Siyata Mobile Inc. (SYTA): History, Ownership, Mission, How It Works & Makes Money

As a financial analyst, are you looking closely at Siyata Mobile Inc. (SYTA) to understand its true value in the rapidly consolidating mission-critical communications market?

The company, which develops Push-to-Talk over Cellular (PoC) devices for first responders, showed a significant operational tightening in 2025, slashing its Q2 net loss to $3.8 million from $12.9 million year-over-year, plus its SD7 device earned the prestigious Verizon Frontline Verified status, defintely cementing its public safety bona fides. But, with the market cap at $61.2 million and the recent merger with Core Gaming to form Core AI Holdings, Inc., the story is no longer just about rugged handsets, but a complex pivot to a new AI-driven strategy.

You need to know how the legacy business of $11.88 million in trailing twelve-month revenue actually works and makes money before you can properly assess the combined entity's future, so let's break down the fundamentals.

Siyata Mobile Inc. (SYTA) History

You're looking for the origin story of Siyata Mobile Inc., and honestly, it's less a straight line and more a series of strategic pivots, culminating in a dramatic shift in 2025. The direct takeaway is that Siyata Mobile started as an Israeli-based developer of cellular communication solutions in 2003, but its current identity is defined by its focus on mission-critical Push-to-Talk over Cellular (PoC) devices and, more recently, its merger with Core Gaming Inc., which fundamentally changes its business model.

Given Company's Founding Timeline

Year established

The company was established in 2003, though its current B2B specialization in connected vehicle products and cellular boosters often references brands with a longer history, like Uniden® Cellular.

Original location

The original location of the company was in Ra'anana, Israel, before it established its current headquarters in Vancouver, British Columbia, Canada.

Founding team members

While the specific names of the original founding team members from 2003 are not publicly detailed, the company was founded by a group of individuals focused on developing advanced cellular communication solutions. The current CEO, leading the company through its most recent transformative phase, is Marc Seelenfreund.

Initial capital/funding

Information regarding the initial capital or funding of the company at its founding is not readily available. However, the company did receive a $4.00 million post-IPO equity investment in May 2024, showing capital injection later in its life cycle.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's trajectory has been shaped by three major shifts: the move into rugged devices, the focus on Push-to-Talk over Cellular (PoC), and the massive merger in 2025. The initial push into rugged devices like the CP200 in 2015 defined Siyata Mobile as a niche player for enterprise and first responder communications, differentiating itself from general consumer electronics.

The strategic focus on PoC technology, especially with the SD7 rugged handset, allowed Siyata Mobile to capitalize on the shift away from legacy Land Mobile Radio (LMR) systems. This placed the company in a growing market projected to hit $84 billion by 2032. Still, the company reported a net loss of $3.8 million in Q2 2025, even with revenue of $2.0 million, showing the high cost of competing in this space.

The most transformative moment is defintely the merger with Core Gaming Inc., which closed in October 2025. This deal, valuing Core Gaming at approximately $160 million, is a complete 180-degree turn. The combined entity will now see its main revenue stream switch from hardware sales to mobile game monetization, though the legacy PoC business will continue as a subsidiary. This move is a clear action to escape the constraints of a low-margin hardware business and tap into the much larger, high-growth global mobile gaming market, which is projected to be worth $126 billion in 2025.

• Shifted from vehicle-mounted cellular platforms to specialized, rugged PoC handsets for first responders and enterprise.
• Expanded into North America by launching the Uniden® Cellular Booster series, significantly boosting market reach.
• The Core Gaming merger, completed in 2025, fundamentally changed the company's core business from telecom hardware to AI-driven mobile gaming.

For a deeper dive into the company's direction post-merger, you should review the Mission Statement, Vision, & Core Values of Siyata Mobile Inc. (SYTA).

Siyata Mobile Inc. (SYTA) Ownership Structure

The ownership structure underwent a significant transformation in the fourth quarter of 2025, following the merger with Core Gaming. The combined entity, now operating as Core AI Holdings, Inc., is controlled primarily by the former Core Gaming shareholders, with legacy Siyata Mobile Inc. shareholders retaining a minority stake in the newly public company.

Given Company's Current Status

Siyata Mobile Inc. is no longer an independent operating entity as of October 3, 2025. The company completed its merger with Core Gaming on that date and was subsequently renamed Core AI Holdings, Inc.. The stock ticker symbol also changed from SYTA to CHAI, and the new shares trade on the NASDAQ Capital Market. This transaction was structured to position the company in the rapidly growing AI gaming market, effectively making the former Siyata Mobile a subsidiary of the new holding company.

