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IQST - iQSTEL Announces 126% Revenue Growth to $130 Million on Track to Reach $290 Million FY-2024 Annual Forecast
NEW YORK, Aug 14, 2024 /PRNewswire/ -- iQSTEL Inc. (OTC-QX: IQST) (www.iQSTEL.com) a US-based, multinational, fully reporting and audited publicly listed
About this update from Iqstel Inc.
[{"type":"text","content":"NEW YORK, Aug 14, 2024 /PRNewswire/ -- iQSTEL Inc. (OTC-QX: IQST) (www.iQSTEL.com) a US-based, multinational, fully reporting and audited publicly listed telecommunications and technology company preparing for a Nasdaq up-listing today announced publishing its Q2 FY-2024 financial report on SEC Form 10Q. The company achieved a revenue of $130 million for the six months ended June 30, 2024, an increase of 126% compared to the same period of the previous year. There is also a significant increase in revenues and Gross Profit when comparing first quarter versus second quarter of 2024 with revenue growing 53% from $51,414,878 to $78,635,764 and gross profit growing 57% from $1,379,026 to $2,163,624. Management indicates the revenue is on track to achieve the company's $290 million FY-2024 annual forecast, since as of June 30, 2024 we have achieved 45% of that goal and the seasonality of the business indicates that in the second half of the year the revenue is higher than in the first half of the year. Also margin performance is on track for the company to achieve its 7-digit positive operating income goal. Detailed information on Q2 FY-2024 performance can be found in the company's SEC Form 10Q filed today.\nWe are very proud that in the first six months of this year we have done 90% of the revenue done in the 12 months of 2023 ($130 million as of June 30, 2024 compared to $144.5 million as of December 31, 2023). Basically, we have doubled the size of the company in six months in terms of sales.\nSix months ended June 30\n2024\n2023\nRevenue\n$130,050,642\n$ 57,491,358\nGross Profit\n$ 3,542,650\n$ 2,001,202\nOperating Loss\n$ (525,555)\n$ (570,248)\nNet Loss\n$ (2,544,103)\n$ (320,466)\n \nThree months ended\nJune 30, 2024\nMarch 31, 2024\nRevenue\n$ 78,635,764\n$ 51,414,878\nGross Profit\n$ 2,163,624\n$ 1,379,026\n% Gross Profit\n2.75 %\n2.68 %\n \nOn $130 million in revenue, the company reported a net loss for the six months ended June 30, 2024 of $2.54 million. The loss is due primarily to the $2.73 million in non-operating expenses. Over $1.2 million of the non-operating expenses result from a non-cash, one-time charges. Management does not expect the bulk of these non-operating expenses to be recurring. See the chart below and the associated notes for more detailed information.\nRelevant non-operating expenses for the six mont...