Business
IQST – iQSTEL Releases CEO Shareholder Letter with 2022 YTD Execution Update and 2023 Business Foundations Plan
New York, NY, Sept. 01, 2022 (GLOBE NEWSWIRE) -- iQSTEL, Inc. (OTCQX: IQST) ("IQST" or the "Company"), a leading provider of comprehensive technology
About this update from Iqstel Inc.
[{"type":"text","content":"New York, NY, Sept. 01, 2022 (GLOBE NEWSWIRE) -- iQSTEL, Inc. (OTCQX: IQST) (\"IQST\" or the \"Company\"), a leading provider of comprehensive technology solutions and services to several industries such as Telecommunications, Electric vehicles, Liquid Fuel Distribution, Chemical, and Financial, today released a Shareholder Letter with an Update of its 2022 Business Plan, Guidelines for its 2023 Business Plan, M&A campaign, EVOSS update, and Funding strategy. The shareholder updates from CEO Leandro Iglesias are included in their entirety below. Dear Shareholders: I have some exciting news to share with our shareholders as we enter the last quarter of fiscal year 2022. Update of the 2022 Business Plan: In our last Shareholder Letter, we shared our financial results, and I am pleased to confirm that our company continues showing a positive trend based on our financial performance indicators. As we indicated in our August 11, 2022, management interview, performed by Michel Poarch at Alpha Status Stocks, the three top take-away messages are:a) The company keeps on track to achieve or surpass the $90 Million revenue forecast this FY-2022.b) The company's Q2 FY-2022 cash burn rate was less than $100,000 per month, we are working to further close this gap, and our goal is to reach break even or a minimum burn rate in Q3 FY-2022, and potentially achieve positive net income in Q4 FY-2022.c) Our new business divisions, such as Fintech, EV, and Internet of Things (IoT), are expected to commence generating revenue this fiscal year. Guidelines for the 2023 Business Plan: Our management is working on setting next year's business objectives and revenue guidelines. We are expecting all of our subsidiaries to carry over our plan to achieve profitability in Q4 FY-2022. Our main objectives for FY-2023 are an increase in revenues to nine digits, effectively becoming a “9-digits revenue company”, keep increasing the gross margin, and profits growth, quarter over quarter, starting on Q1 FY-2023. We anticipate increased growth of our flag-ship telecommunications business division, at the same time, we are including additional high profit revenue streams and taking cost-efficiency measures to increase profitability. Mergers and Acquisition (“M&A”) campaign: IQSTEL’s successful M&A campaign has added strategic acquisitions such as Smartbiz and Whisl. T...