IQST - IQSTEL Reports 88 Percent Growth To $30.3 Million YTD
August 17 2021 - 9:00AM
InvestorsHub NewsWire
New York, NY -- August 17, 2021 -- InvestorsHub
NewsWire -- iQSTEL, Inc. (OTCQB:
IQST) today announced publishing its Q2 financial statement for
FY-2021 on Form 10Q. CEO Leandro Iglesias has summarized
highlights of the report in a letter to shareholders below. Later
this week, on Thursday, August 19, 2021 the company will publish a
comprehensive Earnings Review and
Outlook.
Letter To Shareholders Q2
Summary
Dear
Shareholders:
The purpose of this letter
is to highlight key aspects of financial performance in
Q2.
In
general:
- The Company continues to
operate completely free of any dilutive debt. There are no
outstanding convertible notes nor warrants (See Note 6 to the
Consolidated Financial Statements).
- Our business is growing and
gaining market share on track to achieve our revenue forecast of
$60.5 Million for FY-2021 compared to $44.9 Million in FY-2020. The
Company achieved $30.3 Million in revenue year to date (YTD)
compared to $16.1ion the first half of FY2020 representing an
increase of 88%.
- Our new business divisions
are successfully launching products that will create new revenue
streams with high EBITDA, for example:
- itsBchain (Blockchain):
Mobile Number Portability Application
(MNPA).
- IoT Labs (Internet of
Things): Initial deployment of 2,500 IoTsmartTank devices and
platform project for a Fortune 500 Chemical
Company.
- Global Money One (Mastercard
Fintech Ecosystem): We have in place a Launch Promo for the iQSTEL
Shareholders.
- Our Electric Vehicle
Division (EVoss) continues to work toward the delivery of the
Batteries and IoT connectivity devices and displays for the Revolt
Electric Motorcycles project in addition to working on the launc of
our EVoss Electric Motorcycles ecosystem for Latin America this
FY-2021.
- We continue to make progress
toward our Nasdaq Up-listing objective with our recent QB
certification on OTCMarkets, and the addition of three new
independent members to our Board of
Directors.
Reviewing some figures in
detail:
- Consolidated revenue in Q2
reached $16.1 Million compared to $14.1 Million in Q1, 14% increase
in a three-months period.
- The Total Operating
Expenses decreased 19% in the second quarter of the year compared
to the first quarter, from $1.5 million to $1.2
million.
- An overall increase of 33%
in our current assets Year over Year to include a 145% increase in
cash Year over Year.
- For the first time the
Company has a positive working capital of $1,375,542 compared with
the working capital deficit of $4,330,355 reported December 31,
2020. This increase in working capital is primarily the result of
an increase of $1,096,154 in cash and a liability reduction of
$3,433,224 (loans, convertible notes and
derivatives).
- As of June 30, 2021, the
Company has a positive Stockholders’ Equity of $3,456,605 compared
to a deficit of $2,395,036 reported December 31,
2020.
In
conclusion:
Our revenues are growing,
and our balance sheet is getting stronger. We continue to make
progress toward our Nasdaq uplisitng
objective.
This Thursday we will
publish a more comprehensive report taking a deeper dive into our
recent financial report in addition to taking a look forward to our
future performance expectations.
Thanks for your
support.
Leandro Iglesias,
CEO
iQSTEL Inc
(OTCQB: IQST)
(www.iQSTEL.com)
is a US-based publicly-listed company with an Independent
Board of Directors offering leading-edge
Telecommunication, Technology and Fintech Services for Global
Markets, with presence in 15 countries. The company provides
services to the Telecommunications, Electric Vehicle
(EV), Financial Services, Chemical and Liquid Fuel
Distribution Industries. iQSTEL has 5 Business Divisions: Telecom,
Electric Vehicle (EV), Fintech, Technology and
Blockchain, with worldwide B2B and B2C customer relations operating
through its subsidiaries: Etelix, SwissLink, QGlobal SMS,
SMSDirectos, Global Money One, IoT Labs and itsBchain.
The Company has an extensive portfolio of products and services for
its clients: SMS, VoIP, international fiber-optic connectivity for
5G, Cloud-PBX, OmniChannel Marketing, EV Batteries, EV Chargers, EV
Battery Management System, EV IoT Connectivity, Mobile App For EV
Connectivity, EV Dashboard Display, Visa/Mastercard Debit
Card, Cryptocurrency Exchange Services, Money Remittance,
Mobile Top Up, IoT Smart Gas Platform, IoT Smart Tank
Platform, Mobile Number Portability Application MNPA (Blockchain
Platform) and Settlement & Payments Marketplace SPM (Blockchain
Platform).
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
statements 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, in part, 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.
iQSTEL
Inc.
IR US Phone: 646-740-0907,
IR Email: investors@iqstel.com
Source: iQSTEL Inc. and its
subsidiaries: www.iqstel.com
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