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IQST - IQSTEL Reports 88 Percent Growth To $30.3 Million YTD
NEW YORK, Aug. 17, 2021 /PRNewswire/ -- iQSTEL, Inc. (OTCQB: IQST) today announced publishing its Q2 financial statement for FY-2021 on Form 10Q. CEO Leandro
About this update from Iqstel Inc.
[{"type":"text","content":"NEW YORK, Aug. 17, 2021 /PRNewswire/ -- iQSTEL, Inc. (OTCQB: IQST) today announced publishing its Q2 financial statement for FY-2021 on Form 10Q. CEO Leandro Iglesias has summarized highlights of the report in a letter to shareholders below. Later this week, on Thursday, August 19, 2021 the company will publish a comprehensive Earnings Review and Outlook. \nLetter To Shareholders Q2 Summary\nDear Shareholders:\nThe purpose of this letter is to highlight key aspects of financial performance in Q2. \nIn general:\n1) The Company continues to operate completely free of any dilutive debt. There are no outstanding convertible notes nor warrants (See Note 6 to the Consolidated Financial Statements). \n2) Our business is growing and gaining market share on track to achieve our revenue forecast of $60.5 Million for FY-2021 compared to $44.9 Million in FY-2020. The Company achieved $30.3 Million in revenue year to date (YTD) compared to $16.1ion the first half of FY2020 representing an increase of 88%.\n3) Our new business divisions are successfully launching products that will create new revenue streams with high EBITDA, for example: \na. itsBchain (Blockchain): Mobile Number Portability Application (MNPA).\nb. IoT Labs (Internet of Things): Initial deployment of 2,500 IoTsmartTank devices and platform project for a Fortune 500 Chemical Company.\nc. Global Money One (Mastercard Fintech Ecosystem): We have in place a Launch Promo for the iQSTEL Shareholders.\n4) Our Electric Vehicle Division (EVoss) continues to work toward the delivery of the Batteries and IoT connectivity devices and displays for the Revolt Electric Motorcycles project in addition to working on the launc of our EVoss Electric Motorcycles ecosystem for Latin America this FY-2021.\n5) We continue to make progress toward our Nasdaq Up-listing objective with our recent QB certification on OTCMarkets, and the addition of three new independent members to our Board of Directors.\nReviewing some figures in detail:\n1) Consolidated revenue in Q2 reached $16.1 Million compared to $14.1 Million in Q1, 14% increase in a three-months period.\n2) The Total Operating Expenses decreased 19% in the second quarter of the year compared to the first quarter, from $1.5 million to $1.2 million. \n3) An overall increase of 33% in our current assets Year over Year to include a 145% increase in...