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iQSTEL Inc (IQST). has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenues of $283,220,442 for the year, a 96% increase from $144,502,351 in 2023. This growth was attributed to both organic growth and the acquisition of QXTEL Limited.
The company's cost of revenue for the year was $274,948,693, up from $139,830,338 in the previous year. The increase in costs correlates with the increase in revenue.
iQSTEL reported a gross profit of $8,271,749, compared to $4,672,013 in 2023, reflecting a 77.05% increase year-over-year.
Operating expenses for the year totaled $9,105,813, an increase from $4,987,516 in 2023. The rise in expenses was largely due to the inclusion of QXTEL in the consolidated financial statements and increases in salaries, advertising, and technology expenses.
The company reported other expenses of $3,951,942, a significant change from other income of $96,067 in 2023. This shift was primarily due to changes in the fair value of derivative liabilities and increased interest expenses.
Net loss for the year was $5,180,036, compared to a loss of $219,436 in 2023. The telecom division, however, showed positive operating income.
iQSTEL's telecom division generated revenues of $283,220,442, with a gross profit of $8,271,749 and an operating income of $2,063,148.
The company's liquidity position showed current assets of $63,015,046 and current liabilities of $63,821,196, resulting in a negative working capital of $806,150.
Cash flow from operations used $2,930,306, with investing activities using $3,162,971, primarily for the acquisition of QXTEL.
Financing activities provided $7,240,966, largely from loans, convertible debt, and warrant exercises.
The report highlights the company's ongoing strategy to leverage its telecom division to support the development of new business lines such as fintech and cybersecurity.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the iQSTEL Inc annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.