Q3 2024 Siyata Mobile Inc Earnings Call Transcript
Key Points
- Siyata Mobile Inc (SYTA) reported a record revenue of $5.9 million for Q3 2024, marking a 218% increase compared to Q3 2023.
- Revenue from the US market was particularly strong, accounting for $4.8 million or 81% of total revenue.
- The company is experiencing increased demand for its SD7 handset and accessories, contributing to the revenue growth.
- Siyata Mobile Inc (SYTA) is optimistic about its 5G product portfolio planned for 2025, which is expected to enhance its position as a leading PTT handset provider globally.
- Gross margin dollars increased significantly from $500,000 in Q3 2023 to $1.7 million in Q3 2024, indicating improved profitability potential.
- SG&A expenses rose to $4.7 million in Q3 2024 from $2.7 million in Q3 2023, primarily due to increased marketing expenses.
- Adjusted EBITDA was negative $3.3 million in Q3 2024, worsening from negative $1.6 million in Q3 2023.
- Working capital decreased to $200,000 as of September 30, 2024, from $1.3 million at the end of 2023.
- Despite revenue growth, the gross margin percentage slightly decreased from 28.2% in 2023 to 27.3% in 2024.
- The company continues to face challenges in achieving profitability, with ongoing negative EBITDA and increased expenses.
Good morning, ladies and gentlemen and welcome to the Siyata Mobile third quarter, 2024 conference call.
All lines are in a listen-only mode and this call is being recorded on Friday, November 15th 2024.
I would now like to turn the conference over to Mr. Glenn Kennedy, Vice President of International Sales. Sir. Please go ahead.
Thank you for joining the Siyata Mobile third quarter, 2024 conference call. Today, I'm joined by our CEO Mark Seelenfreund. During this call management will make express and implied, forward-looking statements within the private securities litigation Reform Act of 1995 and other us federal securities laws. These forward-looking statements include but are not limited to those statements regarding future product offerings. The belief that we are on the path for strong organic growth, the goal to deliver strong year over year revenue growth and reach profitability in the coming quarters. The belief that we will continue to see strong sales in all
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