IQST
iQSTEL IncSubstantial doubt about the company's ability to continue as a going concern.
“These conditions, including our recurring losses from operations, negative working capital, and negative operating cash flows, raise substantial doubt about the Company’s ability to continue as a going concern.”View the 10-Q filed May 20, 2026
20 customers — 85% of revenue (the three months ended March 31, 2026)
“During the three months ended March 31, 2026, we had 20 customers representing 85% of our revenue compared to 19 customers representing 86% of our revenue for the three months ended March 31, 2025.”
23 customers — 80% of receivables (March 31, 2026)
“As of March 31, 2026, approximately 80% of total accounts receivable was concentrated among the Company’s top 23 customers, compared with the same percentage concentrated among 17 customers as of December 31, 2025.”
12 customers — 58% of receivables (March 31, 2026)
“In each such period, 12 of these customers were repeat customers and accounted for 58% and 75% of total accounts receivable as of March 31, 2026 and December 31, 2025, respectively.”
One customer — 20.3% of receivables (March 31, 2026)
“The largest customer represented 20.33% of total accounts receivable as of March 31, 2026, compared with 15.06% as of December 31, 2025.”
Income-statement, balance-sheet and cash-flow figures extracted from the company's SEC filings — 10-K annual and 10-Q quarterly reports — and standardised for comparison across periods.
Chart any reported metric, KPI or segment over time — the full statement history lives here
| Line Item | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $357.19M | $316.9M | $283.22M | $144.5M | $93.2M | $64.7M | $44.91M | $18.03M | $13.78M | $0 | $0 | $0 | $9462 | $1755 | — | |
| $347.58M | $307.44M | $274.95M | $139.83M | $91.41M | $63.17M | $43.95M | $17.25M | $12.58M | $0 | $0 | $0 | $1242 | — | — | |
| $9.6M | $9.46M | $8.27M | $4.67M | $1.79M | $1.53M | $962.35K | $780.93K | $1.19M | — | $0 | $0 | $8220 | $1437 | — | |
| — | 2.98% | 2.92% | 3.23% | 1.92% | 2.37% | 2.14% | 4.33% | 8.66% | — | — | — | 86.87% | 81.88% | — | |
| — | — | — | — | — | — | — | — | — | — | $5079 | — | — | — | — | |
| $12.04M | $11.54M | $9.11M | $4.99M | $4.98M | $4.52M | $4.17M | $1.45M | $1.22M | — | — | $0 | $5665 | — | — | |
| — | $481.25K | $360.94K | — | — | — | — | — | — | — | — | — | — | — | — | |
| $673.32K | $627.67K | $499.54K | $128.74K | $120.12K | $91.47K | $68.6K | $41.74K | $20.35K | — | — | — | — | — | — | |
| $14.21M | $13.71M | $9.11M | $4.99M | $4.98M | $4.52M | $4.17M | $1.45M | $1.22M | — | $174.87K | $36.08K | $93.13K | — | — | |
| $80.97K | — | — | — | — | — | — | — | — | $114.31K | — | — | — | — | — | |
| -$4.61M | -$4.25M | -$834.06K | -$315.5K | -$3.19M | -$2.98M | -$3.21M | -$668.7K | -$27.9K | — | $245.05K | — | — | — | — | |
| — | -1.34% | -0.29% | -0.22% | -3.42% | -4.61% | -7.15% | -3.71% | -0.2% | — | — | — | — | — | — | |
| -$3.93M | -$3.62M | -$334.53K | -$186.77K | -$3.07M | -$2.89M | -$3.14M | -$626.96K | -$7545 | — | — | — | — | — | — | |
| — | — | — | — | — | — | $3.51M | $2.65M | — | $120.35K | -$25.99K | -$994 | -$889 | — | — | |
