iQSTEL Inc (IQST)

[Belg]

IQST – iQSTEL Announces $105 Million 2023 Preliminary Revenue Forecast



New York, NY, Nov. 21, 2022 -- iQSTEL, Inc. (OTCQX: IQST) today announced a preliminary annual revenue forecast for next year, 2023, of $105 million. Management indicates the preliminary forecast is based on simple organic growth and does not include the potential impact of several projects currently underway that could materialize before the end of the year and result in a substantial increase of the FY-2023 revenue forecast.

iQSTEL’s estimated YTD revenue as of October 31, 2022 is $74.4 million. Management indicates the company is on track to meet or exceed its $90 million FY-2022 forecast.

The company achieved operational profitability in Q3 2002 ahead of management’s 2022 yearend operational profitability forecast.

iQSTEL is building a diversified line of businesses on top of the company’s core telecommunication operations. The new lines of business are now taking root and accelerating revenue growth and improving operating margins.

Management has publicly announced their intent to up-list iQSTEL on Nasdaq and continue to demonstrate progress toward this end.

As of September 30, 2022, the company’s Stockholder’s equity reached $9.2 million representing an increase of 172% compared to Q3 2021. The reported Stockholder’s equity surpasses the Nasdaq minimum listing requirement and further supports the company’s Nasdaq up-listing objective.

At the same time, iQSTEL is closing up-listing required governance gaps with necessary updates to its Code of Ethics and the Compensation Committee.

Management acknowledges that the prevailing global economic conditions have had some impact on the company, but management remains confident it can continue to strategically compensate for any further economic impacts and likewise demonstrate continued revenue growth and improved profitability.

The company actively updates its website to reflect the latest progress toward its mission and objectives and encourages shareholders to check back regularly.

iQSTEL remains committed to the promise that the best is yet to come.