Breaking Down Siyata Mobile Inc. (SYTA) Financial Health: Key Insights for Investors

You're looking at Siyata Mobile Inc., now Core AI Holdings, Inc., and honestly, the financial picture is a tale of two companies: a struggling core and a massive, high-stakes pivot. The legacy business, focused on Push-to-Talk over Cellular devices, showed the strain in the first half of 2025, posting Q1 revenue of just $2.47 million against a net loss of $3.79 million, followed by Q2 revenue of $2.0 million and a net loss of $3.8 million. This is a classic cash-burn scenario. But that all changed with the October 2025 completion of the $185 million merger with Core Gaming, Inc.; this is the real story now, injecting a new business that generated $80 million in 2024 revenue and brought in 43 million monthly active users. The question isn't about the old business anymore, it's about how fast that new, defintely larger gaming revenue can offset the persistent losses and negative cash flow. We need to break down the pro-forma numbers to see if you're buying a turnaround or just a higher-stakes gamble.

Revenue Analysis

You're looking at Siyata Mobile Inc. (SYTA) because you see potential in the Push-to-Talk over Cellular (PoC) market, but the revenue picture for 2025 is a mix of strong trailing momentum and modest quarterly growth. The direct takeaway is that while the company's annual run-rate revenue shows a substantial increase, quarterly sales growth has slowed, which is a key risk to monitor.

Siyata Mobile Inc.'s revenue engine is focused on mission-critical communication tools for business-to-business (B2B) clients like first responders and enterprise workers. The primary revenue streams break down into three core product categories:

• Push-to-Talk over Cellular (PoC) Handsets and Accessories: This is the flagship segment, centered on ruggedized devices like the SD7 handset, which are replacing traditional land mobile radio (LMR) systems.
• In-Vehicle Solutions: Enterprise-grade communication platforms designed for commercial vehicles.
• Cellular Booster Systems: Products that help customers maintain effective communication in areas with weak cellular signals.

Near-Term Growth Rate and Geographic Concentration

The growth story is heavily concentrated in the US market, which is both an opportunity and a risk. Historically, the US market has been the dominant revenue source, accounting for a massive 81% of total revenue in the third quarter of 2024, a trend that continues to hold significant weight in 2025. You defintely want to see that geographic diversification improve over time.

When we look at the 2025 quarterly performance, the growth rate is minimal. For the second quarter of 2025, Siyata Mobile Inc. reported revenues of $2.0 million, a slight increase from $1.9 million in the year-ago period. Here's the quick math: that's only about a 5.3% year-over-year increase for the quarter. Still, the trailing twelve months (TTM) revenue as of mid-2025 stood at an impressive $11.88 million, showing a substantial 49.13% year-over-year growth compared to the prior TTM period, which reflects the strong sales momentum built up in late 2024.

Significant Revenue Stream Shifts

The most significant change is structural, not operational, but it will redefine the revenue profile. The company closed its merger with Core Gaming Inc. in October 2025, effectively transforming Siyata Mobile Inc. into Core AI Holdings, Inc. The Q3 2025 financial results, filed in November 2025, still only reflect the legacy Siyata Mobile Inc. operations, not the new combined entity.

Also, keep an eye on the product mix: Siyata Mobile Inc. is planning a major launch of a 5G product portfolio in 2025, with T-Mobile as the first carrier partner. This is a clear strategic move to capture the next generation of mission-critical communication contracts and could significantly alter the product contribution to overall revenue in late 2025 and 2026. This shift is critical to understanding the future value proposition, which is why you should be Exploring Siyata Mobile Inc. (SYTA) Investor Profile: Who's Buying and Why?

Profitability Metrics

You need a clear picture of Siyata Mobile Inc. (SYTA)'s core financial health, and honestly, the profitability metrics show a company still struggling to scale revenue faster than its operating costs. The direct takeaway is that Siyata Mobile Inc. is currently deeply unprofitable, with massive negative operating and net margins, despite a positive gross margin on its product sales.

