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IQST – iQSTEL Announces Q1 37% Revenue Increase To $19.42 Million: On Track To $90 Million 2022 Annual Revenue Forecast
New York, NY , May 16, 2022 (GLOBE NEWSWIRE) -- iQSTEL, Inc. (OTCQX: IQST) today announced filing its Q1 financial report. The company realized a 37% increase
About this update from Iqstel Inc.
[{"type":"text","content":"New York, NY , May 16, 2022 (GLOBE NEWSWIRE) -- iQSTEL, Inc. (OTCQX: IQST) today announced filing its Q1 financial report. The company realized a 37% increase in revenue to $19.42 million in Q1 compared to the same period in 2021. The company is approaching breakeven posting a substantial bottom line improvement reducing its net loss by 72% compared to the same period last year. Stockholder’s equity increased 410% to almost $7 million compared to Q1 2021 surpassing the Nasdaq minimum listing requirement. Summary Financials Q1 2021 vs Q1 2022Statements of OperationQ1 2021Q1 2022%DirectionRevenues (Million US$)14.2019.4237%IncreaseGross Profit (US$)487,370484,060-1%FlatOperation Lost (US$)-1,010,741-505,438-50%ReductionConsolidated Net Loss (US$)-1,878,489-524,731-72%ReductionBalance SheetQ1 2021Q1 2022%DirectionCash (US$)3,032,6374,227,04439%IncreaseAssets (Million US$)8.179.8521%IncreaseLiabilities (Million US$)6.812.91-57%ReductionStocksholders´ Equity (Million US$)1.366.94410%Increase “iQSTEL’s cross selling strategies and introduction of new higher margin products are working together to grow revenue, and more importantly, increase profits,” said Leandro Iglesias, CEO of iQSTEL.” From Q4 2021 to Q1 2022, revenue increased 9%, and at the same time, gross profit increase 201% combining to reduce the quarter-to-quarter net loss by 30%. A breakeven milestone is now in sight. It’s also important to note the company has $4.22 million in cash in the bank providing adequate sustainability to weather the prevailing market conditions without having to raise additional funds.” Summary Financials Q4 2021 vs Q1 2022Statements of OperationQ4 2021Q1 2022%DirectionRevenues (Million US$)17.8619.429%IncreaseGross Profit (US$)160,728484,060201%IncreaseOperation Lost (US$)-692,430-505,438-27%ReductionConsolidated Net Loss (US$)-751,922-524,731-30%ReductionBalance SheetQ4 2021Q1 2022%DirectionCash (US$)3,334,8134,227,04427%IncreaseAssets (Million US$)9.069.859%IncreaseLiabilities (Million US$)2.642.9110%IncreaseStocksholders´ Equity (Million US$)6.426.948%Increase A full analysis of the company’s overall improving financial performance displayed in a variety of charts and graphs is available at the following link: https://bit.ly/IQSTELGraphsMarch2022 Note that the current financial results do not include the recently announced acquisitions of Sma...