| -$1.97M | — | — | — | — | — | — | — | -$460.19K | — | — | — | — | — | — | |
| -$4.03M | -$4.14M | -$3.95M | $96.07K | -$2.67M | -$880.09K | -$3.49M | -$4.77M | -$2.08M | -$149.38K | — | — | — | — | — | |
| -$8.64M | -$8.39M | -$4.79M | -$219.44K | -$5.87M | -$3.86M | -$6.7M | -$5.44M | -$2.1M | -$263.69K | -$245.05K | -$32.07K | -$30.16K | — | — | |
| $116.63K | $121.71K | $394.03K | — | — | $152 | -$152 | $0 | $0 | $0 | $0 | $800 | $1600 | — | — | |
| -$8.75M | -$8.51M | -$5.99M | -$763.26K | -$5.97M | -$3.84M | -$6.57M | -$5.46M | -$2.1M | -$263.69K | -$245.05K | -$32.87K | -$31.76K | -$6601 | -$27.16K | |
| — | -2.69% | -2.12% | -0.53% | -6.4% | -5.93% | -14.64% | -30.27% | -15.27% | — | — | — | -335.65% | -376.13% | — | |
| $611.88K | $653.72K | $811.53K | $543.82K | $101.71K | -$26.23K | -$125.59K | $15.13K | — | — | — | — | — | — | — | |
| — | -$9.86M | -$6.62M | -$1.58M | — | — | — | — | — | -$263.69K | — | — | — | — | — | |
| -$9.36M | -$9.16M | -$5.99M | -$755.04K | -$5.96M | -$3.8M | -$6.65M | -$5.46M | — | — | — | — | — | — | — | |
| USD/shares | — | -$2.86 | -$3.15 | -$0.79 | -$3.15 | — | — | — | — | — | — | — | — | — | — |
| shares | — | — | — | — | — | 1.72M | 812.85K | 199.39K | 174.43K | 4.82M | 1.92M | 5.09M | 127.13K | 124.34K | 95.34K |
| shares | — | — | — | — | 1.93M | 1.72M | 812.85K | 199.39K | 174.43K | 4.82M | 1.92M | 5.09M | 127.13K | — | — |
Revenue Breakdown
Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.
Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.
By Segment (USD)
| Component | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Telecom | $330,564,828 | $306,039,424 | — | — | — |
| USA | $194,721,347 | $197,007,636 | $144,466,050 | $94,188,685 | $60,112,852 |
| United Kingdom | $141,624,991 | $95,681,790 | — | — | — |
| Fintech | $27,955,101 | — | — | — | — |
| Switzerland | $22,394,346 | $13,349,998 | $5,530,738 | $4,913,216 | $4,681,978 |
| Corporate | $220,755 | — | — | — | — |
| Elimination | -$41,841,186 | -$22,818,982 | -$5,494,437 | -$5,898,369 | -$92,812 |
| Industrial Elimination | -$41,841,186 | -$22,818,982 | — | — | — |
Segment Operating Income
Annual operating income by business segment, as tagged in the company's own XBRL filings. Segments need not sum to the consolidated figure — corporate costs and eliminations are typically unallocated.
By Segment (USD)
| Component | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Telecom | $2,359,672 | $2,326,927 | — | — | — |
| United Kingdom | $745,481 | $967,506 | — | — | — |
| Elimination | $24,346 | -$360,938 | — | — | — |
| Fintech | $3,862 | — | — | — | — |
| Switzerland | -$163,301 | -$165,629 | $92,655 | -$1,543 | -$88,408 |
| Industrial Elimination | -$456,904 | -$360,938 | — | — | — |
| USA | -$4,858,536 | -$1,275,003 | -$408,158 | -$3,190,117 | -$2,895,508 |
| Corporate | -$6,158,640 | -$2,800,053 | — | — | — |
Operating Margin by Segment (%)
| Component | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Telecom | 0.7% | 0.8% | — | — | — |
| USA | -2.5% | -0.6% | -0.3% | -3.4% | -4.8% |
| United Kingdom | 0.5% | 1% | — | — | — |
| Fintech | 0% | — | — | — | — |
| Switzerland | -0.7% | -1.2% | 1.7% | 0% | -1.9% |
| Corporate | -2789.8% | — | — | — | — |