You need to understand this is a new company with a new focus. For a deeper dive into the financials of the legacy business, you can review Breaking Down Siyata Mobile Inc. (SYTA) Financial Health: Key Insights for Investors.

Given Company's Ownership Breakdown

The ownership breakdown reflects the terms of the October 2025 merger, which saw Core Gaming shareholders receive the vast majority of the equity in the newly formed Core AI Holdings, Inc. The legacy Siyata shareholders kept a minimum equity interest of 10%, with the Core Gaming shareholders receiving the balance. This structure means the strategic direction is now overwhelmingly influenced by the Core Gaming side of the business.

Given Company's Leadership

The leadership of Core AI Holdings, Inc. is now steered by the executive team of the acquired Core Gaming, marking a clear change in governance. The former Siyata Mobile CEO has transitioned to a board role, providing continuity and expertise on the legacy business, but the top executive role has changed hands.

• Aitan Zacharin: Serves as the Chairman and Chief Executive Officer (CEO) of Core AI Holdings, Inc., having held the same role at Core Gaming. He brings deep experience in scaling companies and M&A transactions.
• Marc Seelenfreund: The Founder and former CEO of Siyata Mobile Inc., he remains involved as a Director on the board of Core AI Holdings, Inc., offering knowledge of the legacy Push-to-Talk over Cellular (PoC) business.
• Gerald Bernstein: Continues as the Chief Financial Officer (CFO) of the legacy Siyata PTT Inc. subsidiary, bringing two decades of focus on corporate structuring and finance.
• Glenn Kennedy: Serves as the Vice President of Sales, a role he held at Siyata, with over 25 years of telecom sales experience.

The board also includes Thomas Tarala and Luisa Ingargiola, who bring external financial and governance expertise, which is defintely crucial for a newly merged public entity.

Siyata Mobile Inc. (SYTA) Mission and Values

Siyata Mobile Inc.'s core purpose has always been rooted in enhancing safety and productivity for mission-critical users, but its values are now evolving rapidly following the October 2025 merger with Core Gaming, Inc. The original mission centered on disrupting legacy communication systems, a focus that is now blending with the new entity's drive toward AI-driven digital content.

Honestly, the company's cultural DNA is in a state of flux. The old Siyata Mobile was all about rugged hardware for first responders; the new Core AI Holdings, Inc. is a hybrid telecom-AI gaming company aiming for a combined $100 million in 2025 revenue.

Given Company's Core Purpose

Before the merger, Siyata Mobile Inc. stood for dependable, purpose-built communication in the toughest environments. They weren't selling consumer gadgets; they were selling life-saving tools to police, fire, and ambulance services. This is a high-stakes business, so the values reflect that need for absolute performance.

Official mission statement

The original mission was clear: to be the global leader in the rapidly growing Push-to-Talk Over Cellular (PoC) industry. This meant moving enterprise and first-responder communications from old Land Mobile Radio (LMR) systems onto modern, nationwide cellular networks.

• Develop and provide innovative cellular communication devices and solutions for first responders and enterprise users.
• Disrupt the legacy LMR industry with Next Generation Communication Technology.
• Enhance communication, safety, and productivity in demanding work settings.

What this estimate hides is that the original Siyata Mobile Inc. business, while mission-focused, recorded Q2 2025 revenue of only $2.0 million, showing the need for the strategic shift that led to the merger.

Vision statement

Siyata Mobile Inc.'s vision was to achieve global leadership in its niche by consistently pushing the boundaries of rugged, reliable mobile technology. They wanted to be the first name you thought of for critical communication hardware.

• Become a worldwide leader in rugged cellular devices and solutions for first responders.
• Strengthen market presence in key North American and international markets.
• Foster innovation in cellular technology for mission-critical communication.

This vision is now being re-written under the new Core AI Holdings, Inc. structure, which will likely integrate AI-driven solutions into its future enterprise offerings, defintely changing the long-term focus.

Given Company slogan/tagline

The company's focus on replacing traditional two-way radio systems with modern cellular Push-to-Talk (PoC) is best summarized by its tagline.

• The New Way To Two-Way™

This simple phrase maps their near-term goal: replace old radio hardware with their rugged handsets, like the SD7, which is "Verizon Frontline Verified" for public safety use.

