Last week Siyata Mobile (TSX-V:SIM, OTCQB: SYATF) reported another quarter of record revenue; Siyata posted C$5.2 million in sales in Q2 2017, a 150% increase over Q2 2016 and a 7% increase from Q1 2017. Meanwhile, Siyata shares have continued their upward trend (up ~77.5% year-to-date) recently breaking out from a falling wedge:
SIM.V (Daily – 1 Year)
Falling wedge breakout targets fresh 52-week highs; volume acceleration confirms the validity of this chart pattern breakout.
There are more than 12 million fleet vehicles in the United States and Siyata is positioned to capture a significant slice of the North American fleet communication device market with its recent product launches; Siyata launched the world’s first 4G LTE all-in-one fleet communications device in 2017 earlier this year.
Yesterday, Siyata announced the launch of its Uniden® CP250 tablet/DVR connected vehicle 4G device. The CP 250 was designed to be installed on the dash or mounted on a windshield, specifically for lighter commercial vehicles such taxis, vans and delivery trucks. The large 5” wide screen display tablet based design makes installation a breeze and ensures safer communication for professional drivers.
The newly introduced recurring revenue model the company is hinting at as per the press release may have helped to catalyze the recent advance in Siyata’s share price:
“Much like the Uniden® UV350, the Android 6.0 device allows Siyata to leverage its unique features and existing sales channels to partner with software companies which are targeting similar customers to create additional reseller channels and recurring revenue for Siyata.”
Marc Seelenfreund, CEO and Chairman of Siyata stated, “We are very excited to be launching an additional 4G connected vehicle device targeted towards lighter commercial vehicles such as taxis, delivery vans and government vehicles. We see this as a tremendous market opportunity over and above the current markets we are addressing and already have multiple customers and sales channels that have committed to this device.”
The phasing out of existing 2G networks offers a huge opportunity for Siyata as companies are forced to upgrade their fleets to 3G and 4G devices – Siyata’s cutting edge 4G all-in-one fleet devices offer an attractive upgrade to companies wishing to upgrade to industry leading fleet communication device technology.
Trends can continue to trend for a very long time and Siyata Mobile is in a strong uptrend in terms of both its fundamental business momentum and its share price. I believe there is a good chance that Siyata shares will eclipse C$1.00 during the next 12 months. Support near the C$.52 level is a stop loss level which risk averse investors/traders can utilize to define risk.
Read also – Stock Snapshot: Siyata Mobile
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