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Siyata Mobile Reports Fourth Quarter and Full Year 2024 Financial Results

1. Siyata is merging with Core Gaming to enhance growth opportunities. 2. 2024 revenues increased by 41% to $11.6 million. 3. Net losses increased to $25.3 million from $12.9 million in 2023. 4. CEO expresses confidence in merger benefiting shareholders. 5. AI & Technology Conference scheduled for April 3, 2025.

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Why Bullish?

The merger with Core Gaming could lead to significant growth, reminiscent of successful tech mergers in the past.

How important is it?

The merger with Core Gaming represents a critical growth strategy that could significantly alter SYTA's future.

Why Long Term?

The long-term benefits of the merger and AI adoption will unfold post-completion in Q2 2025.

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Company to highlight Core Gaming AI growth strategy online on April 3 at VirtualInvestorConferences.com, /PRNewswire/ -- Siyata Mobile Inc. (Nasdaq: SYTA) ("Siyata" or the "Company"), a global developer and vendor of Push-to-Talk over Cellular (PoC) handsets and accessories, today announced its financial results for the three and 12 months ended December 31, 2024. core gaming logo (PRNewsfoto/Siyata Mobile Inc.) In light of the recently announced signing of a definitive merger agreement with Core Gaming, Inc. ("Core Gaming"), the Company will not host a conference call to discuss its Q4 and full-year 2024 financial results. Instead, the Company encourages current and prospective investors to join the AI & Technology Virtual Investor Conference on April 3, 2025, where Aitan Zacharin, CEO of Core Gaming, will present Core Gaming's growth strategy. The event will be hosted by VirtualInvestorConferences.com. Marc Seelenfreund, CEO of Siyata, said, "As we move closer to finalizing our pending merger with Core Gaming, we are confident this strategic combination will unlock new growth opportunities, enhance value for Siyata shareholders and position the combined company for long-term success. Our teams are working diligently to effect the merger, and our goal is to complete it in the second quarter of 2025." Key financial highlights for the fourth quarter of 2024 Revenues of $1.5 million compared to $1.9 million in the year ago period. Net loss was $8.9 million as compared to a net loss of $3.9 million in the year ago period. Adjusted EBITDA was ($5.6 million) versus ($2.3 million) in the year ago period. Key financial highlights for the full year 2024: Revenues of $11.6 million, up 41% compared to $8.2 million in 2023. Net loss was $25.3 million as compared to a net loss of $12.9 million in 2023. Adjusted EBITDA was ($14.3 million) versus ($7.8 million) in 2023. Liquidity and Capital ResourcesAs of December 31, 2024, the Company had a cash balance of $0.2 million compared to $0.9 million as of December 31, 2023.AI & Technology Virtual Investor Conference Details: Date: Thursday, April 3, 2025 Time: 10:30 am Eastern time Registration Link: Register Here This will be an online event where investors are invited to submit their questions in advance. If attendees are not able to join the event live on the day of the conference, an archived webcast will also be made available after the event.It is recommended that online investors pre-register and run the online system check to expedite participation and receive event updates.About Siyata Mobile Inc.Siyata Mobile Inc. is a B2B global developer and vendor of next-generation Push-To-Talk over Cellular handsets and accessories. Its portfolio of rugged PTT handsets and accessories enables first responders and enterprise workers to instantly communicate over a nationwide cellular network of choice, to increase situational awareness and save lives. Police, fire, and ambulance organizations as well as schools, utilities, security companies, hospitals, waste management companies, resorts and many other organizations use Siyata PTT handsets and accessories today.In support of our Push-to-Talk handsets and accessories, Siyata also offers enterprise-grade In-Vehicle solutions and Cellular Booster systems enabling our customers to communicate effectively when they are in their vehicles, and even in areas where the cellular signal is weak.Siyata sells its portfolio through leading North American cellular carriers, and through international cellular carriers and distributors.Siyata's common shares trade on the Nasdaq under the symbol "SYTA".Visit www.siyata.net and unidencellular.com to learn more.About Core GamingCore Gaming is an international AI driven mobile games developer and publisher headquartered in Miami. We create entertaining games for millions of players worldwide, while empowering other developers to deliver player-focused apps and games to enthusiasts. Core's mission is to be the leading global AI driven gaming company. Since our launch we have developed and co-developed over 2,000 games, driven over 600 million downloads, and generated a global footprint of over 40 million users from over 140 countries.Visit www.coregaming.co to learn more.Forward Looking StatementsThis press release contains forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates" and similar expressions or variations of such words are intended to identify forward-looking statements. Because such statements deal with future events and are based on Siyata's current expectations, they are subject to various risks and uncertainties and actual results, performance, or achievements of Siyata could differ materially from those described in or implied by the statements in this press release. