IQST - iQSTEL Announces $27M In Revenue for the Month of April; Company Could Surpass $250M in Revenue for FY 2024

Rhea-AI Summary

iQSTEL Inc. revealed $27 million in revenue for April, potentially reaching over $250 million for FY 2024. The company is a US-based, publicly listed telecom and tech firm eyeing a Nasdaq up-listing.

Positive

• iQSTEL achieved $27 million in revenue for April, signaling potential growth to over $250 million for FY 2024.

Negative

• None.

NEW YORK, May 6, 2024 /PRNewswire/ -- iQSTEL Inc. (OTC-QX: IQST) (www.iQSTEL.com) a US-based, multinational, fully reporting and audited publicly listed telecommunications and technology company preparing for a Nasdaq up-listing today announced achieving $27 million in revenue for the month of April based on preliminary accounting. 

Management highlights that the April results indicate the company could exceed $250 million in revenue by year end FY2024.  While iQSTEL recently announced a strategic acquisition bringing the company's forward looking annualized revenue to over $250 million, achieving $250 million by year end FY2024 would surpass expectations.

The company's gross profit surpassed $600,000 in April.  The company achieved consistent operational profitability in Q3 last year.  Management anticipates the profitability trend to continue with the company posting close to $2 million in gross profit per quarter.

The company recently reported more than $50 Million revenue for Q1 FY2024, and now is reporting $27M just for the month of April alone.  Additionally, the Q2 gross profit per month is almost double the Q1 gross profit per month.

iQSTEL CEO Leandro Iglesias stated: "We are thrilled to be heading into the International Telecom Week (ITW) Conference in Washington DC having recently achieved status as a quarter billion dollar company.  We have started this fiscal year with skyrocketing growth.  We expect to have a notable Prescence at ITW.  I look forward to sharing our experience with you."

ITW (https://www.internationaltelecomsweek.com) is the world's largest summit for digital infrastructure executives. More than 7,000 people from 125 countries, many from the largest operators in the world, are expected to attend this year's conference in National Harbor, Maryland. The agenda offers a broad range of topic tracks for the telecoms industry, including Future Networks, Digital Divide, SatCom and Data Center.

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 $144 million revenue, and with a Quarter Billion Dollar Revenue forecast and a Positive Operating Income of 7 digits forecast for FY-2024. 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

Logo: https://mma.prnewswire.com/media/1308745/iQSTEL_Logo.jpg

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SOURCE iQSTEL Inc.

FAQ

What was iQSTEL's revenue for April?

iQSTEL recorded $27 million in revenue for the month of April.

What revenue target is iQSTEL aiming for in FY 2024?

iQSTEL could surpass $250 million in revenue by the end of FY 2024.

What is iQSTEL's business focus?

iQSTEL is a US-based telecommunications and technology company.

What stock exchange is iQSTEL listed on?

iQSTEL is listed on OTC-QX with the stock symbol IQST.

What acquisition did iQSTEL recently announce?

iQSTEL recently announced a strategic acquisition.