IQST
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Operations in 20+ countries, with commercial relationships spanning 600+ of the world's largest telecom operators and a $430 Million Organic Revenue Forecast for 2026
In 2025 SMS traffic increased from 13.9 billion to 17.4 billion messages, representing a 25.18% growth, reinforcing the Company's strategic focus on higher-margin services
$317M Revenue in 2025 with as SMS Traffic Increased from 13.9 Billion to 17.4 Billion Messages, for 25.18% Growth Reflecting Higher-Margin for Telecom Leader IQSTEL, Inc. (Nasdaq: IQST)
Hello Everyone,
We are looking to kick off the week with a small company that is quickly building a conglomerate of strong revenue generating companies that sits at the intersection of telecom, AI, fintech, and cybersecurity.
Unlike hype-first tech stories, this one is already operating at scale, with real revenue and a global footprint. The company operates across 21+ countries, maintains hundreds of carrier interconnections worldwide, and is positioning itself as a next-generation digital infrastructure provider. Management has publicly laid out aggressive growth targets and a long-term vision to become a billion-dollar technology company.
Since launch, IQSTs acquisition activity has reshaped the company into a multi-segment operator with roughly four-fifths of its revenue now coming from telecommunications and the remainder from fintech. It also bought Reality Border, an AI-focused company that now serves as its in-house research and development arm, responsible for building proprietary AI technologies. Looking ahead, IQST plans to continue its acquisition strategy and is targeting two to three additional purchases that it expects to enhance earnings. These acquisitions, combined with internal expansion, are part of its plan to reach $15 million in EBITDA by 2026. The company also notes that it will update its 2026 revenue expectations once additional transactions are completed and remains committed to its larger objective of reaching $1 billion in revenue by 2027.
Key Drivers
IQSTEL (NASDAQ: IQST) continues to deliver strong performance and expand its footprint as a Global Connectivity, AI & Digital Corporation:
- $317M Revenue in 2025 with as SMS Traffic Increased from 13.9 Billion to 17.4 Billion Messages, for 25.18% Growth Reflecting Higher-Margin for Telecom Leader IQSTEL, Inc. (Nasdaq: IQST)
- IQSTEL, Inc. (NASDAQ: IQST) offers cutting-edge solutions in Telecom, Fintech, Blockchain, Artificial Intelligence (AI), and Cybersecurity.
- $IQST Has Launched Proprietary AI Platform Optimizing Business Operations and Control via Intelligent Orchestration
- Only 5.4 Million shares TOTAL with a Run Rate of Over 400 Million Dollars Revenue.
- Trading at a 9 Million Dollar Valuation, extremely undervalued to their Peers.
- $IQST Assets: 46.8 or $12.23 PER SHARE
- $IQST Stockholder Equity 17.8 Million or $4.66 PER SHARE
- Roadmap to $1 Billion Revenue Goal with a $15 Million EBITDA Run Rate in 2026. Diversified Product Line of AI Telecommunications, Fintech and Cybersecurity: IQSTEL (Nasdaq: IQST)
- Litchfield Hills Research Issues Recommendation and Detailed Report on IQSTEL (IQST) with an $18 Price Target in 12-18 Months
- Expanding Telecom Licenses and Commercial Presence to Nearly 30 Countries
- Exponential Growth for the last 8 Consecutive Years
- IQST Delivers Diversified Business with Divisions Focused on Telecommunications, Fintech, Electric Vehicles, Artificial Intelligence and More
- Partnership with Call Center in U.S. Health Services to Implement Next-Generation AI Solutions Using IQST Proprietary AI Technology
- Fintech Division Accelerates EBITDA Growth with Globetopper Contribution
- SMS Traffic Increased from 13.9 Billion to 17.4 Billion Messages, Representing 25.18% Growth, Reinforcing Strategic Focus on Higher-Margin Services
- Gross Margin Improved Significantly, Up 26.28%, from 2.74% in Q4 2024 to 3.46% in Q4 2025, Reflecting Enhanced Efficiency and a More Favorable Service Mix
- Launch of IQCortex.ai at Mobile World Congress -- New AI Proprietary Platform Redefining Business Operations and Control Through Intelligent Orchestration
- Debt-Free Nasdaq Company with No Convertible Notes or Warrants
Beyond acquisitions, IQST is securing alliances intended to broaden its market reach and strengthen investor appeal. Among the most notable is a partnership with Cycurion Inc., an AI-driven cybersecurity firm. This collaboration gives IQSTEL its first significant presence in the cybersecurity space—an industry experiencing strong global demand—and introduces a new, potentially high-margin business line. In mid-year, the companies began working together to develop and market AI cybersecurity tools and services for telecommunications providers and enterprise clients worldwide.
