Siyata Mobile Inc. (SYTA) is a cellular communication solution provider for consumers. Company’s platform of in-vehicle and rugged smartphones are widely used to improve communication. The company also offers rugged handheld clamshell devices for the international markets. The company also provides cellular signal boosters and different accessories for homes and manufacturing sites.
The price of SYTA stock during the regular trading on December 28, 2021 with a slight decline of 4.55% was $2.94. At last check in the premarket on December 29, 2021, the stock skyrocketed by 13.95%.
SYTA: Events and Happenings
On December 7, 2021, SYTA announced about receipt of $1.3 million acquisition order for emergency responder customers in Europe, Middle East and Africa. The order was placed for the SYTA’s SD7 ruggedized system and VK7 units. SD7 is Push-To-Talk (PTT), device with partial interface while VK7 is a pioneer patent-pending vehicle kit along with a 20-watt speaker. VK7 is used with SD7.
On November 15, 2021 SYTA reported the closure of the already announced funding contract for gross proceeds of $6 million by The Lind Partners (institutional fund manager). The proceeds were used to repay and end existing convertible notes.
SYTA: Key Financials
On October 14, 2021 SYTA reported its financial results for the three months ended June 30, 2021. Some of the main highlights are as follows
Revenue
Revenues for the second quarter 2021 was reported to be $0.35 million as compared to $2.1 million for the same period of 2020. The revenue reduced over the year period by 83%.
Net Loss
Net loss reported by the company for the three months ended June 30, 2021 was $10.8 million as compared to net loss of $0.62 million for the same period of prior year. Net loss increased over the year by $10.3 million.
On October 13, 2021 SYTA reported about receipt of approval for the Company’s flagship UV350 device from Telstra, a leading Australia’s cellular carrier. The UV350 is the preliminary global 4G/LTE vehicle fleet communication system to optimize mobile communications during driving.
Conclusions
The company’s stock showed a 14% plummeting as compared to the past month. But the current market situation is favoring the stock of SYTA possibly due to uncertain reasons. The analysts are optimistic about the future investments in the company and show of interest by the investors in the company’s policies.
