Earnings call transcript Q1 2023

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Operator

Good morning, ladies and gentlemen, and welcome to the Siyata Mobile Q4 2022 and Q1 2023 Conference Call. At this time all lines are in a listen-only mode.

Following the presentation, we will conduct a question-and-answer session. [Operator Instructions] This call is being recorded on Thursday, May 25, 2023.

I would now like to turn the conference over to Daniel Kim, Vice President of Corporate Development. ahead. go Please

Daniel Kim

Sales, joining first for by Mobile quarter of fourth CEO, Thank XXXX the conference and International VP our quarter Seelenfreund; joined Kennedy. call. XXXX Marc you and Siyata Glenn Today, our I'm

at We the end presentation. for of the will available all be questions

and statements the and statements During deliver handsets sales this our the The other the strong the of pandemic we various our the worst all reach limited Securities These forward-looking profitability within U.S. but revenue offerings, us make Litigation continue our are Reform timing to rugged implied and forward-looking the to express of goal path American across Federal international belief future we call, see Securities and to Act include, belief North in not on that management the are growth, in statements product will for strong that will markets product growth coming Private lines carriers. of regarding the of XXXX Laws. and quarters. behind to and organic year-over-year is strong that the

the Exchange company's statements inherent and statements We forward-looking historical future subject Form XXXX, the the statements. the as subsequently assumptions and on business, XX-F The differ are results Risk company's amended. actual regarding and achievements. that ended presentation against Because contemplated and report in forward-looking XXXX, including subject predict. XX, levels contained with are to economy in therefore, uncertainties, the to not and year Securities future on for this expectations fact may filed by to the other are of The from risks discussed statements. and forward-looking The circumstances future, changes based company are caution its May Commission difficult in relying current Such company's forward-looking of materially any guarantee they cannot those you, December elsewhere on in results, annual activity, those the relate Factors and statements or forward-looking of the to conditions. risks uncertainties, section are other on XX, performance statements these

like now turn over will to to the Marc. I call

Marc Seelenfreund

thank Thank you joining morning call. and the Good you, for Daniel.

its results, more extension to that another filing earnings ended into is financial to December auditor later to previously audit explain and XXXX, the May why two one we and XX our selected that Israel. one that audit new is Before to new that firm Siyata issued the a firm I not in due U.S. parted year investors earnings the the SEC issue audit we was complete it give call. year firm subsidiary unexpected usually regulatory was audit approved Form need to connected time audit subsequently our we X-K work. last was The by our firm. a get selected want are Canada acquired then that the financials. call a had We We quarters happening XX, in notify this Siyata to or again. than not for why change audited We another to into combining We foresee something to

the to business now, And results.

this XXXX onwards. orders current in XXXX. began resulted QX quarter in trials shipping growth was year which the and of push-to-talk year-over-year occurred XXXX to our that of fourth XXXX. periods. of of QX revenue prior sales handset, SDX primarily in to for additional Customer We and hope first both purchase sales compared deliver quarter growth the improved driven QX in report QX and to in when rugged This pleased are the and XXXX continued XXXX performance by QX We quarter revenue from

of of $X.X sales XXXX XXXX mainly for the fourth variance boosters December margin positive of small of respectively. three a the $XXX,XXX, three quarter products QX SDX $X.X will were ended $XXX,XXX. the XX, gross The reduced three XXXX financial of in legacy $XXX,XXX Cost I This of $X,XXX. XX, and our for and gross $X.X was offset to margin XXXX and Revenue reduced of by the million positive in the in respectively, quarter percentage months margin XXXX due XXXX to and for of margins. the respectively. impact sales months and $X.X ended $XXX,XXX, for months and discuss million December the sales the $XXX,XXX products December relates of and and million, the variance ended is XXXX. results Now legacy million, This ended the XXXX decrease for was sale XX,

three loss that by an coverage the from increase in I and was months XXXX, variance and negative ended adjusted For note in water to respectively, XXXX the million we to and a caused has XXXX. XX, inventory amount from million, claim million million a and filed due negative was negative this insurer. $X.X variance $X.X the been December $X damage million of which want of EBITDA was $X $X.X inventory of determination impairment insured, the and an SG&A await

