iQSTEL Inc. (OTCQX: IQST) today announced the company’s Q1 2023 revenue reached $22.9 million based on preliminary accounting. Revenue grew in Q1 2023 by 18% compared to the same period last year. The company’s gross profit of approximately $780,000 based on preliminary accounting increased by 36% in Q1 2023 compared to the same period last year.
The company recently published its 2022 annual report on SEC Form 10K, and a Shareholders Letter explaining the details.
Revenue for the year ended December 31, 2022 was $93,203,532 compared to $64,702,018 recorded in the previous year representing an increase of 44% from 2021 to 2022.
The company reported a gross profit of nearly $1.8 million for the year ended December 31, 2022. The Q1 2023 gross profit of $780,000 is already 43% the gross profit reported for the entire year in 2023.
The table below summarizes iQSTEL’s gross profit growth through Q1-FY2023:
|
EOY-FY2022 |
Q1 – FY2022 |
Q1-FY2023 |
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|
Revenue (US$ Million) |
93.2 |
19.42 |
22.9 |
|
|
Gross Profit (US$ Thousand) |
1791 |
484 |
780 |
Note 1 |
|
% of Gross Profit |
1.92 % |
2.49 % |
3.41 % |
|
|
% of Gross Profit Growth Vs Q1 -FY2022 |
36 % |
|||
|
% of Gross Profit Growth Vs EOY-FY2022 |
77.25 % |
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|
Note 1: This value represents 43.55% of the Gross Profit of EOY-FY2022 |
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“With iQSTEL’s maturing operations we are seeing improved profit margins,” commented Leandro Iglesias, CEO of iQSTEL. “Revenue growth remains high with the company on track to meet or exceed its $105 million 2023 forecast. Historically the second half of the year is better in terms of commercial activity. Therefore, we feel confident about reaching or exceeding our revenue objective of $105 million. Now we are tuning the operational engine that drives our monster growth and seeing better fuel efficiency through our profit margin improvements. iQSTEL has a very sound operation running under its hood. I expect our track record highlights for 2023 to be breaking $105 million in revenue and reporting our first annual positive operating income. The Q1 2023 gross profit performance bolsters our confidence.”
