IQSTEL Inc. (OTC QX: IQST) is a U.S.-based multinational technology company in the final stages of becoming listed on Nasdaq. IQSTEL’s mission is to empower lives by delivering essential, technology-driven solutions that meet modern human needs.
IQSTEL believes that in today’s interconnected world, basic human aspirations—such as security, connection, opportunity, and growth—depend on reliable access to communication, financial tools, sustainable mobility, and intelligent services. Through its growing portfolio in telecommunications, fintech, cybersecurity, and AI services, IQSTEL is building a platform that bridges the gap between innovation and inclusion, enabling people everywhere to thrive.
IQSTEL is strategically positioned to achieve $1 billion in revenue by 2027, driven by organic growth, targeted acquisitions, and the commercialization of innovative technology offerings.
iQSTEL Divisions and Offerings
Telecommunications Services Division (Communications):
Delivers robust solutions including VoIP, SMS, International Fiber-Optic Connectivity, and new telecommunications technologies.
Fintech Division (Financial Freedom):
Enables inclusive financial access with remittance services, mobile top-ups, a MasterCard debit card, U.S. bank accounts without SSN, and a secure mobile app designed for unbanked and underbanked populations.
Artificial Intelligence (AI) Services Division (Information and Content):
Provides next-generation AI engagement tools (airwe.ai), including a white-label 3D virtual assistant interface that supports customer service, entertainment, and transactional experiences across web and voice platforms.
Cybersecurity Services:
In partnership with Cycurion, iQSTEL now offers enterprise-grade cybersecurity, including 24/7 monitoring, threat detection, incident response, vulnerability assessments, and regulatory compliance solutions—supporting telecom and enterprise customers alike.
Strategic Developments
GlobeTopper MOU – Fintech Expansion:
In March 2025, IQSTEL signed a Memorandum of Understanding (MOU) to acquire a 51% stake in GlobeTopper, a profitable fintech company specializing in enhanced B2B top-up services. The acquisition is expected to push IQSTEL toward a $400 million revenue run rate and expand its fintech-driven profitability, accelerating the company’s transition to a high-margin 80/20 Telecom-Fintech revenue mix.
ItsBchain MOU – Value Creation for Shareholders:
IQSTEL also signed an MOU to sell its blockchain-focused subsidiary ItsBchain to Accredited Solutions, Inc. (ASII). As part of this transaction, $500,000 worth of ASII shares will be distributed directly to IQSTEL shareholders, reinforcing the company’s commitment to delivering tangible value and strategic returns to its investor base.
March 31 Shareholders Letter – Strong Financial Results & Shareholder Value Growth:
On March 31, IQSTEL published its 2024 Shareholders Letter, highlighting a year of exceptional financial performance and strategic progress. The company reported $283.2 million in revenue, reflecting a 95.9% year-over-year increase, and a revenue per share of $1.40, marking a 66.7% improvement from the prior year. Total assets surged to $79 million, a 257% increase, and stockholders’ equity rose to $11.9 million, up 48% year-over-year. Most notably, stockholders’ equity per share increased by 25.4%, reflecting IQSTEL’s strong commitment to building long-term shareholder value. These milestones reinforce the company’s scalable growth model and clear trajectory toward becoming a profitable, $1 billion revenue company by 2027.
On April 3rd, 2025 iQSTEL CEO Leandro Iglesias sat down with Corporate Ads to conduct the following detailed interview for the benefit of IQST shareholders and other investors. This transcript is exclusive to the distribution of the Corporate Ads awareness program.
Corporate Ads: Starting in April, 2025 President Donald Trump has officially launched his US Tariff program, imposing high cost increases for foreign made products and components across a wide range of countries and business sectors. Can you tell us if and how this major development will impact iQSTEL business going forward?
Leandro Iglesias:
Thank you for giving us the chance to talk about IQSTEL in depth and without time limitations.
IQSTEL’s core business model is service-based, primarily focused on telecommunications, fintech, cybersecurity, and AI technologies. As such, our operations do not rely heavily on the import or export of physical goods or components that would be directly affected by tariff increases.
