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/C O R R E C T I O N -- Siyata Mobile Inc./

SYTA

In the news release, Siyata Mobile Announces Second Quarter Financial Results, issued 15-Aug-2024 by Siyata Mobile Inc. over PR Newswire, we are advised by the company that the section Key financial highlights for the three months ended June 30, 2024:, first bullet point, should read "Revenues were $1.9 million compared to $2.7 million for the three months ended June 30, 2023." rather than "Revenues were $1.6 million compared to $2.7 million for the three months ended June 30, 2023." In addition the second bullet point of the same section should read "Gross profit of $0.2 million, or 10.4% of revenue, compared to $0.8 million, or 29.7% of revenue..." rather than "Gross profit of ($144,000), or -8.9% of revenue, compared to $804,000, or 29.7% of revenue..." as originally issued inadvertently. The complete, corrected release follows:

Siyata Mobile Announces Second Quarter Financial Results

Management to Host Conference Call at 8:30 a.m. ET on Friday, August 16

VANCOUVER, BC, Aug. 15, 2024 /CNW/ -- 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 months ended June 30, 2024.

Siyata Mobile Inc. (PRNewsfoto/Siyata Mobile Inc.)

Marc Seelenfreund, CEO of Siyata, said, "Second quarter revenue growth was tempered in large part due to the timing of the delivery of customer orders. However, we have a backlog of more than $7 million of confirmed orders, which gives us strong visibility into the second half of 2024. As such, we expect the third quarter will be a break-out quarter with high double digit year-over-year growth as the delivery of orders accelerates. We have achieved 'stocked' status for our SD7 handsets with four of the largest North American cellular carriers and continue to tap into new vertical markets reinforcing a growth trajectory that extends into 2025 and beyond."

Key financial highlights for the three months ended June 30, 2024:

  • Revenues were $1.9 million compared to $2.7 million for the three months ended June 30, 2023.
  • Gross profit of $0.2 million, or 10.4% of revenue, compared to $0.8 million, or 29.7% of revenue, in the same period last year, primarily due to a one-time heavily discounted transaction to an international reseller which we believe will positively impact revenue in second half of 2024.
  • Net loss was $12.9 million as compared to a net loss of $2.3 million in the same period in the prior year, primarily due to a non cash recognition of the differences between fair value of capital raises compared to cash received resulting in a $6.7 million additional loss, as well as a $1.0 million loss due to transaction costs incurred for the financings and $2.0 million of marketing costs on investor awareness of our Company.
  • Adjusted EBITDA was ($3.8 million), versus ($2.0 million) in the prior year.

Liquidity and Capital Resources

As of June 30, 2024, the Company had a cash balance of $2.7 million compared to $0.9 million as of December 31, 2023.

During the second quarter, the company closed two public offerings of common shares and/or pre-funded warrants to purchase common shares for gross proceeds of approximately $10 million in aggregate.

Conference Call Details

The Company will host a conference call at 8:30 a.m. ET on Friday, August 16, 2024 to discuss its second quarter 2024 financial results.

Date: Friday, August 16, 2024
Time: 8:30 a.m. Eastern Time/5:30 a.m. Pacific Time
North America dial-in number: 888-506-0062
International toll-free dial-in number: 973-528-0011
Access Code: 922573

A replay will be available until August 30, 2024. To access the replay, dial +1 (877) 481-4010 or +1 (919) 882-2331. When prompted, enter Passcode 51033.

The call will also be available over the Internet and accessible at: https://www.webcaster4.com/Webcast/Page/2988/51033

About Siyata Mobile

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.

