Siyata Mobile Reports Record Revenue Growth Driven by Push-to-Talk Cellular Device Adoption

Siyata Mobile Inc. (NASDAQ: SYTA) reported record revenue growth for the third quarter of 2023, with revenue reaching $5.9 million representing a 218% increase compared to the same period last year. The significant growth is primarily attributed to rising demand for Siyata's SD7 handsets and accessories, particularly in the United States, which accounted for 81% of the company's revenue during the quarter. This performance underscores the ongoing shift in the land mobile radio market towards push-to-talk over cellular technology, which offers benefits such as instant communications, wider nationwide coverage, and greater cost efficiencies for first responders, miners, security professionals, and other industries requiring reliable mobile communication.

Marc Seelenfreund, CEO of Siyata Mobile, emphasized the company's progress, stating that they continue to see rapid adoption of their disruptive solutions and that as the displacement of land mobile radio by push-to-talk-over-cellular continues to progress, this should drive meaningful growth. Seelenfreund also reaffirmed the company's goal of achieving profitability in the coming quarters. The push-to-talk over cellular market is projected to grow at a compound annual growth rate of 11% until 2030, reaching a value of $68.94 billion. Siyata's portfolio of in-vehicle and rugged devices, particularly the SD7 handset, is well-positioned to capitalize on this trend.

During the third quarter, Siyata secured two significant deals that are expected to contribute to future growth. The company received a $2.5 million order for its PTT handsets and Real Time View devices from an international emergency medical services organization, with delivery planned for the first quarter of 2025. Additionally, Siyata announced a partnership with T-Mobile US (NASDAQ: TMUS) to make its SD7 Ultra series 5G mission-critical push-to-talk cellular radio handsets available on T-Mobile's 5G network, the largest in the United States. The SD7 operates on public cellular networks, providing users with nationwide coverage and crystal-clear audio quality in a rugged, water-resistant design suitable for challenging environments.

Looking ahead, Siyata is optimistic about its 5G product portfolio planned for launch in 2025, which the company believes will position it as a leading global PTT handset provider. The recent deal with T-Mobile is expected to be the first of several partnerships with major wireless carriers. As the industry continues to transition from traditional land mobile radio systems to PTToC technology, Siyata Mobile's strong performance and strategic partnerships indicate its potential for continued growth in the evolving mobile communication landscape. The company's focus on rugged, reliable devices for critical communications positions it well to meet the increasing demand from various sectors, including emergency services, industrial operations, and security services.