IQST – iQSTEL Announces $58 Million YTD Revenue and Revises 2022 Revenue Forecast Up 4% To $63 Million

Rhea-AI Summary

iQSTEL, Inc. (OTCQX: IQST) reported a year-to-date revenue of $58 million as of November 30, 2021, with November alone contributing $6.5 million. The company is revising its revenue forecast for FY-2021 upwards by 4% to $63 million, exceeding the previous estimate of $60.5 million. Additionally, iQSTEL expects its Telecom Business, bolstered by the upcoming acquisition of Smartbiz, to generate $80 million in projected revenue. Management aims for consolidated positive net income in 2022, with a strong emphasis on profitability.

Positive

• Year-to-date revenue reached $58 million as of November 30, 2021.
• November revenues stood at $6.5 million.
• Upward revision of FY-2021 revenue forecast to $63 million, a 4% increase.
• Projected revenue for Telecom Business expected to hit $80 million post-Smartbiz acquisition.
• Management aims for improved financial performance and profitability in 2022.

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 to $63 million, a 4% increase from its previous estimate.

How much revenue did iQSTEL generate in November 2021?

iQSTEL generated $6.5 million in revenue for November 2021.

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

The projected revenue for iQSTEL's Telecom Business is expected to reach $80 million following the acquisition of Smartbiz.

What was iQSTEL's year-to-date revenue as of November 30, 2021?

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

What are iQSTEL's future financial expectations?

iQSTEL management expects to see improved financial performance and profitability in 2022.