| Have you ever wondered why people still use two-way radios (aka walkie-talkies)? I see trucks with CB radios and wonder… Why don't they just use cell phones? For starters, they allow you to easily and quickly communicate with multiple people at once. It makes sense that everyone from construction staff to first responders relies on them. Plus, they're a lot cheaper and easier to use. However, as anyone who's played with walkie-talkies as a kid knows, there are some obvious limitations, the usable distance being one of them. That's what makes Siyata Mobile Inc. (NASDAQ: SYTA) so intriguing. The company doesn't just limit itself to one category…it's three product lines hit the full spectrum, giving it a total market opportunity of $50 billion. And unlike many firms touted by promoters, this one has operations with notable sales growth well underway. Siyata Mobile Inc. (NASDAQ: SYTA) Two-way radios used to be cool. But as the world expanded, it became tougher to communicate effectively with the devices. More money was spent on expanding wireless and cellular networks, making the technology obsolete. That's Siyata Mobile saw an opportunity with push-to-talk cellular. Siyata's Business The company launched in 2012, hitting sales of $3.9 million in 2013 and even turning an operating profit in 2014. Sales peaked at $14.1 million in 2017, with revenues sitting at $6.3 million for the trailing twelve-month period. Siyata sits in a unique position, offering three different product lines: in-vehicle devices, rugged handsets, and cellular boosters. 
Source: Siyata 2021 presentation Siyata's Uniden UV350 is the company's flagship product - the world's first vehicle-mounted 4G/LTE smartphone. The all-in-one design is tailored to First Repsonders and commercial fleet vehicles. It includes a range of carrier-grade features such as PTT, voice, text, video, and data applications. Unlike two-way radios, the UV350 operates on cellular LTE networking, providing nationwide and global coverage. The device is available through Bell Mobility, Canada's largest LTE network, PTT community, and AT&T in the United States. This is particularly notable as all the sales so far have been confined to cellular boosters and rugged devices. 
Source: Siyata Q3 2022 Financials
One would assume that means the UV350 is in its launch phase. However, promoters highlighted a 'follow-on' order from a leading Saudi Cellular carrier. Within the press release, Siyata notes the customer has invested more than $1.7 million in its UV350 product and accessories since 2019, with this order totaling $400,000. Plus, one promoter noted the product had already been launched with Bell Canada and AT&T. Nonetheless, the market potential is huge. Financials Turning to the company's financials, Siyata burned through $15.9 million in the last twelve months. With hardly any cash reserves, the company turned to stock tenders, adding 28.2 million shares in 2020, 3.0 million in 2021, and another 21.7 million in the last twelve months. Notably, the company issued a bit more than 8 million shares in October 2022, for total proceeds of ~$1.3 million used to pay back promissory notes. As of the Q3 report ending September 30, 2022, the company raised ~$19.3 million from the sale of shares. What has this cash gone towards? Mainly operations and acquisitions. On March 31, 2021, Siyata acquired Clear RF for ~$155,000 in cash and ~24,000 common shares valued at ~$195,000. Promoter Activity The latest promoter series highlighted the following catalysts: -
Zacks SCR issued a $2.50 price target (November 14, 2022) -
Multiple sales orders highlighted in recent press releases -
Orders began from its new vertical market - hospitality -
Launch of the SD7 handset, a product with sales of ~$1.9 million -
Massive revenue growth The Zacks rating is real and important, just a bit stale, with the news nearly six months old. Turning to the orders, those do offer more recent catalysts, with a $750,000 order announced on February 21 that includes the company's SD7 devices and accessories. The Saudi order dates back to January 18, while the third sales announcement for cellular booster kits by the U.S. Navy from September 22 is less relevant. I did find the new orders for the hospitality industry interesting. The sales come from an integrated resort and residential property development customer located in the Bahamas. This makes sense, given the interactive experience between guests and staff. While a bit older, the January 9 press release announcing the company's SD7 device launch on T-Mobile is a big deal, given T-Mobile is the second largest wireless carrier in the U.S. with more than 111.7 million customers. Lastly, the revenue growth figures are true, but lack some context. First, the report comes from November 2022. Second, the growth is accurate. However, total annual revenues were down 16%. Still, with the launch of multiple new products, future growth could be huge. Finally, I want to discuss the promotional campaign itself. As it stands now, this appears to be a decent promotion lasting for several months. One promoter disclosed payment of $15,000 for a two-day campaign in February. That same promoter was hired for another period lasting until April 28 for $176,000. The promoter has received $511,800 to date for all its promotional work on SYTA. Similarly, a second promoter was paid $15,000 for a two-day promotion. Straight to the Facts With promoter activity already paid for through the end of April, we expect to see more emails and announcements highlighted in the coming months. The company's next earnings report is estimated for April 30, 2023. So be sure to mark your calendar and keep an eye out for this stock. Always at your service, Baron Von Stocks | 
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