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Here are a few analogies to describe iQSTEL:

• It's like a specialized, international version of Verizon Business or AT&T Business, providing other companies with a comprehensive suite of telecom, cloud, IoT, and payment solutions.
• Imagine a global, wholesale-focused Zayo Group, but also offering robust voice, messaging, and emerging technology services like IoT and blockchain solutions.

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• ILD Wholesale Voice Services: Provides international long-distance voice services to telecommunications operators.
• Submarine Fiber Optic Network Capacity: Offers capacity on submarine fiber optic networks for internet services, including 4G and 5G.
• VoIP Connectivity: Delivers Voice over IP connectivity solutions.
• SMS Services: Provides short message service (SMS) and international/domestic SMS termination services.
• Infrastructure Connectivity: Offers various infrastructure connectivity solutions.
• Cloud-PBX Solutions: Delivers Cloud-PBX services for business communication.
• OmniChannel Marketing: Provides integrated OmniChannel marketing solutions.
• IoT Services: Offers various Internet of Things services.
• Blockchain & Payment Solutions: Develops and provides blockchain and payment solutions.

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• Wholesale carriers (telecommunications operators)
• Government entities
• Corporate clients
• Enterprise businesses
• Small and medium companies

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Leandro Jose Iglesias, President & CEO

Leandro Jose Iglesias was appointed CEO in June 2018 and is a Co-Founder of iQSTEL. He brings 27 years of experience in the international telecom industry, holding a background in electronics engineering and international business. Prior to iQSTEL, he served as the international manager for the Venezuelan telecom carrier CANTV from 2003 to 2008, leveraging this experience to foster iQSTEL's growth. He is a dual Venezuelan and Spanish citizen.

Alvaro Quintana Cardona, Secretary of The Board & CFO

Alvaro Quintana Cardona is the Secretary of the Board and Chief Financial Officer, and a Co-Founder of iQSTEL. He has a longstanding professional relationship with CEO Leandro Iglesias, having worked together as telecom executives in Venezuela, where Mr. Quintana was with the cellular telecom company Digitel. He joined Mr. Iglesias at Etelix, a privately held company at the time, in 2013. Mr. Cardona is responsible for iQSTEL's strategic financial leadership, navigating regulatory landscapes, and optimizing fiscal performance, emphasizing the importance of a strong balance sheet for future acquisitions.

Eykis Sambrano, VP Technology, COO Global SMS

Eykis Sambrano is a Co-Founder of IQSTEL and serves as the VP Technology and COO Global SMS, as well as Corporate CTO.

Sara Iglesias, VP Compliance

Sara Iglesias is a Co-Founder of IQSTEL and holds the titles of VP Compliance, Corporate Planning VP, and COO of the EV Division.

Juan Carlos López, CEO Etelix/SwissLink

Juan Carlos López is a Co-Founder of iQSTEL and is the CEO of Etelix and SwissLink, both subsidiaries of iQSTEL.

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The key risks to iQSTEL (IQST) include:

1. Declining Demand for Traditional Wholesale Voice and SMS Services: A significant portion of iQSTEL's business involves international long-distance voice services (ILD wholesale) and SMS termination services. The increasing prevalence of over-the-top (OTT) communication applications (e.g., WhatsApp, Signal) that offer free or low-cost voice and messaging services poses a substantial threat by reducing demand and putting pressure on pricing and margins for traditional wholesale telecom services.

2. Intense Competition and Pricing Pressure: iQSTEL operates in highly competitive markets across all its segments, including wholesale telecommunications, submarine fiber optic network capacity, Voice over IP (VoIP), SMS, Cloud-PBX, Internet of Things (IoT), and blockchain and payment solutions. The presence of numerous established players and new entrants leads to aggressive pricing, commoditization of services, and potential erosion of market share and profitability.

3. Rapid Technological Change and Obsolescence: The telecommunications and technology industries are characterized by rapid innovation and evolving standards. iQSTEL's diverse offerings in areas like 4G/5G, IoT, Cloud-PBX, and blockchain require continuous investment in research and development and adaptation to new technologies. Failure to keep pace with technological advancements or adapt to changing industry standards could render its services and solutions less competitive or obsolete.

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iQSTEL (symbol: IQST) operates in several addressable markets related to telecommunications and technology solutions across North America, Latin America, and Europe. The estimated sizes of these markets are as follows:

