iQSTEL Inc,(IQST) a leading provider of telecommunication and fintech solutions, has released its unaudited consolidated financial statements for the first quarter of 2023. The financial report highlights the company's performance during the period and provides insights into its revenue and net income (loss).
Net Income/Loss
During the first quarter of 2023, iQSTEL Inc reported a net loss of $158,822. This result reflects the company's expenses and operating costs during the period. Despite the net loss, the company remains focused on implementing strategic measures to enhance its operational efficiency and drive profitability in the coming quarters.
Revenue
iQSTEL Inc experienced significant growth in revenue during the first quarter of 2023. The company's total revenue surged to $24.7 million, demonstrating a substantial increase compared to the same period in the previous year. The robust revenue growth can be attributed to the continued expansion of its telecommunication and fintech services, increased customer demand, and successful execution of growth strategies.
The impressive revenue figures highlight iQSTEL's ability to adapt to the dynamic market conditions and capitalize on emerging opportunities within the telecommunication and fintech sectors.
Financial Highlights
iQSTEL Inc's unaudited consolidated balance sheets for March 31, 2023, show total assets amounting to $12.9 million, indicating stability and growth in the company's financial position. Current assets, including cash, accounts receivable, inventory, and prepaid assets, reached $6.7 million, reflecting the company's liquidity and ability to meet its short-term obligations.
In terms of liabilities and equity, the company's current liabilities amounted to $6.3 million, while non-current liabilities stood at $100,255. Additionally, stockholders' equity was reported at $6.3 million, reflecting the shareholders' ownership in the company.
iQSTEL Inc's first-quarter financial report for 2023 showcases strong revenue growth while also highlighting a net loss. Despite facing challenges in certain areas, the company's revenue surge demonstrates its ability to capitalize on opportunities and expand its business operations. As the company continues to refine its strategies and optimize its operations, it seeks to enhance profitability and deliver value to its shareholders and customers alike.