VANCOUVER - Siyata Mobile Inc. (NASDAQ: SYTA, SYTAW), a developer of Push-to-Talk over Cellular (PoC) devices, has announced a new order from the City of Hawaiian Gardens, California, for its SD7 handsets and VK7 vehicle kits. The purchase aims to upgrade the city's communication systems by replacing outdated two-way radios with Siyata's cellular-based solution.
The City of Hawaiian Gardens will implement Siyata's technology across various departments, including Public Works, Recreation and Community Service, Public Safety, and Community Development. This move is expected to enhance operational communication capabilities beyond the limitations of traditional two-way radio signal boundaries.
Marc Seelenfreund, CEO of Siyata, stated that the company's PTT solution would allow for secure, reliable communication across the city's operations. The upgrade to Siyata's cellular solution is also presented as a cost-effective alternative to replacing the city's end-of-life two-way radios.
Siyata Mobile specializes in rugged PTT handsets and accessories, catering to first responders, enterprise workers, and various organizations requiring nationwide, instant communication. The company sells its products through North American cellular carriers and international distributors.
The implementation of Siyata's technology in Hawaiian Gardens reflects a growing trend among municipalities and government entities to modernize communication infrastructure for improved service and cost savings.
This order is part of Siyata's broader efforts to penetrate the government sector, offering solutions that promise efficiency and unlimited range for interdepartmental communication. The information regarding this development is based on a press release statement from Siyata Mobile Inc.
In other recent news, Siyata Mobile Inc. announced securing significant orders, valued at $1.2 million and $4.5 million, for its Push-to-Talk over Cellular (PoC) devices and related accessories. These orders are expected to contribute to the company's best sales quarter ending September 2024. The company also integrated Zello's push-to-talk app into its SD7 handsets, enhancing communication for first responders and enterprise workers.
Siyata Mobile made a strategic investment in Canadian Towers & Fiber Optics Inc., a firm that constructs and manages telecom infrastructure in Mexico, opening new avenues for sales initiatives. The company also secured a US patent for its VK7 Vehicle Kit, a mobile conversion apparatus designed for docking cellular data devices.
Moreover, Siyata Mobile unveiled an enhanced version of its SD7 Wired Palm Mic Pro, incorporating advanced AI noise cancellation technology aimed at improving communication clarity in loud environments.
The company also priced a public offering of $4 million in common shares and pre-funded warrants to purchase common shares at $1.30 per share. These are some of the recent developments in Siyata Mobile's operations.
InvestingPro Insights
As Siyata Mobile Inc. (NASDAQ: SYTA, SYTAW) continues to secure new orders and expand its footprint in the government sector, investors are keenly observing the company's financial health and market performance.
According to the latest data from InvestingPro, Siyata Mobile's market capitalization stands at a modest 0.67 million USD, reflecting the size of the company in comparison to its peers. Nevertheless, the firm has reported a notable revenue growth of 17.94% over the last twelve months as of Q1 2024, indicating a positive trajectory in sales—a trend that analysts anticipate will continue in the current year.
InvestingPro Tips highlight that Siyata's stock is currently trading at a low Price / Book multiple of 0.1, which could suggest that the stock is undervalued relative to the company’s book value of assets. The Relative Strength Index (RSI) suggests the stock is in oversold territory, potentially signaling a buying opportunity for investors who believe in the company's long-term prospects.
Despite these potential signs of value, it's crucial to consider that Siyata has been quickly burning through cash, and short-term obligations exceed its liquid assets. Moreover, the company has not been profitable over the last twelve months, and analysts do not anticipate it will be profitable this year. These factors could contribute to the high price volatility that the stock generally trades with, as noted in InvestingPro Tips.
For investors looking for a deeper dive into Siyata Mobile's financials and market potential, InvestingPro offers additional insights—there are 17 more InvestingPro Tips available for SYTA. To explore these tips and gain a comprehensive understanding of Siyata's investment profile, visit InvestingPro's Siyata Mobile page. Don't forget to use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
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