Most of our revenue is generated from digital services delivered over existing infrastructure, and our subsidiaries operate in a cloud-based, software-driven environment. Therefore, the newly introduced U.S. tariff program is not expected to have a material impact on our cost structure or service delivery.
We remain attentive to the evolving global trade environment, and as always, we are committed to maintaining operational flexibility while continuing to scale our high-margin service offerings worldwide.
Corporate Ads: On March 31st IQST Reported $1.40 revenue per share and $283.2 million in revenue for an impressive 95.9% Year Over Year growth. This very successful year expands the company’s $79 million asset base helping to drive your expansion into Fintech, AI-driven services and other cutting-edge technologies. Please tell us more about how the current IQST financial intake is powering IQST expansion and increasing earnings ability for 2025 and beyond.
Leandro Iglesias:
Yes, our 2024 performance was a defining moment for IQSTEL. With $283.2 million in revenue, $1.40 revenue per share, and 95.9% year-over-year growth, we’ve significantly strengthened our financial foundation—most notably expanding our asset base to $79 million, a 257% increase compared to the previous year, and increasing our stockholders’ equity by 48%, reaching $11.9 million.
In addition, our stockholders’ equity per share increased by 25.4%, further demonstrating the value we’re building for our shareholders. These results reflect the scalability and strength of our business model as we continue advancing toward our long-term objectives.
This momentum is not only a reflection of our robust telecom operations but also a strategic enabler for what comes next. Our reinforced balance sheet now allow us to confidently accelerate investment in high-margin, high-tech areas such as Fintech, AI-driven services, Cybersecurity, and next-gen telecom solutions.
In 2025, this financial strength is powering:
• The acquisition of Globetopper, expected to elevate our revenue run rate toward $400 million and expand our Fintech footprint.
• Continued investment in AI-based platforms for customer engagement and automation.
• A growing pipeline of strategic M&A focused on adding EBITDA-positive businesses.
• Execution of a plan to generate up to $1 million in annual savings through operational efficiencies and technology integration.
Together, these initiatives will enhance earnings capacity, strengthen profitability, and bring us even closer to our goal of becoming a profitable $1 billion revenue company.
Corporate Ads: IQST has announced an MOU for the sale of 100% of its stake in subsidiary ItsBchain LLC, representing 75% of the company’s total share capital to Accredited Solutions, Inc. (OTC: ASII). This transaction includesplans to distribute the common stock in ASII to IQST shareholders as a dividend. When do you think IQST shareholders might expect to receive this reward in their portfolios?
Leandro Iglesias:
Thank you for the question and for your interest in the ItsBchain transaction. Yes, we’re very excited about the Memorandum of Understanding (MOU) signed with Accredited Solutions, Inc. (OTC: ASII) for the sale of 100% of our stake in ItsBchain LLC, representing 75% of ItsBchain’s share capital. As part of this agreement, $500,000 worth of ASII common stock is planned to be distributed directly to IQSTEL shareholders, reinforcing our ongoing commitment to delivering value.
While the MOU outlines the structure and intention, the transaction must proceed through final due diligence, definitive agreements, and regulatory compliance steps. Once these steps are completed and the shares are issued to IQSTEL, we will initiate the process to distribute them as a dividend to our shareholders.
Although we are unable to provide an exact date at this time, our team is working diligently to move the process forward. We expect to update shareholders with a more precise timeline in the coming weeks, and we will make all necessary announcements via official filings and press releases.
Corporate Ads: iQSTEL has completed 11 successful venture and acquisition events as a leader in the technology and telecommunications industries. The most recent acquisition of QXTEL brings a lot of financial value, generating $85 million in net revenue during 2024. Can you expand on your M&A strategy and the asset value it is bringing in for IQST shareholders?
Leandro Iglesias:
Thank you for your question and for recognizing the importance of our M&A achievements. Since 2018, iQSTEL has completed 11 strategic ventures and acquisitions, each carefully selected to strengthen our service offerings, expand our global reach, and increase shareholder value.
