Technology

Siyata Mobile Reports Third Quarter Revenue of $5.9 Million, Up 218%

Published

2 months ago

November 14, 2024

Accelerating Adoption Driving Exponential Increase in Unit Sales

Management to Host Conference Call at 8:30 a.m. ET on Friday, November 15

VANCOUVER, BC, Nov. 14, 2024 /CNW/ — Siyata Mobile Inc. (Nasdaq: SYTA) (“Siyata” or the “Company”), a global developer and vendor of Push-to-Talk over Cellular (PoC) handsets and accessories, today announced its financial results for the three months ended September 30, 2024.

Marc Seelenfreund, CEO of Siyata, said, “We delivered $5.9 million in revenue for the third quarter, the largest in our company’s history and representing exponential growth of more than 200% year-over-year. This performance underscores the significant momentum we are building, especially in the U.S. market, where sales have increased by 55% year-to-date. More broadly, demand for our SD7 handsets is increasing across a diversity of vertical markets and use cases. Adoption of our disruptive, ruggedized handsets is accelerating to replace more traditional land mobile radio (LMR).”

Seelenfreund continued, “We are optimistic about our outlook going forward with the goal of reaching profitability in the coming quarters. We have a pipeline of exciting new sales opportunities, and we are well positioned with ample inventory to meet demand. Further, we believe that we have a very exciting 5G product portfolio planned to launch in 2025 which will position us as the leading PTT handset provider on a global level. We announced recently that T-Mobile is the first wireless carrier that will be launching part of the portfolio and will be releasing details of the innovative devices over the coming months. We are optimistic that more wireless carriers will follow suit.”

Key financial highlights for the three months ended September 30, 2024:

Revenues were $5.9 million compared to $1.8 million for the three months ended September 30, 2023.Revenue from the U.S. market was $4.8 million, or 81% of total revenue, compared to $1.3 million or 69% percent of total revenue for the three months ended September 30, 2023.Gross margin of $1.7 million, or 29.0% of revenue, compared to $0.5 million, or 26.6% of revenue, in the same period last yearNet loss was $0.6 million as compared to a net loss of $1.9 million in the same period last year.Adjusted EBITDA was ($3.3) million versus ($1.6) million in the same period last year.

Liquidity and Capital Resources

As of September 30, 2024, the Company had a cash balance of $0.2 million compared to $0.9 million as of December 31, 2023.

Conference Call Details

The Company will host a conference call at 8:30 a.m. ET on Friday, November 15, 2024 to discuss its third quarter 2024 financial results.

Date: Friday, November 15, 2024
Time: 8:30 a.m. Eastern Time/5:30 a.m. Pacific Time
North America dial-in number: +1 (888) 506-0062
International toll-free dial-in number: +1 (973) 528-0011
Access Code: 721899

A replay will be available until November 29, 2024. To access the replay, dial +1 (877) 481-4010 or +1 (919) 882-2331. When prompted, enter Passcode 51578.

The call will also be available over the Internet and accessible at: https://www.webcaster4.com/Webcast/Page/2988/51578.

About Siyata Mobile

Siyata Mobile Inc. is a B2B global developer and vendor of next-generation Push-To-Talk over Cellular handsets and accessories. Its portfolio of rugged PTT handsets and accessories enables first responders and enterprise workers to instantly communicate over a nationwide cellular network of choice, to increase situational awareness and save lives. Police, fire, and ambulance organizations as well as schools, utilities, security companies, hospitals, waste management companies, resorts and many other organizations use Siyata PTT handsets and accessories today.

In support of our Push-to-Talk handsets and accessories, Siyata also offers enterprise-grade In-Vehicle solutions and Cellular Booster systems enabling our customers to communicate effectively when they are in their vehicles, and even in areas where the cellular signal is weak.

Siyata sells its portfolio through leading North American cellular carriers, and through international cellular carriers and distributors.

Siyata’s common shares trade on the Nasdaq under the symbol “SYTA”.

Visit www.siyata.net and unidencellular.com to learn more.

Forward Looking Statements
This press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. Because such statements deal with future events and are based on Siyata’s current expectations, they are subject to various risks and uncertainties and actual results, performance, or achievements of Siyata could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in Siyata’s filings with the Securities and Exchange Commission (“SEC”), and in any subsequent filings with the SEC. Except as otherwise required by law, Siyata undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites and social media have been provided as a convenience, and the information contained on such websites or social media is not incorporated by reference into this press release.

