IQST - iQSTEL Reports $57.5M in Revenue On Track To Achieve $120M Annual Forecast

NEW YORK, Aug. 14, 2023 /PRNewswire/ -- iQSTEL Inc. (OTCQX: IQST) (the "Company") today announced the Company published its Q2 2023 financial report on SEC Form 10Q.  The report confirms the Company's previously announced preliminary results.  Revenue in Q2 2023 was $32,824,829, compared with $23,699,716 for the three months ended June 30, 2022, reflecting an increase of 38.50%.  The Company reported $57,491,358 year-to-date through the end of June. Management confirms the Company is on track to meet or exceed its $120 million 2023 revenue forecast.

In conjunction with the Q2 2023 financial report published today, iQSTEL CEO Leandro Iglesias has released a letter to shareholders.  The letter is included in its entirety below.

Dear Shareholders:

On behalf of the iQSTEL Board of Directors and Management Team, I am proud of the Company's results year-to-date as reported in the current 10Q filing and believe the report is a clear indication that we are meeting, if not exceeding, our business plan objectives.

Our revenue is currently beating management expectations. We achieved $57.5M in revenue within the first half of this fiscal year. We are optimistic that the year-end results may exceed our $120 million annual revenue forecast.  Historically, iQSTEL's revenues are higher in the second half of the year than the first.

iQSTEL's bottom-line performance is in keeping with our business plan.  Q2 results are consistent with Q1. We maintained a monthly burn rate of approximately $54K (Net Loss of $320,466 in the first half of the year). The bottom-line results through the end of June 2023 are as expected by management and on track with management's plan to achieve profitability by the end of this year 2023.

The initiatives underway to achieve profitability include the ongoing synergies we are realizing from the commercial combination of Etelix and SwissLink; the cost reductions in our platform and back-up services within Whisl and Smartbiz; the gross profit improvements coming from our QGlobal SMS services, and the operational improvements at IoTLabs.

Longer term, strategic contributions to both our top and bottom line will come from our new lines of business to include, for example, the anticipated full batch of our EV motorcycles we expect to sell in the second half of the year, and the profits we expect to begin realizing soon from our Fintech and Artificial Intelligence (AI)-Enhanced Metaverse operations.

At last, iQSTEL's merger and acquisition pipeline is robust and anticipated to also deliver major contributions to both the Company's top and bottom-line.

iQSTEL's share price has enjoyed recent market-wide optimism allowing our share price to once again demonstrate an upward trend. At the same time management remains committed to its boycott against naked shorts and we keep working on our plans to up-list to Nasdaq, just waiting for the right time to do it.

Let me conclude with a grateful thank you to our long-term shareholders that have weathered a difficult market.  It appears the storm may be clearing, though a few unknown hurdles likely remain ahead.  I am optimistic that under more conducive market conditions, the yet unrealized value of iQSTEL can be seen more clearly.  On behalf of the entire management team and our independent Board of Directors at iQSTEL, we continue to believe that the best is yet to come, and we are diligently working in accordance with that belief.

Sincerely
Leandro Iglesias
CEO and Chairman
iQSTEL, Inc.

About IQSTEL (updated August 2023):

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 $120 million revenue forecast. 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
iQSTEL - Publicly Listed Company: IQST

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SOURCE iQSTEL Inc.