IQST · iQSTEL Inc
Substantial doubt about the company's ability to continue as a going concern.
“These conditions, including our recurring losses from operations, and negative operating cash flows, raise substantial doubt about the Company's ability to continue as a going concern.”View the 10-Q filed Aug 18, 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 | FY2027 (G) | FY2026 (G) | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | FY2015 | FY2014 | FY2013 | FY2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| $1B | $430M | $394.07M | $316.9MG | $283.22MG | $144.5M | $93.2M | $64.7M | $64.7M | $18.03M | $13.78M | $7.51M | — | $0 | $7707 | $1755 | — | |
| — | — | $383.59M | $307.44M | $274.95M | $139.83M | $91.41M | $63.17M | $63.17M | $17.25M | $12.58M | $6.9M | — | $0 | $924 | — | — | |
| — | — | $10.48M | $9.46M | $8.27M | $4.67M | $1.79M | $1.53M | $1.53M | $780.93K | $1.19M | $618.05K | — | $0 | $6783 | $1437 | — | |
| — | — | — | 2.98% | 2.92% | 3.23% | 1.92% | 2.37% | 2.37% | 4.33% | 8.66% | 8.22% | — | — | 88.01% | 81.88% | — | |
| — | — | $13.38M | $11.54M | $9.11M | $4.99M | $4.98M | $4.52M | $4.52M | $1.45M | $1.22M | $692.05K | — | $0 | $0 | — | — | |
| — | — | — | $481.25K | $360.94K | $0 | — | — | — | — | — | — | — | — | — | — | — | |
| — | — | $666.18K | $627.67K | $499.54K | $128.74K | $120.12K | $91.47K | $91.47K | $41.74K | $20.35K | $52.3K | — | — | — | — | — | |
| — | — | $15.55M | $13.71M | $9.11M | $4.99M | $4.98M | $4.52M | $4.52M | $1.45M | $1.22M | $692.05K | — | $36.08K | $30.25K | — | — | |
| — | — | — | — | — | — | — | — | — | — | — | $114.31K | — | — | — | — | — | |
| — | — | -$5.07M | -$4.25M | -$834.06K | -$315.5K | -$3.19M | -$2.98M | -$2.98M | -$668.7K | -$27.9K | -$74K | $245.05K | — | — | — | — | |
| — | — | — | -1.34% | -0.29% | -0.22% | -3.42% | -4.61% | -4.61% | -3.71% | -0.2% | -0.98% | — | — | — | — | — | |
| — | — | -$4.4M | -$3.62M | -$334.53K | -$186.77K | -$3.07M | -$2.89M | -$2.89M | -$626.96K | -$7545 | -$21.7K | — | — | — | — | — | |
| — | — | — | — | — | — | — | — | $3.51M | $2.65M | $460.19K | $120.35K | — | -$994 | -$889 | — | — | |
| — | — | -$1.97M | — | — | — | — | — | — | — | -$460.19K | -$240.78K | — | — | — | — | — | |
| — | — | -$3.65M | -$4.14M | -$3.95M | $96.07K | -$2.67M | -$880.09K | -$880.09K | -$4.77M | -$2.08M | -$281.7K | — | — | — | — | — | |
| — | — | -$8.72M | -$8.39M | -$4.79M | -$219.44K | -$5.87M | -$3.86M | -$3.86M | -$5.44M | -$2.1M | -$355.71K | — | -$32.07K | -$24.36K | — | — | |
| — | — | $87.05K | $121.71K | $394.03K | — | — | — | $152 | $0 | $0 | $0 | — | $800 | $800 | — | — | |
| — | — | -$8.81M | -$8.51M | -$5.18M | -$763.26K | -$5.97M | -$3.84M | -$3.84M | -$5.46M | -$2.1M | -$355.71K | — | -$32.87K | -$25.16K | $20.56K | -$21.5K | |
| — | — | — | -2.69% | -1.83% | -0.53% | -6.4% | -5.93% | -5.93% | -30.27% | -15.27% | -4.73% | — | — | -326.43% | 1171.62% | — | |
| — | — | $772.05K | $653.72K | $811.53K | $543.82K | $101.71K | -$26.23K | -$26.23K | $15.13K | $0 | — | — | — | — | — | — | |
| — | — | — | -$9.86M | -$6.62M | -$1.58M | -$5.97M | — | — | — | — | -$263.69K | — | — | — | — | — | |
| — | — | -$9.58M | -$9.16M | -$5.99M | -$755.04K | -$5.96M | -$3.8M | -$3.8M | -$5.46M | -$2.1M | — | — | — | — | — | — | |
| USD/shares | — | — | -$2.27 | -$2.86 | -$2.86 | -$0.79 | -$3.15 | — | -$2.36 | — | — | — | — | — | — | — | — |
| shares | — | — | — | — | — | — | — | 1.72M | 812.85K | 199.39K | 174.43K | 140.93K | — | 5.09M | 127.13K | 124.34K | 95.34K |
| shares | — | — | — | — | — | — | 1.93M | 1.72M | 1.72M | 199.39K | 174.43K | 140.93K | — | 5.09M | 127.13K | — | — |
Price & Valuation
Multiples computed on the strict TTM/EV methodology — today's snapshot against peers, and each ratio recomputed as of past filing dates.
Valuation
Peer medians compare against the 10 similar-size Telecom Services companies (of 36 listed).
Valuation over time computed as of each quarter's filing date
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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|
| 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% | — | — | — | — |