If you want to understand the financial pressures that drove this strategic pivot, you should check out Breaking Down Siyata Mobile Inc. (SYTA) Financial Health: Key Insights for Investors.

Siyata Mobile Inc. (SYTA) How It Works

Siyata Mobile Inc. operates by developing and selling rugged, mission-critical Push-to-Talk over Cellular (PoC) devices that replace older, limited two-way radio systems, allowing first responders and enterprise teams to communicate instantly over nationwide 4G and 5G cellular networks. The company generates revenue primarily through hardware sales to major cellular carriers and specialized distributors, with its core value proposition being reliable communication in demanding environments.

Given Company's Product/Service Portfolio

Given Company's Operational Framework

Siyata Mobile Inc.'s operational model is a B2B (business-to-business) approach focused on high-volume, recurring sales channels, not direct-to-consumer. The company's financial performance in the first half of 2025 reflects this model, with Q2 2025 revenue hitting approximately $2.0 million, contributing to a last twelve months' revenue total of roughly $11.88 million as of June 30, 2025.

Here's the quick math: that trailing revenue suggests a small, specialized hardware business, still operating at a significant net loss, which was $3.8 million in Q2 2025 alone. The business works through a two-pronged distribution strategy:

• Sell devices to major North American cellular carriers, which then offer the devices to their enterprise and public safety customers.
• Distribute products through international cellular carriers and specialized distributors globally.

A significant operational shift in 2025 was the plan to relocate 4G and next-generation 5G PTT handset manufacturing from China to the United States, starting in the first quarter. This move is designed to shorten delivery times and appeal to governmental agencies and first responders who prioritize American-manufactured products. Honestly, that's a smart move to de-risk the supply chain and open up new contract avenues.

To be fair, the company's future operational framework is undergoing a massive transformation following the definitive merger agreement signed with Core Gaming Inc. in February 2025, which closed in October 2025. The combined entity is targeting a much larger revenue goal of $100 million for the full 2025 fiscal year, pivoting the overall business into the AI-driven content and digital infrastructure space, while Siyata's PoC business becomes a subsidiary. This makes understanding Exploring Siyata Mobile Inc. (SYTA) Investor Profile: Who's Buying and Why? even more critical.

Given Company's Strategic Advantages

Siyata Mobile Inc.'s strategic advantages are rooted in its specialized hardware and established relationships within the mission-critical communications sector, which are hard to replicate. Still, the biggest advantage right now is the strategic pivot via the Core Gaming Inc. merger.

• Carrier-Grade Validation: The SD7 handset received the coveted Verizon Frontline Verified designation, officially qualifying it for use by first responders on Verizon's public safety network. This is a huge barrier to entry for competitors.
• Specialized Hardware and IP: The company focuses on rugged, purpose-built devices that are better suited for harsh environments and demanding jobs than consumer-grade smartphones. They're built for defintely rugged reliability.
• Access to High-Margin Verticals: Siyata's existing contracts and relationships with first responder and industrial buyers provide a crucial foothold in high-margin public safety and logistics markets, a key asset for the newly merged entity.
• U.S. Manufacturing Footprint: The 2025 manufacturing relocation to the U.S. is a strategic advantage, reducing supply chain risk and positioning the company to secure more domestic contracts, especially from government agencies.

Siyata Mobile Inc. (SYTA) How It Makes Money

Siyata Mobile Inc. primarily makes money through the business-to-business (B2B) sale of specialized communication hardware: rugged Push-to-Talk over Cellular (PoC) devices and their accessories. These products are sold to major cellular carriers and distributors, who then supply them to enterprise customers and first responder organizations for mission-critical communication.

Siyata Mobile Inc.'s Revenue Breakdown

The company's revenue streams are categorized by its core product lines, which are largely one-time hardware sales, as reflected in the Trailing Twelve Month (TTM) revenue of approximately $11.88 million as of the second quarter of 2025. The primary focus is on the Push-to-Talk devices that replace older, less reliable Land Mobile Radio (LMR) systems.

Business Economics

Siyata Mobile operates on a hardware-centric business model, which means its revenue is transactional and subject to the volume of purchase orders from its carrier and distributor partners. The company's strategy is to sell through leading North American cellular carriers, which provides a massive distribution channel without the high overhead of a direct sales force to every end-user. This channel relationship is key; it allows the carriers to generate a separate, recurring service revenue from the activated SIM cards, while Siyata Mobile focuses on the high-margin hardware sale.

