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.

Advertisement

The table below summarizes iQSTEL’s gross profit growth through Q1-FY2023:

	EOY-FY2022	Q1 – FY2022	Q1-FY2023
Revenue (US$ Million) Advertisement	93.2	19.42	22.9
Gross Profit (US$ Thousand)	1791 Advertisement	484	780	Note 1
% of Gross Profit	1.92 % Advertisement	2.49 %	3.41 %
% of Gross Profit Growth Vs Q1 -FY2022			36 %
% of Gross Profit Growth Vs EOY-FY2022 Advertisement			77.25 %
Note 1: This value represents 43.55% of the Gross Profit of EOY-FY2022

“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.”