Siyata Mobile Inc. (SYTA): Business Model Canvas [Dec-2025 Updated]

You're looking at Siyata Mobile Inc. right now, and honestly, it's a fascinating case study in corporate reinvention. The old model-rugged Push-to-Talk over Cellular (PoC) gear for first responders-is being rapidly overshadowed by a massive gaming play, which is why the combined 2025 revenue goal is set to blow past $100 million, up from just $2.0 million in legacy hardware sales in Q2 2025, all thanks to those 43 million monthly active mobile gaming users. It's a high-stakes hybrid strategy mixing mission-critical reliability with mass-market entertainment, and you need to see how the nine building blocks of their Business Model Canvas support this defintely dramatic shift below.

Siyata Mobile Inc. (SYTA) - Canvas Business Model: Key Partnerships

You're looking at the core relationships Siyata Mobile Inc.-now operating as Core AI Holdings, Inc. following the October 3, 2025 merger-relies on to get its mission-critical Push-to-Talk over Cellular (PTT) hardware and software solutions to market. These aren't just casual agreements; they are the conduits for revenue, especially in the public safety and enterprise sectors.

Tier-1 North American Cellular Carriers (Verizon, T-Mobile, AT&T)

This channel is critical for Siyata Mobile's legacy business, providing the necessary network access and sales infrastructure. The SD7 device earned the prestigious Verizon Frontline Verified designation in July 2025, officially qualifying it for use by first responders on Verizon's public safety network. This achievement positions the company as a key communications partner across all three major U.S. wireless carriers: Verizon, T-Mobile, and AT&T. Previously, Siyata Mobile became the smallest manufacturer to secure stocking agreements with these major U.S. carriers. For the fiscal year 2024, the company reported that 71% of its revenue was derived from just five customers or channel partners, underscoring the concentration risk and importance of these carrier relationships.

Here's a snapshot of the carrier/distribution landscape:

Carrier/Partner Type	Key Product Integration	Status/Metric (as of late 2025)
Verizon	SD7 Handset	Earned Verizon Frontline Verified status in July 2025.
T-Mobile	SD7 Handsets and Accessories	Distribution expanded through Hyperion Partners, a T-Mobile business partner, in February 2024.
AT&T	SD7 Handset	Device commercially available through AT&T's enterprise channels as of mid-2022.
Major U.S. Carriers (Combined)	SD7/SD7 ULTRA	Siyata Mobile is positioned as a partner across all three major U.S. networks.

ESChat for Mission-Critical Push-to-Talk (PTT) Software Platform

The partnership with ESChat integrates the necessary software layer onto Siyata Mobile's rugged hardware. This collaboration was recently highlighted by the deployment of Siyata's SD7 Handsets, powered by the ESChat platform, to support critical communications at Burning Man 2025 (August 24 - September 1, 2025). ESChat is a FedRAMP® Authorized mission-critical broadband PTT service, which is also FirstNet Certified™ and approved by the Defense Information Systems Agency (DISA) for U.S. military operational use. While Siyata Mobile's Q2 2025 standalone gross profit margin was approximately 14%, the high-margin software component from partners like ESChat is key to improving overall profitability.

RAM Mounts for In-Vehicle Mounting Solutions and Accessories

Announced on July 24, 2025, this strategic partnership integrates Siyata's hardware with RAM Mounts' rugged, U.S.-made mounting systems. The goal is to deliver advanced in-vehicle solutions tailored for the SD7 and the upcoming SD7 ULTRA handsets. These integrated products were showcased at the APCO 2025 conference in Baltimore, Maryland, targeting first responders, transportation fleets, and utility workers who need secure, in-vehicle communication setups.

Core Gaming Inc. (now merged) Providing AI-Driven Gaming Content and Platform

This is the transformative partnership, closing on October 3, 2025, for a deal valued at $185 million. The merger brings Core Gaming's substantial user base and revenue stream into the combined entity, now Core AI Holdings, Inc. Core Gaming's performance metrics are starkly different from the legacy Siyata Mobile business (which reported Q2 2025 revenue of only $2.0 million). Core Gaming's key metrics include:

• Projected 2025 Revenue (Internal Expectation): Exceeding $100 million.
• 2024 Revenue: Approximately $80.8 million.
• Monthly Active Users (MAUs): 43 million.
• Cumulative Downloads: Over 790 million.
• Portfolio Size: Over 2,100+ mobile games and apps.