• Pricing Model: The model is based on selling ruggedized devices at a premium price point to B2B customers-like police, fire, and utility companies-who prioritize durability and reliability over consumer-grade cost.
• Cost Structure: The reliance on carrier sales channels helps Siyata Mobile maintain a relatively lean operating cost structure.
• Strategic Pivot: A crucial near-term factor is the pending merger with Core Gaming Inc. to form Core AI Holdings, Inc. This represents a significant strategic pivot from a pure telecom hardware vendor to a hybrid entity focused on AI-driven gaming, with a target of $100 million in combined 2025 revenue. This shift fundamentally changes the long-term economic profile of the business.

The core business is hardware sales, but the future is tied to a massive AI-gaming pivot. It's a defintely high-risk, high-reward move.

Siyata Mobile Inc.'s Financial Performance

The company's financial performance in 2025, prior to the Core Gaming merger, showed a mixed picture of revenue growth against persistent losses, a common trait for companies in a high-growth, high-investment phase. You need to look closely at the profitability metrics, not just the top line.

• Total Revenue: For the first half of 2025 (Q1 and Q2), Siyata Mobile reported total revenue of approximately $4.47 million ($2.47 million in Q1 and $2.0 million in Q2). The Trailing Twelve Month (TTM) revenue as of Q2 2025 was $11.88 million, reflecting a year-over-year increase of 49.13%.
• Gross Margin: The TTM Gross Margin is approximately 16.1%, which is a key indicator of the profitability of their hardware sales. This margin is low for a technology company and highlights the competitive nature of the hardware market.
• Net Loss: The company continues to operate at a significant loss. The net loss for Q2 2025 was $3.8 million, a substantial improvement from the $12.9 million loss in the year-ago quarter. This reduction in loss is a positive sign of cost discipline, even with minimal revenue growth.
• Liquidity: The balance sheet shows a strong Current Ratio of 3.38, indicating good short-term liquidity, but this is offset by persistently negative operating cash flow.

For a deeper dive into the capital structure and who is betting on this strategic shift, you should check out Exploring Siyata Mobile Inc. (SYTA) Investor Profile: Who's Buying and Why?

Siyata Mobile Inc. (SYTA) Market Position & Future Outlook

Siyata Mobile Inc. is in a pivotal transitional phase in late 2025, shifting its core identity from a niche Push-to-Talk over Cellular (PoC) device vendor to a diversified technology company following the merger with Core Gaming Inc. This strategic pivot aims to offset the minimal growth in the rugged handset market with the high-growth, $126 billion mobile gaming sector, fundamentally redefining its market position and future outlook. [cite: 10 in step 1]

Competitive Landscape

In the traditional PoC device space, Siyata Mobile Inc. remains a small, specialized player, competing against large, established critical communications firms and global carriers' in-house solutions. The merger with Core Gaming Inc. introduces a new competitive dimension in the massive mobile gaming arena, but the table below reflects its historical and current device market standing.

Opportunities & Challenges

The company's future trajectory hinges on successfully integrating the legacy PoC business with the new, high-growth mobile gaming and AI technology focus. This is a high-risk, high-reward move. Honestly, the scale of Core Gaming's projected $146 million in 2025 revenue is the real story here. [cite: 10 in step 1]

Industry Position

Siyata Mobile Inc.'s standing is split between two distinct markets. In the mission-critical communications space, the company is a niche innovator, not a market leader. It specializes in rugged devices and cellular boosters, and its value proposition is its ability to get devices like the SD7 certified and stocked by major North American cellular carriers, which is defintely a high barrier to entry. [cite: 1 in step 2]

• The PoC device segment, while growing at a CAGR of around 9.52% through 2032, is dominated by giants like Motorola Solutions and carrier-specific offerings. [cite: 2 in step 2]
• Post-merger, the company's primary market is now the global mobile gaming industry, which is massive and highly competitive.
• The strategic move is an attempt to pivot from a low-margin, capital-intensive hardware business to a potentially high-margin, high-scale software business powered by AI.
• The company's position is highly speculative, relying on the successful transition and execution of the Core Gaming Inc. business plan. You can read more about the strategic rationale for the merger in the Mission Statement, Vision, & Core Values of Siyata Mobile Inc. (SYTA).

The near-term action for investors is to monitor the Q3 and Q4 2025 earnings reports for combined revenue figures and margin improvements from the Core Gaming Inc. segment, as the legacy PoC revenue of $2.0 million in Q2 2025 is not enough to sustain the business. [cite: 2 in step 1]