Traders News Source Editor, Mark Roberts Interviews Marc Seelenfreund Founder and CEO of Siyata Mobile (NASDAQ: SYTA)
Prior to establishing Siyata Mr. Seelenfreund was a VP at Sunrise Corporation in New York focusing on financing publicly traded technology companies. Mr. Seelenfreund has a law degree and is a board member at a leading private university.
Full Interview
Can you give us a brief overview of your company’s business model?
Businesses and organizations that need to carry out critical business functions and operations have historically used two-way radios (“Land Mobile Radios” or “LMR”) to communicate between employees, and headquarters. LMR has a significant number of limitations, including network incompatibility, limited coverage areas, and restricted functionality that leave a huge need for a unified network and platform. Push-to-talk-over-cellular (PoC) brings this communication into the 21st century by addressing all of LMR’s major shortcomings.
Siyata’s primary focus is to become a leading global vendor of PoC rugged handhelds, PoC in-vehicle devices, and cellular boosters both in North America and other international markets. Siyata’s strategy is to partner with leading North American and international wireless carriers and key distributors in order to interface with new potential customers and expand its customer base. Siyata sales are B2B and it sells its hardware to wireless carriers or their distributors, who will in turn sell Siyata’s hardware to the their enterprise, government or first responder customers.
What is your perspective on the market for FirstNet products now and in the future?
FirstNet is a nationwide high-speed broadband wireless network providing a single interoperable platform for law enforcement, firefighters, paramedics and other public safety officials in every state, county, locality and tribal area. AT&T has developed a dedicated network for organizations or agencies in times of emergencies to communicate and coordinate response efforts. AT&T’s FirstNet network is reserved for “primary” first responder users such as police, fire, and ambulance representing a total addressable market of approximately 3 million users, and it includes “extended primary” users such as utilities, waste management and yellow school buses, which expands the potential addressable market to more than 10 million users. The United States Government is increasingly encouraging first-responder organizations and agencies to transition to a FirstNet-based communications network to facilitate communications and coordination during emergencies.
Beyond that, there are approximately 20 million potential commercial vehicles to pursue in North America and approximately 47 million enterprise task and public sector workers across North America making this a multi billion dollar opportunity for Siyata.
Is there a marketing strategy in place for SYTA products?
Siyata employs direct marketing and end-customer brand awareness initiatives, and it’s sales and marketing efforts have been predominantly focused on channel partners, i.e. cellular carriers and distributors. Siyata employs a small direct sales force to manage its carrier partners who market, sell and support Siyata solutions with end customers.
Which SYTA products do you think will be the biggest contributors to revenues in the near term?
Based on early customer feedback, Siyata expects its newly launched rugged handset, the SD7, has the potential to be a high volume winner. The market for SD7 is potentially very large scale and sales will be focused to the tens of millions of mission critical personnel, first responders and enterprise customers looking for next generation PoC solutions. Siyata expects to see widespread adoption in the coming quarters and years of this unique product as customers recognize its value-proposition. Based on discussions with a leading U.S. distributor, multiple cellular carriers and numerous dealers, Siyata recently estimated these various channels could deliver potential SD7 volumes of 30,000 to 100,000 units per year plus accessories, once fully ramped into full production. This will translate into potentially $10-30 million just in this product category in annual revenue for Siyata starting from mid 2022.
What is the greatest challenge First Responder communications is facing?
One of the biggest communications challenges facing first responders is clear and consistent communication in any jurisdiction, amongst multiple groups with scaling numbers to ensure complete coverage.
Siyata’s PoC devices offer much better coverage due to using the nationwide cellular networks as opposed to a limited two-way radio network.
What were your company’s biggest accomplishments in the last year?
Products
Successful launch of two highly anticipated next generations devices, the SD7 rugged handset and its companion in-vehicle device the VK7. Customer response has been extremely strong and the company announced it received a $2.2 million purchase order for a Tier 1 US wireless operator for SD7, VK7 and various accessories. The company has also announced it that its SD7 ruggedized device is now certified and approved for use on FirstNet, and Verizon Communications has also fully integrated the SD7 device into their network.
Distribution
Siyata continues to expand build its channel with distribution agreements, new carrier wins and technology partnerships with: TESSCO Technologies Inc, SignalBoosters.com, Esper and Telstra in Australia.
Capital
Siyata closed a $20 million underwritten public offering in the beginning of 2022. This is a testament to the faith its investors have in the company’s business strategy and view to disrupt the large scale legacy LMR industry.
What do you think is the biggest strength of SYTA right now? What does your company do well?
Siyata believes the following competitive strengths contribute to its success and differentiate the company from its competitors:
- Market focused products which address multi-billion dollar markets
- Highly innovative technology and unique product portfolio with minimal known competition
- Strong partnerships and device approvals with leading North American and international wireless carriers which will drive sales
Which aspect of your company makes you enthusiastic?
Siyata’s PoC devices support a dedicated network that operates on a high-quality cellular spectrum set aside by the U.S. government for FirstNet, as a result the technology Siyata deploys has a real opportunity to save lives by disrupting a legacy industry with next generation POC technology.
From an investor perspective, Siyata is a microcap company that is not fully appreciated by the investment community. Siyata hopes to deliver to shareholders many positive catalysts: new customer wins, significant carrier launches, new partnerships, a continuous upgrade to its product portfolio and ultimately strong organic growth with a drive to profitability in the coming quarters.
Thank you Marc for giving us your time to answer a few questions.
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