iQSTEL Inc (IQST)

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IQST - iQSTEL Exceeds $120 Million 2023 Annual Revenue Forecast Before EOYPress Release | 12/12/2023
IQST - iQSTEL Exceeds $120 Million 2023 Annual Revenue Forecast Before EOY

PR Newswire

NEW YORK, Dec. 12, 2023

NEW YORK, Dec. 12, 2023 /PRNewswire/ -- iQSTEL Inc. (OTC-QX: IQST) today announced the company has already exceeded its FY-2023 $120 million annual revenue forecast based on preliminary accounting.

iQSTEL logo (PRNewsfoto/iQSTEL, Inc.)

In conjunction with today's announcement, the company CEO, Leandro Iglesias, has published the first of two shareholder letters to review the highlights of the company's 2023 performance in conjunction with an outline of the company's plans for continued growth in 2024. The letter includes a summary of management's outlook on the upside potential of the company's current share price and the latest update on the company's plans for uplisting to Nasdaq.

The second letter which will focus on an update of the company's emerging technology initiatives, is scheduled to be published before year end. Today's letter is included in its entirety below:

Dear Shareholders:

As we rapidly approach 2024, it is time to review our anticipated 2023 year end results and outline our plans for 2024.

Current Business Results

I am pleased to announce the company has already surpassed its $120 million annual revenue forecast, based on preliminary accounting.

We also recently announced a $145 million revenue forecast for FY-2024. The FY-2024 forecast does not include any contribution from anticipated acquisitions – one of which may close before year end (more below). We will revise our revenue forecast for 2024 upward in conjunction with completing anticipated acquisitions.

iQSTEL has not ever missed a forecast. We have frequently revised our forecasts upward. Our original forecast for FY-2023 was $105 million before we revised it upward to $120 million.

In addition to exceeding our revenue forecast, we have also achieved consolidated operational profitability one quarter earlier than anticipated. We plan to maintain consolidated positive operating income from here forward.