IQST - iQSTEL Shatters 2023 $120 Million Revenue Forecast Reaching $140 Million

Rhea-AI Summary

iQSTEL Inc. (IQST) exceeded its 2023 $120 million annual revenue forecast, reaching $140 million based on preliminary accounting. The company's gross margin continued to grow in Q4 after the operating income turned positive ahead of schedule in Q3. Management plans to revise its original $145 million 2024 annual revenue forecast upward. The company filed a Definitive Proxy Statement for an upcoming annual shareholder meeting scheduled on Wednesday January 31, 2024, at 10 am (EST).

NEW YORK, Jan. 5, 2024 /PRNewswire/ -- iQSTEL Inc. (OTC-QX: IQST) today announced exceeding its 2023 $120 million annual revenue forecast reaching $140 million based on preliminary accounting.  The company's gross margin also continued to grow in Q4 after the operating income turned positive ahead of schedule in Q3. iQSTEL management plans to revise its original $145 million 2024 annual revenue forecast upward in light of today's announcement.  The company recently filed a Definitive Proxy Statement in conjunction with an upcoming annual shareholder meeting scheduled on Wednesday January 31, 2024, at 10 am (EST).  Look for more news coming soon in advance of the shareholder meeting.

About IQSTEL:

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
www.iqstel.com

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SOURCE iQSTEL Inc.

FAQ

What was iQSTEL Inc.'s 2023 annual revenue?

iQSTEL Inc. (IQST) exceeded its 2023 $120 million annual revenue forecast, reaching $140 million based on preliminary accounting.

When is iQSTEL Inc.'s annual shareholder meeting scheduled?

The annual shareholder meeting is scheduled on Wednesday January 31, 2024, at 10 am (EST).

What is the ticker symbol for iQSTEL Inc.?

The ticker symbol for iQSTEL Inc. is IQST.

What is the company's plan regarding its 2024 annual revenue forecast?

iQSTEL management plans to revise its original $145 million 2024 annual revenue forecast upward.

What did iQSTEL Inc. file recently?

The company filed a Definitive Proxy Statement in conjunction with the upcoming annual shareholder meeting.

What is the company's operating income status?

The operating income turned positive ahead of schedule in Q3.

What is the company's gross margin status?

The company's gross margin continued to grow in Q4.