IQST – iQSTEL Reaches Profitability Ahead Of Forecast On 33% Q3 Revenue Growth To $21.94M On Track To Meet Or Exceed $90M In Revenue By Yearend
Press Release | 11/14/2022
New York, NY, Nov. 14, 2022 (GLOBE NEWSWIRE) -- iQSTEL, Inc. (OTCQX: IQST) today announced filing its Q3 financial report for FY 2022. The company realized a 33% increase in revenue to $21.94 million in Q3 compared to the same period in 2021. YTD revenue through September 30, 2022, is over $65 million keeping the company well on track to meet or exceed its $90 million 2022 annual revenue forecast. Notably, iQSTEL reported its first operating and consolidated income positive period in Q3 achieving one of the company´s financial objectives for FY-2022 ahead earlier than anticipated. Stockholder’s equity increased 172% to $9.2 million compared to Q3 2021 surpassing the Nasdaq minimum listing requirement and further supporting the company’s Nasdaq up-listing intentions.
Summary Financials Q3 2021 vs Q3 2022
Statements of Operations Q3 2021 Q3 2022 % Direction
Revenues (Million US$) 16.52 21.94 33% Increase
Gross Profit (Revenue %) 5.09% 5.99% 18% Increase
Gross Profit (US$) 841,052 1,314,960 56% Increase
Operating Income (Loss) (US$) (116,143) 58,813 -151% Reduction
Consolídated Net Income (Loss) (US$) (111,218) 27,312 -125% Reduction
Balance Sheet Q2 2021 Q2 2022 Variation Direction
Cash (US$) 1,190,804 1,294,981 9% Increase
Assets (Million US$) 7.58 12.22 61% Increase
Liabilities (Million US$) 4.20 3.02 -28% Reduction
Stocksholders´ Equity (Million US$) 3.38 9.20 172% Increase
