Subject: ERP
IQST - iQSTEL Exceeds $120 Million 2023 Annual Revenue Forecast Before EOY
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.
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.
World Environment and our Current Business Strategy
2023 has not been an ideal year for growth companies to find eager investors. Increasing interest rates lured investors away from stocks toward bonds. The banking crisis caused investment anxiety. The majority of the more than one hundred SPAC companies that IPO'd starting in 2020 continuing through 2021 and into 2022 have yet to consummate operating acquisitions. 2023 was an uphill battle for growth companies.
Nevertheless, iQSTEL achieved all of its operational goals. Most instrumentally, in the face of the difficult investment environment for growth companies, was our achievement of a consolidate positive operating income. This will give iQSTEL the ability to sustain itself through a difficult investment environment by not having to rely on accessing ongoing investment to survive.
We are optimistic that 2024 will see the beginning of a reduction in interest rates in addition to other positive trends that improve the investment environment for growth companies. Nevertheless, we will continue in our efforts to improve profits while still increasing revenues not only to support our ongoing operating sustainability, but also to make our financial results more attractive to investors as they return to the growth market.
Below are the key elements of our current strategy:
a) Increase the revenue and bottom line contribution of our Telecommunications division, in order to generate enough bottom line results to support our Pubco expenses and our growing technological divisions (IoT, Blockchain Platform, EV, Fintech, AI-Enhanced Metaverse) ? Status: Achieved.
b) Reduce our Pubco expenses ? to date, we have reduced our quarterly Pubco expenses by approximately 20% - Status: Achieved.
c) Optimize resources and streamline the operations in our NON Telecommunications divisions to minimize expenses. Status: Achieved.
M&A Campaign
As previously announced, we currently have two target telecommunication acquisitions in the pipeline. We are optimistic the acquisitions will come to fruition in 2024 advancing iQSTEL toward its goal of becoming one of the 10 largest international wholesale telecom operators in the word with the revenue and consolidate positive operating income the two acquisitions would add.
Optimistically, one of the two acquisitions may close before year end. The second acquisition is anticipated to close within the first six months of FY-2024.
Stock Price and Nasdaq Up-List
Management believes the recent iQSTEL share price does not accurately reflect the fundamental financial value of the company, let alone the company's potential future value, particularly in light of our continued track record of beating forecasted growth. Specifically, management believes the recent share price has substantial upside potential in light of:
a) The company surpassing its $120 million FY-2023 revenue forecast with a $145 Million FY-2024 revenue forecast combined with never having missed a forecast.
b) The company's forecasted tenfold (10x) growth from $13.5 Million in FY-2018 to $145 Million in FY-2024 and again, having never missed a forecast.
c) The company has only 171 million outstanding shares and 300 million Authorized with very little overhang compared to many other OTC companies with billions of shares outstanding and huge overhang.
d) The ratio of the current outstanding shares to YTD revenue is approximately $0.72 in revenue per share.
e) The company achieved its consolidated positive operating income one quarter early than forecasted and plans to maintain profitably from here foreword.
f) As previously announced, the company has already met all the corporate governance requirements for Nasdaq, for example:
- Independent Board of Directors
- Audit Committee
- Ethic Committee
- Compensation Committee
g) The company has a successful history filling all the SEC forms on time.
h) We have successfully achieved our previous QB and QX certification objectives and we can assure you we are on the right track for uplisting to Nasdaq.
Our Nasdaq uplisting has taken longer than anticipated, but let me be clear, that is not due to the company missing any milestones. It is due to the prevailing investment environment. We are confident the investment market tide will turn and optimistic we will see that turn in 2024. Regardless, as we have demonstrated in the past, the company will continue growing revenue and building profitability. Accordingly, we are confident iQSTEL will achieve its Nasdaq up listing objective.
Look for another shareholder update before the end of the year with the latest on all iQSTEL's technology division initiatives.
The best is yet to come.
Sincerely,
Leandro Iglesias
CEO and Chairman
iQSTEL, Inc.
About IQSTEL:
iQSTEL Inc. (OTC-QX: IQST) (www.iQSTEL.com) is a US-based, multinational publicly listed company preparing for a Nasdaq up-listing with an FY2023 $120 million revenue forecast. iQSTEL's mission is to serve basic human needs in today's modern world by making the necessary tools accessible regardless of race, ethnicity, religion, socioeconomic status, or identity. iQSTEL recognizes that in today's modern world, the pursuit of the human hierarchy of needs (physiological, safety, relationship, esteem and self-actualization) is marginalized without access to ubiquitous communications, the freedom of virtual banking, clean affordable mobility and information and content. iQSTEL has 4 Business Divisions delivering accessibly to the necessary tools in today's pursuit of basic human needs: Telecommunications, Fintech, Electric Vehicles and Metaverse.
- 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 Cars.
- 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 10 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 iQSTEL Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release. This press release does not constitute a public offer of any securities for sale. Any securities offered privately will not be or have not been registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
iQSTEL Inc.
IR US Phone: 646-740-0907
IR Email: [email protected]
Contact Details
iQSTEL Inc.
+1 646-740-0907
[email protected]
Company Website
www.iqstel.com
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SOURCE iQSTEL Inc.
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