IQST - iQSTEL Announces $145 Million 2024 Annual Revenue Forecast

About this update from Iqstel Inc.

[{"type":"text","content":"NEW YORK, Nov. 30, 2023 /PRNewswire/ -- iQSTEL Inc. (OTC-QX: IQST) today announced an annual revenue forecast of $145 million for FY 2024. The 2024 forecast does not include the potential contributions of anticipated acquisitions. Management indicates the forecast may be revised upward pending acquisition news. The company expects to meet or exceed its $120 million FY 2023 annual revenue forecast. iQSTEL recently reported 81% revenue growth in Q3 FY 2023 to a record high of $39.8 million. The company also reported achieving a positive operating income in Q3, one quarter earlier than forecasted. Management expects to maintain a consistent positive operating income from here forward.\n\n\"After integrating several acquisitions over the previous two years, iQSTEL has now streamlined operations and instituted companywide standard operating procedures,\" said IQSTEL CEO Leandro Iglesias. \"The success of our implemented systems and processes are demonstrated by our consistent organic revenue growth and improving operating margins. We are also innovating and introducing new product offerings (EV, Fintech, AI-Enhance Metaverse) that will increase our gross margins. In fact, we are currently realizing growth in our gross margin expected to result in a material increase in Q4 FY 2023 compared to Q3. While we are excited today to announce our $145 million revenue forecast for next year, we look forward to the opportunity to revise that forecast even higher based on the anticipated results of our ongoing acquisition campaign. I remind you that we exceeded our original $90 million forecast for FY 2022 and now we expect to exceed our revised 2023 forecast of $120 million. To illustrate the magnitude of iQSTEL's ongoing growth, let me point out that our revenue for FY 2018 was $13.7 million and the realization of our FY 2024 forecast will represent 10x growth since 2018. We remain confident that our ongoing initiative to up-list to Nasdaq will succeed and look forward to making future material announcements toward this end. As the year draws toward an end and the holiday season comes upon us, on behalf of all here working at iQSTEL, we thank all our shareholders for all their ongoing support and reiterate our belief, that the best is yet to come.\"\nAbout IQSTEL:\niQSTEL Inc. (OTC-QX: IQST) (www.iQSTEL.com) is a US-based, multinational public...

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