The structure guarantees legacy Siyata Mobile shareholders retain a minimum of 10% equity in the combined entity, which has a pro forma 2025 revenue projection of $100 million. Core Gaming's AI COMIC App has seen a 1,300% surge in users in Japan and South Korea in early 2025.

International Distributors and Resellers for Global Reach

Siyata Mobile sells its portfolio through international cellular carriers and distributors to support its global footprint. As of 2024, Siyata reported customers across Canada, Europe, Australia, and the Middle East. This channel is vital for expanding beyond the North American carrier focus. For instance, in February 2024, an expansion of an alliance with Hyperion Partners included distribution of SD7 handsets to T-Mobile business channels, which is a key part of their overall distribution strategy.

The company's total revenue in the twelve months ending June 30, 2025, was $11.88 million, up 49.13% year-over-year, showing growth even before the full impact of the Core Gaming merger is reflected in the financials. Finance: draft 13-week cash view by Friday.

Siyata Mobile Inc. (SYTA) - Canvas Business Model: Key Activities

You're looking at the core engine of Siyata Mobile Inc. as it integrates its new AI gaming component following the merger. Here's the quick math on what the company is actively doing to drive value, grounded in the latest figures available through late 2025.

Developing and manufacturing rugged Push-to-Talk over Cellular (PoC) devices

Siyata Mobile Inc. continues its core activity of developing and selling next-generation Push-To-Talk over Cellular (PoC) handsets and accessories for first responders and enterprise workers. This involves engineering ruggedized, mission-ready PoC handsets like the flagship SD7 device. The company is focused on both current 4G and next-generation 5G PTT handset production. The company's LTM revenue as of the quarter ending June 30, 2025, was reported at $11.88 million, marking a 49.13% year-over-year increase. However, the standalone gross profit margin for Siyata Mobile was approximately 14% as of August 2025, with an EBIT margin of -121.2% reported in May 2025. The Q2 2025 revenue was $2.03 million.

The strategic shift in manufacturing is a major activity supporting this development pipeline. Siyata Mobile Inc. announced plans to relocate its 4G and 5G PTT handset manufacturing operations from China to the United States, with expectations to begin U.S. manufacturing operations in the first quarter of 2025 (Q1 2025).

AI-driven mobile game development and content publishing

This activity is now integrated via the merger with Core Gaming Inc., which was expected to close in Q2 2025. Core Gaming brings a substantial digital footprint to the combined entity. This segment involves creating entertaining games and empowering other developers with AI-driven tools. Core Gaming has developed or co-developed over 2,100 games, driven over 780 million downloads, and generated a global footprint of over 40 million users from over 140 countries.

Securing carrier certifications (e.g., Verizon Frontline Verified) and contracts

A critical activity is ensuring device compatibility and preferred status with major carriers. Siyata Mobile's SD7 device earned the prestigious "Verizon Frontline Verified" designation on July 16, 2025, qualifying it for use by first responders on the Verizon Frontline network. Furthermore, Siyata Mobile has worked with Tier 1 telecom partners like Verizon, AT&T, and T-Mobile's T-Priority program, which includes up to $1 million in milestone payments in 2025.

Managing a massive global user base of 43 million monthly active users (MAUs)

This user base management is attributed to the acquired Core Gaming segment, which is central to the post-merger operations. Core Gaming brings 43 million monthly active users (MAUs) to the combined company structure.

Relocating manufacturing to the U.S. for supply chain stability

The physical relocation of manufacturing operations is a key logistical activity aimed at supply chain stability and market access. The plan was to begin manufacturing operations in the U.S. in the first quarter of 2025 (Q1 2025), moving production of 4G and 5G PTT handsets from China.

The following table summarizes key financial and operational metrics relevant to these activities as of mid-to-late 2025:

Activity Metric	Value/Amount	Period/Context
Q2 2025 Revenue	$2.03M	Quarter ending June 30, 2025
Last Twelve Months Revenue	$11.88M	As of Q2 2025
LTM Revenue Growth	49.13%	Year-over-year as of Q2 2025
Q1 2025 Net Loss	$3.79 million	For the three months ended March 31, 2025
Standalone Gross Margin	Approx. 14%	As of August 2025
Verizon Milestone Payments Potential	Up to $1 million	In 2025 via T-Priority program
Core Gaming Cumulative Downloads	Over 790 million	Pre-merger
Core Gaming Monthly Active Users (MAUs)	43 million	Pre-merger
Manufacturing Relocation Target Start	Q1 2025	For U.S. operations

The company's current ratio was reported at 3.38, while its debt-to-equity ratio stood at 0.69 as of May 2025. The market capitalization was reported as low as $0.81 million in August 2025.

