IQST – iQSTEL Announces 47% YTD Preliminary Revenue Growth Results To $43.4 M

Rhea-AI Summary

iQSTEL, Inc. (OTCQX: IQST) reported preliminary Q2 2022 results with revenues reaching $24 million, a 23% increase from Q1. Year-to-date revenue stands at $43.4 million, reflecting a 47% growth over the same period last year. The company aims to meet its $90 million annual revenue target for 2022 while maintaining positive net income. New high-margin products, including the EVOSS Electric Motorcycle and Global Money One Maxmo, are expected to enhance Q3 revenue.

Positive

• Q2 2022 revenue of $24 million, a 23% increase from Q1.
• Year-to-date revenue of $43.4 million, up 47% from last year.
• On track to meet $90 million revenue forecast for 2022.
• Strong Q3 outlook with new high-margin products.

Negative

• None.

New York, NY, July 05, 2022 (GLOBE NEWSWIRE) -- iQSTEL, Inc. (OTCQX: IQST) today announced preliminary results for Q2 2022. Based on preliminary accounting, the company achieved $24 million in Q2 2022 exceeding Q1 results of $19.4 million by 23%. The 2022 year to date (YTD) revenue based on preliminary accounting is $43.4 million, a 47% increase over the $29.5 million reported for the same period last year.

The recent Smartbiz and Whisl acquisitions only contributed revenue to the YTD results in June.

The company is well on track to meet or exceed its $90 million 2022 annual revenue forecast with positive net income and continue growing in 2023 with consistent positive net income throughout.

The Q3 outlook is strong with the company starting to add new higher margin revenue streams resulting from new products such as the EVOSS Electric Motorcycle and the Global Money One Maxmo VIP Fintech Product.

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 were the Q2 2022 revenue results for iQSTEL (IQST)?

iQSTEL reported Q2 2022 revenue of $24 million, a 23% increase from Q1.

How does iQSTEL's year-to-date revenue compare to last year?

The year-to-date revenue for iQSTEL is $43.4 million, a 47% increase from the same period last year.

Is iQSTEL expected to meet its annual revenue forecast for 2022?

Yes, iQSTEL is on track to meet its $90 million annual revenue forecast for 2022.

What new products are contributing to iQSTEL's revenue growth?

iQSTEL is introducing higher margin products like the EVOSS Electric Motorcycle and the Global Money One Maxmo.

What is the outlook for iQSTEL in Q3 2022?

The outlook for Q3 2022 is strong, with new product introductions expected to drive revenue growth.