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VANCOUVER - Siyata Mobile Inc. (NASDAQ:SYTA), a provider of Push-to-Talk over Cellular (PoC) devices and cellular signal booster systems, has secured a significant order from a major transit authority in the western United States. The company, which has shown strong revenue growth of 41.59% over the last twelve months according to InvestingPro data, currently maintains a market capitalization of $2.66 million. The company announced Monday that it will be supplying several thousand SD7 handsets along with corresponding accessories to the unnamed transit authority, which is responsible for transporting tens of millions of passengers each year.
The new customer is making a shift from traditional radio-based communication systems to Siyata's PoC technology, aiming to modernize its operations and enhance the reliability of its communication infrastructure. This move is expected to facilitate better coordination among employees who maintain the agency's buses, trains, and related infrastructure.
Marc Seelenfreund, Siyata's CEO, stated that this order continues the company's sales momentum in the transit and public works sectors across the United States. The transition to Siyata's SD7 handsets represents a significant upgrade in communication for the authority's workforce.
Siyata Mobile specializes in developing rugged PoC handsets and accessories designed for various industries, including emergency services, security, and utilities. The company's products are distributed through North American and international cellular carriers and distributors. Siyata's common shares and warrants are traded on the Nasdaq stock market under the symbols "SYTA" and "SYTAW," respectively.
The company's announcement contains forward-looking statements that involve risks and uncertainties. As with any such projections, actual results could differ materially from those anticipated. InvestingPro analysis indicates the company is currently trading at a low Price/Book multiple of 0.27x and faces challenges with cash burn, though their analysis suggests the stock may be undervalued. Subscribers to InvestingPro have access to 16 additional key insights and a comprehensive Pro Research Report, offering deeper analysis of SYTA's financial health and growth prospects. Siyata Mobile has cautioned that the information in the press release is not a guarantee of future performance and is subject to change.
This news article is based on a press release statement from Siyata Mobile Inc.
In other recent news, Siyata Mobile Inc. has been making significant strides in its business operations. The company recently reported a record-breaking quarterly revenue of $5.9 million, marking a 200% increase over the previous year. Despite this growth, Siyata Mobile experienced a net loss of $20.21 million in the last twelve months, highlighting the importance of thorough financial analysis for investors.
The company also secured a significant order from a major transit authority for over two thousand of its SD7 handsets and accessories, aligning with the company's strong revenue growth. Additionally, Siyata Mobile has expanded its market with the launch of a Bluetooth Remote Speaker Microphone (RSM), which recently gained iOS compatibility.
Siyata Mobile's strategic product expansion includes the launch of the next-generation SD7 Ultra Series 5G mission-critical push-to-talk (MCPTT) cellular radio handsets, set for 2025. These recent developments provide a snapshot of Siyata Mobile's financial performance and strategic initiatives.
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