Finance: draft 13-week cash view by Friday.

Siyata Mobile Inc. (SYTA) - Canvas Business Model: Key Resources

Proprietary IP for ruggedized PoC handsets and in-vehicle solutions

The asset base supporting Siyata Mobile Inc.'s legacy hardware business includes specific intellectual property rights. As of March 31, 2025, the balance sheet reflected Intangible Assets valued at $8,701,733 USD. The Corporation owns two patents acquired from Clear RF. Furthermore, Siyata Mobile received a U.S. patent for its Push-to-Talk Vehicle Kit in May 2024. The product portfolio includes rugged handheld Push-to-Talk over Cellular (PoC) smartphone devices and enterprise-grade In-Vehicle solutions.

Carrier-grade certifications and stocking agreements with major U.S. networks

Siyata Mobile Inc.'s ruggedized solutions have achieved key designations with major U.S. carriers, which is a critical resource for market access. Key certifications and partnerships include:

• The SD7 handset earned 'Verizon Frontline Verified' designation.
• T-Mobile named Siyata Mobile a key partner in its T-Priority first responder program featuring the SD7 ULTRA, noted as the first land mobile radio (LMR) replacement in the U.S. with mission-critical push-to-talk on 5G SA.
• The SD7 Handset achieved 'Stocked Status' from a third major U.S. wireless carrier in May 2024.
• Verizon Communications Inc. fully integrated the SD7 device into its network by June 2022.
• United States Cellular Corporation (US Cellular) launched the SD7 onto their network in July 2022.

Siyata Mobile sells its portfolio through leading North American cellular carriers.

Core Gaming's portfolio of over 2,100 mobile games

The merger with Core Gaming brought a substantial digital asset portfolio. Core Gaming has launched more than 2,000 games into the market, with the stated portfolio size being over 2,100 mobile games. This portfolio has driven significant user engagement metrics.

Metric	Value
Cumulative Downloads	790 million
Monthly Active Users (MAUs)	43 million
2024 Revenue (Reported/Projected)	$80.8 million or $80 million
2025 Revenue (Projected Pro Forma)	$100 million

The combined entity projects 2026 revenue of $240.8 million. Core Gaming's 2023 revenue was $57.0 million.

AI and data platform for game monetization and user acquisition

A key resource from the merger is the proprietary technology platform used for digital content. Core Gaming created proprietary analytical software, specifically a BI platform, which provides deep insight into the effectiveness of marketing efforts for each title, enabling focus on the most successful channels. The company also launched its AI COMIC App in May 2025, an AI-powered visual content creation platform demonstrating strong monetization and user retention. This platform is designed for tailored ads and optimized user revenue.

Experienced management team from the Core Gaming merger

The leadership structure post-merger incorporates key personnel from the acquired entity. Aitan Zacharin, Core Gaming's CEO, is leading the new combined company. The management team is positioned to capitalize on the transition into the AI gaming market, which is projected to grow at compound annual growth rates (CAGRs) between 19-28.4% over the next decade. Legacy Siyata Mobile shareholders are guaranteed a minimum 10% equity interest in the combined entity.

Finance: draft 13-week cash view by Friday.

Siyata Mobile Inc. (SYTA) - Canvas Business Model: Value Propositions

For mission-critical users, the value proposition centers on providing dependable communication where traditional systems fail or are too costly to maintain.

• Mission-Critical Communications: Reliable, rugged LMR replacement on 4G/5G networks (SD7, SD7 ULTRA).
• The SD7 ULTRA is recognized as the first land mobile radio (LMR) replacement in the U.S. offering mission-critical push-to-talk capabilities on a 5G network.
• The SD7 ULTRA is part of T-Mobile's initiative to enhance communication tools for first responders.
• A public utility in the US deployed SD7 handsets to replace its aging two-way radios in 2024.
• Siyata Mobile received an order from a major transit authority for over two thousand SD7 handsets and accessories, expected for delivery in the first quarter of 2025.
• The company is a global developer and vendor of Push-to-Talk over Cellular (PoC) handsets and accessories used by police, fire, ambulance organizations, schools, and hospitals.

