Business
IQST – iQSTEL Announces 44% Year Over Year Revenue Growth To $64.7 Million With 59% Gross Profit Increase
New York, NY, April 18, 2022 (GLOBE NEWSWIRE) -- iQSTEL, Inc. (OTCQX: IQST) today announced the company has published its 2021 annual report with an audited
About this update from Iqstel Inc.
[{"type":"text","content":"New York, NY, April 18, 2022 (GLOBE NEWSWIRE) -- iQSTEL, Inc. (OTCQX: IQST) today announced the company has published its 2021 annual report with an audited financial statement on SEC Form 10K. In 2021, iQSTEL realized a 44% increase in revenue over 2020 reaching $64.7 million compared $44.9 million the year prior. The company also realized a year over year 59% increase in gross profit. CEO Leandro Iglesias has published a shareholder letter, included in its entirety below to address the higlights of the 2021 annual report. Mr. Iglesias plans to publish a second letter on Thursday, April 21, 2022 to provide shareholders with the latest updates on iQSTEL’s continuing progress toward its 2022 objectives in light of the momentum the company achieved in 2021. Dear Shareholders: On behalf of everyone working at iQSTEL to dilligently advance the company, I’m proud to highlight here the exceptional results of their dedicated efforts. I believe the 2021 audited financial results are a meaningful indication of the company’s potential to achieve our stated 2022 objectives. Today, will focus on the 2021 results and in a follow-up letter later this week, I will address how I feel these results substantiate our potential to achieve our 2022 objectives. iQSTEL’s 2021 revenue increased 44% year over year to $64.7 million, and the gross profit increased 59%. Increasing revenues and improving gross margins contributed to a substantial bottom line improvement with the company’s consolidated net loss decreasing 42% year over year. The company’s balance sheet also improved dramatically resulting in an overall 368% increase in shareholder equity. Below I have included a chart summarizing the year over year operating performance and balance sheet improvements. Summary Financials 2021 vs 2022 Statements of Operation 2021 2020 % Direction Revenues $64.70 Million $44.91 Million 44% Increase Gross Profit $1.53 Million $0.96 Million 59% Increase Operating Loss -$2.98 Million -$3.21 Million -7% Reduction Consolidated Net Loss -$3.86 Million -$6.69 Million -42% Reduction Balance Sheet 2021 2020 % Direction Cash $3.33 Million $0.75 Million 343% Increase Assets $9.06 Million $5.95 Million 52% Increase Liabilities $2.64 Million $8.35 Million -68% Reduction Stockholders´ Equity $6.42 Million -$2.40 Million 368% Increase At the following link, you can see more v...