Our most recent acquisition, QXTEL, has indeed been a transformational milestone, contributing $85 million in net revenue in 2024. Beyond the strong financial impact, QXTEL has expanded our international footprint, enriched our customer base, and added new service capabilities that align with our long-term strategy.
However, it’s important to emphasize that our growth story is not based solely on acquisitions. In 2024, iQSTEL achieved $52.7 million in organic revenue growth, excluding the QXTEL contribution. This came primarily from high-performing subsidiaries like Etelix, Swisslink, and IoT Labs, which continue to scale efficiently and profitably. In fact, our organic growth represented more than 36% of total revenue for the year—an essential proof point of the strength and sustainability of our business platform.
Our M&A strategy is focused on acquiring businesses that not only add revenue and positive EBITDA, but also create cross-selling synergies across telecom, fintech, AI, and cybersecurity. In parallel, we continue to prioritize internal growth, ensuring that acquired and existing subsidiaries are fully integrated and aligned under a unified technology and operations platform.
This dual approach—scaling both organically and through acquisitions—is core to our strategy to become a profitable $1 billion revenue, and we believe it will continue to deliver increasing asset value and long-term returns for our shareholders.
Corporate Ads: iQSTEL has announced plans to acquire a company within the Telecom, Fintech, Cybersecurity, or AI services sectors, generating tens of millions of dollars in revenue and contributing over $1 million EBITDA annually. How close is this plan to being executed in 2025?
Leandro Iglesias:
In addition to the two MOUs we have already disclosed—the GlobeTopper acquisition in the fintech space and the divestiture of ItsBchain with a shareholder dividend component—we have been actively exploring several additional acquisition targets across our core focus areas: Telecom, Fintech, Cybersecurity, and AI services.
We are in advanced discussions with some of these potential targets, which are generating tens of millions in revenue and contributing over seven digits in adjusted EBITDA annually, and we are moving forward with due diligence. As is our standard practice, we will formally disclose each opportunity once an MOU is signed and both parties are aligned on the terms.
These acquisitions are fully aligned with our strategic goal of increasing profitability and reaching $1 billion in revenue, and we remain committed to acquiring businesses that are not only financially accretive, but also offer synergistic value across our divisions.
Corporate Ads: iQSTEL also has plans to enhance IQST shareholder value with an uplisting to the Nasdaq exchange. What is your projected time frame to file for Nasdaq listing?
Leandro Iglesias:
Thank you for this question.
An uplisting to the Nasdaq exchange is indeed an important milestone for iQSTEL and a key part of our long-term strategy to enhance shareholder value. However, it’s equally important for us to emphasize that we are not in a hurry—we believe in doing things the right way, at the right time and with a purpose that serves our short, medium or long-term vision.
We’ve been building something truly valuable. Our Telecom Division alone generated $2.5 million in adjusted EBITDA in 2024 and $1.7 million in Net Income, and we continue to grow through a mix of organic expansion and strategic acquisitions. We are not just chasing a listing—we are focused on building a solid, scalable, and profitable company that will stand out once we are listed.
We believe that once we do uplist, iQSTEL’s full value and potential will be widely recognized, and we will be even better positioned to attract long-term investors.
Corporate Ads: iQSTEL Revenue Per Share since 2020 has risen steadily as we have seen in the IQST filings. Do you see the rate of revenue gains holding this steady growth rate in the years immediately ahead or accelerating?
Leandro Iglesias:
Thank you for highlighting one of the key indicators of our progress—Revenue Per Share (RPS). Since 2020, iQSTEL has demonstrated consistent and meaningful growth in RPS, reflecting not only our expanding top line but also our disciplined approach to building and protecting long-term shareholder value.
In 2024, we reported $1.40 in revenue per share, a 65.4% increase over the previous year. Just as importantly, our stockholders’ equity per share increased by 25.4%, underscoring the strength of our balance sheet and the tangible value we are delivering to shareholders as we scale the business.
