Business
IQST - iQSTEL Publishes Plan to Reach $500M in Sales and Uplist to Nasdaq
NEW YORK, July 15, 2024 /PRNewswire/ -- iQSTEL Inc. (OTC-QX: IQST) (www.iQSTEL.com), today announced publishing a comprehensive business plan detailing the
About this update from Iqstel Inc.
[{"type":"text","content":"NEW YORK, July 15, 2024 /PRNewswire/ -- iQSTEL Inc. (OTC-QX: IQST) (www.iQSTEL.com), today announced publishing a comprehensive business plan detailing the company's strategy to reach $500 million in annual sales and uplist to Nasdaq. The business plan was published Friday, July 12, on SEC Form 8K.\n\nThe comprehensive business plan has been published in conjunction with the company's recent announcements to\nTransition its current holding company structure into a single unified commercial operation structure, andLaunch an institutional investor road show with the first investor presentation at the Emerging Growth Conference scheduled for July 17-18, 2024 to be available to all investors online on Wednesday, July 17th, at 9:40 AM Eastern Standard Time.iQSTEL is currently a US-based, multinational, fully reporting and audited publicly listed telecommunications and technology. The company is on track to achieve $290 million in revenue this year, FY 2024, with $7 million in gross profit and seven digit operating income:\nPreliminary Q2 revenue (unaudited) is $77M vs. $51.4M in Q1 (49% increase)Preliminary Q2 gross profit (unaudited) is $2M vs. $1.3M in Q1 (53% increase)Highlights of the comprehensive business plan published on SEC Form 8K include details on the following business strategy components:\nTransformation to Telecommunications Corporation: iQSTEL is transitioning from a holding company to a unified corporation. This involves unifying commercial messages, simplifying brands, and reducing departmental redundancies.Lynk Telecom Acquisition: We aim to complete the acquisition of Lynk Telecom, which is expected to boost annual revenue by $20 million and increase operating income by $1 million.Technological Platform Consolidation: We plan to acquire or partner with a single switching platform for all our telecom subsidiaries to improve synergies and reduce technological costs.Revenue Growth: Our strategy focuses on expanding both retail and corporate business segments to increase revenue from end users, which offer higher margin contributions.Marketing Enhancement: We plan to revamp all marketing materials and corporate messages to align with our new corporate identity.Capital Raising: We intend to raise up to $10.5 million to optimize our capital structure, leaving approximately $5 million of free cash after debt redemption.S...