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Here are 1-3 brief analogies for iQSTEL:

• A global telecom carrier for businesses, much like a smaller GTT Communications, that also operates a mobile banking and payments platform akin to Wise.

• A digital communication and services enabler, similar to a smaller Twilio but also offering mobile banking and IoT solutions.

• A diversified technology company providing B2B telecom services, mobile banking, and IoT solutions, much like a smaller, more focused AT&T Business with its own fintech arm.

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• Telecommunications Services: Provides global wholesale and retail voice, SMS, and data services for carriers and enterprises.
• IoT Connectivity Solutions: Offers global roaming and management platforms for various Internet of Things devices across multiple sectors.
• FinTech Services: Delivers digital banking solutions including mobile wallets, debit card issuing, and payment processing.

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Based on its public filings, iQSTEL (IQST) primarily operates within a Business-to-Business (B2B) model, serving other companies across its various divisions. While the company has previously indicated that a significant portion of its revenue came from a few major customers in prior periods, its latest quarterly report (Form 10-Q for Q3 2023, filed November 14, 2023) states that no single customer accounted for 10% or more of total revenues during the nine months ended September 30, 2023, or September 30, 2022. Consequently, iQSTEL does not publicly disclose the specific names of its major customers in its SEC filings.

However, iQSTEL's business segments primarily serve the following categories of companies:

• Telecommunications Carriers: This segment includes a range of entities such as Tier-1 and Tier-2 carriers, Mobile Network Operators (MNOs), Mobile Virtual Network Operators (MVNOs), and Internet Service Providers (ISPs). iQSTEL provides wholesale voice, SMS, data, and IoT connectivity services to these companies.
• Financial Institutions and Merchants: Through its Fintech division, iQSTEL provides payment processing solutions, white-label mobile banking platforms, and other financial technologies. Its customers in this segment include banks, payment processors, and various businesses (merchants) seeking to integrate payment services.
• Electric Vehicle (EV) Ecosystem Businesses and Entities: In its EV division, iQSTEL serves entities involved in the EV infrastructure and automotive sectors. This includes municipalities, businesses (for fleet charging and commercial real estate), and potentially other EV manufacturers (for battery management systems).

While iQSTEL primarily targets other businesses, some of its services (such as mobile banking apps or EV charging stations) ultimately serve individual end-users, either indirectly through its B2B customers or directly for specific applications. However, the company's core sales model focuses on providing infrastructure, platforms, and wholesale services to other companies.

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Leandro Iglesias, Chief Executive Officer

Leandro Iglesias is a Co-Founder of iQSTEL. With a background in electronics engineering and international business, he leads iQSTEL with a commitment to sustainable growth, innovation, and shareholder value, advancing the company across the global tech landscape. He was appointed CEO in June 2018. He also serves as President and Chief Executive Officer of Etelix.

Alvaro Cardona, Chief Financial Officer

Alvaro Cardona is a Co-Founder of iQSTEL. He commands iQSTEL's strategic growth and global expansion with crucial financial leadership, navigating the complex regulatory landscape and optimizing the company's fiscal performance. He was featured as CFO in an executive interview highlighting the company's strategic milestones and financial strength.

Eykis Sambrano, Corporate CTO

Eykis Sambrano is a Co-Founder of iQSTEL. He also serves as the VP Technology and COO Global SMS.

Juan Carlos López, CEO Etelix and SwissLink

Juan Carlos López is a Co-Founder of iQSTEL. He serves as the CEO for Etelix and SwissLink, which are part of iQSTEL's telecom division.

Sara Iglesias, Corporate Planning VP, EV Division COO

Sara Iglesias is a Co-Founder of iQSTEL. She holds the positions of Corporate Planning VP and COO for the EV Division, in addition to being VP Compliance.

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1. Ongoing Profitability and Financial Performance Issues

Despite reporting revenue growth, iQSTEL has faced ongoing profitability challenges, including negative earnings per share, declining gross margins, and operating losses. The company has been unprofitable and is not forecast to become profitable over the next three years. Its gross margin stands at 3% with a negative operating margin of -0.54%, indicating difficulties in cost management. Investors should be cautious and consider the company's ability to execute its growth strategy while addressing these profitability and cash flow issues.

2. Thinly Traded Stock and Market Volatility

iQSTEL's common stock is quoted on the OTCQX and is characterized as thinly traded. This can make it difficult for shareholders to sell their shares without significantly depressing the stock's value, and continued investor interest is necessary to avoid major price fluctuations. The stock has also demonstrated high volatility, reflecting potential price fluctuations and suggesting a higher sensitivity to market movements.

3. Competition and Rapid Technological/Regulatory Changes

Operating in dynamic sectors such as telecommunications, fintech, AI, and cybersecurity, iQSTEL is exposed to risks from intense competition, rapid technological advancements, and evolving regulatory environments. The company's ability to successfully market its products and services, develop new offerings, and adapt to changes in these markets is crucial for its sustained growth and financial performance.