The cost advantage over legacy systems is a significant driver for adoption.

Metric	Value Proposition Data Point	Source Context
LMR Replacement TCO Savings	At least 70% savings compared to LMR Total Cost of Ownership (TCO)
PoC Market Size (Projected)	$5 billion market for PoC, projected to grow at 12% CAGR through 2030
Q2 2025 Standalone Revenue	$2.0 million
Q2 2025 Standalone Net Loss	$3.8 million (down from $12.9 million year-ago period)
Pro Forma 2025 Revenue Projection	$100 million (combined entity)

For in-vehicle operations, connectivity reliability is paramount.

• In-Vehicle Connectivity: Cellular booster systems and vehicle kits for improved signal.
• Siyata Mobile also sells Cellular Boosters to improve signal in buildings or vehicles.
• The company received a U.S. patent for its innovative Push-to-Talk Vehicle Kit in May 2024.
• In June 2023, Siyata Mobile received an order of $1.2 million for In-Vehicle devices.

The strategic merger with Core Gaming introduces high-engagement digital entertainment as a new value stream.

• AI-Driven Entertainment: Vast library of mobile games with high user engagement.
• Core Gaming brings 43 million monthly active users (MAUs).
• The platform has driven over 790 million cumulative downloads.
• The AI COMIC App achieved rapid user growth, reaching nearly 300k users.
• Core Gaming had unaudited gross revenues of approximately $80 million in fiscal year 2024.
• The AI gaming market is projected to reach $28 billion by 2033.

The developer platform offers efficiency gains through proprietary technology.

• Developer Platform: AI tools for content creation and monetization for third-party developers.
• Core Gaming's AI tools using text, language, image, and video models achieve a 50% boost in content production.
• This AI integration reduces content production time by over 40%.

Finance: review Q3 2025 pro forma projections by end of next week.

Siyata Mobile Inc. (SYTA) - Canvas Business Model: Customer Relationships

You're looking at how Siyata Mobile Inc. (SYTA), especially post-merger with Core Gaming, structures its interactions with its diverse customer base as of late 2025. The relationships are clearly segmented, moving from deep, direct engagement for mission-critical hardware sales to a more scalable, digital approach for the newly integrated gaming segment.

Dedicated B2B sales and technical support for enterprise/first responder contracts

For the core Push-to-Talk over Cellular (PoC) business, the relationship is intensely focused on reliability and mission readiness. This requires a dedicated sales force capable of consultative selling to public safety and enterprise clients. The devices, like the SD7 handset, are trusted by first responders across North America, which necessitates robust technical support to ensure seamless operation in high-pressure environments. This segment is validated by significant contract wins.

• Order from an existing international EMS organization valued at $2.5 million, delivered in Q1 2025.
• Order from a major transit authority for over two thousand SD7 handsets, slated for Q1 2025 delivery.
• The SD7 device earned the prestigious "Verizon Frontline Verified" designation, a key relationship milestone.

Direct relationship management with Tier-1 cellular carriers

Managing relationships with major carriers is crucial because Siyata Mobile sells its portfolio through these channels. These partnerships ensure network compatibility and access to large enterprise pools. The relationship with T-Mobile's T-Priority program, for instance, included up to $1 million in milestone payments in 2025. Siyata Mobile's SD7 is now positioned as a key communications partner across all three major U.S. wireless carriers: Verizon, AT&T, and T-Mobile.

High-touch, consultative sales for large government/utility contracts

Securing large public sector and utility deals demands a high-touch approach, often involving rigorous vetting processes, as seen with the U.S. federal government order for Hero Series cellular boosters announced in late 2023. These sales involve understanding specific operational needs, such as creating a "connectivity bubble" for remote operations, as seen in the partnership with IP Access International. This consultative model is what drives multi-million dollar orders.

The nature of these relationships, spanning from direct carrier integration to large-scale public safety deployments, underpins the hardware side of the business, which is now aiming for a combined $100 million in revenue for 2025 with the gaming segment.

Automated, in-app customer service and community management for gaming users

The merger with Core Gaming introduces a completely different customer relationship dynamic centered on digital engagement. Core Gaming brings a massive user base, which requires scalable, automated support structures typical of the mobile gaming industry. This contrasts sharply with the bespoke support for first responders. The gaming segment's scale is substantial, providing the foundation for this relationship type.

