IQST - iQSTEL Announces $100 Million YTD Revenue Exceeding Forecast

Rhea-AI Summary

iQSTEL Inc. reports year-to-date revenue of $100 million through Q3, exceeding last year's revenue by 54% and expects to surpass $120 million forecast for year-end 2023.

Positive

• Year-to-date revenue of $100 million, exceeding last year's revenue by 54%
• Expectation to surpass $120 million revenue forecast for year-end 2023

Negative

• None.

NEW YORK, Oct. 19, 2023 /PRNewswire/ -- iQSTEL Inc. (OTC-QX: IQST) today announced year-to-date (YTD) revenue through Q3 of $100 million based on preliminary accounting.  The 2023 YTD revenue exceeds the revenue of $65 million for the same period last year, in 2022, by 54%.  Management expects the company to surpass the previously announced $120 million revenue forecast for year-end 2023.

"We are very pleased to announce the year-to-date results," said iQSTEL CEO Leandro Iglesias. "Our commercial momentum is exceeding expectations. Our revenue based on preliminary accounting was $40 million in Q3-FY2023.  Productivity and efficiency continue to improve and contribute to our overall increasing business value.  I am also pleased to inform you that our engagement with LDA Capital for an anticipated $10 million investment as part of our plan to uplist iQSTEL to Nasdaq continues on track.  We look forward to sharing more updates soon.  We have big goals and expect to deliver big results.  We all here working at iQSTEL believe wholeheartedly that the best is yet to come."

About IQSTEL:

iQSTEL Inc. (OTC-QX: IQST) (www.iQSTEL.com) is a US-based, multinational publicly listed company preparing for a Nasdaq up-listing with an FY2023 $120 million revenue forecast. iQSTEL's mission is to serve basic human needs in today's modern world by making the necessary tools accessible regardless of race, ethnicity, religion, socioeconomic status, or identity.  iQSTEL recognizes that in today's modern world, the pursuit of the human hierarchy of needs (physiological, safety, relationship, esteem and self-actualization) is marginalized without access to ubiquitous communications, the freedom of virtual banking, clean affordable mobility and information and content. iQSTEL has 4 Business Divisions delivering accessibly to the necessary tools in today's pursuit of basic human needs: Telecommunications, Fintech, Electric Vehicles and Metaverse.

• The Enhanced Telecommunications Services Division (Communications) includes VoIP, SMS, International Fiber-Optic, Proprietary Internet of Things (IoT), and a Proprietary Mobile Portability Blockchain Platform.
• The Fintech Division (Financial Freedom) includes remittances services, top up services, Master Card Debit Card, a US Bank Account (No SSN required), and a Mobile App.
• The Electric Vehicles (EV) Division (Mobility) offers Electric Motorcycles and plans to launch a Mid Speed Cars.
• The Artificial Intelligence (AI)-Enhanced Metaverse Division (information and content) includes an enriched and immersive white label proprietary AI-Enhanced Metaverse platform to access products, services, content, entertainment, information, customer support, and more in a virtual 3D interface.

The company continues to grow and expand its suite of products and services both organically and through mergers and acquisitions.  iQSTEL has completed 10 acquisitions since June 2018 and continues to develop an active pipeline of potential future acquisitions.

Safe Harbor Statement: Statements in this news release may be "forward-looking statements". Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions, or any other information relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates, and projections about our business based partly on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may and are likely to differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release, and iQSTEL Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release. This press release does not constitute a public offer of any securities for sale. Any securities offered privately will not be or have not been registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

iQSTEL Inc.
IR US Phone: 646-740-0907
IR Email: investors@iqstel.com

Contact Details
iQSTEL Inc.
+1 646-740-0907
investors@iqstel.com

Company Website
www.iqstel.com

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SOURCE iQSTEL Inc.

FAQ

What is iQSTEL Inc.'s year-to-date revenue through Q3?

iQSTEL Inc.'s year-to-date revenue through Q3 is $100 million.

How much did the revenue exceed the revenue of the same period last year?

The revenue exceeded the revenue of the same period last year by 54%.

What is the revenue forecast for year-end 2023?

The revenue forecast for year-end 2023 is $120 million.

What is iQSTEL's plan to uplist to Nasdaq?

iQSTEL has an engagement with LDA Capital for an anticipated $10 million investment as part of their plan to uplist to Nasdaq.

What is the sentiment of iQSTEL's CEO regarding the results?

iQSTEL's CEO, Leandro Iglesias, is very pleased with the year-to-date results and believes the best is yet to come.