What's Going On With Siyata Mobile Shares Friday?

Siyata Mobile, Inc. SYTA reported quarterly earnings on Thursday, which were impacted by the timing of the delivery of customer orders.

The Details: Siyata announced its earnings for the 2024 fiscal year second quarter. The company reported sales of $1.89 million, missing analysts estimates of $3.00 million. In addition, the company reported a net loss of $12.9 million for the second quarter compared to a net loss of $2.3 million for the same period last year.

Marc Seelenfreund, CEO of Siyata, said, “Second quarter revenue growth was tempered in large part due to the timing of the delivery of customer orders. However, we have a backlog of more than $7 million of confirmed orders, which gives us strong visibility into the second half of 2024. As such, we expect the third quarter will be a break-out quarter with high double digit year-over-year growth as the delivery of orders accelerates.”

What Else: The California Department of Parks and Recreation ordered SD7 handsets from Siyata which were delivered before the Fourth of July and utilized by lifeguards and other parks and recreation professionals.

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SYTA Price Action: Siyata Mobile stock is moving 22.2% lower at $1.86 at the time of writing per data from Benzinga Pro.

Image: Ahmad Ardity from Pixabay