Customer Segment	Relationship Type Focus	Key Metric/Value (as of late 2025)
First Responders/Enterprise (PoC)	Dedicated B2B Sales & Technical Support	SD7 device is "Verizon Frontline Verified"
Tier-1 Cellular Carriers	Direct Management & Integration	Up to $1 million in T-Priority milestone payments in 2025
Government/Utility (Large Contracts)	High-Touch, Consultative Sales	Secured $2.5 million EMS order (Q1 2025 delivery)
Gaming Users (Post-Merger)	Automated, In-App Service	43 million Monthly Active Users (MAUs) from Core Gaming

The gaming user base, with 780 million cumulative downloads, relies on digital channels, which is a different kind of relationship management than the hardware sales. Honestly, managing both simultaneously is the real challenge here.

Finance: draft pro-forma cash flow incorporating Q2 2025 results by Monday.

Siyata Mobile Inc. (SYTA) - Canvas Business Model: Channels

Siyata Mobile Inc. primarily moves its portfolio of mission-critical Push-to-Talk over Cellular (PoC) handsets, accessories, and in-vehicle solutions through established telecommunications partnerships.

Direct sales to government and enterprise organizations are a key focus, with products used by Police, fire, and ambulance organizations, as well as schools, utilities, security companies, hospitals, waste management companies, and resorts. While specific direct sales revenue figures for 2025 are not broken out, the company's overall revenue growth reflects the demand from these sectors. For instance, in the quarter ended June 30, 2025, Siyata Mobile Inc. reported total revenues of $2.0 million.

The company relies heavily on North American and international cellular carrier sales teams. Siyata Mobile Inc. markets its devices through leading North American cellular carriers and international carriers. This channel strategy allows Siyata Mobile Inc. to maintain a lean operating cost structure by leveraging the carriers' broad customer base. Furthermore, Siyata Mobile Inc. gives these carriers the ability to activate a SIM card, generating income otherwise not captured from customers using traditional Land Mobile Radio (LMR) systems. The U.S. market was a significant contributor, generating $4.8 million in revenue during the third quarter of 2024, representing 81% of the total revenue for that period. The company has also been working toward launching its 5G product portfolio in 2025, with T-Mobile cited as the first carrier partner for this new line.

The global network of specialized distributors and resellers complements the carrier channel, particularly in international markets. Siyata Mobile Inc. has completed signed distribution contracts to support this network. This network helps distribute the rugged PTT handsets, accessories, enterprise-grade In-Vehicle solutions, and Cellular Booster systems across various geographies. The company's revenue for the last twelve months ending June 30, 2025, reached $11.88 million, marking a year-over-year growth of 49.13%.

Regarding mobile application stores (App Store, Google Play) for gaming content, Siyata Mobile Inc. has taken a strategic step that impacts its future channel strategy. The company signed a definitive merger agreement in February 2025 with Core Gaming Inc., an international AI-driven mobile games developer and publisher. However, the financial results reported for the first half of 2025, such as the Q1 2025 revenue of $2.47 million and the Q2 2025 revenue of $2.0 million, explicitly exclude the financial information or performance of Core Gaming Inc. pending the closing of the merger. This suggests that direct revenue generation through app stores for gaming content, if it becomes a Siyata Mobile Inc. channel, is expected post-merger completion.

Here's a look at the recent revenue performance across the periods available for 2025:

Metric	Q1 2025 Revenue	Q2 2025 Revenue	LTM Revenue (as of Q2 2025)	Full Year 2024 Revenue
Amount	$2.47 million	$2.0 million	$11.88 million	$11.63 million
Year-over-Year Growth	4.7%	5.3%	49.13%	41.25%

The primary customer base served through these channels includes:

• First responders and enterprise workers.
• Organizations such as schools, utilities, and security companies.
• Mobile workers in construction and transportation sectors.

The success of these channels is tied to product certification, as products must be tested and certified by wireless carriers before deployment. If onboarding takes 14+ days, churn risk rises.

Finance: draft 13-week cash view by Friday.

Siyata Mobile Inc. (SYTA) - Canvas Business Model: Customer Segments

You're looking at the customer segments for what is now Core AI Holdings, Inc., following the October 3, 2025, merger. The data here reflects the legacy Siyata Mobile business as of its last reported figures before the merger, alongside the figures brought in by the Core Gaming acquisition.

