The following is a summary of the Siyata Mobile Inc. (SYTA) Q4 2023 Earnings Call Transcript:
Financial Performance:
Siyata reported a decrease in Q4 revenues to $1.9 million, largely due to a drop in booster sales despite increased sales from mission-critical SD7 handsets and accessories.
US revenue rose to account for 67% of total revenue in 2023, up from 59% in 2022.
Rugged device sales showed a marked increase, rising to $6 million in 2023, up by $2.1 million from the previous year.
Gross margin percentage for Q4 2023 stood significantly higher at 46.2% compared to 8.1% in Q4 2022.
Adjusted EBITDA improved to negative $2.3 million in Q4 2023 from negative $5 million the previous year.
SG&A expenses were down to $3 million in Q4 2023, a $1million decrease from Q4 2022.
For the full financial year of 2023, total revenue saw a growth of 27% hitting $8.2 million, up from $6.5 million in 2022.
Business Progress:
Siyata is seeing increased adoption of its critical communication devices in both the U.S. and overseas markets, reaching key sectors including public safety, education, healthcare, security, and hospitality.
It successfully penetrated the market of the four biggest U.S. carriers – AT&T (including FirstNet), Verizon, T-Mobile, and UScellular.
To cater to customer and wireless carrier feedback, Siyata is developing an impressive 5G rugged handset portfolio set to be unveiled soon.
In June 2023, they launched Siyata Real Time View, an innovative real-time camera system for first responder and enterprise vehicles.
For 2024, Siyata's aim is a notable increase in revenue, with sights set on breaching the breakeven point and achieving profitability in the upcoming quarters.
More details: Siyata Mobile IR
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