The following is a summary of the Siyata Mobile Inc. (SYTA) Q3 2024 Earnings Call Transcript:
Financial Performance:
Siyata Mobile reported a Q3 2024 revenue of $5.9 million, a 218% increase year-over-year from $1.8 million in Q3 2023, and a 210% increase from $1.9 million in Q2 2024.
Gross margin percentage rose to 29% in Q3 2024 from 26.6% in Q3 2023, with gross margin dollars growing from $500,000 to $1.7 million.
SG&A expenses increased by $2 million, primarily due to marketing expenses, while adjusted EBITDA was negative $3.3 million, a $1.8 million increase in losses compared to Q3 2023.Working capital decreased from $1.3 million to $200,000 as of the end of Q3 2024.
Business Progress:
Siyata Mobile is experiencing solid demand for its SD7 handset and accessories.
Launching a 5G product portfolio in 2025 with T-Mobile as the first carrier.
Seeing rapid adoption of their PTT product portfolio.
Opportunities:
Plans for launching an innovative 5G product portfolio in 2025.
Positive outlook from the current rapid adoption of their unique PTT product portfolio.
Risks:
Significant increase in SG&A expenses primarily due to increased marketing spends impacting profitability.
Negative variance in adjusted EBITDA points to challenges in managing operational costs.
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