Business
IQST - iQSTEL Announces $33 Million YTD Revenue and April 1st Target Date to Close QXTEL Acquisition Taking Revenue to Quarter of Billion Annually
NEW YORK, March 5, 2024 /PRNewswire/ -- iQSTEL Inc. (OTC-QX: IQST) today announced the company's YTD revenue through the end of February 2024, based on
About this update from Iqstel Inc.
[{"type":"text","content":"NEW YORK, March 5, 2024 /PRNewswire/ -- iQSTEL Inc. (OTC-QX: IQST) today announced the company's YTD revenue through the end of February 2024, based on preliminary accounting, reached $33 million. iQSTEL management also reports that the company's gross margin YTD continues to trend up in conjunction with the company's forecast.\n\nThe revenue announced today does not reflect any benefit from the QXTEL acquisition agreement announced on January 22, 2024 and it does not reflect any contribution from the Pro Forma financial statement published in conjunction with the QXTEL acquisition on February 8, 2024.\nWhile the revenue reported today does not include any benefit from the QXTEL acquisition agreement, iQSTEL management has set April 1st as the target date for closing the acquisition.\n\"In less than 30 days, we expect iQSTEL to officially be a quarter of a billion dollar in annual revenue company,\" said Leandro Iglesias, iQSTEL CEO. \"Even though the acquisition is not yet closed, the two company's have already begun working closely together in anticipation of the April 1st, closing. We have begun cross selling and seizing operational synergies. After April 1st, look for our next updates to be about our ongoing M&A campaign and our up-listing to the Nasdaq exchange.\"\nAbout IQSTEL:\niQSTEL Inc. (OTC-QX: IQST) (www.iQSTEL.com) is a US-based, multinational publicly listed company preparing for a Nasdaq up-listing with an FY2023 $140 million revenue based on preliminary accounting. iQSTEL's mission is to serve basic human needs in today's modern world by making the necessary tools accessible regardless of race, ethnicity, religion, socioeconomic status, or identity. iQSTEL recognizes that in today's modern world, the pursuit of the human hierarchy of needs (physiological, safety, relationship, esteem and self-actualization) is marginalized without access to ubiquitous communications, the freedom of virtual banking, clean affordable mobility and information and content. iQSTEL has 4 Business Divisions delivering accessibly to the necessary tools in today's pursuit of basic human needs: Telecommunications, Fintech, Electric Vehicles and Metaverse.\nThe Enhanced Telecommunications Services Division (Communications) includes VoIP, SMS, International Fiber-Optic, Proprietary Internet of Things (IoT), and a Proprietary Mobile Portabili...