For the trailing twelve months (TTM) ending in mid-2025, Siyata Mobile Inc. reported revenue of approximately $11.9 million, but this top-line figure is quickly eroded by costs. The company's profitability ratios paint a stark picture of the challenge ahead:

• Gross Profit Margin (TTM): Around 16.1%
• Operating Profit Margin (TTM): Approximately -49.6%
• Net Profit Margin (TTM): A staggering -144.29%

Here's the quick math: A negative net profit margin of this magnitude means for every dollar of revenue Siyata Mobile Inc. brings in, it is losing nearly $1.44 after all expenses and taxes are accounted for. This is a serious cash burn issue.

The trend in profitability is concerning. In the third quarter of 2024, the company's Gross Margin was 29%, a positive indicator of pricing power and cost of goods sold management. However, by the TTM period ending in 2025, that margin had dropped significantly to around 16.1%. This shift suggests a major operational efficiency problem, likely due to a change in product mix, increased inventory write-downs, or aggressive pricing to move units. In Q1 2025, the company reported a net loss of $3.79 million on revenues of $2.47 million, and Q2 2025 followed with a net loss of $3.8 million on $2.0 million in revenue, which is a net margin of approximately -190% for the quarter. The only good news is that the Q2 2025 net loss was a significant reduction from the $12.9 million loss in the year-ago period.

To be fair, Siyata Mobile Inc. operates in the Technology Hardware & Equipment sector, specifically focusing on Push-to-Talk over Cellular (PoC) devices for first responders, which is a specialized, high-cost market. Still, the company lags far behind its peers. The industry average for Gross Margin is closer to 42.92%, and the average Net Profit Margin is around 7.06%.

What this estimate hides is the sheer scale of the operational inefficiency. The gap between the 16.1% Gross Margin and the -49.6% Operating Margin is vast. This difference is almost entirely driven by high Selling, General, and Administrative (SG&A) expenses, which include marketing and R&D. The company is spending heavily to gain market share, which is a necessary evil for growth, but it's defintely unsustainable at this rate. In fact, Siyata Mobile Inc.'s Gross Margin of 16.07% is worse than 91.84% of its industry peers.

This is a growth-at-any-cost strategy, and it is expensive. The core business of selling devices is profitable on a gross level, but the entire operational structure is too heavy for the current revenue base. You can read more about the company's focus in the Mission Statement, Vision, & Core Values of Siyata Mobile Inc. (SYTA).

Here is a quick comparison table of the TTM profitability ratios:

The action here is clear: monitor the gross margin trend closely. If it continues to decline, the core business is weakening. If it stabilizes, the focus must shift to aggressive cost management on the SG&A side to close the massive operating loss gap.

Debt vs. Equity Structure

You're looking at Siyata Mobile Inc. (SYTA) and trying to figure out how they fund their operations, which is defintely the right place to start. The short answer is: they rely almost entirely on equity, not debt. Their financial structure is remarkably light on borrowing, a strategy that has been amplified by the recent, transformative merger with Core Gaming Inc. in October 2025.

The key takeaway is that Siyata Mobile Inc. (SYTA), now operating under the name Core AI Holdings, Inc., has a minimal debt load, suggesting management prefers capital raises through stock over taking on interest payments. This is a common approach for growth-focused, pre-profit companies, but it carries its own set of risks, namely shareholder dilution.

Here's the quick math on the pre-merger debt structure, using the most recent available trailing twelve months (TTM) data ending June 30, 2025, for Siyata Mobile Inc.'s legacy business:

• Total Short-Term Debt: Approximately $0.22 million.
• Long-Term Debt: Essentially negligible, supporting the low debt-to-equity ratio.
• Debt-to-Equity Ratio: A tiny 0.04.

A Debt-to-Equity (D/E) ratio is your measure of financial leverage-how much debt a company uses to finance its assets relative to the value of its shareholders' equity. For Siyata Mobile Inc. (SYTA), a D/E of 0.04 is extremely low. To be fair, this is a healthy value that outperforms over 67% of its industry peers in the Technology Hardware & Equipment sector. Most analysts consider a D/E ratio below 1.0 to be low-risk, so 0.04 is a clear sign that debt-servicing risk is not a primary concern for the company.

