Siyata Mobile (NASDAQ: SYTA) is proving that being different is good. Not only for itself but for its investors, evidenced by its stock price increasing over 23% to $3.23 at the time of this writing, well above the $2.61 level it closed last Friday. The potentially better news for investors, keeping in mind the adage "volume precedes price," is that this impressive gain could be the precursor to even higher share prices. Monday's volume was over 15X its average, and yesterday's has already eclipsed the 7X mark heading into the final two hours of trading.
The interest comes after two significant announcements related to its popular SD7 Push-to-Talk Over Cellular (PoC) handset. The first was on Monday, with SYTA announcing its revolutionary handset will be included in FirstNet®'s 'Free Feature Phone for Life' promotion, offered in collaboration with AT&T (NYSE: T). This promotion is a milestone deal that could provide a potentially significant and near-term steepening to SYTA's revenue curve. That's not an overly optimistic assessment, either.
Not only does this deal highlight the increasing early adoption of its SD7 handsets, but it also comes with the marketing strength of an industry behemoth that can provide introductions to millions of customers and significantly expand its distribution footprint. That news was followed on Tuesday, with Siyata revealing that it has scored a deal worth $2.2 million for its flagship SD7 handsets and associated accessories. That's significant, considering that this deal alone is worth more than the total revenues of $1.9 million posted in Q4 last year. Thus, the rally is deserved.
Scoring Contract Wins That Deepen Market Penetration
And it should continue. Remember, inking deals with companies like AT&T doesn't come easy. This one results from a rigorous review process that FirstNet Ready® devices undergo, meaning that the SD7 handset meets or exceeds stringent reliability, security, and performance standards. The SD7 checks those boxes, facilitating its addition to the FirstNet Ready® products arsenal available to PoC segment clients needing effective and durable devices during critical missions.
More deals are likely to accrue. Keep in mind that Siyata is no newbie to the sector, with its product lineup having been instrumental in its pursuit to secure a global market leadership position in the fast-growing Push-to-Talk Over Cellular (PoC) sector. Thus, don't be misled by the company's current $2.26 million market cap. This company is performing in the major leagues of the industry and is disrupting traditional Land Mobile Radio (LMR) markets with innovative and, in many cases, unrivaled cellular technology.
In fact, the SD7 handset is being described as the pinnacle of next-generation communication solutions. Why? Because unlike many competing products, Siyata designed its to seamlessly integrate with existing systems while offering unparalleled functionality. That difference and advantage allow the SD7 to uniquely bridge the gap between traditional two-way radios and modern cellular networks.
Better still, from an investor's perspective, its rugged design, military-standard durability, and reliable nationwide coverage have opened doors to major markets across various verticals, including first responders, security, education, commercial fleets, and construction teams. That's certainly not an exhaustive list.
Market Expected To Breach $50 Billion By 2025
But don't just consider the specific markets in play; consider the revenue potential. Siyata has its sights set on a combined addressable market opportunity north of $50 billion by 2025 in the North American markets alone. Most important to maximizing that potential is that this company has the right products to target the most potentially lucrative categories in the PoC industry. In addition to the SD7, the company offers in-vehicle mounted IoT cellular communications devices and cellular signal boosters for global first responders and enterprise customers.
Siyata's extensive product portfolio is a crucial distinction, allowing it to penetrate markets quickly and take market share. They are already biting into share once held almost exclusively by the industry's LMR behemoths like Motorola Solutions Inc. (NYSE: MSI), L3Harris Technologies Inc. (NYSE: LHX), and overseas brands such as JVC Kenwood Corp. (TSE: 6632) and Hytera Communications Corp (SZSE: 002583). The best part of the SYTA value proposition is that its steeping growth curve shows no signs of slowing.
On the contrary, growth is accelerating from the company aggressively capitalizing upon PoC market opportunities, including benefits earned by targeting complementary product categories whose synergies include using the same core channels and servicing the same customers. No other known competitor offers a similarly comprehensive portfolio of products, a distinction enabling Siyata to replace one-time ambition with real-time revenues from carriers that appreciate the breadth of its single-vendor asset portfolio. That difference is advantageous because it provides synergistic sales benefits and simplifies integration processes.
Targeting Multiple High-Dollar Market Opportunities
Still, while Siyata is targeting the rewards from providing field PoC applications, opportunities from In-Vehicle PoC solutions are also in the revenue-generating crosshairs. Siyata's complementary and innovative VK7 is a first-in-class, in-car solution that pairs with its SD7. Like the company's SD7, the VK7's strength is its unique design, including connections to vehicle power, an integrated 10W speaker, a simple Slide-In connection, and internal active cooling. Additionally, the kit has a modularity that allows for the integration of multiple accessory solutions.
Another product in the in-vehicle family is the UV350, an in-vehicle smartphone specifically designed to optimize mobile communications while driving. The UV350 is already considered a preferred IoT device for commercial vehicles because its 4G/LTE speed is always powered and supports FirstNet® certified apps, including fleet management, dispatch, GPS mapping, and other custom solutions. There's more contributing to the value proposition.
The company also intends to drive higher revenues from its Channel Relationships, allowing it to market devices with global cellular carriers and distributors who sell to its enterprise customers. Leveraging these carrier sales channels and their broad customer base with its own core complementary product categories benefits brings a unique advantage in providing client carriers the ability to activate a SIM card and generate income otherwise not captured with customers using traditional LMR.
These advantages led to a deal with Bell Mobility Inc., a division of Bell Canada, that puts potential business from its more than 10 million subscribers into play. That's not all. The company announced the addition of RadioTrader, the UK's and Ireland's premier two-way radio supplier, to distribute its mission-critical SD7 PoC device and VK7 vehicle kit accessory. That deal is expected to attract business from various industries that rely on RadioTrader and its over 20 years of industry experience for two-way radio solutions. Moreover, the addition of Siyata's SD7 device and VK7 vehicle kit validates the quality of its products and, more importantly, could provide fuel to score considerably more near-term sales.
2023 Milestones To 2024 Catalysts
Based on recent deals announced, that's indeed the case. Moreover, they show that Siyata is firing on all business cylinders and leveraging its status as a leading global vendor of next-generation Push-To-Talk over Cellular devices and cellular booster systems. That should keep the trend of excellent operating performance continuing.
Its deals this month alone support that bullish presumption. And remember, these agreements include promotional collaborations with one of the world's largest carriers and distributors. In addition, Siyata appears to be gaining business traction where others aren't, which puts hundreds of millions, if not billions, in its revenue crosshairs from laying the groundwork to keep the competitive landscape thin.
Thus, summing its parts and despite its May run, with best-in-class products and deals with top-tier clients, the disconnect between Siyata's share price, assets, and potential remains wide. However, that's not necessarily bad news for investors searching for value. In this case, that gap exposes an opportunity to position in a company that is changing the PoC landscape. And knowing that Wall Street windows of opportunity can close quickly, capitalizing sooner rather than later may be the best course of action.
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