NEW YORK, NY -- June 4, 2024 -- InvestorsHub NewsWire
-- iQSTEL Inc. (OTC-QX: IQST)
(www.iQSTEL.com) a US-based, multinational, fully
reporting and audited publicly listed telecommunications and
technology company preparing for a Nasdaq up-listing today
announced increasing it's revenue forecast for FY-2024 to $290
million revenue. The forecast increase is based both on
anticipated organic growth and the revenue contribution from the
recent QXTEL acquisition.
iQSTEL reported $144.5 million in audited revenue for
FY-2023. The $290 million revenue forecast for FY-2024
announced today represents a year to year revenue increase of more
than 100%.
At this time, the $290 million FY-2024 revenue
forecast does not include any contribution from the recently
announced acquisition of Lynk Telecom anticipated to
close not later than July 1, 2024. The company may revise its
forecast higher following the Lynk Telecom acquisition closing.
Based on preliminary accounting, the company realized $54
million in revenue for the combined months of April and May.
This represents substantial revenue growth over iQSTEL's $51.4
million in revenue for the first three months of this year
reported in the recently published, auditor reviewed, Q1 FY-2024 report.
Organic Growth Driving Overall Revenue
Growth
While the revenue from acquisitions is adding to revenue growth,
it is important to highlight the organic growth that is fueling the
more substantial overall growth.
iQSTEL executed acquisitions in 2022 and 2021 and reported
annual revenue growth of approximately 44% each year. In 2023, the
company executed no acquisitions and reported revenue growth of
approximately 55% driven completely by organic sales expansion.
The company's increased organic growth in 2023 demonstrates the
effectiveness of our ability to integrate acquired operations. By
making acquired businesses part of iQSTEL's overall product
portfolio, we are able to drive increased organic growth through
cross selling and collective sales efficiencies.
Accordingly, our sales forecast announced today does not just
reflect the simple addition of acquired revenue, but the projected
organic growth anticipated from the effective integration of
acquired operations. Based on our history of successfully
integrating previously acquired operations and increasing overall
organic growth, we believe our current organic growth projections
are sound.
Bottom Line Growth Projections
In addition to the $290 million FY-2024 revenue
forecast, iQSTEL is forecasting $7.5 million in gross
profit for FY-2024 compared to $4.6 million reported in
FY-2023. The company reported $1.3 million in gross
profit for Q1 FY-2024. Management has a positive operating income
of seven digits forecast for FY-2024.
We are pleased with the bottom line projections for the current
fiscal year but want to highlight the even larger expectation for
the bottom line beyond this fiscal year.
The revenue growth from the recent acquisitions and the organic
revenue growth that will subsequently result from the recent
acquisitions will be realized before the downstream bottom line
benefits of the increased revenue is fully realized. The
operational efficiencies from streamlining multiple operations
takes more time to flow to the bottom line than do the benefits of
increased revenue. We expect even greater bottom line benefit next
year resulting from the revenue growth we achieve this year.
Mr. Iglesias commented, "The Company is experiencing exponential
revenue growth this year. We are literally skyrocketing in FY-2024.
We are well on track to more than double the company's revenue in
FY-2024. Following a recent planning session
in Washington at the International Telecom Week (ITW)
Conference, we believe the company is on the path to becoming in a
telecommunications powerhouse. Our exceptional recent performance
is coinciding with our homestretch push to finalize a Nasdaq
uplisting.
About IQSTEL (updated):
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 $144 million revenue, and with a $290 Million
Dollar Revenue forecast and a Positive Operating Income of 7
digits forecast for FY-2024. 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 Car.
- 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 12 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.
Company Website
www.iqstel.com
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