December $XXX,XXX is XX, boosters million for I due over the December sale year of as compared of just devices year $X.X SDX full million decrease for ended result This mainly of $X.X a the our discuss XXXX. $X.X the XX, to by ended of offset million rugged results will fiscal XXXX. Revenue XXXX Now by to $X the year were a financial decrease in in sale in the XXXX. the on launching which for million, of the

$X.X sale USA ended a compared higher industrial and a gross margin compared sale XX, $X.X lower for at in in the December of in-vehicle year XX, margin. X.X% This Gross million months in $X.X million at and $XXX,XXX, XXXX. variance to ended was a percentage. to sales margin negative the the for and in of margin XX gross XXXX the respectively, the devices XXXX $X.X was slightly relates to of decrease XXXX million, December boosters rugged of Cost cellular margins marketplace million

negative EBITDA $XX.X just million a $XXX,XXX. December was the For XXXX, over of the negative year, $XX.X year ended variance minimum prior adjusted versus XX, million

the from Now outlook. I with March QX XX% U.S. in for $XXX,XXX remarks the financial will revenues we'll margin SDX in mostly gross compared device QX ended $XXX,XXX, to versus increase were total margin in $X.X variance percentage XX% the XX.X% to then Total in margin for QX versus XXXX, a QX XXXX of QX our headset. sales million $XXX,XXX XXXX was increase in a the million first conclude QX attributed Rugged of of for in over of quarter XXXX. from Gross dollars. $XXX,XXX XXXX which my dollars XXXX, XX, to is XX% $XXX,XXX, up results an to $X $X.X are in $XXX,XXX were XXXX, revenues Gross our this discuss XXX% XXX% compared and positive revenue. XX.X% increase quarter Revenue XXXX. million QX sales increased quarter

versus of were million, in million to as EBITDA expenses of variance March million XXXX, $X.X of [indiscernible] $X.X million working capital. XX% capital increase. was as $X.X was compared a million $X.X Working negative decrease million a Adjusted SG&A QX increase versus XXXX, $XXX,XXX $X.X XX, XXXX December a positive $X.X negative million in XXXX EBITDA for XX, of QX $XXX,XXX. $X.X

$X.X exercises. of in During million capital through quarter XXXX, raised warrant the Siyata first

for international pleased list we customers, was that and significant the in American previously announced Australia, is with AT&T, Netherlands. its business certified in carrier customers customers, on and and Turning SDX highlights, Verizon, over based Canada, a SDX. including use for announced We FirstNet, Cellular wireless Siyata to plan Dell its Mobility of report the are expand Telstra, to delivered is potential approved North largest which carrier growing to Mobile, has in the that APN, carrier U.S. the recently we which including and T build

markets. including expanded have in in recently our U.K. Way many handsets Direct that announced also RadioTrader directly of potential their grow foundation States, Two resellers related of size. in be companies We These that Netherlands. further increase opportunities accessories and SDX will increased the could us strategic sales help and to is in to United Entropia of the leading distribution distribution respective significant the we This

beyond products security and responders, the companies, few. including increasing hotel utilities, schools, verticals parks amusement just shipping to resort focus contractors, begun hospitals, primary defense of in governments, an first have number a of We our name

driver that to we customer of iceberg in base compared was we primary demand hitting the devices pleased that, Having to XXXX. multibillion which the verticals am and this be growth industry. is process. just dollar Interest as million the me report to SDX, year-over-year in of of but growth a XX% expected, of size rugged and clear in let accessories tip increasing our I for volume the our number translated increase the our the $X.X are that is increasing related and XXXX is growing, a said into

will customers larger in volumes We follow end offering appreciate our this product category. expect new unique grow as to

town real internationally. We capabilities. traditional be customers announced functionality marshals, and dash have States innovative Visual which body that software. well respected software product, software throughout safety, camera Its XG private developer camera, state offices, its is customers. and company cam with SDX+ an and powered new wildlife, Android Labs Labs of public also situational body to camera city police company safety a United other wide tracking Visual departments, connectivity will customers service will based federal features and software. and public the traditional time exciting and The agencies provides and other equipped with include highly as The angle body cam a security as country the SDX+