Looking ahead, we believe our revenue growth will not only remain steady—but accelerate. Our Telecom Division continues to scale efficiently, and our expansion into high-margin verticals such as Fintech, AI, and Cybersecurity is expected to contribute even more meaningfully to both revenue and profitability in the coming years.
With upcoming opportunities like the Globetopper acquisition, further cost-efficiency initiatives, and a strong M&A pipeline, we are confident that iQSTEL is entering a new phase of accelerated revenue and margin expansion—delivering even greater value per share to our investors.
Corporate Ads: What Revenue Forecasts are you now in a position to give for 2025?
Leandro Iglesias:
For 2025, iQSTEL has forecasted $340 million in revenue, driven by continued growth across our telecom subsidiaries and supported by strong organic performance from high-impact units like QXtel, Etelix, Swisslink, and IoT Labs.
However, if we complete the acquisition of GlobeTopper as planned, we expect to reach a revenue run rate of approximately $400 million. GlobeTopper brings significant fintech capabilities and is aligned with our strategy to increase exposure to high-margin verticals.
We remain focused on scaling efficiently and expanding our share in telecom, fintech, AI, and cybersecurity sectors—delivering sustainable, long-term value to our shareholders.
Corporate Ads: Is iQSTEL still comfortable with its stated projection of becoming a $1 billionrevenue company with eight-digit positive EBITDA by 2027?
Leandro Iglesias:
Yes, we are absolutely comfortable and confident with our stated projection of becoming a $1 billion revenue company with eight-digit positive adjusted EBITDA by 2027.
Our business model is highly scalable. We’ve built a robust business platform—particularly in our Telecom Division—that can triple its current revenue with almost no proportional increase in operating expenses. That means future revenue growth will have a direct and amplified impact on the bottom line, significantly enhancing profitability as we scale.
With our current momentum—$283.2 million in revenue reported for 2024, $340 million forecasted for 2025, and a $400 million revenue run rate expected upon completion of the Globetopper acquisition—we are well on track.
We’re also pursuing additional strategic acquisitions and operational efficiencies that will help us accelerate both top-line and adjusted EBITDA growth, making the $1 billion revenue and strong EBITDA target by 2027 a realistic and achievable goal.
Corporate Ads: iQSTEL has laid out key objectives to achieving its stated goals. One of these has been a rebranding effort with partner company ONAR. What does this cooperative effort do for both companies involved?
Leandro Iglesias:
Our rebranding effort with our strategic partner ONAR (Ticker: ONAR) has been an important step in aligning our visual identity and messaging with the company we’ve become—and the company we are building for the future.
This collaboration is helping iQSTEL refresh its brand to reflect our evolution from a telecom-focused operation into a diversified, tech-driven multinational with growing presence in Fintech, AI, and Cybersecurity. ONAR brings world-class branding expertise to the table, and together, we’ve been crafting a modern and impactful brand that resonates across global markets and investor audiences alike.
In Q2 2025, we will officially launch our new website and unveil our full brand book, starting with our presence at major telecom industry events. This will strengthen our positioning, enhance visibility, and better communicate our value proposition to customers, partners, and shareholders.
Ultimately, this rebranding is more than a visual update—it’s about reinforcing trust, credibility, and market leadership
Corporate Ads: IQST also has put in place a strategic partnership with Cycurion (CYCU) for vital cybersecurity products in 2025. This collaboration grants Cycurion exclusive rights to deliver its cybersecurity products to the U.S. telecommunications industry through iQSTEL’s vast network while also expanding its reach internationally. Do you see the Cycurion agreement as a significant avenue to expanding your reach more domestically or internationally or both?
Leandro Iglesias:
Yes, we absolutely see the partnership with Cycurion (Ticker: CYCU) as a significant strategic step for iQSTEL—both domestically and internationally.
Cybersecurity is a new and important area of growth for us, and through this partnership, we’re unlocking new business opportunities that complement our existing telecom and tech offerings. With our presence in over 20 countries and strong relationships with leading global telecom operators, we are in a unique position to help Cycurion scale both the U.S. telecommunications market and international markets where we already have deep customer trust.
