Arena Group, Siyata, and Despegar.com Report Big Quarters

November 14, 2024

DENVER, Colo., Nov 14, 2024 (247marketnews.com)- The Arena Group (NYSE: AREN), Siyata Mobile (NASDAQ: SYTA), Despegar.com (NYSE: DESP), and Legacy Education (NYSE:LGCY) all reported big upside quarterly reports in today’s afterhours

Thanks to cutting an expected $40 million in costs on an annual basis, The Arena Group (NYSE: AREN) realized a $13.6 million positive swing in year-over-year quarterly income from continuing operations. As a result, Arena Group realized its first quarter of positive net income, of $4 million, in the Company’s history, despite revenue from continuing operations dropping from $37 million, in Q3 2023, to $33.6 million, for Q3 2024.

Sara Silverstein, The Arena Group’s CEO, stated, “The financial results for Q3 2024 reflect the strength of the new, leaner, more efficient Arena Group.

“We’re achieving meaningful revenue diversification, including a significant increase in e-commerce and other revenue, enabling a substantial improvement in profitability. We generated higher gross margins, returned to positive operating income, and delivered our first-ever quarter of positive net income.

“Our business transformation plan has focused on a restructuring and investments in tech and editorial. “We’re building a modern media company that not only creates great content, but also delivers strong results for our partners and drives diversified revenue and sustainable profits. We generated more than $13.6 million higher income from continuing operations on $3.4 million in lower revenue as we shed unprofitable operations. We believe we now have a stable, profitable platform for growth.”

Siyata Mobile (NASDAQ: SYTA) third quarter report set a new quarterly revenue record of $5.9 million, a 218%, or over $4 million, year-over-year increase and a 210%, or $4.0 million, quarter-over-quarter increase.

Marc Seelenfreund, Siyata’s CEO, stated, “We are also extremely excited with our sales outlook going forward as we are now seeing tangible, rapid adoption of our unique PTT product portfolio across our various sales channels.  We believe that we have a very exciting 5G product portfolio planned to launch in 2025 which will position us as the leading PTT handset provider on a global level.  We announced recently that T-Mobile is the first wireless carrier that will be launching part of the portfolio and will be releasing details of the innovative devices over the coming months.  We are optimistic that more wireless carriers will follow suit.”

Siyata’s year-to-date sales increased 55%, as the global developer and vendor of Push-to-Talk over Cellular (PoC) handsets and accessories credits the results primarily due to increased demand for its SD7 handset and accessories, and having the inventory to fulfill this demand.

Seelenfreund added, “Our strategy to place Siyata’s PTT devices into the hands of top carriers is driving the top-line growth our shareholders have been waiting for. This partnership with T-Mobile, coupled with the launch of the SD7 Ultra 5G models, underscores our commitment to delivering innovative solutions for mission-critical needs. Our devices offer unmatched sound quality and rugged reliability, making them essential tools for enterprise customers.”

Despegar.com’s (NYSE: DESP) unaudited quarterly financial results indicate that the Company reached record profitability, as third quarter revenue grew 9% and adjusted EBITDA increased 94%, year-over-year, which resulted in Despegar raising its fiscal 2024 adjusted EBITDA guidance from at least $160 million to at least $170 million.

Damian Scokin, Despegar’s CEO, commented, “We are pleased to report that our third-quarter 2024 performance reflects the sustained momentum we’ve built throughout the year. Despite FX challenges across Latin America, demand remains strong across the region as we drive growth by leveraging our technology, local expertise, and extensive inventory. This quarter, we made significant strides in our B2B segment, continuing to outpace market growth. Gross bookings grew by 23% year-over-year, reaching $230 million, driven by the addition of new white-label partnerships and the expansion of our B2B ecosystem which now includes more than 17,000 individual online and offline travel agencies.

“We also achieved two significant milestones this quarter: first, redefining our long-term partnership with Expedia through a new 10-year Lodging Outsourcing Agreement starting in 2025, which will expand our lodging supply, diversify strategic alliances, and strengthen Despegar’s market presence, while enhancing our global growth opportunities; second, advancing our AI travel assistant, SOFIA, into a SaaS offering for Karisma Hotels & Resorts, unlocking new growth opportunities. These initiatives underscore our commitment to innovation and customer-centric services, reinforcing our leadership in the travel technology space.”

Legacy Education’s (NYSE:LGCY) quarterly operating results included a 35.1% increase in revenue, to $14.0 million, thanks to a 23.3% increase in new student starts.

LeeAnn Rohmann, Legacy Education’s C EO, said, “We are pleased to report results for our First Quarter 2025, which underscore Legacy Education’s commitment to delivering high-quality educational experiences.

“Our record first quarter performance reflects our strategic growth initiatives and dedication to empowering individuals through transformative learning. We remain focused on expanding our reach and enhancing the value we provide to our students, partners and shareholders.”

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