NEW YORK, May 15, 2023 /PRNewswire/ — iQSTEL Inc. (OTCQX: IQST) today announced the company published its Q1 2023 financial report on SEC Form 10Q. Revenue in Q1 2023 was $24,666,529, compared with $19,419,311 for the three months ended March 31, 2022 reflecting an increase of 27.02%. The company reported a gross margin of $1,216,736 for the three months ended March 31, 2023 compared to $484,060 for the three months ended March 31, 2022 representing an increase of 151.36%. Notably, the gross margin in terms of percentage of Revenue was 2.49% for the three months ended March 31, 2022 compared to 4.93% for the three months ended March 31, 2023, representing an increase of 98%.
In conjunction with the Q1 2023 financial report published today, iQSTEL CEO Leandro Iglesias has released a letter to shareholders. The letter is included in its entirety below.
I am pleased to report the company is well on its way to achieving or exceeding our 2023 $105 million annual revenue forecast. I am also pleased to report our margins continue to improve. In addition to a 151% increase in gross margin, we continue to reduce our consolidated net loss reporting a Q1 net loss of only $158,822 compared to a loss of $524,731 the previous year. Basically we had a consolidated average net loss of $53,000 per month during Q1. Our cash position remains healthy at $1,777,226 bolstering our ability to weather the journey as our margins continue to improve through a prevailing period of reduced opportunity for finding new investment.
The overall market is likely to remain turbulent for some time as inflationary indicators have yet to show any relief and interest rates otherwise continue to rise. We are facing the same headwinds all growth companies are facing. Fortunately, we have reached a stage of organizational maturity that can at least squeak out some ongoing growth organically if we did nothing but wait for some economic relief that makes growth investment more appealing again. But we are not of a mind to wait.
We continue to aggressively pursue our merger and acquisition campaign. At the same time we are improving our commercial operations, and working to develop new revenue streams with higher net profits through our FINTECH, EV, and Metaverse divisions.
iQSTEL is a growth technology company with a sound footing able to weather an economic downturn. At the same time, we are far from having exhausted all resources that could see us continue to demonstrate high growth results even during an economic downturn. I am confident iQSTEL will continue to organically deliver revenue growth and improved margins quarter to quarter. I am also optimistic we will find a way to support ongoing aggressive growth through merger and acquisition and the organic introduction of new products and services in spite of a reticent investment environment. On behalf of the entire management team at iQSTEL, we continue to believe that the best is yet to come and we are diligently working in accordance with that belief.
CEO and Chairman
About IQSTEL updated:
iQSTEL Inc. (OTC-QX: IQST) (www.iQSTEL.com) is a US-based, multinational public company preparing for a Nasdaq up-listing with an FY2023 $105 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 Telecommunications 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 Division (Mobility) offers Electric Motorcycles and plans to launch a Mid Speed Car.
- The Metaverse Division (information and content) includes an enriched and immersive white label proprietary 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.
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iQSTEL – Publicly Listed Company: IQST
SOURCE iQSTEL Inc.