Business
IQST - iQSTEL Announces $277 Million Net Revenue for 2024, Achieves Record-Breaking $96 Million in Q4
NEW YORK, Jan. 6, 2025 /PRNewswire/ -- iQSTEL Inc. (OTCQX: IQST), a leading-edge multinational enhanced telecommunications and technology corporation, is
About this update from Iqstel Inc.
[{"type":"text","content":"NEW YORK, Jan. 6, 2025 /PRNewswire/ -- iQSTEL Inc. (OTCQX: IQST), a leading-edge multinational enhanced telecommunications and technology corporation, is thrilled to announce that its net revenue for 2024 reached $277 million, based on preliminary accounting. This figure represents 95% of the annual revenue forecast. This significant achievement underscores iQSTEL's exceptional growth trajectory and steadfast commitment to achieving its vision of becoming a $1 billion revenue company by 2027.\n\n \n \n \n \n \n \n\n \nRecord-Breaking Q4 Performance\nThe company's Q4 net revenue reached an unprecedented $96 million, marking a staggering 77% increase compared to $52 million in Q3. This result represents the highest quarterly revenue in the company's history, highlighting the strength of iQSTEL's commercial strategy and the growing demand for its innovative solutions.\nAchieving Synergy Through Subsidiaries\nOn a gross revenue basis, iQSTEL achieved a landmark $300 million based on preliminary accounting, with approximately $23 million attributed to intercompany transactions. This demonstrates the synergistic collaboration among iQSTEL's subsidiaries, as intercompany revenue accounted for over 7.6% of gross revenue, showcasing the teamwork and alignment driving the company's success.\nUnparalleled Annual Growth\nComparing 2024's preliminary net revenue of $277 million to 2023's $144.5 million, iQSTEL achieved a phenomenal 91.6% year-over-year growth. This pace of expansion solidifies the company's position as a high-growth leader in the telecommunications and technology industries.\nLeandro Iglesias, CEO of iQSTEL, expressed his enthusiasm:\"We have set an incredible commercial pace on our path to becoming a $1 billion company by 2027. The $277 million in revenue for 2024, compared to $144.5 million in 2023, highlights our ability to execute and scale at an amazing rate. Moreover, our record-breaking $96 million revenue in Q4 sets the bar for what we can achieve in the future. These results validate our business strategy, the strength of our team, and the unwavering trust of our shareholders.\"\nMr. Iglesias added:\"We are laying the groundwork for our Nasdaq up-listing, showcasing exactly what national markets value: explosive growth. This year, we nearly doubled our revenue, and this is just the beginning as we progress toward ou...