Here are 1-3 brief analogies for IDT:

• Like Square for independent convenience stores, providing point-of-sale and payment solutions.
• A blend of Western Union and an international calling service, catering to immigrant communities for remittances and communication.
• Similar to RingCentral, offering cloud-based phone systems (UCaaS) for businesses.

• BOSS Revolution International Calling: Provides affordable international long-distance calling services through its mobile app, physical cards, and PIN-less dialing.
• BOSS Revolution Mobile Top-Up: Enables users to send international mobile airtime and data recharges to family and friends abroad.
• BOSS Money Transfer: Facilitates secure and affordable international money remittance services.
• National Retail Solutions (NRS) POS Systems: Offers proprietary point-of-sale (POS) systems, integrated payment processing, and advertising services for independent retail stores.
• net2phone UCaaS: Delivers cloud-based unified communications as a service (UCaaS) solutions, including cloud PBX, video conferencing, and team collaboration for businesses.

Based on IDT's public filings and business segments, the company does not typically disclose individual major customers that account for a significant portion (e.g., 10% or more) of its consolidated revenue. Instead, IDT serves a highly diversified customer base across its various business lines. Therefore, rather than listing specific company names, it is more accurate to describe the categories of customers it serves:

• Independent Small Retailers: Through its National Retail Solutions (NRS) segment, IDT provides point-of-sale (POS) systems, payment processing, and other merchant services to a vast network of independent convenience stores, bodegas, gas station mini-marts, and other small retail businesses primarily across the United States.
• Consumers (primarily immigrant and ethnic communities): IDT's BOSS Revolution segment directly serves individuals with international long-distance calling, money transfer services, and mobile top-ups. This customer base largely consists of individuals seeking to connect with or send financial support to family and friends abroad.
• Small to Medium-sized Businesses (SMBs) and Telecommunications Carriers: IDT's Net2Phone segment provides Unified Communications as a Service (UCaaS) and SIP Trunking solutions to a wide array of SMBs. Additionally, its Wholesale Carrier Services segment offers voice and data transport services to other telecommunications carriers globally.

Samuel Jonas, Chief Executive Officer
Samuel Jonas has served as Chief Executive Officer of IDT Corporation since January 2014, following his tenure as Chief Operating Officer from June 2010 through December 2013. He initially joined IDT in June 2008 as a Vice President. Mr. Jonas has a background in managing various enterprises, including being the managing member of Arlington Suites, a thirty million dollar mixed-use ground-up development project in Bronx, New York, since 2004. From 2004 to 2005, he owned and operated businesses in the food industry, such as BID Distribution. He was also a partner in a 160-unit garden apartment complex in Memphis, Tennessee, from 2006 to 2008. Mr. Jonas has held significant roles in companies spun off from IDT, serving as CEO of Genie Energy Ltd. and subsequently as Chairman of its Board, and as a director and later Chairman of the Board of Zedge, Inc. He has also been a director of Rafael Pharmaceuticals, Inc. since April 2013, becoming Chairman of its Board in April 2016.

Marcelo Fischer, Chief Financial Officer
Marcelo Fischer has been the Chief Financial Officer of IDT Corporation since June 3, 2019, and concurrently serves as Chief Financial Officer of IDT Telecom since June 2007. Prior to his current CFO role, he was the Senior Vice President–Finance for IDT from October 2011 to June 2019. Mr. Fischer previously held the position of Chief Financial Officer and Treasurer for the company from June 2006 to March 2007. His earlier career includes serving as Corporate Controller of Viatel, Inc. from 1999 to 2001, Controller of the Consumer International Division of Revlon, Inc. from 1998 to 1999, and various accounting and finance roles at Colgate-Palmolive from 1991 to 1998.

Bill Pereira, President and Chief Operating Officer
Bill Pereira has served as President and Chief Operating Officer of IDT Corporation since January 1, 2018. Before this, he was the Chief Executive Officer and President of IDT Telecom from October 2011 to December 2017. Mr. Pereira also served as a member of IDT's Board of Directors from October 2011 to March 2021. His executive experience is diverse, encompassing CEO, CFO, and COO roles in the Telecommunications, Energy, Internet, and Technology sectors.