SDX+ in the expect with shipping XXXX. will begin We body camera later

who need our teams we carrier respective finally, support the and maximize two experience well veterans our to through hiring by revenue this working understand team how carriers extended sales for have wireless important we channel Siyata. for And wireless distribution sales recently to industries

pass to to line of back like who that benefiting the would trends are I business. our the some Now, discuss industry will Daniel,

Daniel Kim

announced X,XXX the the released a XXXX Thank of XXXX. it agencies during to you, in FirstNet more XXXX, million gain agencies, of about the supports safety of public Marc. connections XX,XXX end first In more than than April X.X from figures quarter

their solutions U.S. quarter the towards XXXX, During the of FirstNet customers with Siyata are that cellular U.S. the FirstNet, evidence moving and XXX,XXX which provider is closely added is growth over connections. works PTT the in in push-to-talk currently the first leading

the pass to I'd And to like line with Glenn. that,

Glenn Kennedy

Thank you, Daniel.

continue Looking sales three product to of categories. strong our in opportunities see we our funnel, each at

First rugged product handset our in category.

increased at critical of or carriers. the initial aim the The the all North new customer at Finland. the at the shows at trade or XXXX International several the carriers quantity within IWCE end push-to-talk the to trade personnel as handset Helsinki, during after this mission sales, PTT Critical World the SDX that been shows this week at our customer Communications and these and MCPTT using including to senior strong wireless show feedback We wireless direct supports Expedition of Vegas, Nevada or March Show in period, Communications carriers handset American in radios. international and displayed and the new trials, have have shipments way who capture Wireless the customers has QX We LMR two the of from engagement been traditional wireless Las

that KPN We're kit with active AT&T, strong and Cellular vehicle and Verizon T-Mobile, also in seeing Today, with we're handset. and SDX in with Australia customer Mobility the FirstNet, VKX Dell North our PTT America Netherlands. our U.S. interest in in Telstra works

later carriers to American this companies and Our North additional international PTT our objective expand launch application year. and with with additional remains

as to more we to students sales in thousands sales with the SDX adding facilities, radios all the way We activity, large keep schools of sold following year. look of this the of municipalities confident we're Recently, of And SDX+ responders, two and more. with to XXXX. this that safe. have replacing in current and serve sales districts legacy staff SDX coming transactions will U.S. order two SDX We significant camera announced schools, translate SDX use districts throughout anticipate forward purchasing are And market handsets body handset school result that by quarters. our seen first we resorts, later multiple suit handsets of throughout into their balance healthcare they a the that SDX and school to

our through America in with Secondly, sell in customers internationally. in-vehicle North devices our to device in-vehicle category, continue we and UVXXX

to and the customer order launched device wireless shipped for vehicles. ago and devices additional the devices continued existing East, During years in UVXXX large which an initially period, reporting into responder Middle first this three UVXXX carrier customer its ordered we additional has

school in reduced are staff And We vehicle in the vehicles SDX product U.S., in SDX our some in VKX the increasing experiencing throughout can are be buses customers for that is snow unique yellow also VKX America. into which product vehicle North still with vehicles. including somewhat demand cellular while category, their and steady used easily a their our to are Several kit, installing handset. our booster kits those plows vehicle boosters kit cellular for we but handset so the thirdly, saw demand partner

the will closing And hand now for line Marc back I remarks. to

Marc Seelenfreund

from for company product we on coming our Glenn. with this to would solutions take disruptive despite the truly worked what our rugged unique of I today. with employees we thank also growth have They've product our our their special are company our investors the today, Thanks, tirelessly like various build turbulent Overall, a environment. stood who customers opportunity pleased growing to the that we seeing our growth are and to to categories. very acknowledge by based like by expect handset our thank acceptance commitment. categories I would we push-to-talk and in

strong beginning stand just We customer stated to our continuous ultimately as launches, displacement our see and solution goals of This wins, our the of products. goal growth profitability. should cellular growth new previously product portfolio the by upgrades meaningful progress. adoption over to new rapid are carrier drive by disruptive existing the to innovative in of of continues push-to-talk our and mobile We in radio and land