— Tables Follow —

Siyata Mobile Inc.
Condensed Consolidated Statements of Financial Position
(Expressed in US dollars)

USD

September 30, 2024

December 31, 2023

Assets

Current

Cash

220,243

898,771

Trade And Other Receivables

3,058,921

1,181,257

Prepaid Expenses

1,441,564

29,673

Inventory

3,866,118

3,544,519

Advance To Suppliers

683,442

1,048,227

9,270,288

6,702,447

Long Term Receivable

177,155

147,100

Investment in Securities

1,300,000

–

Right Of Use Assets

431,471

630,793

Equipment

145,750

175,335

Intangible Assets

8,038,601

7,856,730

Total Assets

19,363,265

15,512,405

Liabilities And Shareholders’ Equity

Current

Loans to Financial Institutions

2,546,335

89,298

Sale of future receipts

996,048

1,467,899

Accounts Payable And Accrued Liabilities

4,374,116

3,449,103

Deferred Revenue

31,277

2,025

Short Term Lease Liability

26,427

254,668

Warrants and preferred shares liability

1,051,865

156,433

9,026,068

5,419,426

Long Term Lease Liability

439,027

385,639

439,027

385,639

Total Liabilities

9,465,095

5,805,065

Shareholders’ Equity

Share Capital

101,997,458

85,714,727

Reserves

14,899,768

14,644,200

Accumulated Other Comprehensive Loss

98,870

Deficit

(107,097,926)

(90,750,457)

9,898,170

9,707,340

Total Liabilities And Shareholders’ Equity

19,363,265

15,512,405

Siyata Mobile Inc.
Condensed Consolidated Statements of Loss and Comprehensive Loss
(Expressed in US dollars)
For the three and nine months ended September 30, 2024 and 2023

Three Months Ended

Nine Months Ended

September 30,
2024

September 30,
2023

September 30,
2024

September 30,
2023

Revenue

$ 5,862,575

$ 1,842,390

$ 10,111,422

$ 6,355,744

Cost Of Sales

(4,159,542)

(1,352,293)

(7,348,158)

(4,564,640)

Gross Profit

1,703,033

490,097

2,763,264

1,791,104

29.0 %

26.6 %

27.3 %

28.2 %

Expenses

Amortization And Depreciation

424,393

453,500

1,262,180

1,308,639

Development Expenses

294,753

87,652

329,753

173,102

Selling And Marketing

1,367,546

743,760

3,469,952

2,734,928

Equity promotion and marketing

2,190,162

540,000

4,340,162

1,131,200

Inventory loss (income) from water
damage

–

(405,364)

–

(405,364)

General And Administrative

1,166,461

1,458,284

3,238,314

4,012,896

Bad Debts (Recovered)

8,132

16,512

26,990

26,660

Insurance proceeds from water
damage

–

(380,077)

–

(380,077)

Share-Based Payments

54,682

202,072

255,568

773,605

Total Operating Expenses

5,506,129

2,716,339

12,922,919

9,375,589

Net Operating Loss

(3,803,096)

(2,226,242)

(10,159,655)

(7,584,485)

–

Other Expenses

–

Finance Expense

527,962

33,684

2,250,001

109,033

Loss on issuance

–

6,129,282

–

Loss on extinguishment of financial
liability

–

601,163

–

Foreign exchange

(26,592)

(109,895)

(37,243)

(188,494)

Change in preferred share liability

(386,022)

–

(386,022)

Gain on settlement of derivative

(3,723,827)

–

(3,723,827)

Change in fair value of warrant
liability

3,900

(294,858)

(50,670)

1,561,765

Transaction Costs

427,812

–

1,405,130

–

Total Other Expenses

(3,176,767)

(371,069)

6,187,814

1,482,304

Net Loss For The Period

$ (626,329)

$ (1,855,173)

$(16,347,469)

$ (9,066,789)

Comprehensive Loss For The Period

(626,329)

(1,855,173)

(16,347,469)

(9,066,789)

Weighted average shares

1,580,010

14,226

574,313

8,353

Basic and diluted loss per share

(0.40)

(130.41)

(28.46)

(1,085.40)

Reconciliation to Adjusted EBITDA
(Expressed in US dollars)
For the three and nine months ended September 30, 2024 and 2023

Three Months Ended

Nine Months Ended

September 30,
2024

September 30,
2023

September 30,
2024

September 30,
2023

Net Operating Loss

(3,803,096)

(2,226,242)

(10,159,655)

(7,584,485)

Addback

Amortization and
depreciation

424,393

453,500

1,262,180

1,308,639

Share based
compensation

54,682

202,072

255,568

773,605

Adjusted EBITDA

(3,324,021)

(1,570,670)

(8,641,907)

(5,502,241)

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SOURCE Siyata Mobile Inc.

