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IQST – iQSTEL Announces Q2 47% Revenue Increase To $23.70 Million: On Track To $90 Million 2022 Annual Revenue Forecast
New York, NY, Aug. 15, 2022 (GLOBE NEWSWIRE) -- iQSTEL, Inc. (OTCQX: IQST) today announced filing its Q2 financial report. The company realized a 47% increase
About this update from Iqstel Inc.
[{"type":"text","content":"New York, NY, Aug. 15, 2022 (GLOBE NEWSWIRE) -- iQSTEL, Inc. (OTCQX: IQST) today announced filing its Q2 financial report. The company realized a 47% increase in revenue to $23.70 million in Q2 compared to the same period in 2021. The company is approaching breakeven, posting a substantial bottom line improvement, reducing its net loss by 75% compared to the same period last year. Stockholder’s equity increased 162% to $9.04 million compared to Q2 2021 surpassing the Nasdaq minimum listing requirement. Summary Financials Q2 2021 vs Q2 2022 Statements of Operations Q2 2021 Q2 2022 Variation Direction Revenues (Million US$) 16.13 23.70 47% Increase Gross Profit (Revenue %) 0.28% 3.57% 1192% Increase Gross Profit (US$) 44,565 846,274 1799% Increase Operating Loss (US$) -1,164,602 -298,178 -74% Reduction Consolidated Net Loss (US$) -1,122,372 -285,457 -75% Reduction Balance Sheets Q2 2021 Q2 2022 Variation Direction Cash (US$) 1,849,470 1,645,937 -11% Reduction Assets (Million US$) 7.94 12.90 63% Increase Liabilities (Million US$) 4.48 3.86 -14% Reduction Stockholders´ Equity (Million US$) 3.46 9.04 162% Increase The Company is demonstrating positive financial and commercial trends for FY-2022. Revenue and gross profit as a percentage of revenue have both increased in Q2 compared to Q1. Management anticipates current growth trends to continue. Summary Financials Q1 2022 vs Q2 2022 Statements of Operations Q1 2022 Q2 2022 Variation Direction Revenues (Million US$) 19.42 23.70 22% Increase Gross Profit (Revenue %) 2.49% 3.57% 43% Increase Gross Profit (US$) 484,060 846,274 75% Increase Operating Loss (US$) -505,438 -298,178 -41% Reduction Consolidated Net Loss (US$) -524,731 -285,457 -46% Reduction Balance Sheet Q1 2022 Q2 2022 Variation Direction Cash (US$) (See Notes) 4,227,044 1,645,937 -61% Reduction Assets (Million US$) 9.85 12.90 31% Increase Liabilities (Million US$) 2.91 3.86 33% Increase Stockholders´ Equity (Million US$) 6.94 9.04 30% Increase Notes: 1) The Cash reduction includes the efects of Whisl and Smartbiz acquisitions 2) The Cash Burn Rate in the Q2 was less than $100K per month 3) The company has enough cash to keep operations for more than a year at the Q2Cash Burn Rate 4) The company keeps the positive trend toward to reach net income positive this year A full analysis of the company’s overall improving financial ...