Siyata Mobile Inc. (NASDAQ: (SYTA) stock plunged by 3.34% at last close while the SYTA stock price declines by 8.93% in the after-hours trading session. Siyata Mobile Inc. is an international vendor of next-generation Push-To-Talk over Cellular (PoC) devices and cellular booster systems that sells to businesses.
SYTA stock’ Financial Highlights
Siyata Mobile Inc. has released its financial results for the third quarter of 2021, which concluded on June 30, 2021. Unless otherwise stated, all figures are in US dollars.
- For the second quarter of 2021, revenues were $356,979, compared to $2,130,981 the previous year. This $1,774,002 (-83 percent) negative variance is mostly attributable to a $1,130,128 one-time item return from a client in Q2 2021. Year-over-year sales would have dropped by 30.2 percent to $1,487,107 if this refund had not been made.
- Adjusted EBITDA was ($4,607,747) for the three months ended June 30, 2021, compared to ($541,721) in the prior-year period, a difference of $4,066,026. Depreciation and amortization, intangible impairment, goodwill impairment, and share-based accrued expenses are all excluded from adjusted EBITDA.
- The Company recorded a net loss of ($10,862,538) for the second quarter of 2021, whereas the net loss of ($627,004) in the prior-year period which is a difference of ($10,235,534).
- Siyata had $5,819,387 in cash and restricted cash at the end of the quarter, as well as $5,355,098 in working capital.
Siyata CEO Marc Seelenfreund commented,
While they are dissatisfied with their financial results for the quarter, they remain confident that they are on track for significant organic growth and greater gross margins in the future quarters. The aim, as always, is to deliver substantial year-over-year revenue growth and profitability to their stockholders in the next quarters.
Future Expectations
With increased alliances, important new sales employees, and expanded product offerings into North America, Siyata has created the groundwork for broader distribution. Through the second quarter, the COVID-19 pandemic hampered the Company’s desired objectives for 2021, but business has now restarted in all three product categories. With its enlarged and updated product offerings, management is confident that this trend will remain, and it will persist to use its main sales channels.
