9MM compared to $3.7MM in Q3 2016, a positive variance of $1,195,650 (32%);
- Adjusted EBITDA of $98k for Q3 2017, versus $14,349 for Q3 2016;
- Sales in North America for Q3 were $1.5MM vs $1.2MM in Q3 2016, an increase of 25% over Q3 2016;
- Gross Margin for Q3 2017 28.8% vs. 27.3% in Q3 2016. The increase in gross margin is mainly due to the higher margins in North America as these sales form a greater percentage of the sales mix;
- Working capital at Sep 30 2017 is $9.9MM vs $4.5MM at the end of Q3 2016—a positive variance of $4.4MM.
Q3 2017 YTD revenues were $15.0MM compared to $8.5MM YTD Q3 2016. This positive variance of $6.5MM (77%) is due mainly to the revenues for the period in North America and the increase in connected vehicle, rugged devices and accessory sales.
Adjusted Ebitda YTD Q3 2017 is $419,076 vs negative $169,045 in YTD Q3 2016 a positive variance of $588,121.
Marc Seelenfreund, CEO and Chairman of Siyata Mobile, commented, “We are very pleased with our Q3 results. The continued strong growth, including higher margins in North America for the quarter continues to be positive for shareholders and the balance sheet. Additionally, the addition of our recurring revenue software licenses create an additional high margin revenue stream allowing us to continue our growth into Q4 and beyond.”
The Company will hold a conference call on Wednesday November 29th, 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 and Chairman of Siyata Mobile.
Details of the conference call:
Date: Wednesday, November 29th, 2017
Time: 9:00 a.m. Eastern Time
North America dial-in number: 1-877-291-4570
International dial-in number: 1-647-788-4919
There will also be a playback of the conference call, available in MP3 format.
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
Glenn Kennedy, VP Sales
Siyata Mobile Inc.
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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.