Cellular communications company Siyata Mobile (Siyata Mobile Stock Quote, Chart TSXV:SIM) could have a lot of success in 2019 with its in-vehicle smartphone, says Robert McWhirter of Selective Asset Management, who points to the coming 5G platform as a turning point for SIM.
“This company uses push-to-talk in transportation vehicles, particularly delivery vehicles and service vehicles, and previously, you needed a whole bunch of different pieces but Siyata is now working towards the 5G solution,” says McWhirter, president and portfolio manager for Selective Asset Management, to BNN Bloomberg.
“They have a very good product and they’re now getting the various certifications from the carriers in order to roll this out,” he says. “It’s also a huge opportunity for the truck fleets themselves because it allows them to become a lot more efficient. We think that there’s good opportunity for them in the coming year.”
SIM finished 2018 down 22 per cent with much of that damage coming over the first half of the year. The company last reported its quarterly earnings on November 28 where it posted revenue of $3.15 million, down from $4.9 million a year earlier and adjusted EBITDA loss of $898,000 compared to a gain of $97,000 the previous year.
Management stated in its year-end update that its sales were still being driven by demand for its 3G in-vehicle devices while also benefiting from orders for its 4G product portfolio. Last October, Siyata announced that Bell Mobility would be the first carrier in Canada to launch its Uniden UV350 in-vehicle smartphone across Bell’s 4G/LTE network.
But the future belongs to 5G, with Siyata looking to benefit from enterprise customers’ upgrades along the way, according to CEO Marc Seelenfreund.
“Clearly the main added value on our next generation 5G device will be faster data speeds and a stronger Qualcomm processor which will allow us to run certain applications that need this speed and processing power,” says Seelenfreund, in conversation with Cantech Letter. “As the wireless carriers roll out 5G they will always be looking to upgrade their 3G and 4G devices to 5G and we want to assure that we are ready for this evolution. In this manner we will assure that we continue to lead the commercial vehicle smartphone market both in North America and globally.”
Disclosure: Siyata Mobile is a client of Cantech Letter.