Mobile. them financial We X-K first search on quarter to website, will SEC quarter file with from our XXXX urge for the Form Siyata and the our listeners fourth SEC's XXXX access and a results

With That remarks. kindly concludes that, formal open to questions. operator, the call our

Operator

the Thank and now from begin comes Ladies [Operator will first Zacks you. question of Kerr session. we Investment Research. Instructions] question-and-answer gentlemen, go The Tom Please ahead.

Thomas Kerr

guys. morning, Good

Marc Seelenfreund

morning. Hi. Good

Thomas Kerr

distributor? approach vertical different of and that Is they [indiscernible] of bit about you the talk then and you that purchase it them how process? a Do vertical? traditional than directly kind sort school work Or Can from for sale the little in does the out that.

Marc Seelenfreund

verticals. I've because Okay. lot That's our a one of millions of largest vertical great a is with XXX,XXX And very is can you to push-to-talk an software, has that software CrisisGo, and with partnered that press unique able over the There we a the together that package CrisisGo A, States, have there's who SOS company cellular. a as a that device question, button, can, we're that give releases both has emphasized software teachers. in of United our in we've called over view which in schools hardware do them, and and you of also

the that's teachers schools. allow have teachers one. speak largest largest and the of doesn't radio-like management that button think police, you to had deals a now not we some that fire, to hit just the would a panic And a security can if ambulance, announced that a now, until if of only that, people with voice given So school, functionality few you panic to school, button have and problem, to there's already have to our really verticals, the can one and you schools. people speak in the be know to you basically going in We've actually can somebody,

now schools have lot that sales. engaged of going able be I them to a many We many, were that with. we're to And turn into think

to want Some and solution And it's of like CrisisGo offering CrisisGo. that and unique or large with this traction in on for schools, own dollar we with much with very gain we multimillion very think States scale, a together either United deals. them our potential together are as

are offering States. that industry across that's schools in nobody carriers that the and until in now seen North to product now else this America like we've cellular across the anything all various the this launched the something So with that United is has sense we've that

with So and this with we're both T-Mobile doing and Verizon, AT&T FirstNet.

So we large going this us. is very be think a to that potential for

Thomas Kerr

of couple A on selling or questions. traditional margin there Thanks. different the profile great. the sounds a SDX? unit SDX+, than That more price And product is

Marc Seelenfreund

higher a that we know to but profile. a going it's believe that think have we we higher it will profile. So We don't have launch, margin until margin

SDX+. we Verizon the unique. unique which from very network. able have we're that we'll now. is is our think pretty network from not on have very and something record with that small with device get or we going offer to able the be the We able to we revenue body that With substantial from the And because companies solution recurring compete offering. FirstNet more But we're various packages software very Motorola to cams. is like thing that who that, They're it revenue SDX, SDX That's also that Another that until think will in be market. It's on to recurring we're large MCPTT. be a Axon, leaders

based. the So over push-to-talk has it's other which streaming. products It's real-time cellular cellular, also have. don't It

discussions very we So other it to compared a think this product and be our to security offering we And half this companies, very expect that the we it this going rest. launch second in for companies is year. the already interesting the we for be with think in have customers will and and it school launch security unique market, to product, of this year. hope multiple first We responders, to

Thomas Kerr

Or sales that good the financial and was That Is first the great. that throughout grow of quarter. the expense the year business? One line in you quick marketing expenses will sort sounds question, as G&A that quarterly the and run increase rate? a

