IQST - iQSTEL Announces 126% Revenue Growth to $130 Million on Track to Reach $290 Million FY-2024 Annual Forecast
We are very proud that in the first six months of this year we have done 90% of the revenue done in the 12 months of 2023 (
|
|
Six months ended |
|
|
|
2024 |
2023 |
Revenue |
|
|
$ 57,491,358 |
Gross Profit |
$ 3,542,650 |
$ 2,001,202 |
|
Operating Loss |
$ (525,555) |
$ (570,248) |
|
Net Loss |
$ (2,544,103) |
$ (320,466) |
|
|
Three months ended |
|
|
|
|
|
Revenue |
|
$ 78,635,764 |
$ 51,414,878 |
Gross Profit |
$ 2,163,624 |
$ 1,379,026 |
|
% Gross Profit |
2.75 % |
2.68 % |
On
|
Relevant non-operating expenses for the six months ended |
|||||
|
Value of shares issued for consulting agreement |
$ 279,660 |
Note 1 |
|||
|
Consulting agreement - cash paid |
$ 97,500 |
Note 1 |
|||
|
Value of additional share compensations |
$ 77,665 |
Note 2 |
|||
|
Audit and accounting services |
$ 192,322 |
Note 3 |
|||
|
Change in fair value of derivative liabilities |
$ 1,115,510 |
Note 4 |
|||
|
Loss on settlement of debt |
$ 102,660 |
Note 4 |
|||
|
Interest expense |
$ 861,554 |
Note 5 |
|||
|
|
|
|
|
$ 2,726,871 |
|
|
|
|
|
|
|
|
Notes:
- The company increased its professional services expense in connection with funding its recent M&A activity, and in conjunction with its Nasdaq up-listing initiative. This expense is expected to end as the associated business objectives are achieved.
- Stock-based compensations not associated to management role.
- Even though the Audit Services is recurring it´s important to remark that due to the increase in the number of subsidiaries, the audit labor has increased accordingly, and it is expected to subside as we consolidate operations.
- This is a non-monetary accounting treatment of the M2B note, used for funding the acquisition of QXTEL.
- To minimize shareholder dilution, the company strategically secured interest bearing loans instead of pursuing loans convertible into stock.
To illustrate the strength of the company's operations, consider that without the
Additional Financial Performance Highlights and Further Analysis
- Telecomm Division stand-alone performance continues to deliver explosive results
iQSTEL's overall business strategy is built on the foundation of its rapidly expanding Telecom Division. We are growing a robust telecom business while building complimentary high margin technology offerings designed to both add value to our telecom services and ultimately increase our earnings. Currently, it is our Telecom Division that is generating revenue with a positive operating Income. The Telecom Division generated
Telecom Division |
|||
|
|
For the six months ended |
|
|
|
2024 |
2023 |
Revenue |
$ 130,050,642 |
$ 57,491,358 |
|
Gross Profit |
$ 3,542,650 |
$ 2,001,202 |
|
Operating Income |
$ 909,370 |
$ 540,363 |
|
|
|
|
|
Management expects the bottom line results of the Telecom Division to improve in the second half of the year.
We have identified some improvement opportunities. For instance, the technological expense of our telecom division in the six months ended
- The company keeps growing and adding value to the shareholders
Management continues in its commitment to raise growth capital while maintaining a total issued and outstanding share count of 183.5 million common shares demonstrating an unwavering commitment to responsible capital structure management. We believe this disciplined approach has ensured that each issuance of shares is accretive, directly contributing to increasing the intrinsic business value of iQSTEL.
The effectiveness of this strategy is evident in the company's Revenue Per Share (RPS) performance. The following graph illustrates the evolution of RPS from FY-2020 to FY-2024. For FY-2024, the projected RPS is based on a forecasted revenue of
This sustained growth in RPS underscores the Company's ability to utilize raised funds effectively, driving value creation and delivering tangible returns to our shareholders.
- The company is preparing for a Nasdaq uplisting
The company continues preparing for a Nasdaq uplisting. Having achieved all the corporate requirements for an uplisting, the company has developed a detailed plan to finalize the uplisting and achieve further business objectives made possible with the uplisting. The plan was published in an 8K on
Summary
The Q2 FY-2024 financial report illustrates a transitional period where interim non-operating expenses associated with the acquisition of
The Q2 FY-2024 financial results demonstrate the success of iQSTEL's ability to acquire and integrate new telecom operations and rapidly achieve synergistic organic growth.
Management is committed to making this FY-2024 the best ever. We plan to achieve or surpass
On behalf of our Independent Board of Directors we want to thank our partners, customers, shareholders, investors, management, and our employees for all the loyal support throughout our journey to become a
All the Best.
CEO and Chairman iQSTEL
About
-
The Enhanced Telecommunications Services 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 (EV) Division (Mobility) offers Electric Motorcycles and plans to launch a Mid Speed Car.
- The Artificial Intelligence (AI)-Enhanced Metaverse Division (information and content) includes an enriched and immersive white label proprietary AI-Enhanced 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 12 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
IR US Phone: 646-740-0907
IR Email:
investors@iqstel.com
Contact Details
+1 646-740-0907
investors@iqstel.com
Company Website
www.iqstel.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/iqst--iqstel-announces-126-revenue-growth-to-130-million-on-track-to-reach-290-million-fy-2024-annual-forecast-302222636.html
SOURCE iQSTEL