IQST - iQSTEL Reports 149% Revenue Growth To $44.9 Million In 2020 Audited Financial Report With Plans For Continued Growth And Nasdaq Up-Listing In 2021
16 Apr, 2021, 09:51 ET
NEW YORK, April 16, 2021 /PRNewswire/ -- iQSTEL, Inc. (USOTC: IQST) today released a letter to shareholders from CEO Leandro Jose Iglesias summarizing the highlights of the Annual Report for FY-2020 with Audited Financials published on Form 10k yesterday, April 15, 2021. The letter to shareholders also includes a review of Q1 2021 performance and highlights anticipated to be published in the upcoming 10Q. Mr. Iglesias goes on to outline management plans for the company in Q2 and the balance of 2021. The letter to shareholders is included in its entirety below:
April 16th, 2021
We would like to thank everybody for their communications with the company, reflecting their support and encouragement of iQSTEL's continuous business plan growth.
It's important to remark that FY-2020 was an amazing year for iQSTEL, setting the foundation for future growth.
Over the course of FY-2020, and Q1 FY-2021, we established 4 business divisions:
- Telecommunications: SMS, VoIP, 5G International Connectivity, Ommichannel presence
- Technology: Internet of Things devices and platforms (IoTSmartGas, IoTSmartTank, IoTSmartEV), and our Batteries for Electric Vehicle industry (iQBatteriesEV)
- Fintech: Visa Debit Card and our remittances services (VisaMoneyOne.com)
- Blockchain: Our Blockchain Platforms Developer with our Mobile Number Portability Application (MNPA) and our Settlement & Payment Marketplace (SPM)
This wide portfolio of products makes us a "one stop shop" for Telecom & Technology Services. Even though our services are spread across 7 subsidiaries (Etelix, SwissLink, QGlobal, SMSDirectos, IoT Labs, Global Money One, and itsBchain), we are organized to offer our customers one unified, singular and valuable customer experience.
We have initiated a move to consolidate our Telecom Division under one brand name, IQSTelecom, to optimize our marketing and at the same time, make our back-office operations more efficient thus increasing our EBITA.
Toward the end of FY-2020, we implemented a plan to eliminate debt. As of Q1 FY-2021, we are a Debt Free Company, with no convertible notes, warrants or settlements. This major milestone frees us to invest all available funds from our operations and Reg A offering into further strengthening our balance sheet and growing the company. Therefore, we expect to see improvement in our consolidated Statement of Operations and Balance Sheet throughout FY-2021.
All these activities summarized herein, to include the implementation of a wider portfolio of products, and the elimination of debt, put us well on track to achieve our up-listing objective. Look for additional news coming soon announcing the next and final steps leading to our up-listing.
As we improve operational efficiencies in FY-2021, management intends, at the same time, to accelerate our ongoing M&A campaign to expand functional and geographic reach and add additional revenue that may contribute to our potentially exceeding the FY-2021 $60.5 Million revenue forecast.
FY-2020, 10-K Summary:
● The audit of the Consolidated Financial Statements for FY-2020 was successfully completed, and the Audited Consolidated Financial Statements are available to the public in the 10-K published April 15, 2021.
● Even though the year 2020 was marked by the COVID-19 pandemic, with the closure of companies and countries completely paralyzed, iQSTEL was able to advance in the development of its business plan, reaching a $44.9 Million Audited Revenue for FY-2020, vs. $18.0 Million for FY-2018, representing an increase of 149%.
● We reduced the Loss Per Share to $(0.10) in FY-2020 versus $(0.35) in FY-2019, a significant reduction of 70%.
● The company increased its assets to $5.9 Million in FY-2020, vs. $5.6 Million in FY-2019, basically driven by the increase in the cash position.
● We reduced the liabilities to $8.3 Million in FY-2020, from $11.3 Million in FY-2019.
● Overall, sales have increased by 149% in this FY, reducing the loss per share by 70% with an increase in Current Assets of 1.04%. This was accomplished while reducing the Current Liabilities by 29% year-over-year, and Total Liabilities by 27%.
FY-2021, Q1 Anticipated Achievements To Be Published In The 10Q By May 14th.
● The elimination of all the convertible notes, warrants, and settlements making iQSTEL a debt-free company. This will save around $3 million in debt service the Company will alternatively be able to invest in strengthening the balance sheet and growing the company.
● A strengthened balance sheet with increased assets and reduced liabilities.
● Revenue progress on track toward our $60.5 Million annual revenue forecast.
● The consolidation of all telecommunication operations under one brand, IQSTelecom.
● The memorialized recognition of our IoT breakthrough award for our IoTSmartGas technology.
FY-2021, Q2 Plans:
● The commercial launch of the MNPA Blockchain platform in April.
● The first stage field test of the IoTSmartTank in April.
● The first production of our IoTSmartTank technology for a Fortune 500 Chemical Client by May/June.
● The Launch of our Fintech, Visa Debit Card product, VisaMoneyOne by June.
● The first financial results from the implementation of operational efficiencies.
● The execution of our next planned step to up-list by April/May.
● The first progress from our M&A campaign.
● Continued revenue progress on track toward our $60.5 Million revenue objective.
● New and improved communication channels with our Shareholders and Ambassadors, increased social media presence, and an enhanced website with a new "Meet Us" feature.
We genuinely appreciate and respect our shareholders and supporters. Please be sure to join our Ambassador Program for direct contact with our other "Long-Standing" shareholders and supporters. As well, feel free to email or call us for direct communications with our top-notch Investor Relations Team, all found on our website.
Leandro Jose Iglesias
iQSTEL Inc. (www.iqstel.com)
President & CEO
About iQSTEL Inc.:
iQSTEL Inc (OTC: IQST) (www.iQSTEL.com) is a US-based publicly-listed company offering leading-edge Telecommunication, Technology and Fintech Services for Global Markets, with presence in 13 countries. The company provides services to the Telecommunications, Electric Vehicle (EV), Liquid Fuel Distribution, Chemical and Financial Services Industries. iQSTEL has 4 Business Divisions: Telecom, Technology, Fintech and Blockchain, with worldwide B2B and B2C customer relations operating through its subsidiaries: Etelix, SwissLink, QGlobal SMS, SMSDirectos, IoT Labs, Global Money One and itsBchain. The Company has an extensive portfolio of products and services for its clients: SMS, VoIP, 4G & 5G international infrastructure connectivity, Cloud-PBX, OmniChannel Marketing, IoT Smart Electric Vehicle Platform, iQ Batteries for Electric Vehicles, IoT Smart Gas Platform, IoT Smart Tank Platform, Visa Debit Card, Money Remittance, Mobile Number Portability Application MNPA (Blockchain Platform) and Settlement & Payments Marketplace (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.
IR US Phone: 646-740-0907, IR Email: [email protected]
Source: iQSTEL Inc. and its subsidiaries: www.iqstel.com
SOURCE iQSTEL, Inc.
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