VANCOUVER - Siyata Mobile Inc. (NASDAQ: SYTA, SYTAW), a provider of Push-to-Talk over Cellular (PoC) devices and cellular signal booster systems, has announced that its SD7 handset battery and power supply have been certified by the Bureau of Indian Standards (BIS). This certification allows the company to sell its SD7 handsets in India through its reseller Consort Digital.
The BIS certification ensures that products comply with Indian quality, safety, and reliability standards. Marc Seelenfreund, CEO of Siyata, emphasized the certification as a testament to their product's quality and their commitment to the Indian market, which boasts over 1.1 billion cellular subscribers. The SD7 handset, combined with Consort Digital's MCX ONE Solution, provides a mission-critical communication platform for first responders and enterprise customers.
Sanjay Jain, Managing Director of Consort Digital, highlighted the importance of BIS certification for expanding sales opportunities within the significant Indian market. Consort Digital specializes in providing communication solutions for various sectors, including public safety and transportation.
Siyata Mobile focuses on B2B development and vending of cutting-edge PoC handsets and accessories, which are used by a range of organizations for instantaneous communication over cellular networks. Their products also include in-vehicle solutions and cellular booster systems to facilitate communication in vehicles and areas with weak cellular signals.
This announcement is based on a press release statement from Siyata Mobile Inc. and does not serve as an endorsement of the company or its products. The information provided reflects the current situation as of the date of the press release and may be subject to change.
In other recent news, Siyata Mobile Inc. has been active on multiple fronts. The company announced the appointment of Mr. Campbell Becher to its board of directors, a move that followed the resignation of former board member Stephen Ospalak. Becher brings over two decades of experience in investment banking, which is expected to contribute to Siyata's growth.
In terms of financials, Siyata Mobile reported a challenging second quarter in the fiscal year 2024, with revenue decreasing from $2.7 million in the same quarter of 2023 to $1.9 million. This decline was attributed to working capital constraints, which the company has addressed through recent capital raises.
The company has also secured new partnerships, including one with a leading global mining company based in North America. This partnership includes an initial order of several hundred SD7 handsets and related accessories for deployment at a Canadian mining site. In addition, Siyata Mobile continues to supply UV350 Vehicle Kits to Intellicom, a long-time client in Kazakhstan.
Looking forward, Siyata Mobile expects Q3 2024 revenue to be significantly higher than Q2 2024 and aims for high double-digit growth for the full year of 2024. New product launches planned for the coming months are expected to positively impact 2025 revenue. These recent developments emphasize Siyata Mobile's commitment to growth and expanding its market presence.
InvestingPro Insights
As Siyata Mobile Inc. (NASDAQ: SYTA) makes strides in the Indian market with its recent BIS certification for the SD7 handset, investors are keeping a keen eye on the company's financial health and market performance. According to InvestingPro data, Siyata Mobile currently has a market capitalization of just under $1 million, reflecting the size and scale of the company in the competitive tech market.
Analyzing the company's revenue, Siyata Mobile reported a total of $7.97 million over the last twelve months as of Q2 2024. However, this figure also indicates a revenue decline of 13.31% during the same period, which suggests challenges in generating sales growth. Despite these challenges, one of the InvestingPro Tips points out that analysts are anticipating sales growth in the current year, which may signal a potential turnaround for the company.
From a valuation perspective, the Price/Book ratio as of Q2 2024 stands at 0.94, which could suggest that the company's stock is valued reasonably in relation to its book value. Nevertheless, it's important to note that Siyata Mobile's stock has experienced significant volatility, with a 1-month price total return showing a steep decline of 64.76%. This level of price volatility is corroborated by one of the InvestingPro Tips, which highlights that the stock generally trades with high volatility.
For investors seeking more detailed analysis and additional insights, there are over 15 InvestingPro Tips available, which provide a comprehensive look at various aspects of Siyata Mobile's financial performance and stock behavior. These tips can be accessed through InvestingPro's platform by visiting the page dedicated to Siyata Mobile at https://www.investing.com/pro/SYTA.
The insights provided by InvestingPro are crucial for investors considering Siyata Mobile Inc. as part of their investment portfolio, especially as the company navigates the vast and growing Indian market.
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