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IQST – iQSTEL Reaches Profitability Ahead Of Forecast On 33% Q3 Revenue Growth To $21.94M On Track To Meet Or Exceed $90M In Revenue By Yearend
New York, NY, Nov. 14, 2022 (GLOBE NEWSWIRE) -- iQSTEL, Inc. (OTCQX: IQST) today announced filing its Q3 financial report for FY 2022. The company realized a
About this update from Iqstel Inc.
[{"type":"text","content":"New York, NY, Nov. 14, 2022 (GLOBE NEWSWIRE) -- iQSTEL, Inc. (OTCQX: IQST) today announced filing its Q3 financial report for FY 2022. The company realized a 33% increase in revenue to $21.94 million in Q3 compared to the same period in 2021. YTD revenue through September 30, 2022, is over $65 million keeping the company well on track to meet or exceed its $90 million 2022 annual revenue forecast. Notably, iQSTEL reported its first operating and consolidated income positive period in Q3 achieving one of the company´s financial objectives for FY-2022 ahead earlier than anticipated. Stockholder’s equity increased 172% to $9.2 million compared to Q3 2021 surpassing the Nasdaq minimum listing requirement and further supporting the company’s Nasdaq up-listing intentions. Summary Financials Q3 2021 vs Q3 2022Statements of OperationsQ3 2021Q3 2022%DirectionRevenues (Million US$)16.52 21.94 33%IncreaseGross Profit (Revenue %)5.09%5.99%18%IncreaseGross Profit (US$)841,052 1,314,960 56%IncreaseOperating Income (Loss) (US$)(116,143) 58,813 -151%ReductionConsolídated Net Income (Loss) (US$)(111,218) 27,312 -125%ReductionBalance SheetQ2 2021Q2 2022VariationDirectionCash (US$)1,190,8041,294,9819%IncreaseAssets (Million US$)7.5812.2261%IncreaseLiabilities (Million US$)4.203.02-28%ReductionStocksholders´ Equity (Million US$)3.389.20172%Increase The company continues to demonstrate positive financial and commercial trends quarter to quarter and year to year. Management anticipates the company’s growth trends to continue. Summary Financials Q2 2022 vs Q3 2022Statements of OperationsQ2 2022Q3 2022%DirectionRevenues (Million US$)23.70 21.94 -7%ReductionGross Profit (Revenue %)3.57%5.99%68%IncreaseGross Profit (US$)846,274 1,314,960 55%IncreaseOperating Income (Loss) (US$)(298,178) 58,813 -120%ReductionConsolidated Net Income (Loss) (US$)(285,457) 27,312 -110%ReductionBalance SheetQ2 2022Q3 2022%DirectionCash (US$) (See Notes)1,645,9371,294,981-21%ReductionAssets (Million US$)12.9012.22-5%ReductionLiabilities (Million US$)3.863.02-22%ReductionStocksholders´ Equity (Million US$)9.049.202%Increase Notes: 1) The Cash reduction includes the effects of Whisl and Smartbiz acquisitions 2) The company reached break-even point in Q3. A full analysis of the company’s overall improving financial performance displayed in a variety of charts and graphs is availa...