Q3 2024 Financial Result Gems

November 12, 2024

DENVER, Colo., Nov 12, 2024 (247marketnews.com)- Shopify (NYSE: SHOP), Sea Limited (NYSE: SE), Bridger Aerospace (NASDAQ: BAER), and Home Depot (NYSE: HD) are trading higher, following this morning’s round of third quarter 2024 results announcements, and the market’s reaction highlights the importance of finding the next quarterly results gem, like Siyata Mobile (NASDAQ: SYTA).

Siyata Mobile (NASDAQ: SYTA) wrapped up what appears to be a breakout quarter, in line with Marc Seelenfreund’s, CEO of Siyata, previous quarter’s projections, “Second quarter revenue growth was tempered in large part due to the timing of the delivery of customer orders. However, we have a backlog of more than $7 million of confirmed orders, which gives us strong visibility into the second half of 2024. As such, we expect the third quarter will be a break-out quarter with high double-digit year-over-year growth as the delivery of orders accelerates. We have achieved ‘stocked’ status for our SD7 handsets with four of the largest North American cellular carriers and continue to tap into new vertical markets reinforcing a growth trajectory that extends into 2025 and beyond.”

After focusing a sizable portion of its efforts to get the largest carriers to stock its products, including AT&T (NYSE: T), Verizon (NYSE: VZ), and T-Mobile (NASDAQ: TMUS), Siyata announced that it booked more than $4.5 million in aggregate sales from these wireless carriers.

Siyata followed up by announcing sales to Bensalem Township School District, a $1.2 Million follow-on order from a international EMS service provider, and that a couple of Californian governmental organizations replaced their legacy two-way radios with Siyata’s SD7 Push-to-Talk (PTT) Handsets and VK7 Vehicle Kits.

Bryan Etnyre, Public Safety Superintendent, CA State Parks, Orange Coast District, added, “This summer, California State Park Lifeguards in Orange County, CA began using FirstNet’s push-to-talk network using Siyata SD7 devices. 75 total devices were deployed allowing each lifeguard on the beach to effectively communicate with dispatch, patrol units, rescue vessels, and one another. The talk group layout allowed for greater situational awareness than one-to-one calling, and ultimately improved operations. Overall, the Siyata devices on the FirstNet network are a cost effective, easily scalable, and robust replacement for our existing Lifeguard tower communications system.”

Shopify’s (NYSE: SHOP) CFO, Jeff Hoffmeister, reported, “Shopify achieved 26% revenue growth and 19% free cash flow margin this quarter, marking our sixth consecutive quarter of greater than 25% revenue growth excluding logistics. Moreover, we have grown free cash flow margin sequentially each quarter this year, consistent with what we delivered last year. These results demonstrate the durability of our business, our multiple avenues for growth and continued discipline of balancing both future growth investment and operational leverage.”

Shopify projects that revenues will grow at a mid-to-high-twenties percentage rate on a year-over-year basis, while gross profit dollars will maintain a year-over-year growth rate that’s similar to Q3 2024.

Sea Limited’s (NYSE: SE) Chairman and CEO, Forrest Li, stated, “I’m happy to report that it has been another solid quarter. We are seeing high growth across all our three businesses.

“I am very proud that we also improved our profitability while getting back to high growth. This quarter, Shopee achieved positive adjusted EBITDA, in both Asia and Brazil. As we continue to focus on delivering growth, we expect Shopee to remain profitable going forward.”

Concerning the growth of its three businesses, he added, “Shopee is on track to deliver our full year guidance of mid-twenties year-on-year GMV growth. SeaMoney’s loan book grew by over 70% year-on-year this quarter, while maintaining a stable NPL ratio. And for Garena, we now expect Free Fire’s full year bookings to grow over 30% year-on-year.”

Bridger Aerospace (NASDAQ: BAER) reported achieving record quarterly revenue of $64.5 million, net income of $27.3 million, and Adjusted EBITDA of $47.0 million, respectively, in the third quarter of 2024, representing growth over the third quarter of 2023 of approximately 20%, 56% and 21%, respectively.

Additionally, Bridger raised its 2024 revenue guidance by over 35% to $90-95 million and narrowed its 2024 adjusted EBITDA guidance to a range of $35-40 million, and expects to generate positive free cash flow for 2024 after its Super Scooper fleet experienced its highest level of utilization during the third quarter with multiple Super Scoopers flying into November

Sam Davis, Bridger’s CEO, commented, “Bridger’s Super Scooper fleet was in strong demand during the 2024 wildfire season, driving record revenue, net income and adjusted EBITDA in the third quarter.

“This strong performance of our six Super Scoopers and six Air Attack aircraft during the 2024 wildfire season validates our business model and, with some of our aircraft still deployed, positions us for a record year, including an approximate doubling of Adjusted EBITDA from 2023 and the generation of positive free cash flow after maintenance capital expenditures and debt service.”

Home Depot (NYSE: HD) reported that its third quarter 2024 sales increased 6.6% over the third quarter of 2023.

Ted Decker, Home Depot’s chair, president and CEO, stated, “While macroeconomic uncertainty remains, our third quarter performance exceeded our expectations.

“As weather normalized, we saw better engagement across seasonal goods and certain outdoor projects as well as incremental sales related to hurricane demand. I would like to thank all of our associates for their dedication in serving our customers and communities.”

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