It’s Time to Make Siyata Mobile Your First-Round Dividend Play in 2025

April 25, 2025

DENVER, Colo., Apr 25, 2025 (247marketnews.com)- ValueScope pegged Core Gaming’s enterprise value at $185.9 million, a blockbuster assessment tied to Siyata Mobile’s (NASDAQ:SYTA)(Siyata) planned merger with Core Gaming, which confirms that Siyata is deserving of your first-round draft pick consideration.

Just like the NFL teams employ analysts to evaluate players at the annual NFL combine and making the right choices can change a franchise’s trajectory, Siyata and Core Gaming tapped ValueScope, LLC, a Marshall & Stevens company that’s regarded as one of the industry’s best, to help investors identify obvious value.

ValueScope expects Core Gaming, an AI-driven mobile gaming innovator, to continue to experience its exponential year-over-year revenue growth trajectory. Core Gaming’s reported revenue grew from $13.2 million 2021, $38.9 million in 2022, $57.0 million in 2023, an estimated $80 million for 2024, and is expected to climb to $145.8 million this year and $240.8 million in 2026. Fueled by global adoption of its AI-enhanced entertainment apps and sharper monetization, the company’s EBITDA margins are set to jump to 8.9% in 2026, hitting $21.4 million.

Applying industry-standard EV/Sales multiples to ValueScope’s projected 2026 Core Gaming revenue of $240.8 million can help determine a projected valuation range. Mobile gaming peers like AppLovin trade at 3x-5x sales, reflecting growth and profitability potential, while mature players like Electronic Arts hover near 4x. Core’s AI edge, 43 million monthly active users (MAUs), over 790 million downloads across over 2,100 games, and history of rapid year-over-year growth rate justify a premium, but let’s assume a conservative 3x to 4x range, which translates to the following valuation calculations.

Low End (3x): $240.8M × 3 = $722.4 million

High End (4x): $240.8M × 4 = $963.2 million

Please click here to view ValueScope’s Core Gaming valuation report or click here for further information at 24/7 Market News.

When the deal was originally announced, Siyata’s stock shot up past $7.00 and the deal seams to only get better. Yet, Siyata’s current market cap has been only in the $6 million range and, since the deal was announced 2 months ago, we’re approaching the time in which we would expect closing milestones news to begin showing up.

Core Gaming’s competitive advantages include technology, a strong gaming launch track record, mobile gaming ecosystem expertise, and developed relationships with the leading advertising platforms, including Google (NASDAQ:GOOG), TikTok and Facebook (NASDAQ:META), and works in tandem with other gaming companies, including AppLovin (NASDAQ:APP).

Its proprietary BI platform provides deep insight into effectiveness of various marketing efforts for each title, enabling Core Gaming to fucus on the channels that are the most successful in reaching its target audience, in terms of game distribution and serving of ads.

The $160 million Core Gaming merger includes a built-in safety net for Siyata’s shareholders, blending upside potential with downside protection. Announced February 26, 2025, and slated to close this quarter, pending regulatory approval, this merger’s structure could basically triple or quadruple the record date shareholders’ stake, depending on the upcoming price action.

Echoing ValueScope’s faith in Core’s 43 million monthly active users (MAUs), which is more than 10% of Activision’s when it scored Microsoft’s big $68.7 billion buyout, and its 500 million+ user base, it’s easy to see why the numbers dazzle. If realized, the current 3X arbitrage play could grow to 13X to 18X for Siyata’s record date shareholders, post-merger.

By 2027 and factoring a relatively conservative 40% growth rate, to $337.1 million and a 9% EBITDA margin ($30.3 million), the estimated value could soar to $1.01 billion-$1.35 billion—an epic arc from its 89% CAGR since 2021.

Based on fully diluted share structure (Including fully exercised ELOC) Siyata would have around 4.1 million shares at the record date and this is where the math is on your side.

If the market wakes up and SYTA’s 10-day VWAP during the record date period increases to $4.00, the combined company would have 44.4 million total shares, with Core Gaming receiving 40 million shares and Siyata’s record date shareholders receiving 4.4 million shares of the combined Company, so just a little better than a 1:1 ratio and the combined Company should be valued at least $185.9 million, based on ValueScope’s November valuation, divided by 44.4 million shares, or $4.187 per share and that’s using Core Gaming’s November valuation.

Let’s now assume a $1.00 per share 10-day VWAP record date share price, to keep the math simple, which would result in 176 million shares.

Here’s where the merger math gets interesting. $160 million divided by the $1 10-day VWAP = 160 million shares total, but SYTA record date shareholders are guaranteed at least 10%, so the 4.1 million, if fully diluted, turn into nearly 16 million shares, meaning that every SYTA record date share will receive a share dividend of nearly 3 additional shares in a growth monster. In other words, for every share that legacy shareholders own at the record date, they will have 3.9 shares within six months of the determined merger date, as a result of a guarantee that pre-merger closing shareholders would keep at least 10% ownership in the combined companies.

Based on next year’s value estimation of $963.2 million divided by 200 million shares (160M Core shares + 16M SYTA legacy shares + Assuming 24M future funding shares) equals $4.816/share, based on 2026 projections, and after the dividend shares are factored in that’s an astounding $18.78 equivalent.

Please click here to view ValueScope’s Core Gaming valuation report, which included Roblox (NYSE:RBLX) and Take-Two (NASDAQ:TTWO) to determine Core Gaming’s valuation. Or click here for further information at 24/7 Market News.

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