Siyata Mobile Inc. (NASDAQ: SYTA) reported 2022 3rd quarter financial results which showed high revenue growth rates compared to the prior year period.

On Tuesday, Shares of Siyata Mobile Inc. (NASDAQ:SYTA) reached at $0.20 price level during last trade its distance from 20 days simple moving average was 50.65%, and its distance from 50 days simple moving average was -29.10% while it has a distance of -76.94% from the 200 days simple moving average. Siyata Mobile (NASDAQ:SYTA) reported 3rd quarter 2022 results on November 10th which demonstrated strong growth for the SD7 rugged handset. Revenues for the quarter ending September 30, 2022 were $2,567,885 compared to $1,218,875 for the 3rd quarter of 2021. This 111% increase over the prior year period was primarily due to the increase in the sale of rugged devices including the SD7 rugged handset during the quarter. Sales related to rugged handsets and accessories increased 588% to approximately $1.9 million.

Gross profit for the 3rd quarter was $856,103 (gross margin of 33.3%) compared to $429,513 (gross margin of 35.2%) for the 3rd quarter of 2021. The gross margin decline was largely attributed to lower sales of higher margin cellular boosters.

Adjusted EBITDA was negative $1,579,980 for the quarter versus negative $4,869,303 in the same prior year period, an improvement of $3,289,323. This improvement was due to increased revenue, increased gross profit and a decrease in operating expenses. The company defines adjusted EBITDA as the net operating loss excluding depreciation and amortization, unusual items, and stock compensation.

Net loss for the 3rd quarter was ($499,991) as compared to a net loss of ($5,667,937) in the prior year period. Part of the large improvement in net loss was driven by a positive change in fair value of warrant liability totaling $2,680,603. Excluding that gain and other unusual items, we calculate the net loss at ($2,734,037), or ($0.17) per share.

As of September 30, 2022, the Company had cash balances of $988,626 compared to $1,619,742 at the end of 2021. Working capital at quarter end was $4,951,595. Subsequent to the end of the quarter, the company raised approximately $4.0 million in proceeds from a registered direct offering from institutional investors.

The company recently announced a new rugged handset, the SD7+, which features a wide-angle camera coupled with 4G cellular connectivity that will have traditional body camera functionality. It will also encompass real-time situational and positional tracking capabilities. The SD7+ will be powered with Visual Labs’ innovative body camera software. Visual Labs is a privately held company and a leading developer of Android-based bodycam and dashcam software. Visual Labs provides its software to public safety, private security and other customers throughout the United States and internationally.

We are lowering our target value to $2.50 per share to account for the effect of higher prevailing interest rates on our discounted cash flow calculation, the increased total common share count following the recent offering, and lower than expected 2nd half sales of the SD7 rugged handset.

Past 5 years growth of SYTA observed at -0.80%, and for the next five years the analysts that follow this company are expecting its growth at 0. The average true range (ATR) is a measure of volatility introduced by Welles Wilder in his book, “New Concepts in Technical Trading Systems.” The true range indicator is the greatest of the following: current high less the current low, the absolute value of the current high less the previous close and the absolute value of the current low less the previous close. The average true range is a moving average, generally 14 days, of the true ranges.

Siyata Mobile Inc. has an average true range (ATR) of 0.02. Other technical indicators are worth considering in assessing the prospects for EQT. SYTA’s price to sales ratio for trailing twelve months was 1.07 and price to book ratio for most recent quarter was 0.23, whereas price to cash per share for the most recent quarter was 5.33. The Company’s price to free cash flow for trailing twelve months was 0. Its quick ratio for most recent quarter was 1.00. Analysts mean recommendation for the stock was 0. This number is based on a 1 to 5 scale where 1 indicates a Strong Buy recommendation while 5 represents a Strong Sell.

Siyata Mobile Inc.‘s shares owned by insiders remained 2.12%, whereas shares owned by institutional owners are 6.20%.

Meanwhile, SYTA traded under umbrella of Technology sector, the stock was traded -97.19% ahead of its 52-week high and 92.35% beyond its 52-week low. So, both the price and 52-week high indicators would give you a clear-cut picture to evaluate the price direction.

About Peter Mayer

I am Peter Mayer and I have over 7 years experience in the Technology services industry giving me a huge understanding of how news affects the Tech markets. I am an active day trader spending the majority of my time analyzing earnings reports and watching commodities and derivatives. I have a Masters Degree in Economics from Ryerson University with previous roles counting Investment Banking.

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