Public Safety and First Responders (Police, Fire, EMS)

This segment utilizes the mission-critical Push-to-Talk over Cellular (PoC) handsets and in-vehicle systems for reliable communication. These customers require ruggedized 4G LTE devices that work over nationwide cellular networks.

• Targeted organizations include Police, Fire, and Ambulance services.
• The legacy Siyata Mobile business saw its U.S. market sales account for 81% of total revenue in the third quarter of 2024.
• Legacy Siyata Mobile reported Q2 2025 revenues of $2.0 million.

Enterprise Fleets (Utilities, Transportation, Waste Management, Construction)

Enterprise customers use the rugged PTT devices and in-vehicle solutions to maintain situational awareness and connectivity in harsh environments. This segment includes a diverse set of organizations.

Enterprise Sub-Segment	Example SYTA Customer Type	Latest Available Revenue Context
Utilities	Utility companies	Legacy SYTA Q2 2025 Revenue: $2.0 million
Transportation	Transportation fleets, logistics operators	Legacy SYTA 2024 Annual Revenue: $11.63 million
Waste Management	Waste management companies	Legacy SYTA Q3 2024 Revenue: $5.9 million (quarterly)
Construction	Construction crews	Core Gaming 2024 Revenue: $80 million (post-merger context)

The company also offers enterprise-grade In-Vehicle solutions and Cellular Booster systems to these groups.

Global Mobile Gaming Users (Core Gaming's 43 million MAUs)

This segment represents the massive user base acquired through the merger with Core Gaming, which closed in October 2025. This is a significant shift in the customer base scale for the combined entity.

• Core Gaming reported a global footprint of over 40 million users from over 140 countries as of their last reported figures.
• The reported Monthly Active Users (MAUs) for Core Gaming was 43 million.
• Core Gaming generated $80 million in revenue in the 2024 fiscal year.
• The mobile gaming market size was valued at approximately $126 billion in 2025 estimates.

Third-party mobile game developers utilizing the AI platform

This segment consists of developers who use the AI-driven creative technologies platform brought in by the Core Gaming merger to deliver player-focused apps and games. Specific financial contribution data for this developer segment for the post-merger entity as of late 2025 is not yet publicly separated in the legacy Siyata Mobile filings.

• Core Gaming stated it has developed and co-developed over 2,100 games since its launch.
• The platform aims to empower developers to deliver apps to enthusiasts.

Siyata Mobile Inc. (SYTA) - Canvas Business Model: Cost Structure

You're looking at the cost side of the business model for Siyata Mobile Inc. (SYTA), now operating as a hybrid entity following the October 2025 merger with Core Gaming to form Core AI Holdings, Inc. The cost structure is a blend of the legacy, lower-margin hardware business and the high-growth, potentially higher-margin AI/gaming segment.

Cost of Goods Sold (COGS) and Hardware Margins

For the legacy Push-to-Talk over Cellular (PoC) hardware business, the cost structure has been characterized by tight margins. The gross margin for hardware sales was in the low range of approximately 14% to 18.4% for legacy SYTA in Q1/Q2 2025. This low margin is typical for hardware sales, especially when relying on carrier distribution channels. For context, Q1 2025 revenue for the legacy business was reported at $2.47 million, and Q2 2025 revenue was $2.0 million, with both periods showing significant pressure on profitability before the merger fully integrated.

R&D and Engineering Investment

There are significant Research and Development and engineering costs baked into the structure, driven by two major initiatives. First, the commitment to next-generation hardware, including the development and planned U.S. manufacturing relocation starting in Q1 2025 for 5G PoC handsets and accessories, requires sustained engineering spend. Second, the post-merger focus on the AI platform necessitates investment in Core Gaming's proprietary infrastructure, such as the Dynamic Compute Pool System (CPS) and multimodal generative models. The overall operating expenses rose in Q1 2025, reflecting these ongoing development and transition costs.

Sales, General, and Administrative (SG&A) Expenses

SG&A expenses, which include costs associated with maintaining public company status and sales channel costs, are a major component. The reliance on channel partners, primarily wireless carriers, means a significant portion of revenue is tied up in commissions and distribution agreements. For the three months ended March 31, 2024, more than 50% of revenues were generated through these channel partners. Furthermore, the company noted it will continue to incur significant increased costs as a result of operating as a public company in the United States. Finance expenses for the three-month period ended March 31, 2025, specifically included $1,117,622, which covered items like commitment fees for the equity line of credit.

