Q1 2020 Highlights:
- Top line revenue of
$3.06M in Q1 2020, a slight increase over Q1 2019 of$3.03M - Gross margins improved to 32.4% in Q1 2020, up from 28.0% in Q1 2019
- Comprehensive net loss of
$439,935 , vs a net loss of$2.15M in 2019 - Q1 2020 EBITDA was negative
$0 .6MM vs$0 .9MM in Q1 2019, a positive variance of$0 .3MM - A 172% increase quarter over quarter in Q1 YoY North American sales (
$2,010,000 vs$738,000 ) - North American sales represent 66% of Gross sales vs Q1 YoY 24%
- Working capital of
$5 .9MM at end of Q1 2020 vs$8 .3MM at Q1 2019
Important Milestones and Subsequent Events to Q1 2020:
- Closes previously announced
$1.33M unsecured convertible debenture with leading current investor - Received two purchase orders for Uniden® UV 350 4G/LTE in-vehicle device and accessories from leading distributors servicing US Tier 1 cellular operators totalling
$625,000 - Received
$300,000 purchase order for Uniden® UV 350 4G/LTE out ofAustralia - Launched complete portfolio of 4G cellular signal boosters at Amazon.com
- Received
$685,000 follow-on purchase order to supply ambulances with Uniden® UV 350 4G/LTE - Partnered with TASSTA for entry into the Southeast Asian market. TASSTA has integrated its mission critical push-to-talk software across a portfolio of Siyata’s in-vehicle (UV350, CP250) communication devices
- Launched 4G/LTE UR5 rugged smartphone, with IP68 Mil Spec rating, for enterprise and first responder enterprise mobile workforce
- Won
$600,000 contract for rugged Push-to-Talk devices to supply hospitals, healthcare workers and ambulances to help manage the battle against COVID-19 - Received
$400,000 in purchase orders for Uniden® UV 350 4G/LTE from three new distributors working on First Responder projects inthe United States - Signed Uniden® UV 350 4G/LTE supply agreement with global Land Mobile Radio (LMR) and software vendor
"Our first quarter saw a number of positive achievements, including the continued growth of our gross profit margins and rapid growth in our North American revenues and pipeline," said
"In line with our aggressive expansion initiatives within
Details of the conference call:
Date:
Time:
International dial-in number: (647) 427-3299
There will also be a playback of the conference call, available in MP3 format by contacting investor relations below.
About Siyata
Its portfolio of enterprise cellular booster systems enables first responders and enterprise workers to amplify its cellular signal in remote areas, inside structural buildings where signals are weak and within vehicles for maximum cellular signal strength possible.
Visit www.siyatamobile.com and http://www.unidencellular.com/ to learn more.
On Behalf of the Board of Directors of:
CEO
Investor Relations:
1-866-684-6730
SIM@kincommunications.com
416-892-1823
glenn_kennedy@siyatamobile.com
Neither
This news release may include forward-looking statements that are subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward looking. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, and general economic, market or business conditions. There can be no assurances that such statements will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. We do not assume any obligation to update any forward-looking statements except as required under the applicable laws.
Source:
2020 GlobeNewswire, Inc., source