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IQST - iQSTEL Announces 36% Gross Profit Increase On Q1 Revenue Of $22.9 Million
NEW YORK, April 19, 2023 /PRNewswire/ -- iQSTEL Inc. (OTCQX: IQST) today announced the company's Q1 2023 revenue reached $22.9 million based on preliminary
About this update from Iqstel Inc.
[{"type":"text","content":"NEW YORK, April 19, 2023 /PRNewswire/ -- iQSTEL Inc. (OTCQX: IQST) today announced the company's Q1 2023 revenue reached $22.9 million based on preliminary accounting. Revenue grew in Q1 2023 by 18% compared to the same period last year. The company's gross profit of approximately $780,000 based on preliminary accounting increased by 36% in Q1 2023 compared to the same period last year.\nThe company recently published its 2022 annual report on SEC Form 10K, and a Shareholders Letter explaining the details.\nRevenue for the year ended December 31, 2022 was $93,203,532 compared to $64,702,018 recorded in the previous year representing an increase of 44% from 2021 to 2022. \nThe company reported a gross profit of nearly $1.8 million for the year ended December 31, 2022. The Q1 2023 gross profit of $780,000 is already 43% the gross profit reported for the entire year in 2023. \nThe table below summarizes iQSTEL's gross profit growth through Q1-FY2023:\nEOY-FY2022\nQ1 - FY2022\nQ1-FY2023\nRevenue (US$ Million)\n93.2\n19.42\n22.9\nGross Profit (US$ Thousand)\n1791\n484\n780\nNote 1\n% of Gross Profit\n1.92 %\n2.49 %\n3.41 %\n% of Gross Profit Growth Vs Q1 -FY2022\n36 %\n% of Gross Profit Growth Vs EOY-FY2022\n77.25 %\nNote 1: This value represents 43.55% of the Gross Profit of EOY-FY2022\n \n\"With iQSTEL's maturing operations we are seeing improved profit margins,\" commented Leandro Iglesias, CEO of iQSTEL. \"Revenue growth remains high with the company on track to meet or exceed its $105 million 2023 forecast. Historically the second half of the year is better in terms of commercial activity. Therefore, we feel confident about reaching or exceeding our revenue objective of $105 million. Now we are tuning the operational engine that drives our monster growth and seeing better fuel efficiency through our profit margin improvements. iQSTEL has a very sound operation running under its hood. I expect our track record highlights for 2023 to be breaking $105 million in revenue and reporting our first annual positive operating income. The Q1 2023 gross profit performance bolsters our confidence.\"\nAbout IQSTEL updated:\niQSTEL Inc. (OTC-QX: IQST) (www.iQSTEL.com) is a US-based, multinational public company preparing for a Nasdaq up-listing with an FY2023 $105 million revenue forecast. iQSTEL's mission is to serve basic human needs in toda...