I have been following IQST since February 2021.
I agree doubling the revenue of a company that size by 2027 is a bit too agressive of a statement considering they have never acquired a company that size before. But for their other smaller telecom acquisitions, they do have a good track record showing well over 100% growth in 2 years.
QXTEL is too recent, just acquired 4 months ago. Before that was Whisl and Smartbiz acquired summer of 2022. Combined they were expected to add 11.6M annual revenue. In 2023 they added 18.4M. As of Q1 2024 they had 7.1M combined sales so x4 quarters would be on track for 28.4M this year or more. That's 145% growth after two years.
I list them combined because Smartbiz was a major customer of whisl. Being under the same ownership now, alot of whisl's revenue is considered intercompany sales. Smartbiz is reporting the growth both of them combined are responsible for. That's why the company acquired both of them at the same time. Whisl is also responsible for alot of growth other subsidiaries have seen, and those subsidiaries report the revenue not whisl. Intercompany sales. So combined revenue seems the reasonable way to consider their growth performance.
Before that, prior telecom acquisition was IoT Labs in 2020. Idk what annual revenue they were doing before acquired, but the quarter immediately after being acquired, Q3 2020 IoT Labs did 8.16M revenue. Jump ahead 2.5 years and Q1 2024 IoT Labs did 24.34M. That's 198% growth in 2.5 years. IoT Labs should break 100M revenue this year.
So their 3 prior telecom acquisitions have performed better on growth than what they are saying they expect this next acquisition can do, 100% growth after 2 years. However, like I said, this target acquisition is significantly larger (200-300M revenue). I will be watching QXTEL's quarterly performance as an indicator of how well the next acquisition may perform since QXTEL does over 80M annual revenue.
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