Marc Seelenfreund

to a keep So my company the people not small. hire company to lot of goal is in the

at carriers. company. the now employees we And leverage cellular We the have at the XX right sales forces

and Verizon of don't AT&T to a able customers. [indiscernible]. forces the to leverage get lot T-Mobile hire to We have be So to we and people at sales

And to SG&A gone is noticed a as in And the We're anything if than I possible. going we the the you to first we'll lot. go year. has that, what actually quarter have lean company to we that down a to going try larger hire much can we're the compared not last keep do staff And up to So now. SG&A don't to do. as looking lower that expect right

positions main the that to We to we of sales support that, hire another we've All than higher get And it. with seen might be filled. much able we'll salespeople what that's now. the are think company in until few much, and and people

Thomas Kerr

queue. jump I’ll Thanks. in back the Great.

Marc Seelenfreund

you. Thank

Operator

Thank you. Jack of Maxim The go next ahead. Please question from Aarde comes Vander Group.

Jack Vander Aarde

Good Marc, my revenue update. quarters guys. morning, questions. four to taking Thanks for growth. of what like appreciate the Good Great. consecutive Okay. I looks year-over-year see

So in Marc, as the well, on year to approved the of devices on major had past kind over AT&T, as Cellular, all flagship the FirstNet, you've U.S. Verizon, call your alluded carriers U.S. networks, speak wireless the you've big your and pipeline which you general opportunities U.S. more -- Can movers. needle regard size T-Mobile. to major maybe growth carriers, about and could with of the they be sales the

you So focus if on that's provide. can why just color there's I to want any that,

Marc Seelenfreund

Yes.

because the but forward, So field, the confident out customers I we've with so getting to meeting that, what's game, we're actually you the give basis. And very launched about We're and with beautiful it to quarters in the the is salespeople. you one strong our we're going early customers tell the their of we've a weekly process point They're carriers. passed products different and carriers of have trained I can't of with that we're bring we've they from customers. us exact why theirs, the that every sort simply already single initial we're the carriers, with customers can salespeople. on that guidance in through we're still because together now with That's customers that going

others customers to something So AT&T, working They're Some right? product them take base, customer us Cellular, and across those their are make it and various that we're to our with taking schools are from board. of we're not of customers all customers seeing close and bringing sure T-Mobile, U.S. they're others are the else. of looking

think quarters going on products, to So really that what We bullish able we this have very we be that launching year. much really to than ramping forward the because year. better on up our up right sales, we're really company ramp on that's think had products we're And last and we'll going today. not the focused just sales, and focus now we're focused simply we're selling of

Jack Vander Aarde

Who in as to you competing on then some table you Okay. for you competitive the actually at the provide disclosed helpful. Great. That's you're in in and the follow-up, really Or responder is Can a privy U.S. some something terms are customers you? of seeing deals to color the maybe end most bake-off general, larger not guys that the that's against more pursuing. current first deal market? And guys of dynamic? aren't

Marc Seelenfreund

just $XXX of sort Kyocera, are coming We're in don't It all rugged above thing no, radio. see that compete looks radio different from And around a I'd the and It okay? are Samsung, is we less privy main really it. are maybe we it's $XXX, right? say probably usually and are less, much smartphones, a above with right? with So No, a the our or different they there [Sony] three a a competing expensive, that device companies -- And like upgrade. that at the also we're So like $XXX, coming angle. because radio. by our And it's we're like each devices competitors. to way, are that smartphone we they're feels offering are going offer category. with (ph) a -- they other They those same push-to-talk

offering think an it's like a to device radio-like in have So but SDX think that that's only offering we to something a we direct carriers. device, app. a take an we're put device, a going into the and and by this a offered is hit and them that is in We Android two from a figure our smartphone not what radio, use two device carriers. We It's and intuitive that into we're do, opposed sense, to it's speak like and real Motorola on any have is how as what device, offered has a device, radio and in security don't radio. And they're which a competitor radio button unique. easier and channel upgrade that the view, a teacher and going much to through one is give that's two more way the or Motorola. trying for guard for and it feels by to the looks app that's maybe take out away trying which users a way Apple the and much push-to-talk [indiscernible] very