Still, a low D/E ratio in a growth company often points to a reliance on equity financing, which is exactly what we see here. The most significant financial event of 2025 wasn't a debt issuance, but the major equity-based merger with Core Gaming Inc. that closed on October 3, 2025. This deal, which valued Core Gaming at around $160 million, is the company's primary growth financing mechanism. It fundamentally transformed the company's business model from Push-to-Talk over Cellular (PoC) devices to an AI-driven mobile gaming focus, which you can read more about in their Mission Statement, Vision, & Core Values of Siyata Mobile Inc. (SYTA).

What this estimate hides is the potential for future debt. The merger creates a much larger, more diverse entity, and the combined company, Core AI Holdings, Inc., may choose to use debt in the future to accelerate growth or fund acquisitions, especially if the Core Gaming revenue projections are realized. For now, however, the balance is heavily weighted toward equity, a strategy that prioritizes flexibility over the cost-efficiency of debt.

Liquidity and Solvency

You need to know if Siyata Mobile Inc. (SYTA), now operating as Core AI Holdings, Inc. following its October 2025 merger, has the cash to cover its near-term obligations. The short answer is yes, but this strength is entirely dependent on recent financing activity, not core business operations.

The company's liquidity ratios, which measure its ability to pay short-term debts, look strong on the surface. As of the most recent data near October 2025, Siyata Mobile Inc.'s current ratio is approximately 3.38, and its quick ratio (acid-test ratio) is around 2.37. Both figures are well above the 1.0 benchmark, suggesting the company has more than enough current assets (like cash and inventory) to cover its current liabilities (debts due within a year). A high current ratio is defintely a good sign.

• Current Ratio: 3.38 (Strong short-term asset coverage).
• Quick Ratio: 2.37 (Strong liquid asset coverage, excluding inventory).

Here's the quick math: For every dollar of short-term debt, Siyata Mobile Inc. has $3.38 in current assets to pay it off. What this estimate hides, however, is the quality of those assets and the underlying cash flow dynamics.

The working capital trend for the legacy Siyata Mobile Inc. business shows a critical dependency on external funding. While the high current ratio implies healthy working capital (Current Assets minus Current Liabilities), the core business is consistently burning through cash. This means the company must continually raise capital to maintain its liquidity, a trend that is not sustainable long-term without a pivot to profitability. The recent merger with Core Gaming, Inc. to form Core AI Holdings, Inc. is a strategic move to address this, aiming to leverage new AI-driven opportunities.

A deep dive into the cash flow statement for the Trailing Twelve Months (TTM) ending in Q3 2025 reveals the full picture of this capital dependency:

The consistently negative Operating Cash Flow (OCF) of -$15.54 million TTM is the primary liquidity concern; the company is not generating cash from selling its Push-to-Talk over Cellular (PoC) products. This cash burn is what forces the high positive Financing Cash Flow (FCF) of $22.57 million TTM, which is the company raising money from investors or lenders to keep the lights on and fund its negative operations and investments. The Q3 2025 net loss of approximately $12.97 million further underscores the challenge. If you want to understand the strategic rationale behind this pivot, you should review the Mission Statement, Vision, & Core Values of Siyata Mobile Inc. (SYTA).

The liquidity strength is a temporary, manufactured one, bought with shareholder dilution and debt, not earned through profitable sales. The near-term action for an investor is to monitor OCF in future reports; if OCF does not start trending toward neutral or positive in 2026, the company will need another large financing round, which means more risk of dilution.

Valuation Analysis

Is Siyata Mobile Inc. (SYTA) overvalued or undervalued? Based on the key valuation multiples for the 2025 fiscal year, the stock appears to be undervalued on a Price-to-Book (P/B) basis, but its negative earnings make traditional valuation metrics like P/E and EV/EBITDA irrelevant, which is a significant red flag for investors.

As of November 20, 2025, the stock was trading around $3.07, near its 52-week low. The extreme volatility is clear: the stock has seen a massive -91.74% decline over the last 52 weeks, having traded between a low of $3.07 and a high of $44.36. This kind of price action tells you the market is defintely not settled on Siyata Mobile Inc.'s long-term value.

