IQST – iQSTEL Announces Q1 37% Revenue Increase To $19.42 Million: On Track To $90 Million 2022 Annual Revenue Forecast
New York, NY , May 16, 2022 (GLOBE NEWSWIRE) -- iQSTEL, Inc. (OTCQX: IQST) today announced filing its Q1 financial report. The company realized a 37% increase in revenue to $19.42 million in Q1 compared to the same period in 2021. The company is approaching breakeven posting a substantial bottom line improvement reducing its net loss by 72% compared to the same period last year. Stockholder’s equity increased 410% to almost $7 million compared to Q1 2021 surpassing the Nasdaq minimum listing requirement.
|Summary Financials Q1 2021 vs Q1 2022|
|Statements of Operation||Q1 2021||Q1 2022||%||Direction|
|Revenues (Million US$)||14.20||19.42||37%||Increase|
|Gross Profit (US$)||487,370||484,060||-1%||Flat|
|Operation Lost (US$)||-1,010,741||-505,438||-50%||Reduction|
|Consolidated Net Loss (US$)||-1,878,489||-524,731||-72%||Reduction|
|Balance Sheet||Q1 2021||Q1 2022||%||Direction|
|Assets (Million US$)||8.17||9.85||21%||Increase|
|Liabilities (Million US$)||6.81||2.91||-57%||Reduction|
|Stocksholders´ Equity (Million US$)||1.36||6.94||410%||Increase|
“iQSTEL’s cross selling strategies and introduction of new higher margin products are working together to grow revenue, and more importantly, increase profits,” said Leandro Iglesias, CEO of iQSTEL.” From Q4 2021 to Q1 2022, revenue increased 9%, and at the same time, gross profit increase 201% combining to reduce the quarter-to-quarter net loss by 30%. A breakeven milestone is now in sight. It’s also important to note the company has $4.22 million in cash in the bank providing adequate sustainability to weather the prevailing market conditions without having to raise additional funds.”
|Summary Financials Q4 2021 vs Q1 2022|
|Statements of Operation||Q4 2021||Q1 2022||%||Direction|
|Revenues (Million US$)||17.86||19.42||9%||Increase|
|Gross Profit (US$)||160,728||484,060||201%||Increase|
|Operation Lost (US$)||-692,430||-505,438||-27%||Reduction|
|Consolidated Net Loss (US$)||-751,922||-524,731||-30%||Reduction|
|Balance Sheet||Q4 2021||Q1 2022||%||Direction|
|Assets (Million US$)||9.06||9.85||9%||Increase|
|Liabilities (Million US$)||2.64||2.91||10%||Increase|
|Stocksholders´ Equity (Million US$)||6.42||6.94||8%||Increase|
A full analysis of the company’s overall improving financial performance displayed in a variety of charts and graphs is available at the following link:
Note that the current financial results do not include the recently announced acquisitions of Smartbiz and Whisl that are expected to add $11.6 Million revenue and $1.34 Million positive net income to the company’s existing revenue and income on yearly basis. The company will start to show this impact in Q2 partially and in Q3 in full.
Management indicates that the year-to-date results surpass expectations in regard to the company’s $90 million revenue, net income positive FY-2022 forecast.
In combination with the Q1 financial report, management encourages shareholders to review the CEO Update published last week addressing the prevailing market conditions and iQSTEL’s expected continued growth regardless of the prevailing market conditions.
iQSTEL Inc. (OTCQX: IQST) (www.iQSTEL.com) is a US-based publicly-listed company holding an Independent Board of Directors and Independent Audit Committee offering leading-edge services through its two business divisions and each of them with independent brands. The B2B division, Brand IQSTelecom offering Telecommunications, Internet of Things, Technology and Blockchain platforms services, the target market for the B2B division is Global Markets. The B2C division, Brand EVOSS offering EV Electric Motorcycles, Fintech Ecosystem, the target market for this business division is Latin America, and the Spanish speakers in the USA. The company has presence in 15 countries, and its products and services are used in several industries as Telecommunications, Electric Vehicle (EV), Financial Services, Chemical and Liquid Fuel Distribution Industries. IQSTEL announced on February 17th 2021 that it became a Debt Free Company and is now completely debt free with no Convertible Notes, Warrants, Promissory Notes or Settlement Agreements from its Balance Sheet.
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 statements 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, in part, 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.
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Source: iQSTEL Inc. and its subsidiaries: www.iqstel.com
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