IQST – iQSTEL YTD Revenue Grows 42% To $66.5 Million On Pace To Beat $90 Million Annual Revenue Forecast

Rhea-AI Summary

iQSTEL, Inc. (OTCQX: IQST) has reported a 42% increase in 2022 year-to-date revenue, totaling $66.5 million compared to $46.8 million in 2021. This revenue figure exceeds the full-year 2021 revenue of $64.7 million. The company aims to reach a $90 million revenue target for the year, needing to maintain its Q3 performance of $23.5 million. CEO Leandro Iglesias expressed confidence in meeting or exceeding this forecast despite economic challenges.

Positive

• 42% increase in 2022 YTD revenue to $66.5 million, surpassing full-year 2021 revenue of $64.7 million.
• Q3 2022 revenue of $23.5 million sets a strong foundation for achieving $90 million annual revenue target.

Negative

• None.

New York, NY, Oct. 18, 2022 (GLOBE NEWSWIRE) -- iQSTEL, Inc. (OTCQX: IQST) ("IQST" or the "Company") today announced a forty-two percent (42%) increase in 2022 year-to-date (YTD) revenue compared to the same period in 2021 based on preliminary results.  Still subject to auditor review, the company’s 2022 YTD revenue is $66.5 million compared to $46.8 million for the same period in 2021.

Notably, the company’s 2022 YTD revenue of $66.5 million exceeds the $64.7 million in revenue reported for the entirety of 2021.

Historically, Q4 is iQSTEL’s strongest revenue period.  With revenue of $23.5 million in Q3 2022, the company needs only to repeat its Q3 performance in Q4 to reach its $90 million 2022 annual revenue forecast.  Management is confident the company is well on track to meet or exceed its $90 million 2022 annual revenue forecast.

“We are pleased with the company’s performance, particularly in the face of the current challenging economic conditions,” said Leandro Iglesias, CEO of iQSTEL. “We continue to work here at iQSTEL in the spirit of our firm belief 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