Dear Investor,

Every once in a while, you come across a company the market hasn’t figured out yet. A company where the numbers tell one story, but the stock price tells something completely different. That is exactly what is happening with IQSTEL (NASDAQ: IQST) right now.

This is a business generating more than three hundred million dollars in trailing revenue while trading at a valuation you would normally see in a distressed microcap. The market cap is about twenty three million dollars. The price to sales ratio is roughly 0.07x. And the company has quietly executed one of the most consistent multi year growth runs in the entire telecom and fintech ecosystem.

The mismatch exists because most investors still view this as a tiny wholesale carrier. They are missing the bigger picture. Over the past few years, IQSTEL (NASDAQ: IQST) transformed itself into a hybrid telecom, fintech, and AI services company with operations across four continents and a track record of delivering on its targets. When you look through the noise and focus on the underlying business, the thesis becomes simple. The growth is real. The execution is real. The valuation disconnect will not last forever.

Why This Business Is Not What It Looks Like

At first glance, people assume IQSTEL (NASDAQ: IQST) is just a commodity telecom wholesaler. That impression is outdated. The company operates a group of subsidiaries that each handle a different part of the global communications ecosystem. They manage wholesale voice routing, international messaging, enterprise telecom solutions, fiber infrastructure, and data services. This gives the company a broad footprint, but the real story is how they built on that foundation.

Instead of relying on low margin telecom revenue alone, the company expanded into higher margin categories. The biggest move was the acquisition of GlobeTopper, a fintech business that sells digital gift cards and prepaid products across more than sixty countries. The margins in that segment are significantly stronger than telecom, and it gives the company an entirely new set of customers to cross sell into.

They also launched an internal AI division and partnered with a cybersecurity company to integrate advanced protection into their AI services. This places IQSTEL (NASDAQ: IQST) inside several fast growing markets without abandoning the stable telecom operations that built the company. Most investors still see the wholesale carrier they were five years ago. That misunderstanding is creating opportunity.

A Growth Story Hiding in Plain Sight

The revenue growth here has been extraordinary. In 2018, the company generated about thirteen million dollars in revenue. By 2024, that number was almost three hundred million dollars. For 2025, the company is guiding for more than three hundred forty million dollars. That puts their seven year compound annual growth rate above fifty percent.

Very few companies can grow at that pace for that long. Even fewer can do it while cleaning up their balance sheet, restructuring debt, and adding new business lines. The company eliminated all convertible debt, removed dilutive securities, and now carries a much cleaner financial structure than most companies at this size.

The part that gets lost is adjusted EBITDA. On a consolidated basis, the company is already generating positive adjusted EBITDA, and the telecom and fintech divisions are profitable on their own. The only reason the consolidated bottom line looks messy is because some of the holding company level accounting items do not reflect operating performance. When you strip that out, you see a company scaling into meaningful profitability.

Management believes adjusted EBITDA can grow from about two point seven million dollars today to fifteen million dollars in 2026. Given the current run rate, the contribution from GlobeTopper, and the company’s ongoing acquisition strategy, that target is not unreasonable.

What Makes the Business Model So Effective

The telecom division works because it is asset light. They do not build towers or own physical infrastructure. They buy capacity from larger carriers, aggregate global traffic, and route it efficiently. This keeps costs flexible and allows the company to scale without massive capital expenditures.

The fintech segment works because it targets a different set of customers with much better margins. Every digital gift card or prepaid product sold has a healthier spread than a telecom minute or message. As that segment grows, it naturally lifts the company’s blended margin.

The AI and cybersecurity segment works because it layers new services on top of the telecom infrastructure the company already operates. Very few small cap telecom companies are doing anything like this. And none have the ability to combine telecom, fintech, and AI under one roof at this scale.

The subsidiaries also work together. Traffic flows between them. Customers overlap. Costs get optimized. Management made a deliberate choice to build a system instead of relying on one business line. That structure is what gives IQSTEL (NASDAQ: IQST) operating leverage going forward.

Why the Market Hasn’t Caught On Yet

Three things are holding the stock back. First, the float is tiny. With less than three million shares available, liquidity is limited, and institutions move slowly in situations like this. Second, the company uplisted to NASDAQ without raising capital, which confused some investors expecting a traditional raise. Third, the business model is complex. Most investors do not understand wholesale telecom routing or why intercompany revenue is a sign of operational efficiency rather than a red flag.

Once the company starts reporting cleaner EBITDA margins, closing new acquisitions, and showing the full year impact of GlobeTopper, these misunderstandings should fade.

Conclusion

The telecommunications and fintech landscape is evolving quickly, and companies operating across multiple segments often require a deeper look to understand how each division contributes to the broader business. IQSTEL (NASDAQ: IQST) has assembled a mix of telecom, fintech, and AI driven services that create a different profile than what many investors might assume at first glance. The company’s revenue base, subsidiary structure, and operating model all reflect an effort to diversify away from a single line of business.

This deep dive is meant to explain that structure in a clear and educational way. It is not an evaluation of future performance or a suggestion of what anyone should do with the stock. Companies in this category can change quickly based on market conditions, execution, financing needs, and competitive pressures. Anyone reviewing a company like IQSTEL (NASDAQ: IQST) should consider their own financial situation, risk tolerance, and independent research before making any decisions.

My goal here is simply to break down what the company does today so readers can better understand the business without confusing headlines or outdated assumptions.

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“The Influencer” and/or its officers, directors, owners, managers, affiliates, and control persons (collectively referred to as the “Publisher”) have been compensated three thousand five hundred U.S. dollars ($500 USD) by a third party to publish favorable information (the “Information”) about IQSTEL (NASDAQ: IQST).

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Forward-Looking Statements

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