New York, NY, April 22, 2022 — McapMediaWire — iQSTEL, Inc. (OTCQX: IQST) today published a shareholder update addressing the latest developments on the company’s progress toward its net income positive $90 million 2022 revenue forecast and Nasdaq up-listing. The CEO’s letter to shareholders is included in its entirety below:
This has been a big week for iQSTEL. We published our 2021 annual report, and we closed a significant profitable acquisition. I wanted to follow up today with my latest update on our ongoing and on track progress toward achieving our Nasdaq up-listing and reaching our $90 million revenue forecast and reach net income positive in FY-2022.
At risk of stating the obvious, iQSTEL is well on its way to achieving its 2022 financial forecast and realizing its Nasdaq up-listing objective. Our 2021 audited annual results posted earlier this week verify year over year 44% revenue growth to $64.7 million and a 59% increase in gross profit, that shows the improvement on the commercial perspective.
In light of our ongoing top and bottom-line growth, I am more optimistic than ever that the iQSTEL share price will organically reach the required minimum Nasdaq listing price. I feel iQSTEL’s share price is like a wound-up spring waiting for the overarching market uncertainty resulting from inflation concerns and the Ukraine war to clear and unleash our wound-up potential.
We have received some emails following the publication of our annual report asking questions about iQSTEL’s profitability. While our net income is consistently improving, the company has not yet achieved a net income positive result. The loss is getting smaller. Our consolidate net loss in 2021 was 42% less than our loss in 2021, and if you check all our financial trends, all are positive.
High growth companies reporting net losses is not unusual. Amazon did not turn a profit for 14 years. Tesla turned its first quarterly profit just two years ago.
iQSTEL’s revenue growth has been fueled by the rapid expansion of our telecommunication services. Now, with a broad base of telecommunication customers, we are well into a strategy of introducing new, higher margin products by cross selling into our existing customer base. As you can see from our improving net income trend, our strategy is working. We expect to reach net income positive this year and we expect our margins to continue to improve after this year.
No, I do not believe our current bottom-line performance is holding back our share price performance. On the contrary, our improving bottom line trend is a positive influence on share price performance. I believe iQSTEL’s optimal share price performance is temporarily constrained by the overall, prevailing market conditions. I am confident market concerns surrounding inflation and the war in Ukraine will be eventually surmounted by the overwhelming global growth opportunity that is waiting to be recognized.
If you have to remember just one statement for this shareholder letter is: Today our company is better than yesterday, better than last week, better than last month, and better than last year. We keep working every single day to improve the business value of our company.
iQSTEL Inc. (OTCQX: IQST) (www.iQSTEL.com) is a US-based publicly-listed company holding an Independent Board of Directors and Independent Audit Committee offering leading-edge services through its two business divisions and each of them with independent brands. The B2B division, Brand IQSTelecom offering Telecommunications, Internet of Things, Technology and Blockchain platforms services, the target market for the B2B division is Global Markets. The B2C division, Brand EVOSS offering EV Electric Motorcycles, Fintech Ecosystem, the target market for this business division is Latin America, and the Spanish speakers in the USA. The company has presence in 15 countries, and its products and services are used in several industries as Telecommunications, Electric Vehicle (EV), Financial Services, Chemical and Liquid Fuel Distribution Industries. IQSTEL announced on February 17th 2021 that it became a Debt Free Company and is now completely debt free with no Convertible Notes, Warrants, Promissory Notes or Settlement Agreements from its Balance Sheet.
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. 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.