Here's a quick look at some of the reported 2025 financial metrics that illustrate the cost burden:

Metric	Value / Period	Context
Net Loss (Q1 2025)	$3.79 million	Legacy SYTA before full merger impact.
Net Loss (Q2 2025)	$3.8 million	Legacy SYTA before full merger impact.
Finance Expenses (Q1 2025)	$1,117,622	Includes commitment fees and interest on factoring.
Merger Transaction Value	$185 million	Value of the Core Gaming acquisition closed in October 2025.

User Acquisition and Marketing Costs for Mobile Gaming

The mobile gaming segment, now central to the combined entity, has its own distinct cost profile centered on user acquisition (UA) and content delivery. Core Gaming's AI COMIC app success in markets like Japan and South Korea was driven by targeted localization efforts and leveraging virality through platforms like TikTok and Facebook, which implies direct marketing and UA spend. The cost efficiency of this segment is suggested by its monetization metrics; the AI COMIC App is already seeing subscription adoption with ARPU levels outperforming many top-50 mobile games. To benchmark this, the average ARPU for mobile games in the U.S. is projected to be $60.58 in 2025. The goal for the consolidated company in 2025 is to exceed $100 million in revenue and achieve profitability, which will depend on scaling the gaming segment's revenue streams-in-app purchases, AI subscriptions, and advertising-to absorb the fixed and transition costs of the legacy business.

• The shift aims to escape the constraints of the low-margin hardware business.
• The legacy PoC business continues as a subsidiary under Marc Seelenfreund.
• Core Gaming shareholders are projected to hold up to 90% of the merged company.
• Legacy Siyata shareholders are guaranteed at least 10% ownership post-merger.

Siyata Mobile Inc. (SYTA) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Siyata Mobile Inc. as it transitions through its merger with Core Gaming Inc. The model is clearly bifurcating into the established hardware business and the high-growth, software-centric gaming/AI business, which is expected to dominate the combined entity's top line.

The legacy Siyata Mobile hardware segment revenue for the second quarter of 2025 was reported at $2.0 million, which is slightly above the $1.9 million posted in the same period last year. This segment is built on the sales of PoC handsets, accessories, and in-vehicle kits. For context on the legacy business's scale, the revenue for the last twelve months ending June 30, 2025, was $11.88 million.

The primary driver for the future revenue projection comes from the pending merger with Core Gaming Inc. The combined entity has set an internal goal to exceed $100 million in revenue for 2025. This aggressive target is mostly driven by the Core Gaming segment, which had unaudited gross revenues of $80 million in 2024.

The revenue streams from the Core Gaming side are diverse and software-focused, which is a significant shift from the hardware focus of legacy Siyata Mobile. These streams include:

• Mobile game monetization via in-app purchases and advertising revenue.
• Service revenue from software subscriptions, such as those from Core Gaming\'s AI-powered platforms.
• Licensing fees from third-party developers using the AI content platform.

Core Gaming already has substantial scale, with its cross-platform ecosystem including over 2,100+ mobile games and apps and 43 million monthly active users (MAUs). The AI COMIC App, a component of this, is already showing subscription adoption with ARPU levels outperforming many top-50 mobile games.

Here is a quick comparison showing the scale shift in revenue focus:

Revenue Stream Component	Latest Reported/Projected Figure	Period/Context
Sales of PoC handsets, accessories, and in-vehicle kits (Legacy SYTA)	$2.0 million	Q2 2025
Legacy SYTA Revenue (Last Twelve Months)	$11.88 million	LTM ending June 30, 2025
Core Gaming Unaudited Gross Revenue	$80 million	2024
Combined Entity Revenue Goal	Exceed $100 million	2025

The legacy Siyata Mobile business is also positioned to benefit from the growing mission-critical Push-to-Talk over Cellular (PoC) market, which is valued at $5 billion and projected to grow at a 12% CAGR through 2030. Furthermore, the company is shifting its 4G and 5G PTT handset production to the U.S. to tap into domestic incentives within the $150 billion U.S. telecom equipment market.

The service revenue from PTT platform access for the legacy business is not explicitly quantified separately from the hardware sales in the Q2 2025 results, as the reported $2.0 million revenue is generally attributed to the PoC product sales. The future revenue from software subscriptions and licensing fees will be consolidated under the Core Gaming structure, which is the main engine for the $100 million target.

Finance: draft 13-week cash view by Friday.