• Price-to-Book (P/B) Ratio: The P/B ratio is approximately 0.26. This is a very low number, suggesting the stock is trading for less than a quarter of its book value per share (the company's assets minus its liabilities). In theory, this points to an undervalued stock.
• Price-to-Earnings (P/E) Ratio: This ratio is Not Applicable (N/A). Here's the quick math: Siyata Mobile Inc. has negative earnings per share (EPS) for the trailing twelve months (TTM) ended June 2025, with a net loss of -$17.15 million. You can't divide a price by a negative number to get a meaningful P/E, so this metric is useless right now.
• Enterprise Value-to-EBITDA (EV/EBITDA): This is also N/A. The TTM EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) was a negative $-12.91 million as of June 2025. Like the P/E, a negative operating profit means the EV/EBITDA cannot be calculated, which signals that the company is not currently generating cash from its core operations.

The low P/B ratio of 0.26 is the sole indicator of potential value, but you must remember that a low P/B often signals a value trap (a stock that looks cheap but has fundamental problems). The market is punishing Siyata Mobile Inc. because of its negative profitability, which is why the P/E and EV/EBITDA are unusable.

The company does not pay a dividend, so both the dividend yield and payout ratio are 0.00%. This is common for growth-focused or turnaround companies like Siyata Mobile Inc. that need to reinvest all available capital to fund operations and achieve profitability.

Analyst consensus is cautious. While some technical indicators suggest a 'Strong Sell,' other analyses lean toward a 'Hold' rating at the current price level of $3.07. One analyst's 12-month price target is an ambitious $17.00, which would represent a massive upside from the current price. What this estimate hides, however, is the high risk associated with a company in a turnaround phase, especially one that recently announced a definitive merger agreement with Core Gaming Inc. in February 2025. This merger adds a layer of complexity to the valuation, as the new entity's financials will look very different.

For a deeper dive into the company's financial structure and future prospects, read our full analysis: Breaking Down Siyata Mobile Inc. (SYTA) Financial Health: Key Insights for Investors.

Risk Factors

You need to understand that Siyata Mobile Inc. (SYTA), now operating as Core AI Holdings, Inc. following the October 3, 2025, merger with Core Gaming, Inc., is a high-risk, high-reward proposition. The core risk is a financial one: the legacy business has been consistently unprofitable, and the new strategy hinges entirely on a successful, complex integration.

The company's financial health, based on the pre-merger Siyata Mobile Inc. operations for the first half of 2025, shows deep operational challenges. For instance, the net loss for Q1 2025 was $3.79 million, which was followed by another net loss of $3.8 million in Q2 2025. This persistent unprofitability is compounded by high leverage; the debt-to-equity ratio was around 2.79 in 2024, indicating significant reliance on borrowed capital. Honestly, they are burning cash.

Here are the near-term risks you should map to your investment thesis:

• Financial Instability: Sustained net losses and negative operating cash flow, which was approximately -$5,980,860 recently, create a constant need for new capital.
• Low Profit Margins: The gross profit margin for the legacy Push-to-Talk over Cellular (PoC) business sits precariously low, fluctuating between 14% and 18.4%, making it difficult to cover high operating expenses.
• Merger Integration Risk: The pivot into the mobile gaming and AI sector is a massive strategic shift. Integrating two very different businesses-rugged devices and mobile gaming-presents significant operational challenges and the risk of value destruction.

What this estimate hides is the potential impact of the combined entity, as the Q3 2025 financials only reflect the legacy Siyata operations and explicitly exclude Core Gaming's performance.

External and industry risks are also intense. In the legacy PoC market, Siyata Mobile Inc. faces competition from established players like Motorola and Sonim Technologies. The new mobile gaming market is even more crowded, with giants such as Tencent and Activision Blizzard dominating the space. Plus, both the PoC and gaming sectors are subject to constantly changing regulatory environments, particularly around data privacy and content monetization, which could force costly operational changes.

