IQST – iQSTEL Expects To Meet Or Surpass 2022 $90 Million Revenue Forecast Reporting $84.5 Million YTD Through November

Rhea-AI Summary

iQSTEL, Inc. (OTCQX: IQST) reported significant growth in November 2022, with a 52% revenue increase to $10 million, up from $6.6 million in November 2021. Year-to-date revenue reached $84.5 million, setting the company on track to meet its $90 million annual forecast for 2022. The Q3 report revealed a 33% increase in revenue to $21.94 million and marked the first positive operating income period. CEO Leandro Iglesias expressed confidence in exceeding the $105 million revenue forecast for 2023 based on ongoing projects.

Positive

• 52% revenue increase in November 2022 to $10 million.
• Year-to-date revenue of $84.5 million, on track to exceed $90 million forecast.
• 33% revenue growth in Q3 2022, totaling $21.94 million.
• First positive operating income period achieved in Q3.

Negative

• None.

New York, NY, Dec. 07, 2022 (GLOBE NEWSWIRE) -- iQSTEL, Inc. (OTCQX: IQST) today announced a 52% increase in revenue for the month of November reaching $10 million (based on preliminary accounting) compared to $6.6 million for the same period in 2021.

The company’s revenue YTD through the end of November is $84.5 million.

iQSTEL recently published its Q3 financial report for FY 2022 reporting $21.94 million, a 33% increase compared to the same period the previous year. Notably, iQSTEL reported its first operating and consolidated income positive period in Q3 achieving one of the company´s financial objectives for FY-2022 earlier than anticipated. 

With $84.5 million in revenue YTD through the end of November, management is confident iQSTEL will meet or exceed its $90 million annual revenue forecast for 2022.

“We recently announced a $105 million preliminary annual revenue forecast for 2023,” said iQSTEL CEO Leandro Iglesias. “Based on our 2022 results through a challenging global economy we are confident our preliminary 2023 forecast is quite achievable.  We anticipate some major projects currently underway could potentially result in an upward revision of our 2023 forecast.  As always, all of us here at iQSTEL remain committed to our promise that the best is yet to come.”

About iQSTEL Inc.:

iQSTEL Inc. (OTCQX: IQST) (www.iQSTEL.com) is a US-based publicly listed company holding an Independent Board of Directors and Audit Committee with a presence in 19 countries and 70 employees offering leading-edge services through its four business lines. The Telecom Division (www.iqstelecom.com), which represents the majority of current operations, offers VoIP, SMS, proprietary Internet of Things (IoT) solutions, and international fiber-optic connectivity through its subsidiaries: Etelix, SwissLink, Smartbiz, Whisl, IoT Labs, and QGlobal SMS. The Fintech business line (www.globalmoneyone.com) (www.maxmo.vip) offers a complete Fintech ecosystem MasterCard Debit Card, US Bank Account (No SSN Needed), Mobile App/Wallet (Remittances, Mobile Top Up, Buy/Sell Crypto). Our Fintech subsidiary, Global Money One, is to provide immigrants access to reliable financial services that make it easier to manage their money and stay connected with their families back home. The BlockChain Platform Business Line (www.itsbchain.com) offers our proprietary Mobile Number Portability Application (MNPA) to serve the in-country portability needs through its subsidiary, itsBchain. The Electric Vehicle (EV) Business Line (www.evoss.net) offers electric motorcycles to work and have fun in the USA, Spain, Portugal, Panama, Colombia, and Venezuela. EVOSS is also working on the development of an EV Mid Speed Car to serve the niche of the 2nd car in the family.

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

FAQ

What was iQSTEL's revenue for November 2022?

iQSTEL reported a revenue of $10 million for November 2022, a 52% increase from $6.6 million in November 2021.

What is iQSTEL's year-to-date revenue through November 2022?

iQSTEL's year-to-date revenue through November 2022 is $84.5 million.

What was the revenue growth reported by iQSTEL in Q3 2022?

In Q3 2022, iQSTEL reported a revenue of $21.94 million, which represents a 33% increase compared to the previous year.

What is iQSTEL's revenue forecast for 2023?

iQSTEL has a preliminary revenue forecast of $105 million for 2023, based on their performance in 2022.