IQST - iQSTEL Announces YTD Revenue Exceeding $110M After Reporting Profitable Q3
NEW YORK, Nov. 16, 2023 /PRNewswire/ -- iQSTEL Inc. (OTC-QX: IQST) today announced the company's year-to-date (YTD) revenue exceeds $110 million based on preliminary accounting. Earlier this week, the company published it's Q3 2023 financial report on SEC Form 10Q.
Q3 highlights on SEC Form 10Q:
The highlights of the company's Q3 FY2023 financial report on SEC form 10Q are summarized in narrative form below within this press release to include comments from the iQSTEL CEO Leandro Iglesias. Highlights can also be found in video presentation published by the company at the following link: https://tinyurl.com/3abwv24x
The company achieved a record high quarterly revenue of $39.8 million for the three months ended September 30, 2023. The Q3 FY2023 revenue increased 81% over the revenue for the same period the previous year. Management indicates the YTD revenue of $97.2 million through the end of Q3 FY2023 is well ahead of pace for the Company to achieve its $120 million annual revenue forecast. Currently, the company has already exceeded $110 million in revenue based on preliminary accounting. The company reported a quarterly positive operating income of $70,753 and a positive net income of $45,909, before adjustments for non-controlling interests, achieving profitability one quarter prior to forecast.
"Achieving positive operating income is a major milestone for iQSTEL," said iQSTEL CEO Leandro Iglesias. "We continue to deliver consistently high revenue growth and expect to surpass the previously announced $120 million revenue forecast for year-end 2023. We have been working to achieve this positive operating income milestone and are pleased to have reached the mlestone earlier than expected. We expect to continue reporting a positive operating income on a quarterly basis from here forward and to report an annual positive operating income for FY 2024 EOY. The positive operating income demonstrates the overall viability of our core telecommunication division's capacity to support the ongoing development of our new technology business divisions to ultimately expand our sales with higher margin products and services (EV, Fintech, AI-Enhance Metaverse), and to cover our public company expenses."
Mr. Iglesias added "iQSTEL's positive operating income results demonstrate our readiness to uplist to Nasdaq. Our engagement with LDA Capital for an anticipated $10 million investment as part of our plan to uplist iQSTEL to Nasdaq continues on track. After happily reporting such exceptional financial results, I am even happier to boldly, and confidently say to you that the best is yet to come."
The company continues to grow and expand its suite of products and services both organically and through mergers and acquisitions. iQSTEL has completed 10 acquisitions since June 2018 and continues to develop an active pipeline of potential future acquisitions.
Safe Harbor Statement: Statements in this news release may be "forward-looking statements". Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions, or any other information relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates, and projections about our business based partly on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may and are likely to differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release, and iQSTEL Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release. This press release does not constitute a public offer of any securities for sale. Any securities offered privately will not be or have not been registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
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SOURCE iQSTEL Inc.
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