Siyata Mobile Reports $3.06M in Q1 2020, Schedules Conference Call

MONTRÉAL, June 30, 2020 (GLOBE NEWSWIRE) -- Siyata Mobile Inc. (TSX-V:SIM / OTCQX:SYATF/ FRA: WK3D) announces it has filed its Q1 2020 financials and will be hosting an investor conference call on Thursday, July 2^nd at 9:00 AM EDT (6:00 AM PDT) to discuss these results followed by a Q&A for investors.

Q1 2020 Highlights:

• Top line revenue of $3.06M in Q1 2020, a slight increase over Q1 2019 of $3.03M
• Gross margins improved to 32.4% in Q1 2020, up from 28.0% in Q1 2019
• Comprehensive net loss of $439,935, vs a net loss of $2.15M in 2019 
• Q1 2020 EBITDA was negative $0.6MM vs $0.9MM in Q1 2019, a positive variance of $0.3MM
• A 172% increase quarter over quarter in Q1 YoY North American sales ($2,010,000 vs $738,000)
• North American sales represent 66% of Gross sales vs Q1 YoY 24%
• Working capital of $5.9MM at end of Q1 2020 vs $8.3MM at Q1 2019

Important Milestones and Subsequent Events to Q1 2020:

• Closes previously announced $1.33M unsecured convertible debenture with leading current investor
• Received two purchase orders for Uniden UV 350 4G/LTE in-vehicle device and accessories from leading distributors servicing US Tier 1 cellular operators totalling $625,000
• Received $300,000 purchase order for Uniden UV 350 4G/LTE out of Australia
• Launched complete portfolio of 4G cellular signal boosters at Amazon.com
• Received $685,000 follow-on purchase order to supply ambulances with Uniden UV 350 4G/LTE
• Partnered with TASSTA for entry into the Southeast Asian market. TASSTA has integrated its mission critical push-to-talk software across a portfolio of Siyata’s in-vehicle (UV350, CP250) communication devices
• Launched 4G/LTE UR5 rugged smartphone, with IP68 Mil Spec rating, for enterprise and first responder enterprise mobile workforce
• Won $600,000 contract for rugged Push-to-Talk devices to supply hospitals, healthcare workers and ambulances to help manage the battle against COVID-19
• Received $400,000 in purchase orders for Uniden UV 350 4G/LTE from three new distributors working on First Responder projects in the United States
• Signed Uniden UV 350 4G/LTE supply agreement with global Land Mobile Radio (LMR) and software vendor

"Our first quarter saw a number of positive achievements, including the continued growth of our gross profit margins and rapid growth in our North American revenues and pipeline," said Marc Seelenfreund, CEO of Siyata Mobile.