New York, NY, Nov. 21, 2022 (GLOBE NEWSWIRE) -- iQSTEL, Inc. (OTCQX: IQST) today announced a preliminary annual revenue forecast for next year, 2023, of $105 million. Management indicates the preliminary forecast is based on simple organic growth and does not include the potential impact of several projects currently underway that could materialize before the end of the year and result in a substantial increase of the FY-2023 revenue forecast.
iQSTEL’s estimated YTD revenue as of October 31, 2022 is $74.4 million. Management indicates the company is on track to meet or exceed its $90 million FY-2022 forecast.
The company achieved operational profitability in Q3 2002 ahead of management’s 2022 yearend operational profitability forecast.
iQSTEL is building a diversified line of businesses on top of the company’s core telecommunication operations. The new lines of business are now taking root and accelerating revenue growth and improving operating margins.
Management has publicly announced their intent to up-list iQSTEL on Nasdaq and continue to demonstrate progress toward this end.
As of September 30, 2022, the company’s Stockholder’s equity reached $9.2 million representing an increase of 172% compared to Q3 2021. The reported Stockholder’s equity surpasses the Nasdaq minimum listing requirement and further supports the company’s Nasdaq up-listing objective.
At the same time, iQSTEL is closing up-listing required governance gaps with necessary updates to its Code of Ethics and the Compensation Committee.
Management acknowledges that the prevailing global economic conditions have had some impact on the company, but the company has still kept growing, and been more productive, more efficient, and more profitable, every single day.
Management remains confident it can continue to strategically compensate for any further economic impacts and likewise demonstrate continued revenue growth and improved profitability.
The company actively updates its website to reflect the latest progress toward its mission and objectives and encourages shareholders to check back regularly.
iQSTEL remains committed to the 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
