(CORRECTION) IQST – iQSTEL Announces $58 Million YTD Revenue and Revises 2021 Revenue Forecast Up 4% To $63 Million

Rhea-AI Summary

iQSTEL, Inc. (OTCQX: IQST) announced a year-to-date revenue of $58 million as of November 30, 2021, with November revenue at $6.5 million. The company raised its fiscal year 2021 revenue forecast by 4% to $63 million. Management anticipates strong growth in its Telecom Business, projecting revenues of $80 million with higher margins expected from IoT, Blockchain, EV Motorcycles, and Fintech sectors in 2022. The company, which is debt-free, aims for profitability in the near term and continues its M&A activity.

Positive

• Year-to-date revenue of $58 million as of November 30, 2021.
• Raised fiscal year 2021 revenue forecast to $63 million, up 4%.
• Projected revenue of $80 million for Telecom Business post-acquisition of Smartbiz.
• Higher margin revenue expected from multiple sectors starting in 2022.
• Company is debt-free, enhancing financial stability.

Negative

• None.

New York, NY, Dec. 02, 2021 (GLOBE NEWSWIRE) -- iQSTEL, Inc. (OTCQX: IQST) today announced reaching $58 million in revenue year-to-date as of November 30, 2021. The revenue for the month of November was $6.5 million. Management now expects to exceed its $60.5 million revenue forecast for FY-2021 and is revising the forecast upward by approximately 4% to $63 million.

Mr. Iglesias commented, “We are pleased with the ongoing growth of the iQSTEL Telecom Business and with the pending acquisition of Smartbiz, our preliminary revenue forecast for our Telecom Business alone, is $80 million.  We anticipate higher margin revenue from our other business lines, IoT, Blockchain Platform, EV Motorcycles, and Fintech to begin ramping up in 2022 contributing to both the top and bottom line.  As pleased as we are with the 2021 financial results, we expect financial performance in 2022 to be even better.  We expect our consolidated positive net income trend to continue improving quarter to quarter.  Management is committed to reaching profitability in the near-term.  I will also add that our M&A campaign for 2021 is ongoing.  Look for updates.”

iQSTEL Inc. (OTCQX: IQST) (www.iQSTEL.com) is a US-based publicly-listed company holding an Independent Board of Directors and Independent Audit Committee offering leading-edge services through its two business divisions and each of them with independent brands. The B2B division, Brand IQSTelecom offering Telecommunications, Internet of Things, Technology and Blockchain platforms services, the target market for the B2B division is Global Markets. The B2C division, Brand EVOSS offering EV Electric Motorcycles, Fintech Ecosystem, the target market for this business division is Latin America, and the Spanish speakers in the USA. The company has presence in 15 countries, and its products and services are used in several industries as Telecommunications, Electric Vehicle (EV), Financial Services, Chemical and Liquid Fuel Distribution Industries. IQSTEL announced on February 17th 2021 that it became a Debt Free Company and is now completely debt free with no Convertible Notes, Warrants, Promissory Notes or Settlement Agreements from its Balance Sheet.

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 statements 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, in part, 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.

iQSTEL Inc.

IR US Phone: 646-740-0907, IR Email: investors@iqstel.com
Source: iQSTEL Inc. and its subsidiaries: www.iqstel.com 

FAQ

What is iQSTEL's revenue forecast for FY-2021?

iQSTEL has revised its revenue forecast for FY-2021 upward to $63 million.

How much revenue did iQSTEL generate in November 2021?

iQSTEL generated $6.5 million in revenue for November 2021.

What total revenue has iQSTEL achieved year-to-date as of November 30, 2021?

As of November 30, 2021, iQSTEL achieved $58 million in revenue year-to-date.

What is the projected revenue for iQSTEL's Telecom Business?

iQSTEL projects revenues of $80 million for its Telecom Business following the acquisition of Smartbiz.

Is iQSTEL a debt-free company?

Yes, iQSTEL announced that it is completely debt-free.