Business
IQST – iQSTEL Reports Improved Profitability On Growing Revenue For Q3 And CEO Outlines Plan To Reach Break-Even In Short Order
New York, NY, Nov. 15, 2021 (GLOBE NEWSWIRE) -- iQSTEL, Inc. (OTCQX: IQST) today published a letter to shareholders from the CEO, Leandro Iglesias. The letter
About this update from Iqstel Inc.
[{"type":"text","content":"New York, NY, Nov. 15, 2021 (GLOBE NEWSWIRE) -- iQSTEL, Inc. (OTCQX: IQST) today published a letter to shareholders from the CEO, Leandro Iglesias. The letter is included in its entirety below: Dear Shareholders: We are pleased to announce our financial and operational achievements for Q3 leading first with the three following highlights: iQSTEL has never been in a greater financial position and with better financial performance resulting from the successful execution of its business plan. iQSTEL has been a debt-free company since February 2021. No Reg-A shares have been sold since March 2021, and the quarter-after-quarter net income improvements put the company on a clear track to reach break-even in the short term. Our continuous expansion of technology products and services has already made iQSTEL a worldwide technology market contender with a wide array of cutting-edge products and services to serve the Immigrants Community around the world, including telecommunication services, EV mobility, and a fintech ecosystem, bolstered by our B2B services with proprietary Internet of Things and Blockchain Platforms. We now have offerings for a total addressable market reaching over $100 Billion. Having graduated from one OTC Markets marketplace to the next achieving an OTCQB certification and then an OTCQX certification and incorporating the required corporate governance to include an Independent Board of Directors and an Independent Audit Committee, the distance from here to a Nasdaq listing is not too far a reach. FINANCIALS YTD Q3 FY-2021 vs YTD Q3-FY-2020: REVENUE: $46.84 Million YTD FY-2021 vs $29.44 Million YTD FY-2020, a 59% increase.GROSS PROFIT: $1.37 Million YTD FY-2021 vs $0.70 Million YTD FY-2020, a 95% increase.DILUTIVE DEBT (Convertible notes, Warrants, and Derivative liabilities): ZERO YTD FY-2021 vs $8.43 Million YTD FY-2021 FY-2021 POSITIVE FINANCIAL TREND REVENUE: $14.19 Million in Q1, $16.12 Million in Q2, $16.51 Million in Q3 NET INCOME (LOSS): $(1.87) Million in Q1, $(1.11) Million in Q2, $(0.11) Million in Q3. We are quickly making our way toward breakeven and into profitability with a Net Loss of only $111,218 in Q3, OPERATIONS AND NEW PRODUCTS: We have developed several new products and services: IQSTelecom B2B Division: Telco: we are consolidating our commercial approach, taking advantage of synergies, and red...