IQST – iQSTEL Announces 39% YTD Revenue Growth Through May To $33 Million

Rhea-AI Summary

On June 14, 2022, iQSTEL announced a revenue of $6.9 million for May, bringing its year-to-date revenue to over $33 million, a 39% increase from last year. The company expects its recent acquisitions, Smartbiz and Whisl, to generate an additional $11.6 million in annual revenue and $1.34 million in net income. iQSTEL aims to achieve a revenue forecast of $90 million in 2022, maintaining strong growth prospects.

Positive

• May revenue of $6.9 million, year-to-date over $33 million, a 39% increase from last year.
• Acquisitions of Smartbiz and Whisl expected to add $11.6 million in annual revenue and $1.34 million in net income.
• On track to achieve $90 million revenue forecast for 2022.

Negative

• None.

New York, NY, June 14, 2022 (GLOBE NEWSWIRE) -- iQSTEL, Inc. (OTCQX: IQST) today announced the company’s revenue for the month of May is $6.9 million based on preliminary accounting. The company’s year-to-date (YTD) revenue through the end of May based on the preliminary accounting is over $33 million representing an increase of 39% over the approximate $24 million realized in the same period the previous year.

Beginning this month in June, iQSTEL will start to realize the revenue generated by the recent Smartbiz and Whisl acquisitions.  Combined, the two acquisitions are anticipated to add $11.6 million in annual revenue and $1.34 million in positive net income. The iQSTEL Q2 and Q3 financial reports will reflect the contribution of the two acquisitions.

The company continues to work on the recently announced opportunity to add 2300 miles of fiber optic network in America in addition to advancing the new initiative announced last week exploring the spinoff and Nasdaq listing of iQSTEL’s EVOSS electric vehicle motorcycle division.

iQSTEL remains solidly on track to achieve its $90 million, net income positive, 2022 revenue forecast.

About iQSTEL Inc.:
iQSTEL Inc (OTCQX: IQST) (www.iQSTEL.com) is a US-based publicly listed company offering leading-edge Telecommunication, Technology and Fintech Services for Global Markets, with presence in 13 countries.  The company provides services to the Telecommunications, Electric Vehicle (EV), Liquid Fuel Distribution, Chemical and Financial Services Industries. iQSTEL has 4 Business Divisions: Telecom, Technology, Fintech and Blockchain, with worldwide B2B and B2C customer relations operating through its subsidiaries: Etelix, SwissLink, QGlobal SMS, SMSDirectos, IoT Labs, Global Money One and itsBchain. The Company has an extensive portfolio of products and services for its clients: SMS, VoIP, 4G & 5G international infrastructure connectivity, Cloud-PBX, OmniChannel Marketing, IoT Smart Electric Vehicle Platform, iQ Batteries for Electric Vehicles, IoT Smart Gas Platform, IoT Smart Tank Platform, Visa Debit Card, Money Remittance, Mobile Number Portability Application MNPA (Blockchain Platform) and Settlement & Payments Marketplace (Blockchain Platform).

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 was iQST's revenue for May 2022?

iQST's revenue for May 2022 was $6.9 million.

How much revenue has iQST generated year-to-date as of May 2022?

As of May 2022, iQST has generated over $33 million in revenue.

What are the expected revenue contributions from Smartbiz and Whisl acquisitions?

The Smartbiz and Whisl acquisitions are expected to generate an additional $11.6 million in annual revenue.

What is iQST's 2022 revenue forecast?

iQST is on track to achieve a revenue forecast of $90 million for 2022.