News Release
Major Leadership Additions, Partnerships With All Leading Carriers: How This Small-Cap Aims To Disrupt The Massive Push-To-Talk Over Cellular Market
Siyata Mobile Inc.
By Kyle Anthony, Benzinga Recent years have seen many industries being disrupted, and innovation is occurring everywhere, even with the walkie-talkie – more formally known as a handheld transceiver – industry. Siyata Mobile Inc. (NASDAQ: SYTA), a global developer and vendor of Push-to-Talk over Cellular (PoC) handsets and accessories, is set on revolutionizing the industry through its innovative devices – and is implementing seminal strategic initiatives and bringing in industry experts to further the firm’s goal of disrupting a legacy multi-billion-dollar two-way radio market. Siyata Mobile Inc.’s Background Founded in 2012 and headquartered in Canada, Siyata Mobile aims to be the global leader in the growing Push-to-Talk over Cellular industry by disrupting the legacy of the Land Mobile Radio (LMR) industry with next-generation communication technology. The firm has gained prominence as a developer and provider of technologically advanced rugged smartphones, in-vehicle mounted cellular communications devices and cellular signal boosters. Siyata has customers throughout the United States, Canada, Europe, Australia and the Middle East. The Growing Push-To-Talk Over Cellular Market As the name suggests, Push-to-Talk over Cellular uses mobile networks to relay communications to another handset. It supports all the advanced features of digital mobile radios and combines them with 4G and 5G bandwidth and nationwide coverage. Research published by Allied Market Research valued the Push-to-Talk over Cellular market at $3.43 billion in 2019 and projects it to reach $6.95 billion by 2027. Compared to LMR, Push-to-Talk over Cellular handsets work virtually anywhere on cellular networks, support third-party data applications and are less capital intensive for customers, as they have a lower price point and do not require investment in tower sites. Siyata Mobile: Revenue Growth And Strategic Initiatives For the fiscal year 2023, Siyata Mobile Inc’s. reported revenue and gross profit were $8.23 million and $2.66 million, respectively – an increase of 27.0% and 91.2% from the previous year. Regarding the firm’s business model, Siyata Mobile markets its devices with leading cellular carriers and their distributors, who sell them to enterprise customers. Leveraging these carrier sales channels and their broad customer base with Siyata Mobile’s product portfolio means the firm can maintain a lean operating cost structure. Siyata Mobile gives carriers the ability to activate a SIM card and generate income otherwise not captured with customers who use LMR, and the company reports that it has already partnered with all major carriers in the U.S. Siyata Mobile’s integration with the Zello push-to-talk application is a strategic initiative launched with the goal of elevating the value proposition of the firm’s product offering. Zello is a live voice push-to-talk communication platform that turns any smart device into a digital two-way radio that works over Wi-Fi and cell networks anywhere in the world. Purpose-built to connect frontline teams and communities, the push-to-talk walkie-talkie app offers instant voice communication with one or many in unlimited secure, private channels, as well as message replay, emergency alerts, location tracking, dispatch capabilities and Bluetooth device support. With more than 175 million reported users registered worldwide and 99.99% uptime, Zello is simple to use and easily connects frontline and operations teams with a platform that is easy to use. Addition Of Industry Veterans To Siyata Mobile’s Leadership Team Since July 2023, Syiata Mobile has made a series of personnel moves that have positioned the firm to strengthen and broaden its value proposition. In July 2023, it was announced that industry veteran Doug Clark would assume the role of Assistant Vice President, Sales and Marketing at the firm. Clark joins Siyata following a 20-plus year career with AT&T. Most recently, he served as Assistant Vice President for AT&T's FirstNet, the only nationwide wireless communications network that was designed and built specifically for first responders and the extended public safety community. More recently, Syiata announced the addition of Bob Escalle and T.J. Kennedy to the firm. Escalle will assume the role of vice president of public safety. Public Safety, the most significant and fastest-growing vertical within the push-to-talk industry, benefits from the increasing focus on safety in the U.S. and worldwide. Escalle brings over 30 years of extensive experience across the U.S., European and Asian markets at leading global PTT companies, including Motorola Solutions, ESChat and Nemergent Solutions. He joins Siyata from Samsung Electronics America, where he served as Director of New Business for Enterprise and Public Safety. Kennedy will join Syiata’s advisory board, which assists management with strategic thinking, operational execution and sales strategy. He is widely recognized as a thought leader in mission-critical communications and public safety. Kennedy is also a venture advisor for AI Fund, a team of AI pioneers, proven entrepreneurs, seasoned operators and venture capitalists that collaborates with leading entrepreneurs to solve big challenges using artificial intelligence. He is a board member at the public safety drone company Echelon AI. He has also previously served as CEO and as a board director of WRAP Technologies, a global provider of public safety solutions, where he created a strategic roadmap with a focus on improved pricing and profitability, right-sized expenses and successfully grew gross profit year over year by 87%. Prior to that, he served in senior leadership roles, including as CEO, primarily for companies operating in the public safety space. Path To Profitability Customers' willingness to grow their business with a particular vendor indicates customer satisfaction. Recently, Siyata Mobile announced receiving a $1.2 million order from an existing customer, a leading international EMS service provider, for additional units of the company's PoC rugged handsets, Real Time View and related accessories. Regarding this new purchase order, Marc Seelenfreund, CEO of Siyata, stated, "Building on our July 18, 2024 press release highlighting $4.5 million in new orders, this additional order for $1.2 million further shows the market demand for our Siyata solutions. This order is a great testament to our technology and the performance of our devices and monitoring system. This customer has repeatedly purchased our devices over the past two years to enable better collaboration and improve command and control of critical communications across its operation. Our devices are rugged, reliable and mission critical allowing EMS units and first responders to focus on emergency response and saving lives." Wall Street analysis also reveals the company may be on the verge of profitability, as recent coverage suggests that the company is expected to be profitable in 2026. As mentioned in the article, Siyata Mobile has exhibited financial prudence as it continues to grow, highlighting the future-focused mentality present among the firm’s leadership. The Way Forward As a business-to-business global developer and vendor of next-generation Push-To-Talk over Cellular handsets and accessories, Siyata Mobile continually seeks to enhance the utility it provides to its customers, which includes police, fire and ambulance organizations as well as schools, utilities, security companies, hospitals, waste management companies, resorts and many other organizations. The firm’s strategic initiatives and recent personnel moves reflect its focus on meaningful growth and strengthening its internal capabilities through veteran industry leadership as it continues to disrupt the industry’s landscape. Featured photo by Oxana Melis on Unsplash. Siyata Mobile Inc. is a B2B global vendor of next-generation Push-To-Talk over Cellular devices, cellular booster systems, and video monitoring solutions. Its portfolio of in-vehicle and rugged devices enables first responders and enterprise workers to instantly communicate, over a nationwide cellular network of choice, to increase situational awareness and save lives.Its portfolio of enterprise-grade and consumer cellular booster systems enables first responders and enterprise workers to amplify cellular signals in remote areas, inside structural buildings where signals are weak, and within vehicles for the maximum cellular signal strength possible.For its video monitoring system, Siyata integrates software that we license with off-the-shelf hardware providing our customers with an integrated advanced camera system for management and visual monitoring of their fleet vehicles. 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 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. This post contains sponsored content. This content is for informational purposes only and not intended to be investing advice. Contact Details Brett Maas SYTA@haydenir.com
July 25, 2024 08:45 AM Eastern Daylight Time
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