Siyata Mobile Inc.

Revenue in Q3 2024 was $5.9 million, up 218% from $1.8 million in Q3 2023 and up 210% from $1.9 million in Q2 2024. U.S. revenue was $4.8 million versus $1.3 million a year ago. Gross margin was 29.0% versus 26.6% in Q3 2023, and gross margin dollars were $1.7 million versus $500,000. SG&A was $4.7 million, up from $2.7 million, and adjusted EBITDA was negative $3.3 million versus negative $1.6 million. For the nine months ended September 30, 2024, revenue was $10.1 million versus $6.3 million, gross margin dollars were $2.8 million versus $1.8 million, and gross margin percentage was 27.3% versus 28.2%. Management did not provide next-quarter revenue guidance, but reiterated its previously stated goal of strong year-over-year revenue growth and profitability in the coming quarters.

Marc Seelenfreund emphasized that Q3 was the strongest revenue quarter in company history and said the increase was driven by stronger demand for the SD7 handset and accessories, plus having inventory to meet that demand. He framed the company as being at an inflection point, citing rapid adoption of its PTT portfolio and the expected 2025 launch of a 5G product lineup. His tone was optimistic, especially around T-Mobile launching part of the portfolio and the possibility that other carriers will follow.

The financial picture was mixed: gross margin improved to 29.0% from 26.6% and gross profit rose to $1.7 million, but SG&A climbed to $4.7 million from $2.7 million, mostly because of marketing and investor-awareness expenses. That spending helped drive adjusted EBITDA to negative $3.3 million versus negative $1.6 million last year. Working capital at September 30, 2024 was $200,000 versus $1.3 million at December 31, 2023, though management said excluding non-cash warrant and preferred share liabilities, working capital would have been $1.3 million versus $1.4 million.

There was no live analyst Q&A on the call; the operator ended the call after prepared remarks. The main investor-facing comments centered on the 2025 5G product launch, T-Mobile being the first carrier to launch part of the portfolio, and management’s view that more carriers could follow. Management also reiterated that it expects strong revenue growth and profitability in the coming quarters.