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IQST - iQSTEL Announces 27% Q1 Revenue Increase to Over $24 Million With 151% Gross Margin Increase
NEW YORK, May 15, 2023 /PRNewswire/ -- iQSTEL Inc. (OTCQX: IQST) today announced the company published its Q1 2023 financial report on SEC Form 10Q. Revenue
About this update from Iqstel Inc.
[{"type":"text","content":"NEW YORK, May 15, 2023 /PRNewswire/ -- iQSTEL Inc. (OTCQX: IQST) today announced the company published its Q1 2023 financial report on SEC Form 10Q. Revenue in Q1 2023 was $24,666,529, compared with $19,419,311 for the three months ended March 31, 2022 reflecting an increase of 27.02%. The company reported a gross margin of $1,216,736 for the three months ended March 31, 2023 compared to $484,060 for the three months ended March 31, 2022 representing an increase of 151.36%. Notably, the gross margin in terms of percentage of Revenue was 2.49% for the three months ended March 31, 2022 compared to 4.93% for the three months ended March 31, 2023, representing an increase of 98%.\nIn conjunction with the Q1 2023 financial report published today, iQSTEL CEO Leandro Iglesias has released a letter to shareholders. The letter is included in its entirety below.\nDear Shareholders:\nI am pleased to report the company is well on its way to achieving or exceeding our 2023 $105 million annual revenue forecast. I am also pleased to report our margins continue to improve. In addition to a 151% increase in gross margin, we continue to reduce our consolidated net loss reporting a Q1 net loss of only $158,822 compared to a loss of $524,731 the previous year. Basically we had a consolidated average net loss of $53,000 per month during Q1. Our cash position remains healthy at $1,777,226 bolstering our ability to weather the journey as our margins continue to improve through a prevailing period of reduced opportunity for finding new investment.\nThe overall market is likely to remain turbulent for some time as inflationary indicators have yet to show any relief and interest rates otherwise continue to rise. We are facing the same headwinds all growth companies are facing. Fortunately, we have reached a stage of organizational maturity that can at least squeak out some ongoing growth organically if we did nothing but wait for some economic relief that makes growth investment more appealing again. But we are not of a mind to wait.\nWe continue to aggressively pursue our merger and acquisition campaign. At the same time we are improving our commercial operations, and working to develop new revenue streams with higher net profits through our FINTECH, EV, and Metaverse divisions.\niQSTEL is a growth technology company with a sound footing able to weather...