Siyata Mobile Inc.
(NasdaqCM: SYTA, SYTAW)
Details, Details | 05/18/2022 |
A recent First Quarter report for the 3 months ending March 31, 2022 from Siyata Mobile Inc. (NasdaqCM: SYTA, SYTAW), a developer and provider of cellular communications solutions for enterprise workers and first responders, may not on its face be the shimmering testament to revenue that warms shareholders’ hearts.
To its credit, however, the Company provides context in THE VERY FIRST LINE of its Q1 press release that “Q1 revenue negatively impacted due to transition from legacy product sales cycle to new product lines.”
But the big picture might be different, that the Q1 declining revenues can be assigned mostly to a seemingly singular cause, a necessary transition from legacy product cycle to new product lines.
Here’s the explanation:
“Revenues for the three months ended March 31, 2022, were $832,974 compared to $4,031,975 for the three months ended March 31, 2021. This variance of $3,199,001 is mainly due to the transition from the legacy product sales cycle to the new product line, where production has been ramped up for the SD7 rugged handset.”
Which is what we want to see in a down quarter, a rational explanation that suggests that it’s a sunburn and not skin cancer.
To that end, the most important note – for us – in that release is the fact that “Subsequent to quarter end, Siyata received a $2.2 million purchase order for a Tier 1 US wireless operator for SD7, VK7 and various accessories.”
We can speculate all day long, guessing who the ‘Tier 1 US wireless operator’ is but the fact that the order was for $2.2 million suggests scale.
In addition, it appears there may be more good news on the horizon to support this production ramp up for the SD7. The Company communicated to shareholders in its fourth quarter earnings call that it hopes “to deliver to shareholders many positive catalysts: new customer wins, significant carrier launches, new partnerships, a continuous upgrade to our product portfolio and ultimately strong organic growth with a drive to profitability in the coming quarters.”
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