iQSTEL Inc. (NASDAQ: IQST) is a telecommunications services company that operates a portfolio of subsidiaries providing wholesale voice termination, SMS messaging, and carrier technology services to telecom operators and enterprises globally. Revenue is transactional, generated by routing international voice calls and SMS messages, including A2P and P2P traffic, through interconnected carrier networks. The company operates through subsidiaries including Etelix.com USA, SwissLink Carrier AG, QGlobal SMS, IoT Labs, Smartbiz Telecom, Whisl Telecom, QXTEL Limited, and GlobeTopper LLC. Total net revenue for FY2025 was approximately $348.8 million in cost of revenue across subsidiaries before intercompany eliminations of $41.4 million. The company carried 17.4 billion SMS and short-code messages in FY2025, up 25.18% from 13.9 billion in FY2024. Gross margins are thin, at 3.46% in Q4 FY2025. iQSTEL is not profitable as of the filing date of April 6, 2026, and carries a going-concern dependency on external financing. CEO Leandro Iglesias leads the company, which listed on Nasdaq Capital Market on May 14, 2025, having previously traded on the OTCQX marketplace.

Revenue model

Transactional per-minute and per-message fees for wholesale international voice termination, A2P/P2P SMS termination, and carrier messaging services routed through the company's interconnected network of subsidiaries.

Products and services

International voice termination for carriers; A2P SMS, P2P SMS, and OmniChannel marketing messaging services; wholesale carrier messaging; carrier technology platform services; cloud communications for service providers. Key subsidiary brands: Etelix.com USA, SwissLink Carrier AG, QGlobal SMS, IoT Labs (SMS traffic between US and Mexico), Smartbiz Telecom, Whisl Telecom, QXTEL Limited (wholesale voice and A2P SMS, 51% owned), GlobeTopper LLC.

Customers and end markets

Wholesale telecom carriers, enterprises, government entities, and small and medium-sized businesses. Named customers include China Mobile International, Deutsche Telekom, T-Mobile USA, Vodafone US, Tata Communications, Orange Wholesale International, Twilio Ireland, Telefonica Global Solutions, iBasis Communications, Telintel, Computer-Tel, BTS Business Telecommunications Service, Emirates Telecom Etisalat, and Digicel Jamaica. End markets include wholesale carrier voice, wholesale carrier messaging, A2P SMS, and enterprise messaging.

Value-chain role

Wholesale telecom intermediary and carrier technology platform operator. Routes international voice and SMS traffic between originating carriers and destination networks via interconnections with Tier-1 operators. QXTEL operates over 200 interconnections worldwide.

Geographic exposure

United States (headquarters and multiple subsidiaries), United Kingdom (QXTEL London HQ), Switzerland (SwissLink Carrier AG), Argentina, UAE, Serbia, Turkey, Europe, and Latin America. Commercial presence in over 100 countries for SMS termination.

Competitors

BTS Business Telecommunications Service Inc., China Mobile International Limited, IDT Global Limited, iBASIS Communications AG

Source: SEC 10-K, filed 2026-04-06

Industry: Telephone Communications (No Radiotelephone)