other our from go is way a think after, something for offering And that's We there's that's that have is unique, that even only words, now, doing and think the drive on the this And it. company, in because to real type to a the we of company's cellular a talk that very we what's and everybody that think us, reason something two [indiscernible] we're with ones to we're help with small unique. companies proud (ph) multibillion-dollar our the to the going upgrade device. are of that that technology are call all we're that reason [cappers] right is radio very need not that. unique. are us very only is us In working really and And we're because radio knows other that's cellular sales these market And with right? we large-scale and that carriers working over

Jack Vander Aarde

Excellent.

with want know remain to to provide that. appreciate update just I you debt color. great could investors the if your well. stock the actually call compliant any plan That's to would no the sure my NASDAQ. question you next current longer price. on as be, given see have And on just great And it's an I'm Okay.

cash could hoping color well. So you as provide Thanks. on additional and liquidity runway your levels

Marc Seelenfreund

the the because is we cash helping and inventory. and sales of we we had So through factoring that see And what's quarter. that's obviously inventory. in have really that started that we the the our cash have flow, And that flow, doing inventory helping had we have. can at the cash and end we sell We'll bank that announced our you inventory we

to, not of opinion, money. of tens to more raise more not able raise to will to to going We not we're going millions to to have I'm have that need We're of be lot say my become to money. going to profitable. going raise a money. We're not to dollars have raise in

to We million goal. be raise few dollars to more able to get That's have to a our profitability.

And stock do going point. at to we specifically, price the on stock are have a split some to

at as course. it to low do possible, do become to is is multiple compliant. of as yes, that a do And But will of we goal goal Our have to to our stock few sometime we're months going so we're the in on that's again split compliant sure to make can do obviously, we to be compliant. that But NASDAQ. what that next that

Jack Vander Aarde

questions it. Got Okay. like And prepared you've like looks started ramping accelerating. had it's it inflection I like consecutive that the alluded looks of up, when is growth it sounds and my qualitatively, business I four the here. its to quarters year-over-year growth

to then... good that's see. So And

Marc Seelenfreund

the our to think that's able the we is opportunities, next on rapidly we're quarters in really be to achievable beyond. of we'll the just very triple-digit growth between very seen and bullish XXXX, have that like Jack, into. coming grow over quarters and going on said, the we of And think Our we're I pipeline double that very we've to that and goal, business couple and because

Jack Vander Aarde

like experiencing could follow had of the you're many press initiated customers? half that can the Excellent. Glenn step-up location are of of And release extra to and just customers guys just have successful give thing, this those some be then hotel, if more of purchase trials to in XXXX on on resorts of in could second customers, Maybe Can provide were actual in the and the chime But number that just pipeline. how the me and schools mentioned different luxury on And color hear. you the it’s how as you well. multibillion many color end Bahamas verticals interesting in of in orders. customer applications the a like, I more you many up the trials, one if trials terms outside that would

Marc Seelenfreund

for want Sure. Glenn, it? go you do to

Glenn Kennedy

add. can exact I the you number I'll maybe, give would number. an you Yes, can't Marc, start Jack, trials, of I and say that then

along in whenever We of they trials. that with pool for invested carriers, significantly have leverage the asking a devices customer is pool a wireless a demo

also is security responder trial construction of than would manufacturing include or probably market the one. the three, field include service, schools customers them. absolutely, companies, would would whole sometimes involve organization. I that variety primary warehouse, deploy type a It typical So on-site of companies, an I far would within that only schools, but vertical a is definitely, say two vertical organizations, greater organization, they four mention breadth facilities, devices And didn't first markets would

So be multiple it variety and a simultaneous wide trials. would

it's larger time, more Other trials the trial going to of very typically, that be customers, have stages and only to functionality Some the a they looking. budgeting and that in just need. more well short verify time similar the to and is they they're need time, it time so at they're works coverage they're test the forth. functionality stage, the wanting the confirm, And last to more that the need ones, planning going and

So really length our vary the or trials can the in process presale of [indiscernible].