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




June 30,
2024



December 31,
2023


Assets







Current







Cash



2,653,226




898,771


Trade And Other Receivables



1,508,799




1,181,257


Prepaid Expenses



2,244,232




29,673


Inventory



2,299,647




3,544,519


Advance To Suppliers



891,144




1,048,227





9,597,048




6,702,447


Long Term Receivable



142,904




147,100


Investment in Securities



1,000,000




-


Right Of Use Assets



500,849




630,793


Equipment



157,022




175,335


Intangible Assets



7,785,176




7,856,730


Total Assets



19,182,999




15,512,405











Liabilities And Shareholders' Equity









Current









Loans to Financial Institutions



619,068




89,298


Sale of future receipts



2,152,375




1,467,899


Accounts Payable and Accrued Liabilities



4,087,199




3,449,103


Deferred Revenue



3,182




2,025


Short Term Lease Liability



243,214




254,668


Warrant Liability and Preferred Shares



10,755,482




156,433





17,860,520




5,419,426


Long Term Lease Liability



284,393




385,639





284,393




385,639


Total Liabilities



18,144,913




5,805,065


Shareholders' Equity









Share Capital



92,565,727




85,714,727


Reserves



14,845,086




14,644,200


Accumulated Other Comprehensive Loss



98,870




98,870


Deficit



(106,471,597)




(90,750,457)





1,038,086




9,707,340


Total Liabilities And Shareholders' Equity



19,182,999




15,512,405


Siyata Mobile Inc.

Condensed Consolidated Statements of Loss and Comprehensive Loss

(Expressed in US dollars)

For the three and six months ended June 30, 2024 and 2023




Three Months Ended



Six Months Ended




June 30,
2024



June 30,
2023



June 30,
2024



June 30,
2023















Revenue


$

1,890,968



$

2,710,717



$

4,248,847



$

4,513,354


Cost Of Sales



(1,694,154)




(1,906,227)




(3,188,616)




(3,212,347)


Gross Profit



196,814




804,490




1,060,231




1,301,007





10.4

%



29.7

%



25.0

%



28.8

%

Expenses

















Amortization And Depreciation



433,129




453,499




837,787




855,139


Development Expenses



-




31,465




35,000




85,450


Selling And Marketing



954,388




987,803




2,102,406




1,991,168


Equity promotion and marketing



2,000,000




250,000




2,150,000




591,200


General And Administrative



1,033,301




1,503,382




2,071,853




2,554,612


Bad Debts (Recovered)



-




10,148




18,858




10,148


Share-Based Payments



83,762




260,705




200,886




571,533


Total Operating Expenses



4,504,580




3,497,002




7,416,790




6,659,250



















Net Operating Loss



(4,307,766)




(2,692,512)




(6,356,559)




(5,358,243)



















Other Expenses

















Finance Expense



942,283




41,251




1,722,039




75,349


Loss on issuance



6,129,282




-




6,129,282




-


Loss on extinguishment of financial liability



601,163




-




601,163




-


Foreign Exchange



(1,706)




(78,762)




(10,651)




(78,599)


Change In Fair Value of Warrant Liability



(31,986)




(321,384)




(54,570)




1,856,623


Transaction Costs



977,318




-




977,318




-


Total Other Expenses



8,616,354




(358,895)




9,364,581




1,853,373


Net Loss for The Period



(12,924,120)




(2,333,617)




(15,721,140)




(7,211,616)



















Comprehensive Loss for The Period



(12,924,120)




(2,333,617)




(15,721,140)




(7,211,616)



















Weighted average shares (after 18 to 1 reverse split)



108,922




5,417




70,307




4,691


Basic and diluted loss per share



(118.65)




(430.78)




(223.61)




(1,537.33)


Reconciliation to Adjusted EBITDA

(Expressed in US dollars)

For the three and six months ended June 30, 2024 and 2023




Three Months Ended



Six Months Ended




June 30,
2024



June 30,
2023



June 30,
2024



June 30,
2023


Net operating loss



(4,307,766)




(2,692,512)




(6,356,559)




(5,358,243)


addback

















Amortization And Depreciation



433,129




453,499




837,787




855,139


Share-Based Payments



83,762




260,705




200,886




571,533



















Adjusted EBITDA



(3,790,875)




(1,978,308)




(5,317,886)




(3,931,571)


Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/siyata-mobile-announces-second-quarter-financial-results-302224050.html

SOURCE Siyata Mobile Inc.

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/August2024/15/c3471.html



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