Siyata Mobile Inc (SYTA)

Siyata Mobile Inc Stock (SYTA) dropped by 15.31% from $0.64 to $0.542 in the trading on Thursday November 16, 2023. The reasons why SYTA stock down today is due to the financial results for third quarter 2023. Siyata reported third quarter EPS of $-1.040, $1.00 worse than the analyst estimate of $-0.040. Revenue for the quarter came in at $1.8M versus the consensus estimate of $3.75M.

• Revenues were $1.8 million compared to $2.6 million for the three months ended September 30, 2022. This decrease of $726,000, or 28.3%, was due mainly to the decrease in the sale of rugged devices partially offset by an increase in sales of boosters.
• Gross profit of $490,000, or 26.6% of revenues, compared to $856,000, or 33.3% of revenues for the three months ended September 30, 2022. The decrease in gross profit dollars and margin was mainly due to the decrease in sales of rugged and in-vehicle cellular devices at higher margins compared to the margins sold on legacy rugged devices.