MONTREAL, QC–(Marketwired – May 01, 2017) – Siyata Mobile Inc. (the “Company” or “Siyata”) (TSX VENTURE: SIM) (OTC PINK: SIMFF) is pleased to report its financial results for the twelve months ended December 31, 2016.
Highlights
- 12-month revenue of $12.3M, an 24% increase over 2015;
- Increased gross profit margin to 23.8%, a 15% increase over 2015
- 2016 adjusted EBITDA of negative $591K in 2016 versus adjusted EBITDA of negative $256k in 2015; and
- Sales in North America of $2.8M in 2016 versus $255K in 2015.
Marc Seelenfreund, CEO of Siyata Mobile, stated, “We are very pleased with our 2016 results increasing our sales and gross margin. The acquisition of Signifi Mobile in June 2016 allowed us to dramatically grow our North American sales and establish our Montreal-based team. During the year, we added cellular boosters and a rugged phone to our product portfolio and continue to launch innovative next generation devices such as our recently launched 4G/LTE UV350 device.”
The greater loss was mainly attributable to higher costs associated with being public for a full fiscal year in 2016, rather than 6 months in 2015, the Signify Mobile acquisition, the addition of a CFO, and additional support for the rugged phone launch in Israel.
Q3 and Q4 of 2016 showed sales growth of over 50% YoY, which continued into Q1 of 2017, where the Company announced its third record sales quarter in a row and 80% YoY growth. The Company continues to see strong demand from its carriers and dealerships, aiming to replace aging communication systems in their customers’ workforce with Siyata’s Push-to-Talk Over Cellular devices (PoC).
Mr Seelenfreund added, “Following our financing in March 2017, we have a solid balance sheet with ~$8M in working capital, a strong product portfolio and customers in international markets and industries. We are well positioned for strong growth in 2017 as we target major carriers and dealerships in the United States.”
A conference call to discuss these results, followed by a short question and answer period will be held tomorrow, May 02, 2017 at 9:00AM EST (6:00AM PST) and can be accessed dialing the following numbers:
North American Toll Free: 1 (877) 291-4570
Local or International: (647) 788-4919
Siyata’s full year fiscal 2016 results can be found at www.sedar.com.
About Siyata
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.
Visit www.siyatamobile.com and http://www.unidencellular.com/ to learn more.
On Behalf of the Board of Directors of:
SIYATA MOBILE INC.
Marc Seelenfreund
CEO and Director
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.
Sales Department:
Glenn Kennedy, VP Sales
Siyata Mobile Inc.
416-892-1823
[email protected]
Investor Relations:
Arlen Hansen
Kin Communications
1-866-684-6730
[email protected]
