#Canada #Vancouver #financial results #Siyata Mobile #Core Gaming

Siyata Mobile Reports Financial Results for 2024

On March 31, 2025, Siyata Mobile Inc. (Nasdaq: SYTA), a prominent developer and vendor of Push-to-Talk over Cellular (PoC) devices, revealed significant updates regarding its financial performance for the fourth quarter and full year of 2024. This announcement comes amid exciting developments for Siyata, including a strategic merger with Core Gaming, Inc., aimed at enhancing shareholder value and facilitating long-term growth.

Key Financial Highlights

Fourth Quarter of 2024

In the fourth quarter, Siyata achieved revenues totaling $1.5 million, down from the previous year’s $1.9 million for the same period. The company reported a net loss of $8.9 million, which represents a notable increase compared to the $3.9 million net loss recorded in the fourth quarter of 2023. Adjusted EBITDA for this quarter stood at ($5.6 million), compared to ($2.3 million) in the previous year.

Full Year of 2024

For the entire year, Siyata Mobile reported $11.6 million in revenues, marking a 41% increase from $8.2 million in 2023. Despite this growth in revenue, net losses rose significantly to $25.3 million, compared to $12.9 million in the previous fiscal year. The adjusted EBITDA for the year was ($14.3 million), reflecting the company's ongoing investments and operational expenditures.

Liquidity Position

As of December 31, 2024, Siyata’s cash reserves were summarized at $0.2 million, a decrease from the $0.9 million reported at the end of 2023. This liquidity position is crucial as the company prepares for its upcoming merger with Core Gaming, which is expected to unlock new growth opportunities.

Marc Seelenfreund, the CEO of Siyata, emphasized the strategic nature of merging with Core Gaming. He stated, "We believe this merger will create substantial growth opportunities and improve value for our shareholders. Our teams are working hard to finalize this agreement, aiming for completion in the second quarter of 2025."

Upcoming Virtual Investor Conference

Siyata is not hosting a conference call to further elaborate on these results. Instead, they are participating in the AI Technology Virtual Investor Conference scheduled for April 3, 2025. During this event, investors can gain insights into Core Gaming's growth strategies from their CEO, Aitan Zacharin. This decision reflects the company's focus on utilizing innovative platforms for investor engagement.

About Siyata Mobile Inc.

Founded as a B2B provider, Siyata Mobile has developed advanced Push-To-Talk over Cellular handsets and accessories tailored for first responders and enterprise users. Their robust handsets enable instant communication over a reliable cellular network, thus improving situational awareness and enhancing operational efficiency.

Siyata distributes its products through leading North American cellular carriers and has a growing international presence. As it continues to innovate in the realm of telecommunications, its merger with Core Gaming is poised to catalyze further growth and development.

For further details on Siyata Mobile Inc. and its products, visit www.siyata.net and explore Core Gaming for insights into their gaming innovations. This union represents a strategic movement in both companies' ambitions and aims to shape their future trajectories significantly.

Conclusion

As Siyata Mobile navigates through challenging financial waters, the strategic merger with Core Gaming signifies a proactive step towards revitalizing its brand and enhancing shareholder confidence. Investors and industry observers will be keenly watching how this merger unfolds and impacts the financial landscape of both companies moving forward.