Joyce J. Mason, Executive Vice President, General Counsel and Corporate Secretary
Joyce J. Mason has been an Executive Vice President of IDT Corporation since December 1998 and has held the roles of General Counsel and Corporate Secretary since the company's inception. She also served as a director of IDT from its inception until December 2006. Ms. Mason has extensive experience with IDT's former subsidiaries, including serving as a director of Zedge, Inc., IDT Telecom, and Net2Phone. She has also served as Corporate Secretary for Rafael Holdings, Inc. since its inception in July 2017, and as a director of Genie Energy Ltd. since May 2021. Prior to joining IDT, Ms. Mason was in private legal practice.

Howard S. Jonas, Chairman
Howard S. Jonas founded IDT Corporation in August 1990 and has served as Chairman of the Board since its inception. He held the CEO position for two terms, from December 1991 to July 2001 and again from October 2009 through December 2013. A serial entrepreneur, Mr. Jonas founded Jonas Media Group in 1979 and Jonas Publishing Corp. He has been involved in several significant company sales and spin-offs, including selling 32% of Net2Phone to AT&T for $1.1 billion in August 2000. IDT sold its Russian telecom business, Corbina Telecom, to a consortium of private equity investors in March 2006. He also oversaw the sale of IDT Entertainment to Liberty Media in 2006. Mr. Jonas is the founder of Genie Energy and was its chairman following its spin-off from IDT in October 2011. In March 2018, IDT spun off Rafael Holdings, with Mr. Jonas serving as chairman and CEO of Rafael Holdings.

The key business risks for IDT Corporation (symbol: IDT) are primarily centered around stringent regulatory environments, intense market competition coupled with technological disruptions, and the pervasive threat of fraud and cybersecurity incidents.

1. Regulatory and Compliance Risks: IDT operates in highly regulated telecommunications and financial services industries across multiple jurisdictions, both domestically and internationally. The company faces ongoing challenges due to varying and often unclear regulations concerning VoIP providers and payment services, which can lead to increased costs, potential penalties, or even the revocation of licenses. For instance, the regulatory treatment of VoIP providers outside the United States is inconsistent, and states in the U.S. are increasingly adding regulations for VoIP services. Furthermore, IDT's BOSS Money transfer services are vulnerable to illegal activities like money laundering and terrorist financing, and a failure to comply with related regulations could result in significant penalties and reputational harm. The TRACED Act and STIR/SHAKEN caller identification framework also present compliance concerns for carriers like IDT.
2. Competition, Market Volatility, and Technological Disruptions: IDT operates in highly competitive markets across its segments, including telecommunications, fintech, and cloud communications. This intense competition leads to pricing pressures and a continuous need for innovation, which can strain the company's resources and impact profit margins. The company's financial performance is also susceptible to market volatility, changes in consumer behavior, and broader economic downturns, particularly in the telecommunications sector. The rapid pace of technological change poses a constant threat, requiring continuous investment in research and development to prevent its existing offerings from becoming obsolete. Additionally, disruptions in mobile networks or shifts in consumer preferences for mobile devices could adversely affect businesses like BOSS Money, which heavily rely on mobile technology.
3. Fraud and Cybersecurity Risks: IDT's business, particularly its BOSS Money transfer services, is inherently vulnerable to various fraudulent activities and illegal schemes such as identity theft, account takeover, money laundering, and terrorist financing. The failure to effectively detect and mitigate these risks could lead to substantial regulatory penalties, severe reputational damage, and materially adverse effects on revenues and profitability. Beyond specific service vulnerabilities, like any technology-dependent company, IDT faces the general risk of cyberattacks impacting its networks or systems, which could lead to service disruptions and customer losses. The company acknowledges cybersecurity as a significant risk and outlines its management and governance processes in its annual filings.

