Why Siyata Mobile Shares Are Gaining Today

Siyata Mobile, Inc. SYTA shares are trading higher on Friday after the company announced it expanded its presence in the mining industry with an initial order for its SD7 handsets and related accessories from a new customer, a North American global mining company.

The company is also delivering UV350 Vehicle Kits to its long-time customer Intellicom, which operates in Kazakhstan, Central Asia.

Marc Seelenfreund, CEO of Siyata, noted that the new customer plans to deploy several hundred SD7 devices and accessories to a Canadian mining site for a private broadband network.

He emphasized that this order establishes Siyata’s presence with another major global enterprise and opens significant future sales opportunities. Seelenfreund expressed confidence that, as with other customers, mine operators will find that using their devices improves communications and enhances operations.

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“Over the course of the past three years, our UV350 all-in-one in vehicle fleet communication devices have been used by a heavy equipment operators in Kazakhstan to provide effective and reliable communication in the mining industry,” Seelenfreund added. 

Recently, 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.

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.

Price Action: SYTA shares are trading higher by 26.1% to $2.08 premarket at last check Friday.

Image by Joseph Mucira from Pixabay

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