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    Siyata Mobile Reports Fourth Quarter and Full Year 2024 Financial Results

    3/31/25 8:35:00 PM ET
    $SYTA
    Telecommunications Equipment
    Telecommunications
    Get the next $SYTA alert in real time by email

    Company to highlight Core Gaming AI growth strategy online on April 3 at VirtualInvestorConferences.com

    VANCOUVER, BC, March 31, 2025 /PRNewswire/ -- 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 and 12 months ended December 31, 2024.

    siyata mobile logo (PRNewsfoto/Siyata Mobile Inc.)

    In light of the recently announced signing of a definitive merger agreement with Core Gaming, Inc. ("Core Gaming"), the Company will not host a conference call to discuss its Q4 and full-year 2024 financial results. Instead, the Company encourages current and prospective investors to join the AI & Technology Virtual Investor Conference on April 3, 2025, where Aitan Zacharin, CEO of Core Gaming, will present Core Gaming's growth strategy. The event will be hosted by VirtualInvestorConferences.com.

    Marc Seelenfreund, CEO of Siyata, said, "As we move closer to finalizing our pending merger with Core Gaming, we are confident this strategic combination will unlock new growth opportunities, enhance value for Siyata shareholders and position the combined company for long-term success. Our teams are working diligently to effect the merger, and our goal is to complete it in the second quarter of 2025."

    Key financial highlights for the fourth quarter of 2024

    • Revenues of $1.5 million compared to $1.9 million in the year ago period.
    • Net loss was $8.9 million as compared to a net loss of $3.9 million in the year ago period.
    • Adjusted EBITDA was ($5.6 million) versus ($2.3 million) in the year ago period.

    Key financial highlights for the full year 2024:

    • Revenues of $11.6 million, up 41% compared to $8.2 million in 2023.
    • Net loss was $25.3 million as compared to a net loss of $12.9 million in 2023.
    • Adjusted EBITDA was ($14.3 million) versus ($7.8 million) in 2023.

    Liquidity and Capital Resources

    As of December 31, 2024, the Company had a cash balance of $0.2 million compared to $0.9 million as of December 31, 2023.

    AI & Technology Virtual Investor Conference Details:

    • Date: Thursday, April 3, 2025
    • Time: 10:30 am Eastern time
    • Registration Link: Register Here

    This will be an online event where investors are invited to submit their questions in advance. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.

    It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.

    About Siyata Mobile Inc.

    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.

    About Core Gaming

    Core Gaming is an international AI driven mobile games developer and publisher headquartered in Miami. We create entertaining games for millions of players worldwide, while empowering other developers to deliver player-focused apps and games to enthusiasts. Core's mission is to be the leading global AI driven gaming company. Since our launch we have developed and co-developed over 2,000 games, driven over 600 million downloads, and generated a global footprint of over 40 million users from over 140 countries.

    Visit www.coregaming.co 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







    December 31,

    2024





    December 31,

    2023



    ASSETS

















    Current

















    Cash





    181,730







    898,771



    Trade and other receivables





    1,404,180







    1,181,257



    Prepaid expenses





    119,802







    29,673



    Inventory





    3,942,896







    3,544,519



    Advance to suppliers





    33,672







    1,048,227









    5,682,280







    6,702,447



    Long term deposit





    181,584







    147,100



    Right of use assets, net





    582,485







    630,793



    Equipment, net





    157,820







    175,335



    Intangible assets, net





    8,285,036







    7,856,730



    Total Assets





    14,889,205







    15,512,405





















    Liabilities And Shareholders' Equity

















    Current

















    Loans from Financial Institutions





    2,077,290







    89,298



    Sales of future receipts





    1,688,435







    1,467,899



    Accounts payable and accrued liabilities





    5,497,957







    3,451,128



    Lease obligations





    296,366







    254,668



    Warrant and preferred share liability





    1,069,513







    156,433









    10,629,561







    5,419,426



    Lease obligations





    338,373







    385,639









    338,373







    385,639



    Total liabilities





    10,967,934







    5,805,065



    Shareholders' Equity

















    Share capital





    104,916,071







    85,714,727



    Reserves





    14,927,501







    14,644,200



    Accumulated other comprehensive loss





    98,870







    98,870



    Deficit





    (116,021,171)







    (90,750,457)









    3,921,271







    9,707,340



    Total Liabilities And Shareholders' Equity





    14,889,205







    15,512,405



     

    Siyata Mobile Inc.





