IQSTEL Inc. reported significant financial developments in its latest 10-Q filing for the quarter ending March 31, 2026. The company achieved total revenues of $97.9 million, marking a 70% increase from $57.6 million in the same period last year. This growth was primarily driven by the expansion of its telecommunications services, which accounted for 87% of total revenues, and the contribution from its newly acquired subsidiary, GlobeTopper LLC. The increase in revenue was complemented by a gross profit of $2.1 million, up from $1.9 million in the prior year, reflecting an 8% year-over-year improvement in gross margin.
Despite the revenue growth, IQSTEL reported an operating loss of $958,009 for the quarter, compared to a loss of $604,226 in the previous year. The rise in operating expenses to $3.0 million from $2.5 million was attributed to increased investments in technology and the integration of GlobeTopper into its operations. The company also incurred a net loss of $1.4 million, up from a loss of $1.1 million in the prior year, largely due to interest expenses related to financing for acquisitions.
Operationally, IQSTEL has expanded its customer base, with 20 customers representing 85% of its revenue for the quarter. The company has also maintained a presence in 20 countries, employing approximately 100 staff members. The strategic focus on enhancing synergies among its subsidiaries has been a key driver of its growth, particularly in the telecommunications sector, which has seen increased interconnection agreements and service offerings.
Looking ahead, IQSTEL's management has indicated a commitment to strengthening its telecommunications segment while continuing to develop its fintech and AI divisions. The company is also focused on improving operational efficiencies and managing costs to enhance profitability. However, the filing noted concerns regarding the company's ability to continue as a going concern due to recurring losses and negative working capital, emphasizing the need for additional capital to support ongoing operations and growth initiatives.
About iQSTEL Inc
IQSTEL Inc. is a global technology company providing telecommunications, fintech, electric vehicles, and AI-enhanced metaverse services. Its core business involves international voice, SMS, and connectivity solutions, serving carriers and enterprises worldwide. The company leverages its subsidiaries to deliver innovative communication, financial, mobility, and virtual content products, focusing on emerging markets and strategic acquisitions to expand its integrated digital ecosystem.
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