iQSTEL closes QXTEL acquisition; Q1 revenue exceeds $50M record

iQSTEL Inc

Closed 51% acquisition of QXTEL on April 1; QXTEL adds ~$20M/quarter revenue and ~$1M/quarter gross profit.
Q1 FY2024 preliminary revenue exceeds $50M (record), excluding QXTEL; profitability trend from Q3 FY2023 continues.
Post-acquisition total assets ~$39M (+54%); stockholder equity >$9M (+15%), nearly double Nasdaq minimum.
QXTEL management stays; Tolga Alemdar remains CEO; iQSTEL targets $0.5M quarterly operating income by end of 2024.
Expects record Q2 FY2024 results with first-time QXTEL contribution to revenue, gross profit, operating income, net income.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

iQSTEL Inc reported FY-2024 Q1 results: revenue exceeds $50 million.

Period: FY-2024 Q1
Revenue: exceeds $50 million
Result: preliminary results

Exact text from the filing

the company’s FY-2024 Q1 record breaking revenue exceeds $50 million based on preliminary accounting

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iQSTEL Inc filing history →

Source: SEC EDGAR

accession 0001663577-24-000108

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