We have already identified multiple areas of cooperation and potential client engagements, and we expect to begin rolling out these initiatives in the near future. We plan to share exciting updates related to this partnership in Q2 and Q3 as we begin converting this alliance into new revenue streams and added value for our clients and shareholders.
This partnership is just one more example of how iQSTEL is using its business platform to introduce high-tech, high-margin services that align with global market demand.
Corporate Ads: The IQSTEL AI platform, (www.Airweb.ai), continues to gain customers and partners. How is the company planning to expand on the application of AI in 2025 and beyond?
Leandro Iglesias:
AI is a central pillar of IQSTEL’s future, and www.Airweb.aiis one of our most innovative and exciting developments to date.
We’ve built a powerful AI-driven platform designed for customer service, technical support, and sales lead generation, with a dual-interface experience: it works seamlessly both through a company’s website and via a dedicated phone number. Users can switch between channels effortlessly, with the AI maintaining context and continuity—something very few platforms in the market can offer.
Technologically, we’re currently testing outbound call capabilities, which will unlock use cases such as:
• Payment reminders
• Appointment confirmations
• Customer follow-ups
• Proactive sales outreach
These features make Airweb.ai a versatile, scalable, and intelligent assistant that can reduce support costs, enhance customer satisfaction, and generate new revenue opportunities.
On the commercial front, we continue to gain customers and expand partnerships. We recently showcased Airweb.ai at the ASLAN tech event in Madrid, where the response was overwhelmingly positive. Businesses clearly see the value of implementing AI for real-time engagement and automation.
Looking ahead, we plan to announce exciting new updates and client integrations in Q2, as we continue scaling Airweb.ai across industries. Our vision is to make AI a practical, high-impact tool that transforms how companies interact with their customers—across every channel.
How much of a stake to iQSTEL management have in IQST shareholder value? What equity positions do you hold yourselves? And what other financial commitments are you making to support the company’s operations and business plans?
Leandro Iglesias:
The iQSTEL management team is deeply committed to the long-term success of the company and that commitment is reflected both in our equity position and our governance responsibilities.
Currently, management holds the equivalent of approximately 40 million common shares in the form of preferred shares, which are subject to lock-up and leak-out agreements. This structure aligns our interests directly with those of our shareholders, as our ability to benefit from these shares depends entirely on the long-term value we help create for the company.
In addition, Alvaro Quintana and I hold 51% of the voting rights of the company, giving us the ability to protect the strategic direction of the company and ensure that all key decisions are made in the best interest of IQSTEL and its stakeholders.
It’s also important to note that we started IQSTEL in 2018 by contributing 100% of Etelix, a fully operational telecom company valued at $4 million at the time. That founding contribution was the cornerstone of IQSTEL’s early growth, and we have continued to invest our time, energy, and resources to build what has become a diversified, fast-growing multinational.
We are not just executives—we are founders, long-term stakeholders, and fully aligned with our shareholders. We believe in the future we’re building, and we’re here for the long run.
Corporate Ads: Thank you, Leandro Iglesias, President and CEO of iQSTEL. This has been a very informative interview. We look forward to speaking with you again in the future as all of your initiatives and plans progress towards the very impressive IQST goal of becoming a $1 billion company by 2027.
Media Contact: Company: iQSTEL, Inc. (Symbol: IQST) Contact: Leandro Iglesias, President and CEO Email: investors@iqstel.com Phone: +1 954-951-8191 Country: United States Website: www.iQSTEL.com
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About IQSTEL Inc.
IQSTEL Inc. (OTCQX: IQST) is a multinational technology company offering cutting-edge solutions in Telecom, Fintech, Blockchain, Artificial Intelligence (AI), and Cybersecurity. Operating in 21 countries, iQSTEL delivers high-value, high-margin services to its extensive global customer base. iQSTEL projects $340 million in revenue for FY-2025, building on its strong business platform.
