Siyata Mobile Reports Fourth Quarter and Full Year 2024 Financial Results
Company to highlight Core Gaming AI growth strategy online on April 3 at VirtualInvestorConferences.com
VANCOUVER, BC, March 31, 2025 /PRNewswire/ -- Siyata Mobile Inc. (Nasdaq: SYTA) ("Siyata" or the "Company"), a global developer and vendor of Push-to-Talk over Cellular (PoC) handsets and accessories, today announced its financial results for the three and 12 months ended December 31, 2024.
In light of the recently announced signing of a definitive merger agreement with Core Gaming, Inc. ("Core Gaming"), the Company will not host a conference call to discuss its Q4 and full-year 2024 financial results. Instead, the Company encourages current and prospective investors to join the AI & Technology Virtual Investor Conference on April 3, 2025, where Aitan Zacharin, CEO of Core Gaming, will present Core Gaming's growth strategy. The event will be hosted by VirtualInvestorConferences.com.
Marc Seelenfreund, CEO of Siyata, said, "As we move closer to finalizing our pending merger with Core Gaming, we are confident this strategic combination will unlock new growth opportunities, enhance value for Siyata shareholders and position the combined company for long-term success. Our teams are working diligently to effect the merger, and our goal is to complete it in the second quarter of 2025."
Key financial highlights for the fourth quarter of 2024
-- Revenues of $1.5 million compared to $1.9 million in the year ago
period.
-- Net loss was $8.9 million as compared to a net loss of $3.9 million in
the year ago period.
-- Adjusted EBITDA was ($5.6 million) versus ($2.3 million) in the year ago
period.
Key financial highlights for the full year 2024:
-- Revenues of $11.6 million, up 41% compared to $8.2 million in 2023.
-- Net loss was $25.3 million as compared to a net loss of $12.9 million in
2023.
-- Adjusted EBITDA was ($14.3 million) versus ($7.8 million) in 2023.
Liquidity and Capital Resources
As of December 31, 2024, the Company had a cash balance of $0.2 million compared to $0.9 million as of December 31, 2023.
AI & Technology Virtual Investor Conference Details:
-- Date: Thursday, April 3, 2025
-- Time: 10:30 am Eastern time
-- Registration Link: Register Here
This will be an online event where investors are invited to submit their questions in advance. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.
It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.
About Siyata Mobile Inc.
Siyata Mobile Inc. is a B2B global developer and vendor of next-generation Push-To-Talk over Cellular handsets and accessories. Its portfolio of rugged PTT handsets and accessories enables first responders and enterprise workers to instantly communicate over a nationwide cellular network of choice, to increase situational awareness and save lives. Police, fire, and ambulance organizations as well as schools, utilities, security companies, hospitals, waste management companies, resorts and many other organizations use Siyata PTT handsets and accessories today.
In support of our Push-to-Talk handsets and accessories, Siyata also offers enterprise-grade In-Vehicle solutions and Cellular Booster systems enabling our customers to communicate effectively when they are in their vehicles, and even in areas where the cellular signal is weak.
Siyata sells its portfolio through leading North American cellular carriers, and through international cellular carriers and distributors.
Siyata's common shares trade on the Nasdaq under the symbol "SYTA".
Visit www.siyata.net and unidencellular.com to learn more.
About Core Gaming
Core Gaming is an international AI driven mobile games developer and publisher headquartered in Miami. We create entertaining games for millions of players worldwide, while empowering other developers to deliver player-focused apps and games to enthusiasts. Core's mission is to be the leading global AI driven gaming company. Since our launch we have developed and co-developed over 2,000 games, driven over 600 million downloads, and generated a global footprint of over 40 million users from over 140 countries.
Visit www.coregaming.co to learn more.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. Because such statements deal with future events and are based on Siyata's current expectations, they are subject to various risks and uncertainties and actual results, performance, or achievements of Siyata could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading "Risk Factors" in Siyata's filings with the Securities and Exchange Commission ("SEC"), and in any subsequent filings with the SEC. Except as otherwise required by law, Siyata undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites and social media have been provided as a convenience, and the information contained on such websites or social media is not incorporated by reference into this press release.
-- Tables Follow --
Siyata Mobile Inc.