Technology

Massive Gaming, Neowiz, and Kangwon Land Launched ‘Shen Shou Wan fu’ Slot Machine Offline

Published

27 minutes ago

January 16, 2025

‘Shen Shou Wan fu’ is an online slot game that features three powerful guardians, symbolizing immense wealth

Now available as physical slot machines in offline casinos through a collaboration with Kangwon Land

MVG plans to expand distribution with exclusive B2B rights to online channels for slot games

SYDNEY, Jan. 16, 2025 /PRNewswire/ — Massive Gaming(“MVG”) announced that it has launched the ‘Shen Shou Wan fu (神兽万福)’ slot game, co-developed with Neowiz, MVG’s parent company, and Kangwon Land, which hosts the only casino in South Korea open to locals. The game is now available in offline venues as slot machines.

‘Shen Shou Wan fu’ is an online slot game featuring motifs of the Golden Dragon (JIN LONG), Phoenix (FENGHUANG), and Haetae (XIEZHI), which symbolize luck and prosperity.

The slot machine debuted in offline casino venues. Key personnel from MVG and Neowiz worked closely on the art resources and software design of ‘Shen Shou Wan fu’, ensuring a seamless integration of creative and technical expertise. Kangwon Land managed the slot machine’s hardware design and manufacturing. This launch marks the first commercialization of software-based products through public-private collaboration in South Korea’s casino market.

After successfully establishing ‘Shen Shou Wan fu’ in the Korean market, MVG is ready to leverage this success for aggressive global sales. Holding exclusive rights to the slot game, MVG plans to expand its presence in the regulated gaming market by targeting key regions with strategic marketing and distribution.

A representative stated, “We are pleased to showcase our slot game in offline casinos with Kangwon Land,” adding plans to introduce diverse content for global markets.

Massive Gaming(MVG), a prominent B2B iGaming content provider and a subsidiary of Neowiz (KOSDAQ:095660), offers a diverse range of slot, table, and crash games, as well as an advanced Casino Management System and Live Streaming Services. With brands like Whale House, known for its unique slot games, and Blitzcrown, focused on non-traditional gaming experiences, MVG leads in innovative gaming solutions. Committed to high-quality service and technological excellence, MVG continues to expand its global presence. Learn more at: https://massivegaming.io/

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SOURCE Massive Gaming Pty. Ltd.

Technology

LG Display Unveils 4th-Generation OLED Panel Optimized for AI Era

Published

27 minutes ago

January 16, 2025

SEOUL, South Korea, Jan. 15, 2025 /PRNewswire/ — LG Display, the world’s leading innovator of display technologies, continues to lead the way in large-sized OLED technology by unveiling its fourth-generation OLED TV panel. 33% brighter than the previous generation and optimized for the AI TV era, it is the industry’s first-ever OLED display to achieve a maximum brightness as high as 4,000 nits (1 nit is the brightness produced by a candle).

Panels with both high brightness and energy efficiency are essential for AI TVs, as they use upscaling that analyzes content in real time to deliver ultra-high picture quality of up to 8K. The industry also considers higher brightness to be a key picture quality factor because it enables more vivid images that are akin to natural human vision.

LG Display’s fourth-generation OLED TV panel meets the performance demands of the most advanced AI TVs, interacting in real-time with the TV’s on-device AI to deliver the perfect picture in any environment.

The new panel’s innovation centers on a Primary RGB Tandem structure, which is LG Display’s proprietary technology that uses independent stacks of RGB elements to produce light. It had previously used a three-stack light source, with two layers of blue elements emitting relatively short energy wavelengths alongside red, green, and yellow elements in a single layer.

The Primary RGB Tandem structure applied to the fourth-generation OLED TV panel organizes the light source into four stacks by adding two layers of blue elements and independent layers of red and green elements. It improves maximum brightness by increasing the amount of light produced by each layer compared to the previous structure.

As well as increasing maximum brightness, LG Display has raised the latest OLED panel generation’s color brightness. Color purity is enhanced by separating the red, green, and blue elements – the three primary colors of light – into distinct layers, resulting in a color brightness of 2,100 nits, a 40% improvement over the previous generation (1,500 nits).

In addition, energy efficiency has been maximized in line with the significantly higher expected power consumption of AI TVs. By enhancing the fourth-generation OLED TV panel’s structure and power supply system, LG Display has reduced its temperature and achieved around 20% greater energy efficiency than the previous generation (in the case of a 65-inch panel).

It also delivers a customer experience that pushes the limits of display with stunning picture quality featuring perfect blacks and rich colors in any environment.

In general, a display’s color reproduction is affected by external light. As the screen reflects ambient light in a bright room, black may appear gray or overlapping reflections of nearby objects might disrupt the viewing experience. For example, while watching content featuring a night sky in a living room in the middle of the day, any sense of immersion would be broken if the sky appears foggy or if reflected furniture overlaps on the screen.

To solve this customer inconvenience, LG Display has developed a special film that offsets both light reflected from the display’s surface and light absorbed and reflected inside the panel. With the advantage of this ultra-low reflection technology, the company’s fourth-generation OLED TV panel blocks 99% of internal and external light reflections, realizing perfect black just like in a movie theater with the lights off even in a midday living room setting (500 lux).

