Key Highlights

● July net Revenue of $37.5 million was annualised to a $450 million run rate, which the company said is not a revision to its $430 million full-year 2026 target.

● Second-quarter revenue was $109.1 million, up from $72.2 million, but first-half Gross Profit was $4.8 million, a Margin of roughly 2.3%.

● The 10-Q disclosed substantial doubt about the company's ability to continue as a going concern, with management pursuing external financing.

● The pending Ultranet Acquisition could contribute about $4.5 million in net income, according to the company, and was earlier expected to close in the third quarter.

iQSTEL (NASDAQ:IQST), a Coral Gables, Florida-based international telecommunications and technology company, has drawn renewed attention after a run of late-September announcements: a July revenue update implying a US$450 million annualised run rate, an independent research initiation, and an amended acquisition agreement. As a Nasdaq-listed common stock, IQST is a member of the broad Nasdaq Composite. With its shares trading around US$1 and a Market Value near US$11 million, the stock sits at the very small end of the listed universe, where company news can move prices sharply.

Latest Company Context

On 22 September 2026, iQSTEL reported July net revenue of US$37.5 million, which it annualised to a US$450 million run rate, while stressing that the figure was not a revision to its US$430 million full-year 2026 target. Its quarterly 10-Q showed second-quarter revenue of US$109.1 million, up from US$72.2 million a year earlier, and first-half revenue of US$207.0 million, up about 59%. Profitability remains thin: first-half gross profit was US$4.8 million, a margin of roughly 2.3%, and the net loss attributable to common stockholders was US$4.0 million, or US$0.68 per share. The filing also disclosed substantial doubt about the company’s ability to continue as a going concern, with management pursuing external financing. On 29 September, an independent research firm initiated coverage with a US$6 per share valuation, compared with a share price of US$0.99 cited in that report.

Key Business and index Drivers

iQSTEL’s core is wholesale international voice, SMS and connectivity services, which generate large revenue but low margins. Management’s stated strategy is to lift profitability through two levers. The first is the pending acquisition of Ultranet, which the company says could contribute about US$4.5 million in net income; the deal was earlier expected to close in the third quarter, while that report assumes consolidation in the fourth quarter. The second is a higher-margin Digital Services unit spanning AI, cybersecurity, Fintech and Spanish-language content through the IDILIO TV platform.

The report forecasts revenue of US$461.5 million and Adjusted EBITDA of US$0.3 million for 2026, rising to US$653 million and US$12.5 million in 2027; these are analyst forecasts, not company guidance. On 16 September the company amended its GlobeTopper purchase agreement, replacing a US$500,000 stock obligation with cash instalments secured by its 51% stake. As a Nasdaq Composite member, IQST’s weighting is negligible, so index flows are unlikely to be a major driver.

What Investors Should Watch

The next Earnings report is listed for 13 November 2026 in market data, although the company has not confirmed the date. Investors may focus on whether gross margins improve, whether Adjusted EBITDA turns consistently positive, and on the timing and financing of the Ultranet closing. Updates on the going-concern disclosure and any Equity raising could affect dilution. The share price has hovered near US$1, a level relevant to Nasdaq’s minimum bid price rule; no deficiency notice appears in its filings. Progress on IDILIO TV subscriptions, where the company has set a target of 500,000 subscribers by the end of 2027, and timely GlobeTopper instalment payments are additional markers. Monthly revenue updates, if the company continues to publish them, could offer an early read on momentum.

Margins, Financing and the Ultranet Timeline

iQSTEL combines fast top-line growth with very slim margins, a going-concern warning and a market value well below its reported stockholders’ equity of US$17.2 million. The company’s thesis rests on converting revenue scale into profit through Ultranet and Digital Services, and third-party forecasts point in that direction, but execution and financing risks remain material. The next quarterly report, listed for 13 November, is the next test of margins and of the Ultranet timeline.