The primary clear emerging threats for IDT Corporation (IDT) are centered around its BOSS Revolution segment:

• Widespread adoption of free internet-based communication applications: The increasing global prevalence and usage of Over-The-Top (OTT) communication apps (e.g., WhatsApp, Viber, Messenger, FaceTime) offering free voice and video calls over Wi-Fi or mobile data directly threaten IDT's traditional paid international calling services. This trend provides a free and often more convenient alternative, leading to a long-term decline in demand for paid international calls.
• Growth of digital-first remittance platforms: The rapid expansion and consumer adoption of fintech companies and digital platforms specializing in international money transfers (e.g., Wise, Remitly, Xoom) pose a significant threat to IDT's BOSS Revolution money transfer services. These digital competitors often offer lower fees, faster transfer speeds, and greater convenience through mobile applications, putting pressure on traditional and agent-based money transfer models.

IDT Corporation (NYSE: IDT) operates across several key segments, with addressable markets varying by product and service. The primary markets for their offerings are detailed below:

BOSS Money (International Money Transfer/Remittance)

• The global digital money transfer and remittances market was valued at approximately USD 325.19 billion in 2024 and is projected to reach USD 588.66 billion by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 7.7% from 2026 to 2032.
• More broadly, the global remittance market, which includes both digital and traditional transfers, is anticipated to be valued at USD 744.78 billion in 2025 and is projected to reach USD 814.58 billion by 2035, with a CAGR of 0.9% from 2025 to 2035.
• North America is a dominant region in the overall remittance market.

net2phone (Unified Communications as a Service - UCaaS and Contact Center as a Service - CCaaS)

• The global Unified Communications as a Service (UCaaS) market is valued at USD 56.14 billion in 2025 and is projected to reach USD 175.83 billion by 2030, with a CAGR of 25.65%.
• For related cloud communications, the global Communication Platform as a Service (CPaaS) market, which often includes functionalities similar to Contact Center as a Service (CCaaS), was estimated at USD 12.50 billion in 2022 and is projected to reach USD 45.30 billion by 2027, growing at a CAGR of 29.4% from 2022 to 2027.
• North America holds the largest share in the UCaaS and CPaaS markets.

National Retail Solutions (NRS) (Point-of-Sale systems)

• The global Point of Sale (POS) market was valued at USD 33.41 billion in 2024 and is projected to grow to USD 110.22 billion by 2032, at a CAGR of 16.1% during the forecast period.
• Focusing specifically on the retail sector, the global Retail POS System market is projected to grow from USD 3.501 billion in 2024 to USD 4.533 billion by 2030, at a CAGR of 4.4%.
• The NRS platform primarily serves independent retailers in the United States. North America is a significant region in the POS market.

Traditional Communications (BOSS Revolution Calling, IDT Digital Payments, IDT Global/Carrier Services)

• **BOSS Revolution Calling (International Calling):** The global international calling market is estimated to be valued at USD 1.29 billion in 2024 and is expected to grow to USD 2.31 billion by 2033, with a CAGR of approximately 6% from 2025 to 2033. North America was the largest region in this market in 2024.
• **IDT Digital Payments (Mobile Top-up/Prepaid Digital Offerings):** The global prepaid card market size is reaching USD 96.46 billion in 2024 and is projected to rise to USD 102.51 billion in 2025, forecasted to achieve USD 161.79 billion by 2032 at a CAGR of 6.67%. A related market, the global digital gift card market, is expected to reach $724.3 billion by 2028, growing at a 14.2% CAGR. North America held the largest share in the prepaid card market in 2024.
• **IDT Global/Carrier Services (Wholesale Voice and SMS Termination):** The global wholesale voice carrier market (specifically voice termination) is projected to grow from USD 50.6 billion in 2025 to USD 171.6 billion by 2035, at a CAGR of 13.0%. The global A2P (Application-to-Person) messaging market, which includes wholesale SMS termination, is expected to grow from USD 32 billion in 2022 to USD 43 billion in 2027. North America, Asia-Pacific, and Europe are identified as key growth regions for the wholesale voice carrier market.