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For iQSTEL, clear emerging threats are primarily found in its rapidly evolving and highly competitive Fintech, EV Charging, and IoT segments:

• Big Tech Dominance in Fintech and IoT Platforms: Companies like Apple, Google, Amazon, and Microsoft are rapidly expanding their integrated ecosystems into mobile banking, payment solutions, and comprehensive IoT platforms. These tech giants possess massive user bases, unparalleled financial resources, and the ability to integrate services deeply into their existing hardware and software. This poses a significant threat to smaller, specialized fintech and IoT providers like iQSTEL, as these incumbents can offer superior user experiences, broader reach, and more robust infrastructure, mirroring how the iPhone disrupted BlackBerry by offering a more integrated and user-friendly platform.
• Tesla's Supercharger Network Expansion: Tesla's decision to open its extensive and highly reliable Supercharger network to non-Tesla electric vehicles poses a clear emerging threat to independent EV charging network operators, including iQSTEL's 'iQcharge' EV division. Tesla's established infrastructure and brand loyalty could capture a significant portion of the charging market, making it challenging for smaller players to compete on scale, convenience, and user experience, similar to how Netflix's early dominance threatened Blockbuster's traditional model.

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iQSTEL (IQST) Addressable Markets:

• Telecommunications (including IoT):
  • The global Internet of Things (IoT) market size was valued at USD 1.18 trillion in 2023 and is projected to reach USD 2.65 trillion by 2030.
• Fintech:
  • The global fintech market size was valued at USD 340.10 billion in 2024 and is projected to reach USD 1,126.64 billion by 2032.
• Electric Vehicles (EV) (specifically EV Charging Infrastructure):
  • The global electric vehicle charging infrastructure market size was estimated at USD 37.98 billion in 2024 and is predicted to surpass USD 415.58 billion by 2034.
• Artificial Intelligence (AI) Services: null
• Cybersecurity:
  • The global cybersecurity market size was estimated at USD 245.62 billion in 2024 and is projected to reach USD 500.70 billion by 2030.

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1. Organic Expansion Across Core Divisions: iQSTEL anticipates continued organic growth by expanding its existing services across its Telecommunications, Fintech, Artificial Intelligence (AI), and Cybersecurity divisions. The company plans to leverage its strong business platform and established relationships with over 600 global telecom operators to grow its customer base and service offerings.
2. Strategic Acquisitions: A significant driver of future revenue growth for iQSTEL is its strategy to acquire two to three accretive businesses. These acquisitions are targeted to add substantial revenue and contribute to the company's EBITDA goals. The recent acquisition of Globetopper, which is expected to add approximately $34 million in revenue and positive EBITDA in the second half of 2025, exemplifies this strategy.
3. Acceleration of Fintech Services: The Fintech division is a key area for accelerated growth, particularly following the acquisition of Globetopper. This acquisition is projected to significantly boost Fintech revenue and contribute positively to EBITDA. iQSTEL plans to offer Globetopper's fintech services directly to its existing telecom customers, further leveraging its platform.
4. Expansion into High-Margin AI and Cybersecurity Solutions: iQSTEL is strategically focusing on expanding its portfolio with high-tech, high-margin products and services, notably in Artificial Intelligence and Cybersecurity. Partnerships, such as the alliance with Cycurion, are aimed at building out these offerings and are expected to drive accelerated growth in these higher-margin segments.

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Share Issuance

• Between August 2024 and March 2025, iQSTEL saw a significant increase in outstanding common shares from 183.5 million to 210.7 million.
• In May 2025, the company executed an 80:1 reverse stock split to meet Nasdaq listing requirements.
• Financing activities in 2024 provided $7.24 million, largely through convertible debt and warrant exercises, and in 2025, half of a $6.9 million debt reduction was voluntarily converted into Preferred Shares.

Inbound Investments

• iQSTEL has raised over $20 million since 2018 through various financial instruments, including convertible notes and offerings.
• Financing activities provided $6.24 million as of September 30, 2024, primarily from convertible notes used for the QXTEL acquisition, and an additional $7.24 million in 2024.
• Approximately 12 institutional investors collectively held around 4% of IQST shares, totaling 142,191 shares, as of September 2025, following the company's uplisting to Nasdaq.

Outbound Investments

• The company has completed 12 strategic acquisitions since 2018, diversifying its revenue mix to approximately 80% telecommunications and 20% fintech.
• iQSTEL acquired QXTEL in 2024, which contributed $85 million in net revenue from April to December 2024, with associated investing activities using $3.16 million in 2024.
• In May 2025, iQSTEL acquired a 51% stake in GlobeTopper for $700K, a fintech company expected to add $34 million in revenue in the second half of 2025.

Capital Expenditures

• Annual capital expenditures have been relatively low, ranging from approximately $0.09 million in 2020 to $0.23 million in 2021 and $0.15 million in 2024.
• The company plans to invest up to $1.2 million over the next two years to accelerate GlobeTopper's growth.
• Capital expenditures are primarily focused on supporting the integration of acquired subsidiaries and developing new high-margin technology solutions in telecommunications, fintech, electric vehicles, and AI.