Condensed Consolidated Statements of Financial Position
(Expressed in US dollars)
USD USD
December 31, December 31,
2024 2023
ASSETS
Current
Cash 181,730 898,771
Trade and other receivables 1,404,180 1,181,257
Prepaid expenses 119,802 29,673
Inventory 3,942,896 3,544,519
Advance to suppliers 33,672 1,048,227
5,682,280 6,702,447
Long term deposit 181,584 147,100
Right of use assets, net 582,485 630,793
Equipment, net 157,820 175,335
Intangible assets, net 8,285,036 7,856,730
Total Assets 14,889,205 15,512,405
Liabilities And Shareholders' Equity
Current
Loans from Financial Institutions 2,077,290 89,298
Sales of future receipts 1,688,435 1,467,899
Accounts payable and accrued liabilities 5,497,957 3,451,128
Lease obligations 296,366 254,668
Warrant and preferred share liability 1,069,513 156,433
10,629,561 5,419,426
Lease obligations 338,373 385,639
338,373 385,639
Total liabilities 10,967,934 5,805,065
Shareholders' Equity
Share capital 104,916,071 85,714,727
Reserves 14,927,501 14,644,200
Accumulated other comprehensive loss 98,870 98,870
Deficit (116,021,171) (90,750,457)
3,921,271 9,707,340
Total Liabilities And Shareholders' Equity 14,889,205 15,512,405
Siyata Mobile Inc.
Consolidated Statement of Operation and Comprehensive Income (Loss)
For the three months ended
December 31, December 31,
2024 2023
Revenue $1,518,150 $1,877,557
Cost Of Sales (2,139,007) (1,010,732)
Gross Profit (620,857) 866,825
-40.9 % 46.2 %
Expenses
Amortization And Depreciation 417,659 446,318
Development Expenses 295,270 405,254
Selling And Marketing 1,010,061 1,630,066
Equity promotion and marketing 1,580,077 242,000
Inventory loss (income) from water damage (49,272)
General And Administrative 1,621,376 1,115,918
Bad Debts (Recovered) (20,064) 20,866
Inventory Impairment 230,312 (161,450)
Impairment of intangibles 279,828
Share-Based Payments 27,733 156,959
Total Operating Expenses 5,442,252 3,806,659
Net Operating Loss (6,063,109) (2,939,834)
Other Expenses
Finance Expense 1,291,593 732,782
Loss on issuance 138,118
Impairment of Investment 1,300,000
Foreign exchange 45,766 139,236
Change in fair value of warrant liability 1,989 1,517,389
Transaction Costs 82,670 (1,462,236)
Total Other Expenses 2,860,136 927,171
Net Loss For The Period $(8,923,245) $(3,867,005)
Comprehensive Loss For The Period (8,923,245) (3,867,005)
Weighted average shares 481,167 2,574
Basic and diluted loss per share (18.55) (1,502.33)
Siyata Mobile Inc.
Condensed Consolidated Statements of Loss and Comprehensive Loss
(Expressed in US dollars)
For the three and 12 months ended December 31, 2024 and 2023
2024 2023 2022
Revenue $
11,629,572 $
8,233,301 $
6,481,910
Cost of sales (9,487,165) (5,575,372) (5,092,011)
Gross profit 2,142,407 2,657,929 1,389,899
EXPENSES
Amortization and depreciation 1,679,839 1,754,957 1,142,165
Development expenses 625,023 578,356 339,828
Selling and marketing 4,480,013 4,364,994 4,508,901
General and administrative 4,859,690 5,128,814 6,942,183
Equity promotion and marketing 5,920,239 1,371,200 707,241
(Gain) loss on valuation of inventory 230,312 (161,450) 813,205
Loss (income) from water damage (834,713) 544,967
Bad debts 6,926 47,526 86,103
Impairment of intangibles 279,828
Share-based payments 283,301 930,564 2,888,704
Total operating expenses 18,365,171 13,180,248 17,973,297
Net operating loss (16,222,764) (10,522,319) (16,583,398)
OTHER EXPENSES
Finance expense 3,541,594 841,815 181,413
Loss on issuance 6,267,400
Loss on extinguishment of financial liability 601,163
Impairment of Investment 1,300,000
Foreign exchange 8,523 (49,258) 586,794
Change in preferred share liability (386,022)
Gain on settlement of derivative (3,723,827)
Change in fair value of convertible promissory note 4,794,710
Change in fair value of warrant liability (48,681) 1,517,389 (8,245,662)
Transaction costs 1,487,800 99,529 1,398,598
Total other expenses 9,047,950 2,409,475 (1,284,147)
Recovery of income taxes
Net loss for the year (25,270,714) (12,931,794) (15,299,251)
Other comprehensive income
Translation adjustment 137,609
Comprehensive loss for the year $
(25,270,714) $
(12,931,794) $
(15,161,642)
Weighted average shares 163,397 1,270 166
Basic and diluted loss per share $
(154.66) $
(10,183) $
(92,164)
Reconciliation to Adjusted EBITDA
(Expressed in US dollars)
For the three and 12 months ended December 31, 2024 and 2023
Three Months Ended 12 Months Ended
December 31, December 31, December 31, December 31,
2024 2023 2024 2023
Net Operating Loss (6,063,109) (2,937,834) (16,222,764) (10,522,319)
Addback
Amortization and depreciation 417,659 446,318 1,679,839 1,754,957
Share based compensation 27,733 156,959 283,301 930,564
Adjusted EBITDA (5,617,717) (2,334,557) (14,259,624) (7,836,798)
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SOURCE Siyata Mobile Inc.
