Siyata Mobile announce its Q3 2017 financial results
OREANDA-NEWS. Siyata Mobile Inc. (the "Company" or "Siyata") (TSX-V:SIM) (OTCQX: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.”
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.