Wed, May 15, 1:16 PM (72 days ago)
iQSTEL Inc. reported significant financial developments for the quarter ending March 31, 2024. Revenue surged by 108% year-over-year to $51.4 million, driven by substantial growth across its subsidiaries, particularly in the voice and SMS services. Despite this revenue growth, the company posted a net loss of $580,216, primarily due to increased interest expenses related to financing activities, including the acquisition of QXTEL. Gross profit improved by 13.34%, reaching $1.38 million. Operating expenses slightly increased to $1.56 million, reflecting higher professional fees and technology expenses. The company’s working capital improved to $2.14 million, indicating better liquidity. Cash flow from operations was negative at $536,888, while investing activities used $1.62 million, mainly for the QXTEL acquisition. Financing activities provided $3.52 million, aiding liquidity. Looking ahead, iQSTEL expects continued revenue growth, aiming for over $250 million by year-end 2024. The acquisition of QXTEL is anticipated to add significant revenue and net income, enhancing the company's financial position.