A display’s color gamut and accuracy also decrease dramatically as the viewing environment gets brighter. However, this TV panel sees virtually no change in color gamut and offers 100% color accuracy at 500 lux. It is therefore the only display to overcome the viewing environment limitations of conventional displays.

Meanwhile, the fourth-generation OLED TV panel provides differentiated customer value through human-friendly technologies, such as by emitting only 45% blue light compared with the 70-80% level that would typically be produced by an LCD screen. Blue light is known to negatively affect users’ vision and circadian rhythms.

It additionally stands out as a sustainable display by adopting eco-friendly methods in the entire product life cycle from development to mass production, including using more than 90% fewer plastic raw materials than LCDs and improving the recycling rate of end-of-life product parts to over 92.7%.

LG Display will apply its fourth-generation OLED TV panel to its top-of-the-line mass-produced lineup this year to consolidate its dominance in the premium TV market.

The company then plans to gradually apply its Primary RGB Tandem technology to its Gaming OLED lineup, targeting the high-end gaming market with a diverse range of panels. This already includes the world’s fastest monitor panel equipped with the industry’s highest response speed and refresh rate, which are important specifications for gaming monitors, as well as bendable panels that adjust their curvature according to the gaming content.

“The fourth-generation OLED panel is the essence of innovation that exceeds the limits of existing displays by applying LG Display’s unique technologies such as Primary RGB Tandem and ultra-low reflection technology,” said Hyeon-woo Lee, Senior Vice President and Head of the Large Display Business Unit at LG Display. He added, “We will provide an unprecedented customer experience along with superior picture quality and user-friendly technology while strengthening our OLED technology leadership.”

About LG Display

LG Display Co., Ltd. [NYSE: LPL, KRX: 034220] is the world’s leading innovator of display technologies, including thin-film transistor liquid crystal and OLED displays. The company manufactures display panels in a broad range of sizes and specifications primarily for use in TVs, notebook computers, desktop monitors, automobiles, and various other applications, including tablets and mobile devices. LG Display currently operates manufacturing facilities in Korea and China, and back-end assembly facilities in Korea, China, and Vietnam. The company has approximately 70,707 employees operating worldwide. For more news and information about LG Display, please visit www.lgdisplay.com.

Media Contact:
Joo Yeon Jennifer Ha, Manager, Communication Team
Email: hjy05@lgdisplay.com

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SOURCE LG Display

Technology

Agoda: Tokyo crowned top international destination for welcoming ‘The Year of the Snake’

Published

27 minutes ago

January 16, 2025

SINGAPORE, Jan. 16, 2025 /PRNewswire/ — As the Lunar New Year approaches, digital travel platform Agoda reveals the top 10 most sought-after cities in Asia to celebrate the start of ‘The Year of the Snake’. Japanese cities emerged as tourist favorites for the holiday period with Tokyo taking the top spot.

Tokyo is followed by Bangkok (Thailand), Osaka (Japan), Fukuoka (Japan), and Seoul (South Korea) rounding out the top five based on accommodation search data on Agoda. The list continues with Hong Kong, Sapporo (Japan), Singapore, Phuket (Thailand), and Hat Yai (Thailand) completing the top ten.

Asian travelers are drawn to celebrate the Lunar New Year in metropolitan hubs such as Tokyo, Bangkok, and Seoul. These cities offer an exciting array of festivities and cultural experiences, making them attractive destinations for a festive getaway. The rankings also reveal that travelers seeking international destinations enjoy a mix of climates, from the cooler weather in Osaka and Sapporo to the warmer temperatures in Phuket and Hat Yai.

Hiroto Ooka, Associate Vice President North Asia at Agoda shared, “The Lunar New Year is a special time for travelers, and it’s exciting to see Japanese cities like Tokyo and Osaka being such sought-after destinations during the holiday. Agoda is thrilled to be part of this journey, helping travelers welcome a prosperous ‘Year of the Snake’ and celebrate in style with great deals on flights, accommodations and activities.”

The Lunar New Year holiday marks new beginnings and the arrival of Spring, making it a popular travel period as people look to reunite with family and friends. ‘The Year of the Snake’ symbolizes rebirth and transformation and is said to present an auspicious opportunity for embracing self-discovery and exploring new horizons. Known for their association with good fortune, snakes inspire travelers to shed the old and welcome the new — whether by rediscovering familiar places or venturing abroad during this festive season.

As travelers prepare for their Lunar New Year holidays, Agoda offers exceptional deals on over 5 million holiday properties, more than 130,000 flight routes, and over 300,000 activities available on the platform. Travelers can find the latest deals on the Agoda app or at agoda.com/deals.

–ENDS–

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SOURCE Agoda