Siyata Mobile Reports Fourth Quarter and Full Year 2024 Financial Results

Canada NewsWire

VANCOUVER, BC, March 31, 2025

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

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

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,      December 31, 
                                      2024              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,  December 31, 
                                                     2024          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,  December 31,   December 31,  December 31, 
                      2024          2023           2024          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) 
 

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SOURCE Siyata Mobile Inc.

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/CONTACT:

Investor Relations: Brett Maas, Hayden IR, SYTA@Haydenir.com, 646-536-7331 OR Siyata Mobile Corporate: Glenn Kennedy, VP of International Sales, Siyata Mobile Inc., glenn@siyata.net

Copyright CNW Group 2025 
 

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March 31, 2025 20:35 ET (00:35 GMT)