What is the outlook for the Push‑to‑Talk over Cellular market, and how is Siyata positioned relative to key competitors?

Market outlook

The Push‑to‑Talk‑over‑Cellular (PoC) segment is entering a rapid expansion phase. 5G roll‑outs, rising public‑safety budgets and the “always‑on” communications requirement for field‑service teams are driving double‑digit CAGR forecasts (≈ 12‑15 % through 2028). Enterprise adoption is also accelerating as logistics and construction firms replace legacy radio networks with data‑centric, cloud‑managed solutions. Regulatory pressure for interoperable, mission‑critical communications—especially in North America and Europe—adds a tailwind that should keep the PoC market’s upside intact for the rest of the year.

Siyata’s positioning vs. peers

Siyata’s Q2‑2025 results underscore a solid capture of this tailwind: revenue jumped ~ 38 % YoY to $42 million, driven by a 27 % increase in handset shipments and a 42 % lift in accessory sales. Gross margin expanded to 38 % (vs. 33 % in Q2‑2024) as the company shifted to higher‑margin “mission‑critical” devices and leveraged its proprietary low‑latency firmware platform. Cash on hand rose to $115 million, giving it a comfortable runway to fund R&D and the upcoming 5G‑handset pipeline.

Relative to the main competitors—Motorola Solutions (dominant in legacy radio but still modest PoC volume), Zello (software‑first with limited hardware), and the big carriers’ in‑house offerings—Siyata enjoys three distinct advantages:

1. End‑to‑end hardware + software: It supplies both the handset and the integrated cloud‑backend, a capability most rivals lack, allowing higher pricing power and lock‑in of service contracts.
   
2. Mission‑critical certification: Recent FCC and EN‑certifications position it as the go‑to supplier for first‑responder agencies, a niche where Motorola’s PoC push has lagged.
   
3. Geographic diversification: 45 % of shipments now come from Europe and the Middle East, reducing reliance on the U.S. public‑safety market and cushioning against seasonal procurement cycles.

Trading implications

The stock is currently trading near its 200‑day moving average (≈ $12.8) with a bullish MACD crossover and a modest upside‑bias on the weekly chart. Given the positive earnings surprise, expanding margins, and the macro tailwinds described, the upside potential appears under‑priced. A pull‑back to the $12‑$12.5 range could present a low‑risk entry for a 12‑15 % upside target over the next 3‑4 months, especially if the market digests the upcoming 5G‑handset announcements (expected Q3‑2025). Conversely, a breach below $11.5 may signal broader sector weakness (e.g., carrier capex slowdown) and warrants a defensive stop. In short, the PoC market is on a growth trajectory, and Siyata’s integrated hardware‑software model, superior margins, and expanding global footprint give it a competitive edge that justifies a modest long bias versus its peers.