IQST - iQSTEL Reveals Next Stage Plans for Accelerated Revenue Growth and Profit Expansion Beyond $290 Million 2024 Annual Revenue Forecast
PR Newswire
NEW YORK, June 20, 2024
NEW YORK, June 20, 2024 /PRNewswire/ -- iQSTEL Inc. (OTC-QX: IQST) (www.iQSTEL.com) a US-based, multinational, fully reporting and audited publicly listed telecommunications and technology company preparing for a Nasdaq up-listing today revealed next stage plans for accelerated revenue growth and profit expansion beyond its recently announced $290 million 2024 annual revenue forecast.
Initial Acquisition and Corresponding Organic Growth Strategy
iQSTEL executed acquisitions in 2022 and 2021 and reported annual revenue growth of approximately 44% each year. In 2023, the company executed no acquisitions and reported revenue growth of approximately 55% driven completely by organic sales expansion.
The company's increased organic growth in 2023 demonstrates the effectiveness of our ability to integrate acquired operations. By making acquired businesses part of iQSTEL's overall product portfolio, we are able to drive increased organic growth through cross selling and collective sales efficiencies.
Based on acquisition activity earlier this year and anticipated downstream organic growth, the company has recently announced a $290 million FY-2024 revenue forecast that includes $7.5 million in gross profit with a positive operating income of seven digits.
The operational efficiency from streamlining multiple operations takes more time to flow to the bottom line than do the benefits of increased revenue. The company expects even greater bottom line benefit next year resulting from the revenue growth we achieve this year.
Next Stage Plans for Accelerated Revenue Growth and Profit Expansion
While the acquired revenue, subsequent organic revenue growth and bottom line benefits have been tremendous to date, management intends to drive sales and profits even further.
iQSTEL still operates as a holding company of individual operations. The sales synergies and operating efficiencies can be further improved by incorporating the individual operations into a unified commercial corporation.
For the first time, iQSTEL is to today revealing its plan to consolidate each operating subsidiary and to integrate each subsidiary into a unified commercial corporation.
This commercial consolidation plan will enhance the company's customer's service offer verses the current subsidiaries independent commercial approach.
Management expects to realize even greater revenue and bottom line gains through the expanded synergies and efficiencies that can be realized with this commercial consolidation plan.
The company plans to maintain its current M&A campaign, with the LYNK acquisition closing soon.
Look for more details on the commercial consolidation plan to come shortly.
To learn more about our organic growth and the growth as a result of our acquisitions, view a video titled "Leading the Future of Telecommunications and Technology" released by the company.
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 $144 million revenue, and with a $290 Million Dollar Revenue forecast and a Positive Operating Income of 7 digits forecast for FY-2024. 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 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 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.
Company Website
www.iqstel.com
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SOURCE iQSTEL
/CONTACT: iQSTEL Inc., IR US Phone: 646-740-0907, IR Email: investors@iqstel.com; Contact Details, iQSTEL Inc., +1 646-740-0907, investors@iqstel.com
(END) Dow Jones Newswires
June 20, 2024 09:43 ET (13:43 GMT)
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