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Siyata Mobile Inc. (SYTA) Stock on the Rise as it Recovers from Disappointing Financial Reports for Q2 2021

Siyata Mobile Inc. (SYTA) stock prices were up by 6.42% as of the market closing on October 25th, 2021. This brought the price per share up to USD$2.82. Subsequent premarket fluctuations saw the stock rise by 5.67%, bringing it up to USD$2.96.

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SYTA Stock’s Revenue Reports

Revenues for the second quarter of fiscal 2021 were reported in the amount of USD$356,979 by SYTA stock. This is comparable to the USD$2,130,981 reported for the prior-year quarter, representing a year-over-year decrease of 83%. This yearly difference is largely attributable to the one-time merchandise return from a customer in the second quarter of fiscal 2021, which amounted to USD$1,130,128. Excluding this one-time impact, the year-over-year decrease would have been 30.2%, and second-quarter revenues would be USD$1,487,107 for the 2021 year.

Net Loss Breakdown

SYTA stock reported a net loss for the second quarter of fiscal 2021, amounting to USD$10,862,538. This is comparable to a new loss of USD$627,004 for the prior year quarter. The significant year over year difference was primarily driven by several non-cash, non-recurring items over the course of the second quarter of fiscal 2021. These include an inventory impairment of USD$1.8 million, an intangible impairment of USD$4.3 million, and a goodwill impairment of USD$0.8 million. Excluding these non cash, non recurring items, adjusted net loss for the 2021 quarter would come out to USD$3.9 million.

SYTA Stock Resists Headwinds

The company has set the stage for greater distribution with expanded partnerships, key new sale hires and expanded product offerings into North America. SYTA stock has been continuously impacted by the ongoing Covid-19 pandemic, resulting in a slow down of its growth plans for 2021 year. Nevertheless, the business has resumed in all three product of the company’s product categories. The company is confident in the continuation of this trajectory as it leverages its key sales channels with consolidated and expanded product offerings.

Proliferation of Rugged Handsets

SYTA stock’s rugged handsets are targeted to roughly 47 million enterprise task and public sector workers across the North American continent. This includes workers in construction, transport, and logistics, manufacturing, energy and utility, public safety, as well as the federal government.

Future Outlook for SYTA Stock

As the world hurtles towards universal immunizations, the company is keen to capitalize on the opportunities afforded to it as a result of the gradual return of the global economy to pre-pandemic levels. SYTA stock is taking steps to ensure the return of its operations onto its regular trajectory of success. Current and potential investors are hopeful that management will be able to effectively leverage the resources at their disposal. This is hoped to facilitate significant and sustained increases in shareholder value over the long term.

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