IQST - iQSTEL Announces 55% Annual Revenue Growth to Over $144 Million

About this update from Iqstel Inc.

[{"type":"text","content":"NEW YORK, April 1, 2024 /PRNewswire/ -- iQSTEL Inc. (OTC-QX: IQST) today announced publishing the company's FY-2023 annual report of SEC Form 10K. The company achieved $144,502,351 in annual revenue and reported a positive net income for the last two quarters of the year. The FY-2023 revenue increased 55% over the revenue for the previous year. CEO Leandro Iglesias has published a letter to shareholders with highlights of the annual report. The letter to shareholders is included in its entirety below:\nDear Shareholders:\nToday the company published its FY-2023 annual financial report on SEC Form 10k. I'm writing here to highlight some exceptional metrics from the report. You can see more details regarding the company's financial performance in a graphical presentation at https://bit.ly/iqstel-3-24\nThe financial FY-2023 financial performance is entirely organic. The company did not execute any acquisitions in FY-2023.\nFY-2023 vs FY-2022\n\nPhoto - https://mma.prnewswire.com/media/2376306/iQSTEL_Table_1.jpg\nThe company achieved exceptional revenue growth reaching $144.5 M in FY-2023, a 55% increase over FY-2022.Gross profit reached $4.7 M in FY-2023, a 161% increase over FY-2022.Total assets reached $22.2 M at December 31, 2023, a 77% increase over December 31, 2022.Stockholders equity reached $8.0 M at December 31, 2023, a 38% increase over December 31, 2022.FY-2023 Quarterly Analysis\n\nPhoto - https://mma.prnewswire.com/media/2376305/iQSTEL_Table_2.jpg\nRevenue reached $47.3 Million in Q4, nearly doubling Q1.Operating income reached a positive $184.0K, more than 1.5 times Q3.Positive operating income and net income achieved in last 2 consecutive quarters.iQSTEL has achieved a key milestone by establishing a positive operating and net income trend now demonstrated for two consecutive quarters and this has notably been accomplished without the benefit of any acquisitions in FY-2023. We expect to sustain and increase this positive operating and net income trend throughout FY-2024.\nWith the imminent closing of the QXTel acquisition executed today April 1st, 2024, our new goal for FY-2024 is to achieve $500,000 dollars per quarter in operating income.\nOn behalf of our Independent Board of Directors we want to thank our partners, customers, shareholders, investors, management and our employees for all the loyal support througho...

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