Use of Non-GAAP Financial Measures: The Company uses certain financial calculations such as Adjusted EBITDA, Return on Assets and Return on Equity as factors in the measurement and evaluation of the Company’s operating performance and period-over-period growth. The Company derives these financial calculations on the basis of methodologies other than generally accepted accounting principles (“GAAP”), primarily by excluding from a comparable GAAP measure certain items the Company does not consider to be representative of its actual operating performance. These financial calculations are “non-GAAP financial measures” as defined under the SEC rules. The Company uses these non-GAAP financial measures in operating its business because management believes they are less susceptible to variances in actual operating performance that can result from the excluded items, other infrequent charges and currency fluctuations. The Company presents these financial measures to investors because management believes they are useful to investors in evaluating the primary factors that drive the Company’s core operating performance and provide greater transparency into the Company’s results of operations. However, items that are excluded and other adjustments and assumptions that are made in calculating these non-GAAP financial measures are significant components in understanding and assessing the Company’s financial performance. These non-GAAP financial measures should be evaluated in conjunction with, and are not a substitute for, the Company’s GAAP financial measures. Further, because these non-GAAP financial measures are not determined in accordance with GAAP, and are thus susceptible to varying calculations, the non-GAAP financial measures, as presented, may not be comparable to other similarly-titled measures of other companies.
Adjusted EBITDA is not a recognized accounting measurement under GAAP; it should not be considered as an alternative to net income, as a measure of operating results, or as an alternative to cash flow as a measure of liquidity. It is presented here not as an alternative to net income, but rather as a measure of the Company’s operating performance. Adjusted EBITDA excludes, in addition to non-operational expenses like interest expenses, taxes, depreciation and amortization; items that we believe are not indicative of our operating performance, such as:
- Change in Fair Value of Derivative Liabilities: These adjustments reflect unrealized gains or losses that are non-operational and subject to market volatility.
- Loss on Settlement of Debt: This represents non-recurring expenses associated with specific financing activities and does not impact ongoing business operations.
- Stock-Based Compensation: As a non-cash expense, this adjustment eliminates variability caused by equity-based incentives.
The Company believes Adjusted EBITDA offers a clearer view of the cash-generating potential of its business, excluding non-recurring, non-cash, and non-operational impacts. Management believes that Adjusted EBITDA is useful in evaluating the Company’s operating performance compared to that of other companies in its industry because the calculation of Adjusted EBITDA generally eliminates the effects of financing, income taxes, non-cash and certain other items that may vary for different companies for reasons unrelated to overall operating performance and also believes this information is useful to investors.
Safe Harbor Statement: Statements in this news release may be “forward-looking statements”. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions, or any other information relating to our future activities or other future events or conditions. Words such as “anticipate,” “believe,” “estimate,” “expect,” “intend”, “could” and similar expressions, as they relate to the company or its management, identify forward-looking statements. These statements are based on current expectations, estimates, and projections about our business based partly on assumptions made by management. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our ability to successfully market our products and services; our continued ability to pay operating costs and ability to meet demand for our products and services; the amount and nature of competition from other telecom products and services; the effects of changes in the cybersecurity and telecom markets; our ability to successfully develop new products and services; our ability to complete complementary acquisitions and dispositions that benefit our company; our success establishing and maintaining collaborative, strategic alliance agreements with our industry partners; our ability to comply with applicable regulations; our ability to secure capital when needed; and the other risks and uncertainties described in our prior filings with the Securities and Exchange Commission.
These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may and are likely to differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release, and iQSTEL Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.
For more information on $IQST visit: www.iQSTEL.com
Investor Relations Contact:
IQSTEL Inc.
300 Aragon Avenue, Suite 375, Coral Gables, FL 33134
Email: investors@iqstel.com
Media Contact
Company Name: IQSTEL Inc.
Contact Person: Leandro Jose Iglesias, President and CEO
Email: Send Email
Phone: +1 954-951-8191
Address:300 Aragon Avenue Suite 375
City: Coral Gables
State: Florida 33134
Country: United States
Website: www.iQSTEL.com
