iQSTEL Inc. (OTCQX: IQST), a dynamic player in the telecommunications and technology landscape, has unveiled its Q3 FY-2024 Shareholder Letter, coinciding with the SEC filing of its 10-Q. This quarter has been marked by notable achievements and strategic advancements, positioning iQSTEL favorably as it aims for a Nasdaq uplisting and sets ambitious revenue targets.
For the nine months ending September 30, 2024, iQSTEL reported revenues of $184 million, reflecting an impressive 89% year-over-year increase. This growth is a testament to strong market demand and the effectiveness of the company’s expansion strategies. iQSTEL is targeting $290 million in revenue for FY-2024, with a focus on closing the remaining gap in Q4. Historically, this quarter has been robust for the company, and there is optimism surrounding its subsidiary QXTEL’s contributions.
The Telecom Division continues to be a vital component of profitability, generating $548,274 in profit during Q3 alone. While the overall operating loss for the nine-month period was $535,952, the narrowing of losses to $56,553 in Q3 indicates progress as iQSTEL moves closer to achieving profitability.
CEO Leandro Jose Iglesias expressed enthusiasm about iQSTEL’s trajectory toward becoming a $1 billion revenue company by 2027. The establishment of a corporate financial planning department aims to enhance operational efficiency and profitability across its subsidiaries. This proactive approach is expected to yield significant gains as the company prepares for future growth.
iQSTEL has also met Nasdaq’s minimum stockholders’ equity requirement of $5 million, paving the way for a potential uplisting. The selection process for an investment bank to assist with this transition is currently underway, reflecting the company’s commitment to enhancing its market presence.
iQSTEL has expanded its global footprint significantly, now employing 100 staff across 20 countries and providing 24/7 support from six offices worldwide. This extensive reach not only strengthens service delivery but also reinforces iQSTEL’s position as a global telecommunications leader.
Innovation remains at the forefront of iQSTEL’s strategy. The recent launch of AIRWEB.ai, an AI-driven solution, has generated considerable interest, while preparations are underway for a new cybersecurity service set to launch in Q1 FY-2025 through collaboration with Cycurion.com. These high-tech offerings are designed to meet evolving market demands and enhance revenue potential.
The Q3 FY-2024 results reflect a period of growth and strategic advancement for iQSTEL. With strong revenue generation from its Telecom Division and solid progress toward its Nasdaq uplisting goal, the company is well-positioned for future success.
As iQSTEL pursues its ambitious goal of reaching $1 billion in revenue by 2027, it remains focused on leveraging innovative technologies across its diverse divisions, telecommunications services, fintech solutions, electric vehicles, AI services, and cybersecurity.
