Siyata Mobile Inc. (TSX-V:SIM) (OTCQX:SYATF) has filed its Q3 2017 financial results.
• Q3 2017 revenue of $4.9MM compared to $3.7MM in Q3 2016, a positive variance of $1,195,650 (32%);
• Adjusted EBITDA of $98k for Q3 2017, versus $14,349 for Q3 2016;
• Sales in North America for Q3 were $1.5MM vs $1.2MM in Q3 2016, an increase of 25% over Q3 2016;
• Gross Margin for Q3 2017 28.8% vs. 27.3% in Q3 2016. The increase in gross margin is mainly due to the higher margins in North America as these sales form a greater percentage of the sales mix;
• Working capital at Sep 30 2017 is $9.9MM vs $4.5MM at the end of Q3 2016, a positive variance of $4.4MM.
Q3 2017 YTD revenues were $15.0MM compared to $8.5MM YTD Q3 2016. This positive variance of $6.5MM (77%) is due mainly to the revenues for the period in North America and the increase in connected vehicle, rugged devices and accessory sales.
Adjusted Ebitda YTD Q3 2017 is $419,076 vs negative $169,045 in YTD Q3 2016 a positive variance of $588,121.
Marc Seelenfreund, CEO and Chairman of Siyata Mobile, commented, “We are very pleased with our Q3 results. The continued strong growth, including higher margins in North America for the quarter continues to be positive for shareholders and the balance sheet. Additionally, the addition of our recurring revenue software licenses create an additional high margin revenue stream allowing us to continue our growth into Q4 and beyond.”
Share your thoughts on Siyata Mobile in our forum: https://forum.venturerecon.com/public-forums/siyata-mobile
Venture Recon (“VentureRecon.com”) is an electronic publication targeted towards independent investors, containing the opinions of our contributors on financial information, including, but not limited to, information on publicly traded companies and the stock market. The information is presented by Venture Recon (“VentureRecon.com”) and can also be based on information supplied by third parties. The information presented by Venture Recon (“VentureRecon.com”) is for informational purposes only. All articles and commentaries in this email are the result of an independent analysis and, even though we have made efforts in this regard, we cannot guarantee that the information is accurate and complete. The companies mentioned in this email are not responsible for the information that is presented. All information is subject to change, without notice, and Venture Recon (“VentureRecon.com”) is not responsible for updating the information contained in this email. The information presented is not destined to be, and does not constitute a sales offer nor solicitation of an offer to buy financial investments. Investors should consult their financial adviser before making any investment decisions concerning the companies mentioned. Our contributors may buy and sell the stocks of these companies.