    Consolidated Statement of Operation and Comprehensive Income (Loss)





    For the three months ended













    December 31,

    2024

    December 31,

    2023







    Revenue

    $1,518,150

    $1,877,557

    Cost Of Sales

    (2,139,007)

    (1,010,732)

    Gross Profit

    (620,857)

    866,825



    -40.9 %

    46.2 %

    Expenses





    Amortization And Depreciation

    417,659

    446,318

    Development Expenses

    295,270

    405,254

    Selling And Marketing

    1,010,061

    1,630,066

    Equity promotion and marketing

    1,580,077

    242,000

    Inventory loss (income)  from water damage

    -

    (49,272)

    General And Administrative

    1,621,376

    1,115,918

    Bad Debts (Recovered)

    (20,064)

    20,866

    Inventory Impairment

    230,312

    (161,450)

    Impairment of intangibles

    279,828

    -

    Share-Based Payments

    27,733

    156,959

    Total Operating Expenses

    5,442,252

    3,806,659







    Net Operating Loss

    (6,063,109)

    (2,939,834)







    Other Expenses





    Finance Expense

    1,291,593

    732,782

    Loss on issuance

    138,118

    -

    Impairment of Investment

    1,300,000

    -

    Foreign exchange

    45,766

    139,236

    Change in fair value of warrant liability

    1,989

    1,517,389

    Transaction Costs

    82,670

    (1,462,236)

    Total Other Expenses

    2,860,136

    927,171

    Net Loss For The Period

    $(8,923,245)

    $(3,867,005)







    Comprehensive Loss For The Period

    (8,923,245)

    (3,867,005)







    Weighted average shares

    481,167

    2,574

    Basic and diluted loss per share

    (18.55)

    (1,502.33)

     

    Siyata Mobile Inc.

    Condensed Consolidated Statements of Loss and Comprehensive Loss

    (Expressed in US dollars)

    For the three and 12 months ended December 31, 2024 and 2023







    2024





    2023





    2022























    Revenue



    $

    11,629,572





    $

    8,233,301





    $

    6,481,910



    Cost of sales





    (9,487,165)







    (5,575,372)







    (5,092,011)



    Gross profit





    2,142,407







    2,657,929







    1,389,899



    EXPENSES

























    Amortization and depreciation





    1,679,839







    1,754,957







    1,142,165



    Development expenses





    625,023







    578,356







    339,828



    Selling and marketing





    4,480,013







    4,364,994







    4,508,901



    General and administrative





    4,859,690







    5,128,814







    6,942,183



    Equity promotion and marketing





    5,920,239







    1,371,200







    707,241



    (Gain) loss on valuation of inventory





    230,312







    (161,450)







    813,205



    Loss (income) from water damage





    -







    (834,713)







    544,967



    Bad debts





    6,926







    47,526







    86,103



    Impairment of intangibles





    279,828







    -







    -



    Share-based payments





    283,301







    930,564







    2,888,704



    Total operating expenses





    18,365,171







    13,180,248







    17,973,297



    Net operating loss





    (16,222,764)







    (10,522,319)







    (16,583,398)





























    OTHER EXPENSES

























    Finance expense





    3,541,594







    841,815







    181,413



    Loss on issuance





    6,267,400







    -







    -



    Loss on extinguishment of financial liability





    601,163







    -







    -



    Impairment of Investment





    1,300,000







    -







    -



    Foreign exchange





    8,523







    (49,258)







    586,794



    Change in preferred share liability





    (386,022)







    -







    -



    Gain on settlement of derivative





    (3,723,827)







    -







    -



    Change in fair value of convertible promissory note





    -







    -







    4,794,710



    Change in fair value of warrant liability





    (48,681)







    1,517,389







    (8,245,662)



    Transaction costs





    1,487,800







    99,529







    1,398,598



    Total other expenses





    9,047,950







    2,409,475







    (1,284,147)



    Recovery of income taxes













    -







    -



    Net loss for the year





    (25,270,714)







    (12,931,794)







    (15,299,251)



    Other comprehensive income

























    Translation adjustment





    -







    -







    137,609



    Comprehensive loss for the year



    $

    (25,270,714)





    $

    (12,931,794)





    $

    (15,161,642)





























    Weighted average shares





    163,397







    1,270







    166



    Basic and diluted loss per share



    $

    (154.66)





    $

    (10,183)





    $

    (92,164)



     

    Reconciliation to Adjusted EBITDA

    (Expressed in US dollars)

    For the three and 12 months ended December 31, 2024 and 2023





     Three Months Ended



    12 Months Ended



    December 31,

    2024

    December 31,

    2023



    December 31,

    2024

    December 31,

    2023













    Net Operating Loss

    (6,063,109)

    (2,937,834)



    (16,222,764)

    (10,522,319)













    Addback











    Amortization and depreciation

    417,659

    446,318



    1,679,839

    1,754,957

    Share based compensation

    27,733

    156,959



    283,301

    930,564













    Adjusted EBITDA

    (5,617,717)

    (2,334,557)



    (14,259,624)

    (7,836,798)

     

    core gaming logo (PRNewsfoto/Siyata Mobile Inc.)

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/siyata-mobile-reports-fourth-quarter-and-full-year-2024-financial-results-302416327.html

    SOURCE Siyata Mobile Inc.

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