As part of this arrangement, the two companies signed a memorandum of understanding outlining their intention to become mutual equity holders through an anticipated $1 million stock exchange. They also committed to issuing a combined $500,000 dividend to shareholders by the end of 2025, payable either in their own stock or in shares received through the exchange. IQSTEL views the partnership as a way to increase shareholder value while taking advantage of business segments that are largely shielded from the types of economic disruption that may occur from changes in U.S. tariffs. IQSTEL gains access to Cycurion’s U.S. government and institutional relationships, while Cycurion benefits from IQSTEL’s global telecommunications customer base. The companies expect this reciprocal access to allow them to jointly enter new markets, cross-sell offerings, and generate revenue opportunities that neither could fully reach independently. They plan to unveil the resulting cybersecurity portfolio at a major global telecommunications event in 2026.
Analyst sentiment has been positive regarding the partnership. Litchfield Hills, which currently rates IQSTEL as a buy with an $18 price target, highlighted that the equity-exchange structure ensures that both companies are deeply committed to making the initiative commercially meaningful rather than superficial. The firm also noted that combining cybersecurity (through Cycurion) with fintech (through IQSTEL’s acquisition of GlobeTopper) significantly enhances the company’s suite of high-margin services for telecom partners. This, they argue, positions IQSTEL to expand revenue and EBITDA while strengthening long-term customer relationships instead of depending exclusively on connectivity-based offerings.
IQSTEL continues to emphasize its ambition to reach $1 billion in revenue by 2027 and sees upcoming acquisitions, and new cybersecurity business line as key components of that trajectory. With the cybersecurity initiative scheduled to go live in 2026 and additional deals expected, the company anticipates further expansion across its global connectivity, AI, and digital services ecosystem.
• Strong and Expanding Telecom Operations
iQSTEL delivers international wholesale voice and SMS services to more than 35 top-tier telecom providers—including Verizon, Vodafone, and China Mobile—as well as hundreds of secondary carriers. Through interconnections with over 600 partners across more than 20 countries, the company has built a robust and far-reaching global network. Over the past year, iQSTEL’s voice traffic rose by 24%, while SMS volumes increased 23%, reflecting strong customer satisfaction and sustained growth in demand.
• A Relationship-Centered Approach to a Relationship-Driven Industry
In global telecommunications, success depends on trust, experience, and access. iQSTEL’s leadership team leverages deep-rooted relationships cultivated over decades to maintain a significant competitive edge. CEO Leandro Iglesias and his executives have transformed long-standing personal and professional connections into enduring commercial partnerships and favorable interconnection agreements that underpin the company’s expansion.
• Asset-Light Model Drives High Efficiency and Returns
Instead of investing in costly infrastructure, iQSTEL leases network capacity from a market abundant in telecom bandwidth. This capital-efficient, asset-light strategy allows the company to achieve stronger returns, maintain flexibility, and rapidly scale or adapt to new opportunities as they emerge.
• Strategic and Disciplined M&A Execution
Since going public in 2018, iQSTEL has successfully completed nine acquisitions—each sourced through the management team’s established industry network. Every acquired company’s CEO was personally known to Mr. Iglesias prior to acquisition. Post-merger, these leaders typically remain onboard under earn-out structures, ensuring smooth integration and continuity of customer relationships. iQSTEL’s model of acquiring a 51% controlling interest balances capital efficiency with operational control.
