Business
IQST - iQSTEL Increases Annual Revenue Forecast To $120M After Record Monthly Sales
NEW YORK, June 1, 2023 /PRNewswire/ -- iQSTEL Inc. (OTCQX: IQST) today announced increasing its annual revenue forecast from $105 million to $120 million
About this update from Iqstel Inc.
[{"type":"text","content":"NEW YORK, June 1, 2023 /PRNewswire/ -- iQSTEL Inc. (OTCQX: IQST) today announced increasing its annual revenue forecast from $105 million to $120 million after reaching a record high level of sales for one month in April and then breaking that record in May. The company surpassed $11 million in sales each month based on preliminary accounting. The company's year-to-date (YTD) revenue through May is $47 million, approximately 39% higher than the same period in 2022. iQSTEL achieved $93 million in revenue in FY-2022 and is on track to meet or surpass its new FY-2023 Revenue Forecast of $120 million which would represent a 29% increase over FY-2022.\nCEO Leandro Iglesias said, \"Our core enhanced telecommunications technology business is growing organically better than we expected and our initiative to expand on our core business with products and services that increase our margins is proceeding as anticipated and as demonstrated in our Q1-2023 financial report:\n10Q, Q1 FINANCIAL SUMMARY\nConcept\nAmount\nRevenue (US$)\n24,666,529\nGross Margin (US$)\n1,216,736\nOperating Loss (US$)\n-317,530\nNet Loss (US$)\n-158,822\nCash from Operations (US$)\n197,163\nCash in Bank (US$)\n1,777,226\nStockholders´ Equity (US$)\n6,329,660\n \nMr. Iglesias commented further: \"iQSTEL is transitioning at this time from an early-stage company establishing the foundation for sustained high growth into a more mature operation that consistently produces the type of predictable results we are now seeing regularly. As we continue to deliver on predictable results, we build confidence for even longer-term performance predictions. Long-term performance confidence is the catalyst for share price appreciation. I am optimistic, even in the face of the prevailing market conditions, that our share price will soon better reflect our performance.\nAbout IQSTEL updated:\niQSTEL Inc. (OTC-QX: IQST) (www.iQSTEL.com) is a US-based, multinational public company preparing for a Nasdaq up-listing with an FY2023 $105 million revenue forecast. 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 ...