Business
IQST - iQSTEL Reports $57.5M in Revenue On Track To Achieve $120M Annual Forecast
NEW YORK, Aug. 14, 2023 /PRNewswire/ -- iQSTEL Inc. (OTCQX: IQST) (the "Company") today announced the Company published its Q2 2023 financial report on SEC
About this update from Iqstel Inc.
[{"type":"text","content":"NEW YORK, Aug. 14, 2023 /PRNewswire/ -- iQSTEL Inc. (OTCQX: IQST) (the \"Company\") today announced the Company published its Q2 2023 financial report on SEC Form 10Q. The report confirms the Company's previously announced preliminary results. Revenue in Q2 2023 was $32,824,829, compared with $23,699,716 for the three months ended June 30, 2022, reflecting an increase of 38.50%. The Company reported $57,491,358 year-to-date through the end of June. Management confirms the Company is on track to meet or exceed its $120 million 2023 revenue forecast.\nIn conjunction with the Q2 2023 financial report published today, iQSTEL CEO Leandro Iglesias has released a letter to shareholders. The letter is included in its entirety below.\nDear Shareholders:\nOn behalf of the iQSTEL Board of Directors and Management Team, I am proud of the Company's results year-to-date as reported in the current 10Q filing and believe the report is a clear indication that we are meeting, if not exceeding, our business plan objectives.\nOur revenue is currently beating management expectations. We achieved $57.5M in revenue within the first half of this fiscal year. We are optimistic that the year-end results may exceed our $120 million annual revenue forecast. Historically, iQSTEL's revenues are higher in the second half of the year than the first.\niQSTEL's bottom-line performance is in keeping with our business plan. Q2 results are consistent with Q1. We maintained a monthly burn rate of approximately $54K (Net Loss of $320,466 in the first half of the year). The bottom-line results through the end of June 2023 are as expected by management and on track with management's plan to achieve profitability by the end of this year 2023.\nThe initiatives underway to achieve profitability include the ongoing synergies we are realizing from the commercial combination of Etelix and SwissLink; the cost reductions in our platform and back-up services within Whisl and Smartbiz; the gross profit improvements coming from our QGlobal SMS services, and the operational improvements at IoTLabs.\nLonger term, strategic contributions to both our top and bottom line will come from our new lines of business to include, for example, the anticipated full batch of our EV motorcycles we expect to sell in the second half of the year, and the profits we expect to begin realizing soon fr...