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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
____________________
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported): June 4,
2024
iQSTEL Inc.
(Exact name of registrant as specified in its charter)
| Nevada |
000-55984 |
45-2808620 |
| (State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
| |
|
|
300 Aragon Avenue, Suite 375
Coral Gables, FL 33134 |
33134 |
| (Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code: (954) 951-8191
|
________________________________________________
(Former name or former address, if changed since last
report) |
Check the appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following provisions:
| [ ] |
Written communications pursuant to Rule 425 under the Securities Act (17CFR 230.425) |
| |
|
| [ ] |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
|
| [ ] |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
|
| [ ] |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act: None.
Indicate by check mark whether the registrant is an emerging growth company
as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934
(§240.12b-2 of this chapter).
Emerging growth company [ ]
If an emerging growth company, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant
to Section 13(a) of the Exchange Act. [ ]
SECTION 2 – Financial
Information
| Item 2.02 | Results of Operations and Financial Condition. |
On June 4, 2024, we issued press releases concerning our revenue results,
our anticipated revenue results for 2024, and other matters.
The press release is furnished with this Current Report on Form 8-K as
Exhibit 99.1. The information furnished under this Item 2.02 and Item 9.01 of this Current Report on Form 8-K, including Exhibit 99.1,
shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise
subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any registration statement or other filing
under the Securities Act of 1933, as amended, regardless of any general incorporation by reference language in such filing, except as
shall be expressly set forth by specific reference in any such filing.
SECTION 9 – Financial
Statements and Exhibits
| Item 9.01 | Financial Statements and Exhibits. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
iQSTEL Inc.
/s/ Leandro Iglesias
Leandro Iglesias
Chief Executive Officer
Date June 5, 2024
IQST – iQSTEL Announces $290 Million 2024 Annual Revenue
Forecast
NEW YORK, June 4, 2024 --
iQSTEL Inc. (OTC-QX: IQST) (www.iQSTEL.com) a US-based, multinational,
fully reporting and audited publicly listed telecommunications and technology company preparing for a Nasdaq up-listing today announced
increasing it’s revenue forecast for FY-2024 to $290 million revenue. The forecast increase is based both on anticipated organic
growth and the revenue contribution from the recent QXTEL acquisition.
iQSTEL reported $144.5 million in audited revenue
for FY-2023. The $290 million revenue forecast for FY-2024 announced today represents a year to year revenue increase of more than 100%.
At this time, the $290 million FY-2024
revenue forecast does not include any contribution from the recently announced acquisition of Lynk Telecom anticipated
to close not later than July 1, 2024. The company may revise its forecast higher following the Lynk Telecom acquisition closing.
Based on preliminary accounting,
the company realized $54 million in revenue for the combined months of April and May. This represents substantial revenue growth over
iQSTEL’s $51.4 million in revenue for the first three months of this year reported in the recently published, auditor reviewed,
Q1 FY-2024 report.
Organic Growth Driving Overall Revenue
Growth
While the revenue from acquisitions is adding
to revenue growth, it is important to highlight the organic growth that is fueling the more substantial overall growth.
iQSTEL executed acquisitions in 2022 and 2021
and reported annual revenue growth of approximately 44% each year. In 2023, the company executed no acquisitions and reported revenue
growth of approximately 55% driven completely by organic sales expansion.
The company’s increased organic growth
in 2023 demonstrates the effectiveness of our ability to integrate acquired operations. By making acquired businesses part of iQSTEL’s
overall product portfolio, we are able to drive increased organic growth through cross selling and collective sales efficiencies.
Accordingly, our sales forecast announced today
does not just reflect the simple addition of acquired revenue, but the projected organic growth anticipated from the effective integration
of acquired operations. Based on our history of successfully integrating previously acquired operations and increasing overall organic
growth, we believe our current organic growth projections are sound.
Bottom Line Growth Projections
In addition to the $290 million FY-2024 revenue
forecast, iQSTEL is forecasting $7.5 million in gross profit for FY-2024 compared to $4.6 million reported in FY-2023. The company reported
$1.3 million in gross profit for Q1 FY-2024. Management has a positive operating income of seven digits forecast for FY-2024.
We are pleased with the bottom line projections
for the current fiscal year but want to highlight the even larger expectation for the bottom line beyond this fiscal year.
The revenue growth from the recent acquisitions
and the organic revenue growth that will subsequently result from the recent acquisitions will be realized before the downstream bottom
line benefits of the increased revenue is fully realized. The operational efficiencies from streamlining multiple operations takes more
time to flow to the bottom line than do the benefits of increased revenue. We expect even greater bottom line benefit next year resulting
from the revenue growth we achieve this year.
Mr. Iglesias commented, “The
Company is experiencing exponential revenue growth this year. We are literally skyrocketing in FY-2024. We are well on track to more
than double the company’s revenue in FY-2024. Following a recent planning session in Washington at the International
Telecom Week (ITW) Conference, we believe the company is on the path to becoming in a telecommunications
powerhouse. Our exceptional recent performance is coinciding with our homestretch push to finalize a Nasdaq uplisting.
About IQSTEL (updated):
iQSTEL
Inc. (OTC-QX: IQST) (www.iQSTEL.com)
is a US-based, multinational publicly listed company preparing for a Nasdaq up-listing with an FY2023 $144 million revenue,
and with a $290 Million Dollar Revenue forecast and a Positive Operating Income of 7 digits forecast for FY-2024. iQSTEL's mission is
to serve basic human needs in today's modern world by making the necessary tools accessible regardless of race, ethnicity, religion, socioeconomic
status, or identity. iQSTEL recognizes that in today's modern world, the pursuit of the human hierarchy of needs (physiological,
safety, relationship, esteem and self-actualization) is marginalized without access to ubiquitous communications, the freedom of virtual
banking, clean affordable mobility and information and content. iQSTEL has 4 Business Divisions delivering accessibly to the necessary
tools in today's pursuit of basic human needs: Telecommunications, Fintech, Electric Vehicles and Metaverse.
| · | The Enhanced Telecommunications Services Division (Communications)
includes VoIP, SMS, International Fiber-Optic, Proprietary Internet of Things (IoT), and a Proprietary Mobile Portability Blockchain Platform. |
| · | The Fintech Division (Financial Freedom) includes remittances
services, top up services, Master Card Debit Card, a US Bank Account (No SSN required), and a Mobile App. |
| · | The Electric Vehicles (EV) Division (Mobility) offers Electric
Motorcycles and plans to launch a Mid Speed Car. |
| · | The Artificial Intelligence (AI)-Enhanced Metaverse Division
(information and content) includes an enriched and immersive white label proprietary AI-Enhanced Metaverse platform to access products,
services, content, entertainment, information, customer support, and more in a virtual 3D interface. |
The company continues
to grow and expand its suite of products and services both organically and through mergers and acquisitions. iQSTEL has completed
12 acquisitions since June 2018 and continues to develop an active pipeline of potential future acquisitions.
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 information 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 partly 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. This press release does not constitute a public offer of any securities for sale.
Any securities offered privately will not be or have not been registered under the Act and may not be offered or sold in the United
States absent registration or an applicable exemption from registration requirements.
iQSTEL
Inc.
IR US Phone: 646-740-0907
IR Email: investors@iqstel.com
Contact
Details
iQSTEL Inc.
+1 646-740-0907
investors@iqstel.com
Company
Website
www.iqstel.com
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