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NEW YORK, 2 June 2023: iQSTEL Inc. announced an increase in its annual revenue forecast from USD 105m to USD 120m. This adjustment comes after the company achieved record-breaking sales in April and surpassed that record in May.
Preliminary accounting data reveals monthly sales exceeding USD 11m. Year-to-date revenue through May stands at USD 47m, representing a significant 39% increase compared to the same period in 2022. iQSTEL reached USD 93m in revenue in FY-2022 and is poised to meet or exceed its new FY-2023 Revenue Forecast of USD 120m, marking a noteworthy 29% growth over the previous fiscal year.
CEO Leandro Iglesias expressed satisfaction with the company’s performance. He emphasized that their core telecommunications technology business is growing organically, surpassing expectations. Furthermore, their initiative to expand the core business with high-margin products and services is progressing as anticipated. The Q1-2023 financial report illustrates these positive developments:
Revenue (USD): 24,666,529
Gross Margin (USD): 1,216,736
Operating Loss (USD): -317,530
Net Loss (USD): -158,822
Cash from Operations (USD): 197,163
Cash in Bank (USD): 1,777,226
Stockholders’ Equity (USD): 6,329,660
Iglesias further stated that iQSTEL is currently transitioning from an early-stage company to a more mature operation. This shift enables them to consistently produce predictable and favorable results. The company’s ability to deliver on these results builds long-term performance confidence, which in turn can drive share price appreciation. Despite prevailing market conditions, Iglesias remains optimistic that the share price will soon better reflect iQSTEL’s outstanding performance.
iQSTEL, readying for a Nasdaq up-listing. With a USD 105m FY2023 revenue forecast, the company strives to provide inclusive access to essential tools like communications, banking, mobility, and information. It operates in Telecommunications, Fintech, Electric Vehicles, and Metaverse divisions.