Jack Vander Aarde

Speakers] Got you. [Multiple

Glenn Kennedy

Show. -- right up noise. I Critical We're now. for apologize mentioned Communications wrapping just Trade the our here Finland Helsinki, World I background communication in Jack,

So that's what's you're hearing if noise, going.

Jack Vander Aarde

with -- Speakers] I'd like to on double you're [Multiple double the fitting negotiating trade shows you're Glenn, call. Well, fit, earnings while you're

Marc Seelenfreund

staff don't after a a verticals. cellular have they customers They that staff goes similar first And far They Glenn Canada. that because I just said, very the concerned, also if North America. America, lean, we over Jack. map. with working as They care. go goes is you, add, the just or keep on I relevant. are all focus our add we're, definitely what main But for selling after to And responder, not health have to staff I have staff education. to on When for care construction. told North have the after very And we're school focused all just a or all say it mean the verticals after I are States, they're could United us. we're as as we're They various that try to and hospital to carriers, goes

just Hospitals using in in our very, opportunity large carriers health which more be their be get or done even So we for able communication already costs to hospitals cellular protocol very phone, we United different doubled device that's than the also with going us. as care. to with to a opposed We've our phones to verticals. work using customers States, mention price. Samsung various didn't a salespeople rugged work to the the as think the carriers, using scale cellular few we and And private a their

forward. going after in We're we the what going as think So just continue very large-scale we're to ramp that leveraging And as carriers. a possible doing sales up that doing market. we cellular want sense, aggressively and we're

Jack Vander Aarde

really appreciate hop I’ll and queue. the the Okay. from extra Marc in color back Great. and it I Glenn That’s Dan.

Marc Seelenfreund

Thank you very much.

Operator

The next question go Kerr, Zacks Investment Thank you. Research. Please comes from Tom ahead.

Thomas Kerr

guys of that. said guys. out raised was warrants the the Hi, from What you Two in amount It second when quick ones. the quarter? glitched capital

Marc Seelenfreund

$X.X million.

Thomas Kerr

question of picture And basis does they sort works? the put just-in-time big on a sell? inventory? in they where this I orders the the is a Or they are carriers. this And how sales process Okay. How process just -- buying forget works, that with as

Marc Seelenfreund

So it varies.

then for goes purchasing want just they as For their have time some, from sure AT&T words, the customers, In customer for are sure they're master going master with with the they it's that they buy of the So A working of to and And they they after master lot and other Verizon working make in But a the inventory. be distributors right? distributors, master to distributor times, or they we're get then that we're a distributor they some inventory to time. make the know want of inventories. because buy inventory going to customers them. starting and to also themselves are selling on, us.

we distributors be time So more on, we'll on the goes more that hold as inventory to and to and carriers also selling they'll that the think themselves.

time prepared as So to sell their for we're right we think can selling be to both doing on, And more their goes it's we'll able sort so -- now. that be they inventory then be and customers. more to of

Thomas Kerr

Great. for That’s you Thank today. all I have

Marc Seelenfreund

you. Thank

Operator

remarks. to Thank you. the closing questions. will I turn call Seelenfreund further Marc There for no are back

Marc Seelenfreund

to the joining I thank call. just for everybody want

with questions, good and can welcome forward we out all reach you an you C. to more much, have day. . with additional to Thank You're than Marc And in updating e-mail send to look us. any you a And more the if very That's marc@siyata.net. you good me future a at news. have

Operator

Ladies for that you and please you lines. gentlemen, We this ask your does conclude participation the conference thank call and for disconnect your today.

Siyata Mobile (SYTA) 25 May 232023 Q1 Earnings call transcript