Siyata Mobile Inc. (NASDAQ: SYTA) has seen a notable rise in its stock value following the announcement of a significant new order and the release of its financial results for the three months ended June 30, 2024. Shares of the company rose by 5.75%, closing the previous session at $2.39, signaling growing investor interest.
Growth and Future Projections
Siyata Mobile (SYTA) had revenues of $1.9 million for the second quarter, down from $2.7 million for the same period last year. The timing of client order fulfillment was the main cause of the decline. In spite of this, SYTA has a healthy backlog of confirmed orders totaling more than $7 million, giving it good visibility into the second half of 2024.
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Management is optimistic that the third quarter will be a breakthrough, expecting high double-digit year-over-year growth as the pace of order deliveries increases. Siyata Mobile also concluded two public offers of common shares and/or pre-funded warrants to acquire common shares during the second quarter, raising a total of around $10 million in gross proceeds.
Additionally, Siyata Mobile’s SD7 handsets have attained “stocked” status with four of the largest North American cellular carriers. This milestone is projected to further drive growth, as the company continues to explore new vertical markets, with expectations of extending its growth trajectory into 2025 and beyond.
California Parks and Recreation Order
Siyata Mobile also secured a new customer, the California Department of Parks and Recreation, delivering its SD7 handsets for use at beaches and waterfronts. These rugged devices, ideal for outdoor use, were delivered just ahead of the busy Fourth of July holiday to enhance public safety efforts.
Lifeguards and other parks professionals are using the devices to remain connected across vast areas, ensuring efficient communication and quick response times. A total of 75 devices were provided, enabling California State Park Lifeguards in Orange County to connect seamlessly with dispatch, patrol units, and rescue vessels via FirstNet’s push-to-talk network.
This improved communication infrastructure has enhanced operational efficiency and situational awareness, providing a robust and cost-effective replacement for the previous system.