1. Expansion and Enhanced Offerings in National Retail Solutions (NRS): IDT expects continued revenue growth from its NRS segment, driven by increases in merchant services and SaaS fee revenue per terminal. The company is focused on developing new offerings that leverage the NRS platform to enable independent retailers to compete more effectively, including potential integrations with food delivery services and expansion of its screen advertising network. New features and functionalities are being launched to deepen market penetration and increase the value of its solutions for retailers, with fiscal 2026 revenue growth for NRS projected at 20-25%.
2. Digital Remittance Growth and Market Expansion for BOSS Money: The BOSS Money international remittance business is a significant growth driver, with a continued shift towards digital transactions through its BOSS Money and BOSS Revolution apps. These digital channels generate higher gross profit per transaction and now constitute over 80% of remittances. IDT is expanding BOSS Money into new international markets, such as Venezuela, Eritrea, and Brazil, and introducing new payment capabilities like debit card payments at retailers. The company is also exploring initiatives such as stablecoins and Visa-linked wallets, and has plans for WhatsApp integration to drive sustained long-term growth and profitability, with high-teens percentage growth budgeted for fiscal 2026 revenue and adjusted EBITDA.
3. net2phone UCaaS/CCaaS Subscriber Growth and AI-Powered Solutions: net2phone is expected to contribute to revenue growth through the expansion of its customer base and an increase in seats served, particularly for its higher-revenue, higher-margin Contact Center as a Service (CCaaS) offerings. The company is focused on migrating customers to premium plans and features, including those with new AI-powered functionalities. IDT plans to continue investing in AI capabilities and has launched AI agents to enhance its communication services and improve its bottom line through continued volume growth and increased revenue per user.
4. Growth in IDT Digital Payments: Within the Traditional Communications segment, IDT Digital Payments is a driver of growth. This business benefits from improved unit pricing economics and a strategic shift in traffic mix towards higher-margin routes. This growth is expected to offset declines in other legacy voice businesses within the traditional communications segment, contributing positively to the overall revenue and gross profit.
5. Strategic Acquisitions and New Organic Growth Initiatives: IDT is actively exploring merger and acquisition (M&A) opportunities and investing in new organic growth initiatives across its segments. The company stated it is in a strong position to pursue "next generation of exciting growth initiatives," particularly within digital channels. This strategic approach to both inorganic and organic expansion is aimed at leveraging its robust cash generation to drive future revenue growth.

Share Repurchases

• IDT repurchased 221,823 shares for $10.1 million during fiscal year 2025.
• In the second quarter of fiscal year 2025, IDT repurchased 179,338 shares of Class B common stock for $8.5 million.
• As of July 31, 2021, 5.8 million shares remained available for repurchase under a stock repurchase program authorized by the Board of Directors for up to 8.0 million shares of Class B common stock.

Share Issuance

• IDT is seeking approval to add 175,000 Class B shares to its 2024 equity incentive plan for awards.
• Non-employee directors received equity grants, including 1,053 restricted Class B shares on January 6, 2025.
• In fiscal 2021, the company issued 81,041 and 32,551 shares of Class B common stock.

Inbound Investments

• In 2021, investment fund Alta Fox Capital bought a 2.5% stake in National Retail Solutions (NRS), a subsidiary of IDT, for $10 million.

Outbound Investments

• CEO Samuel Jonas has emphasized the company's continued evaluation of potential acquisitions and a disciplined approach to mergers and acquisitions.
• IDT refrained from additional share buybacks in the second half of fiscal year 2025 as it pursued a major acquisition opportunity that ultimately did not materialize.
• The company may use its cash position to pursue acquisitions or enter new industries.

Capital Expenditures

• Capital expenditures were $20.8 million in fiscal year 2025 and $18.9 million in fiscal year 2024.
• Total capital expenditures in fiscal year 2026 are anticipated to be between $19 million and $21 million.
• Capital expenditures are expected to be funded by net cash provided by operating activities and cash on hand, focusing on product development, new POS formats for NRS (kiosks and Android tablets), and the BOSS Money digital wallet.