IQST - iQSTEL Announces $145 Million 2024 Annual Revenue Forecast

Rhea-AI Summary

iQSTEL Inc. (IQST) announces a $145 million revenue forecast for FY 2024, expecting to exceed its $120 million FY 2023 forecast. With a recent 81% revenue growth in Q3 FY 2023 to $39.8 million and positive operating income, the company attributes its success to streamlined operations, standard operating procedures, and new product offerings. iQSTEL aims to increase gross margins and anticipates further growth, demonstrating a 10x revenue increase since 2018 and plans to up-list to Nasdaq.

Positive

• Anticipated revenue forecast of $145 million for FY 2024
• 81% revenue growth in Q3 FY 2023 to $39.8 million
• Positive operating income achieved in Q3
• 10x revenue growth since 2018
• Plans to up-list to Nasdaq

Negative

• None.

NEW YORK, Nov. 30, 2023 /PRNewswire/ -- iQSTEL Inc. (OTC-QX: IQST) today announced an annual revenue forecast of $145 million for FY 2024. The 2024 forecast does not include the potential contributions of anticipated acquisitions. Management indicates the forecast may be revised upward pending acquisition news. The company expects to meet or exceed its $120 million FY 2023 annual revenue forecast. iQSTEL recently reported 81% revenue growth in Q3 FY 2023 to a record high of $39.8 million. The company also reported achieving a positive operating income in Q3, one quarter earlier than forecasted. Management expects to maintain a consistent positive operating income from here forward.

"After integrating several acquisitions over the previous two years, iQSTEL has now streamlined operations and instituted companywide standard operating procedures," said IQSTEL CEO Leandro Iglesias. "The success of our implemented systems and processes are demonstrated by our consistent organic revenue growth and improving operating margins. We are also innovating and introducing new product offerings (EV, Fintech, AI-Enhance Metaverse) that will increase our gross margins. In fact, we are currently realizing growth in our gross margin expected to result in a material increase in Q4 FY 2023 compared to Q3. While we are excited today to announce our $145 million revenue forecast for next year, we look forward to the opportunity to revise that forecast even higher based on the anticipated results of our ongoing acquisition campaign. I remind you that we exceeded our original $90 million forecast for FY 2022 and now we expect to exceed our revised 2023 forecast of $120 million. To illustrate the magnitude of iQSTEL's ongoing growth, let me point out that our revenue for FY 2018 was $13.7 million and the realization of our FY 2024 forecast will represent 10x growth since 2018. We remain confident that our ongoing initiative to up-list to Nasdaq will succeed and look forward to making future material announcements toward this end. As the year draws toward an end and the holiday season comes upon us, on behalf of all here working at iQSTEL, we thank all our shareholders for all their ongoing support and reiterate our belief, that the best is yet to come."

About IQSTEL:

iQSTEL Inc. (OTC-QX: IQST) (www.iQSTEL.com) is a US-based, multinational publicly listed company preparing for a Nasdaq up-listing with an FY2023 $120 million revenue forecast. iQSTEL's mission is to serve basic human needs in today's modern world by making the necessary tools accessible regardless of race, ethnicity, religion, socioeconomic status, or identity. iQSTEL recognizes that in today's modern world, the pursuit of the human hierarchy of needs (physiological, safety, relationship, esteem and self-actualization) is marginalized without access to ubiquitous communications, the freedom of virtual banking, clean affordable mobility and information and content. iQSTEL has 4 Business Divisions delivering accessibly to the necessary tools in today's pursuit of basic human needs: Telecommunications, Fintech, Electric Vehicles and Metaverse.

• The Enhanced Telecommunications Services Division (Communications) includes VoIP, SMS, International Fiber-Optic, Proprietary Internet of Things (IoT), and a Proprietary Mobile Portability Blockchain Platform.
• The Fintech Division (Financial Freedom) includes remittances services, top up services, Master Card Debit Card, a US Bank Account (No SSN required), and a Mobile App.
• The Electric Vehicles (EV) Division (Mobility) offers Electric Motorcycles and plans to launch a Mid Speed Cars.
• The Artificial Intelligence (AI)-Enhanced Metaverse Division (information and content) includes an enriched and immersive white label proprietary AI-Enhanced Metaverse platform to access products, services, content, entertainment, information, customer support, and more in a virtual 3D interface.

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.

iQSTEL Inc.
IR US Phone: 646-740-0907
IR Email: investors@iqstel.com

Contact Details
iQSTEL Inc.
+1 646-740-0907
investors@iqstel.com

Company Website
www.iqstel.com

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SOURCE iQSTEL Inc.

FAQ

What is iQSTEL Inc.'s revenue forecast for FY 2024?

iQSTEL Inc. (IQST) has announced a revenue forecast of $145 million for FY 2024.

What was the revenue growth in Q3 FY 2023 for iQSTEL Inc.?

iQSTEL Inc. reported an 81% revenue growth in Q3 FY 2023 to a record high of $39.8 million.

How does iQSTEL Inc. plan to increase its gross margins?

iQSTEL Inc. aims to increase its gross margins through introducing new product offerings such as EV, Fintech, and AI-Enhanced Metaverse.

What are the future plans of iQSTEL Inc. regarding up-listing?

iQSTEL Inc. plans to up-list to Nasdaq and looks forward to making future material announcements toward this end.