• International Long-Distance (ILD) Wholesale Voice Services: The global International Wholesale Voice Carrier Market was valued at over USD 49.08 billion in 2025 and is projected to exceed USD 169.58 billion by 2035, demonstrating a compound annual growth rate (CAGR) of over 13.2% from 2026 to 2035. Another estimate places the global wholesale voice carrier market size at USD 44.53 billion in 2026, growing to USD 73.63 billion by 2031 with a 10.58% CAGR.
• Submarine Fiber Optic Network Capacity: The global submarine wires and cables market size, which includes fiber optic cables, was valued at USD 15.83 billion in 2025. This market is projected to grow to USD 27.46 billion by 2034, exhibiting a CAGR of 6.18% during the forecast period.
• Voice over IP (VoIP) Connectivity: The global Voice over Internet Protocol (VoIP) market size was valued at USD 161.79 billion in 2025 and is predicted to increase to approximately USD 453.75 billion by 2035, expanding at a CAGR of 10.86% from 2026 to 2035. North America held the largest share in the VoIP market in 2025.
• Short Message Service (SMS) and International/Domestic SMS Termination Services (A2P SMS): The global A2P SMS Market size was valued at USD 90.71 billion in 2025 and is projected to reach USD 139.21 billion by 2033, growing at a CAGR of 5.5% from 2026 to 2033. Asia Pacific led the A2P SMS market in 2024.
• Cloud-PBX: As a component of VoIP services, the hosted IP PBX segment is expected to grow at the fastest rate within the VoIP market, projected to dominate with a 37.33% share in 2026. Another source indicates that hosted and cloud PBX accounted for 52.3% of the VoIP services market revenue in 2024 and is forecast to expand at a 12.8% CAGR through 2030.
• OmniChannel Marketing: The global Omni-channel Retail Solutions Market was valued at USD 8.28 billion in 2024 and is expected to grow to USD 25.76 billion by 2034, with a CAGR of 12.03% during the forecast period (2025-2034). North America held the largest market share in 2024.
• Internet of Things (IoT) Services: The global IoT solutions and services market size is valued at USD 369.34 billion in 2025 and is predicted to increase to approximately USD 1,490.99 billion by 2035, expanding at a CAGR of 14.98% from 2026 to 2035. North America dominated the IoT solutions and services market in 2025.
• Blockchain and Payment Solutions: The global FinTech blockchain market size was valued at USD 8.12 billion in 2025 and is projected to grow to USD 18.34 billion by 2034, exhibiting a CAGR of 9.47% during the forecast period (2026-2034). Separately, the global Blockchain in Banking and Financial Services market size is projected to reach USD 10,852.4 million by the end of 2025, and USD 216,576 million (USD 216.58 billion) by 2033. North America held approximately 39.35% of the blockchain in banking and financial services market share in 2025.

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iQSTEL Inc. (IQST) is expected to drive future revenue growth over the next 2-3 years through several key strategic initiatives:

1. Expansion into higher-margin Artificial Intelligence (AI) and Cybersecurity Services: iQSTEL is actively expanding its offerings in AI-enabled telecom solutions and cybersecurity services, leveraging its existing telecom customer relationships to introduce these high-margin technology products. These initiatives are projected to generate significant annual revenue by 2027 and improve the company's margin profile and earnings quality.
2. Strategic, EBITDA-Accretive Acquisitions: The company plans to pursue targeted acquisitions that are designed to accelerate revenue growth beyond $500 million, while also expanding its geographic footprint and technology capabilities. iQSTEL intends to raise approximately $20 million to fund these strategic acquisitions, among other growth initiatives.
3. Organic Growth and Geographic Expansion of Core Telecom and Fintech Services: iQSTEL anticipates continued organic expansion across its Telecom and Fintech divisions, which are integral to its projected revenue forecasts. The company also aims to expand its telecom licenses and commercial footprint to nearly 30 countries. Fintech services currently represent approximately 20% of the company's total revenue.
4. Consolidation of Minority Ownership in Key Subsidiaries: iQSTEL is focused on acquiring 100% ownership of several strategic telecom subsidiaries. This consolidation effort is expected to increase attributable EBITDA and enhance organic growth within the company.

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Share Issuance

• iQSTEL's 3-Year Share Buyback Ratio was negative as of September 2025, indicating potential share issuance rather than repurchases.
• In October 2025, the company increased its authorized common stock from 3,750,000 shares to 26,000,000 shares through an amendment to its Articles of Incorporation.
• In December 2025, iQSTEL distributed a $500,000 share-based dividend, equivalent to 75,529 free-trading common shares.

Inbound Investments

• In December 2021, iQSTEL was in negotiations for a strategic investment exceeding $50 million, though the finalization of this agreement was not guaranteed.
• In October 2024, iQSTEL secured a 12-month extension on convertible notes totaling approximately $3.55 million with M2B Funding Corp.
• By October 2025, iQSTEL announced it had eliminated all convertible notes from its balance sheet, signifying the repayment or conversion of previous debt.

Outbound Investments

• iQSTEL has a strategic acquisition plan and has completed 11 acquisitions since June 2018, maintaining an active pipeline for future acquisitions.
• In April 2024, iQSTEL completed the acquisition of 51% of QXTEL LTD., which was expected to add an estimated $20 million in quarterly revenue. The company finalized full payment for QXTEL by October 2025.
• In November 2024, the company announced an agreement to acquire the remaining 49% of SwissLink Carrier AG for $750,000, structured over five years with payment in common shares. The GlobeTopper acquisition was also completed, forecasting $34 million in revenue for the second half of 2025, with full payment finalized by October 2025.

Capital Expenditures

• As of March 2026, iQSTEL's financial reports indicated capital expenditures of $152,000, which consumed most of its operating cash flow of -$2.9 million, leaving -$3.1 million in free cash flow, reflecting heavy capital investment.
• The company plans for future investments in fiber-optic networks, cell towers, data centers, and satellite systems to support its goal of reaching $1 billion in revenue by 2027.