• Rapid Revenue Growth and Path to Profitability
iQSTEL’s revenue surged 96% last year, reaching $283 million, and the company is approaching positive EBITDA territory. Management expects to achieve a $400 million annualized revenue run rate by year-end, aided by a recent acquisition anticipated to contribute roughly $85 million in yearly revenue. The long-term target is $1 billion in revenue—positioning iQSTEL among established peers like IDT (NYSE: IDT) and Cogent (NASDAQ: CCOI).
• Compelling Valuation with Meaningful Upside
Comparable telecom firms currently trade at an average EV/EBITDA multiple of 9.2x for 2026 estimates, while close peers such as IDT and Cogent command roughly a 15% premium. Headquartered in Miami, iQSTEL operates under a distinctive asset-light model originally developed by its founder—formerly the head of CANTV’s international business—who launched Etelix in 2008. Following its 2018 public listing through a reverse merger, the company has pursued a steady stream of acquisitions fueling rapid top-line expansion. This year, iQSTEL is optimizing integration by consolidating traffic flows to its lowest-cost routing subsidiaries through global interconnection agreements and migrating operations onto a unified technology platform with its vendor partner.
The company has Four Key Competitive Advantages:
• Exceptional Industry Relationships - CEO Leandro Iglesias brings 27 years of telecom experience, including leadership at CANTV—formerly Venezuela’s top-tier national carrier and once partly owned by Verizon and Telefónica. His personal network spans the globe and includes current executives at many of the world’s largest carriers.
• Strategic Customer Acquisition - Management has leveraged its relationships to secure over 35 major international telecom customers and hundreds of tier 2 customers. These are high-volume, recurring relationships that drive consistent growth and reduce churn risk.
• Buyer Advantage in Oversupplied Market - Management also utilizes the same connections to secure the lowest-cost routing and termination agreements with global telecom carriers. Telecom is an opaque industry, and personal connections are important in negotiating favorable terms. The company benefits because the telecom industry has overbuilt, deploying too many network assets, so negotiations favor buyers like iQSTEL.
• Proven Acquisition Strategy - Every acquisition the company has completed has been of a company founded and run by an entrepreneur that Mr. Iglesias has known personally for many years. His modus operandi is to acquire an initial 51% stake, keep management on board, and give them earn-outs for continuing to perform after the acquisition.
iQSTEL is the Combination of 12 Mergers and Acquisitions
Acquisitions are a key to the company’s growth strategy. To date, it has completed nine acquisitions to get the company to its present state of five operating voice telecom subsidiaries, two operating SMS subsidiaries, two fintech subsidiaries, and one metaverse joint venture.
Consideration paid for the eleven acquisitions has totaled $17.57 million, including the reverse merger of the CEO’s original business into a shell company. By comparison, the company has a roughly $30 million market cap, only owns 51% stakes in six business units and a 75% stake in one, with 100% stakes in only the original Etelix and QGlobal SMS acquired in 2020. To bring its stake up to 100% in each of its business units would require an estimated $11.3 million at the original purchase prices; however, much of this is expected to be paid in shares.
The founders have been known professionally to the CEO for several years and are willing to stay on and run the business with earnouts for performance. Keeping the founders in place is important because they have personal relationships with the customers.
NEWS
IQST - IQSTEL CEO Leandro Iglesias to Present Live Today at Force Family Office Webinar
4 days ago
Apr 23, 2026
Apr 7, 2026
IQST - IQSTEL Reports FY 2025 Financial Results and Enters Next Phase of EBITDA Expansion
Apr 6, 2026
Mar 31, 2026
Mar 18, 2026
Mar 9, 2026
Feb 26, 2026
Feb 4, 2026
Jan 28, 2026
MANAGEMENT
Sincerely,
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