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading "Risk Factors" in Siyata's filings with the Securities and Exchange Commission ("SEC"), and in any subsequent filings with the SEC. Except as otherwise required by law, Siyata undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites and social media have been provided as a convenience, and the information contained on such websites or social media is not incorporated by reference into this press release.-- Tables Follow -- Siyata Mobile Inc. Condensed Consolidated Statements of Financial Position (Expressed in US dollars) USD USD December 31, 2024 December 31, 2023 ASSETS Current Cash 181,730 898,771 Trade and other receivables 1,404,180 1,181,257 Prepaid expenses 119,802 29,673 Inventory 3,942,896 3,544,519 Advance to suppliers 33,672 1,048,227 5,682,280 6,702,447 Long term deposit 181,584 147,100 Right of use assets, net 582,485 630,793 Equipment, net 157,820 175,335 Intangible assets, net 8,285,036 7,856,730 Total Assets 14,889,205 15,512,405 Liabilities And Shareholders' Equity Current Loans from Financial Institutions 2,077,290 89,298 Sales of future receipts 1,688,435 1,467,899 Accounts payable and accrued liabilities 5,497,957 3,451,128 Lease obligations 296,366 254,668 Warrant and preferred share liability 1,069,513 156,433 10,629,561 5,419,426 Lease obligations 338,373 385,639 338,373 385,639 Total liabilities 10,967,934 5,805,065 Shareholders' Equity Share capital 104,916,071 85,714,727 Reserves 14,927,501 14,644,200 Accumulated other comprehensive loss 98,870 98,870 Deficit (116,021,171) (90,750,457) 3,921,271 9,707,340 Total Liabilities And Shareholders' Equity 14,889,205 15,512,405 Siyata Mobile Inc. Consolidated Statement of Operation and Comprehensive Income (Loss) For the three months ended December 31, 2024 December 31, 2023 Revenue $1,518,150 $1,877,557 Cost Of Sales (2,139,007) (1,010,732) Gross Profit (620,857) 866,825 -40.9 % 46.2 % Expenses Amortization And Depreciation 417,659 446,318 Development Expenses 295,270 405,254 Selling And Marketing 1,010,061 1,630,066 Equity promotion and marketing 1,580,077 242,000 Inventory loss (income)  from water damage - (49,272) General And Administrative 1,621,376 1,115,918 Bad Debts (Recovered) (20,064) 20,866 Inventory Impairment 230,312 (161,450) Impairment of intangibles 279,828 - Share-Based Payments 27,733 156,959 Total Operating Expenses 5,442,252 3,806,659 Net Operating Loss (6,063,109) (2,939,834) Other Expenses Finance Expense 1,291,593 732,782 Loss on issuance 138,118 - Impairment of Investment 1,300,000 - Foreign exchange 45,766 139,236 Change in fair value of warrant liability 1,989 1,517,389 Transaction Costs 82,670 (1,462,236) Total Other Expenses 2,860,136 927,171 Net Loss For The Period $(8,923,245) $(3,867,005) Comprehensive Loss For The Period (8,923,245) (3,867,005) Weighted average shares 481,167 2,574 Basic and diluted loss per share (18.55) (1,502.33) Siyata Mobile Inc. Condensed Consolidated Statements of Loss and Comprehensive Loss (Expressed in US dollars) For the three and 12 months ended December 31, 2024 and 2023 2024 2023 2022 Revenue $ 11,629,572 $ 8,233,301 $ 6,481,910 Cost of sales (9,487,165) (5,575,372) (5,092,011) Gross profit 2,142,407 2,657,929 1,389,899 EXPENSES Amortization and depreciation 1,679,839 1,754,957 1,142,165 Development expenses 625,023 578,356 339,828 Selling and marketing 4,480,013 4,364,994 4,508,901 General and administrative 4,859,690 5,128,814 6,942,183 Equity promotion and marketing 5,920,239 1,371,200 707,241 (Gain) loss on valuation of inventory 230,312 (161,450) 813,205 Loss (income) from water damage - (834,713) 544,967 Bad debts 6,926 47,526 86,103 Impairment of intangibles 279,828 - - Share-based payments 283,301 930,564 2,888,704 Total operating expenses 18,365,171 13,180,248 17,973,297 Net operating loss (16,222,764) (10,522,319) (16,583,398) OTHER EXPENSES Finance expense 3,541,594 841,815 181,413 Loss on issuance 6,267,400 - - Loss on extinguishment of financial liability 601,163 - - Impairment of Investment 1,300,000 - - Foreign exchange 8,523 (49,258) 586,794 Change in preferred share liability (386,022) - - Gain on settlement of derivative (3,723,827) - - Change in fair value of convertible promissory note - - 4,794,710 Change in fair value of warrant liability (48,681) 1,517,389 (8,245,662) Transaction costs 1,487,800 99,529 1,398,598 Total other expenses 9,047,950 2,409,475 (1,284,147) Recovery of income taxes - - Net loss for the year (25,270,714) (12,931,794) (15,299,251) Other comprehensive income Translation adjustment - - 137,609 Comprehensive loss for the year $ (25,270,714) $ (12,931,794) $ (15,161,642) Weighted average shares 163,397 1,270 166 Basic and diluted loss per share $ (154.66) $ (10,183) $ (92,164) Reconciliation to Adjusted EBITDA (Expressed in US dollars) For the three and 12 months ended December 31, 2024 and 2023  Three Months Ended 12 Months Ended December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Net Operating Loss (6,063,109) (2,937,834) (16,222,764) (10,522,319) Addback Amortization and depreciation 417,659 446,318 1,679,839 1,754,957 Share based compensation 27,733 156,959 283,301 930,564 Adjusted EBITDA (5,617,717) (2,334,557) (14,259,624) (7,836,798) SOURCE Siyata Mobile Inc. 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