The company's primary mitigation strategy is the merger itself, a deliberate move to shift focus to the massive $126 billion mobile gaming market and leverage Core Gaming's AI-driven platform. The hope is that the high-growth, high-volume gaming business will offset the legacy business's financial strain. Management is also trying to mitigate investor uncertainty by enhancing communication, including releasing video updates with the Core Gaming CEO to foster transparency around the merger's expected growth.

To get a full picture of the company's financial narrative, you should read the full analysis in Breaking Down Siyata Mobile Inc. (SYTA) Financial Health: Key Insights for Investors.

Growth Opportunities

You're looking at Siyata Mobile Inc. (SYTA) right now, and the story is complex: a struggling Push-to-Talk over Cellular (PoC) business is attempting a massive pivot into the high-growth mobile gaming and AI space. The future of this company hinges almost entirely on the pending, $185 million merger with Core Gaming, which was expected to close in the second quarter of 2025. This isn't a small adjustment; it's a complete strategic overhaul.

The core business, selling rugged handsets like the SD7 to first responders and enterprises, is still operating but faces significant financial strain, reporting a negative operating cash flow of nearly -$6 million and an EBIT (Earnings Before Interest and Taxes) margin of -49.6% as of October 2025. The merger is the lifeline and the primary growth driver.

Here's the quick math on the pivot: Core Gaming is projected to bring in around $80.8 million in 2024 revenue, dwarfing Siyata Mobile Inc.'s standalone trailing twelve-month revenue of $11.88 million (ending June 30, 2025). The combined entity is targeting a $100 million combined revenue goal for the 2025 fiscal year. That's a huge jump in scale.

Key Growth Drivers and Strategic Shift

The strategic initiatives driving future growth are a dual-pronged approach, leveraging Siyata Mobile Inc.'s existing carrier relationships while aggressively pursuing the mobile-AI market. The shift is defintely a high-risk, high-reward move into a $126 billion mobile gaming market.

• Major Acquisition: The Core Gaming merger provides an immediate, massive user base of 43 million monthly active users and a portfolio of over 2,100 games.
• Product Innovation: The launch of the next-generation SD7 Ultra Series 5G mission-critical handsets, with a partnership to be introduced on T-Mobile's 5G network, keeps the legacy PoC business relevant.
• AI-Driven Expansion: Core Gaming's proprietary AI COMIC App and its AI-based business intelligence platform for ad targeting are the new technological differentiators.
• Operational Realignment: Plans to move 4G and 5G PTT handset production to the U.S. in 2025 aims to reduce supply chain risk and tap into domestic incentives.

Competitive Advantages in the New Landscape

The competitive advantage for the merged company lies in the synergy between Siyata Mobile Inc.'s specialized access and Core Gaming's technology. Siyata Mobile Inc.'s legacy business had a strong, hard-to-replicate edge in specialized rugged hardware and critical carrier relationships, such as the Verizon Frontline Verified designation for its SD7 device. This access to first responders and enterprise fleets is now a new channel for AI services.

The new, combined advantage is leveraging Siyata Mobile Inc.'s existing ties to high-margin verticals like Defense, Public Safety, and Logistics to introduce Core Gaming's AI content and communications solutions. This means selling AI-driven diagnostics or training simulators into markets where Siyata Mobile Inc. already has a foothold. The Core Gaming side brings a significant barrier to entry-a massive, integrated AI system, a huge game portfolio, and a data-rich monetization ecosystem. You can dive deeper into the players involved by Exploring Siyata Mobile Inc. (SYTA) Investor Profile: Who's Buying and Why?

2025 Financial Projections and Reality Check

For the third quarter of 2025, analysts projected Siyata Mobile Inc.'s standalone revenue at $3.00 million with an EPS (Earnings Per Share) of -$0.36. However, the actual Q2 2025 revenue was only $2.03 million, missing estimates by a wide margin. What this estimate hides is the precarious nature of the pre-merger business. The real value driver is the successful integration of Core Gaming. If the merger closes and the integration is smooth, the combined entity's $100 million revenue goal for 2025 is the number to watch, but execution risk is very high. The goal is to rapidly scale revenue in the mobile gaming space to offset the losses and negative cash flow from the legacy PoC business. The market is waiting for that pivot to materialize into tangible, combined financial results.