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12 institutions now hold ~4% of IQST shares; Litchfield Hills Research issues $18 price target as IQSTEL accelerates high-margin growth strategy
New York, NY – September 24, 2025 – IQSTEL Inc. (NASDAQ: IQST), a Global Connectivity, AI & Digital Corporation, today announced the release of its 120-Day Nasdaq Shareholder Letter, highlighting the Company’s performance, growth trajectory, and increasing institutional recognition since uplisting to Nasdaq.
Key Highlights
IQSTEL (NASDAQ: IQST) continues to deliver strong performance and expand its footprint as a Global Connectivity, AI & Digital Corporation:
🔹 Diversified Growth – Four strategic business lines: Telecommunications, Fintech, Artificial Intelligence, and Cybersecurity.
🔹 Global Reach – Operations in 20+ countries, with commercial relationships spanning 600+ of the world’s largest telecom operators.
🔹 High-Margin Expansion – A powerful platform to layer in additional services, including AI, fintech, and cybersecurity solutions — highlighted by our partnership with Cycurion.
🔹 IQSTEL Intelligence Momentum – Our IQSTEL Intelligence division is growing faster than expected. Highlights include the ONAR partnership, the Mobility Tech partnership, the Cycurion alliance, plus three more contracts in the sales funnel, expected to close before year-end.
🔹 Strong Financial Trajectory – On track toward $1 billion in revenue by 2027, with a projected $15M EBITDA run rate in 2026.
🔹 Institutional Confidence – Approximately 12 institutional investors now hold 4% of IQST shares, just 120 days after our Nasdaq uplisting.
🔹 Research Recognition – Litchfield Hills Research issued a detailed report with an $18 price target: https://shre.ink/te9s
🔹 Momentum in Q2 & Q3 – $35M revenue in July, surpassing a $400M annual run rate five months ahead of schedule. Assets per share stand at $17.41, outperforming across net equity, gross revenue, margins, net income, and adjusted EBITDA.
🔹 Strategic Alliances – IQSTEL and Cycurion (Nasdaq: CYCU) executed a $1M stock exchange and dividend distribution, with IQSTEL planning to distribute $500,000 in Cycurion Nasdaq shares to its shareholders as part of the partnership: https://finance.yahoo.com/news/iqstel-cycurion-execute-1-million-123000867.html
🔹 Innovation in AI – Launch of www.IQ2Call.ai, targeting the $750B global market with vertical AI-Telecom integration, including next-gen AI for U.S. healthcare call centers.
🔹 Fintech Acceleration – Acquisition of Globetopper (July 1, 2025), forecasted to add $34M revenue and positive EBITDA in H2 2025.
🔹 Balance Sheet Strength – $6.9M debt reduction (~$2 per share), reinforcing our equity position. Notably, half of this debt was voluntarily converted by investors into Preferred Shares, underscoring their trust in IQSTEL’s vision, management, and growth strategy.
🔹 Revenue Mix – Current revenue stream: 80% telecommunications, 20% fintech, with fintech and AI & Digital services set to accelerate growth.
🎥 Watch CEO Leandro Iglesias share his vision for IQSTEL’s growth: https://acortar.link/st2ZLb
Shareholder Letter – 120 Days on Nasdaq
Dear Shareholders,
It has now been 120 days since IQSTEL (NASDAQ: IQST) uplisted to the Nasdaq, and I am pleased to report that our Company continues to deliver strong results while accelerating its expansion as a Global Connectivity, AI & Digital Corporation.
Over this short period, we have demonstrated that IQSTEL is uniquely positioned to capture growth across multiple high-value industries. Our four strategic business lines — Telecommunications, Fintech, Artificial Intelligence, and Cybersecurity — give us both diversification and the ability to leverage synergies across our business platform. Today, IQSTEL operates in more than 20 countries and maintains commercial relationships with over 600 of the world’s largest telecom operators. This reach is the cornerstone of our ability to layer additional high-margin services, including AI, fintech, and cybersecurity, on top of our global business platform.
Just in the last 120 days, we have actively participated in some of the world’s largest telecommunications and fintech industry events. These venues not only reinforce our presence among global leaders but also strengthen our relationships and accelerate opportunities to cross-sell high-margin services to the industry’s largest players.
Recent events attended include:
- GCCM Europe 2025 – Berlin
- MWC Shanghai 2025 – Shanghai
- Capacity Eurasia 2025 – Istanbul
- IMA Summit 2025 – Texas
- All Wireless & Prepaid Expo – Las Vegas
- ITW Africa 2025 – Nairobi
- WWC 2025 – Madrid
One of the fastest-growing areas within our Company is our IQSTEL Intelligence Division, which is already exceeding our expectations. Recent milestones include the ONAR partnership, a Mobility Tech partnership, and our Cycurion alliance, all of which position us to integrate cutting-edge AI and cybersecurity solutions into our platform. In addition, there are three more contracts currently in our sales funnel, which we expect to close before the end of this year. These developments reinforce our confidence in IQSTEL Intelligence as a key driver of our growth strategy.
Our partnership with Cycurion is particularly important. Through our recent stock exchange swap, Cycurion has become a true “sibling company.” This relationship enables IQSTEL to deliver advanced cybersecurity services powered by Cycurion’s specialized U.S. government solutions. With Cycurion’s expertise already trusted by U.S. federal agencies, we now have a unique opportunity to extend these high-tech cybersecurity solutions to our global telecom and enterprise clients.
Financially, IQSTEL continues to progress along a trajectory of sustained growth. We remain on track toward achieving our $1 billion revenue target by 2027 and our $15 million EBITDA run rate in 2026. In July 2025 alone, we delivered $35 million in revenue, surpassing a $400 million annual run rate five months ahead of schedule. As of the second quarter, our assets per share reached $17.41, with results that outperformed across net equity, gross revenue, margins, net income, and adjusted EBITDA throughout our operations.
We also continue to strengthen our balance sheet, most recently through a $6.9 million debt reduction, which equates to nearly $2 per share. Importantly, half of this $6.9 million reduction came from debt voluntarily converted by investors into Preferred Shares. This conversion underscores the confidence our investors have in IQSTEL’s plan and vision, as well as their full support of our management team and Board of Directors. These steps position IQSTEL with greater financial flexibility to execute its growth strategy.
Looking ahead, M&A will remain a core component of our strategy. Over the next 12 months, we plan to explore additional target acquisitions to expand our bottom line. We have already identified three potential candidates, with initial conversations expected to begin this year. By combining these opportunities with our robust and unique business platform — built around relationships with over 600 of the world’s largest telecom operators — we are uniquely positioned to introduce high-tech, high-margin services to an unmatched global customer base.
Our growth has not gone unnoticed by the investment community. Today, approximately 12 institutional investors hold about 4% of IQST shares, just 120 days after our Nasdaq uplisting. In addition, Litchfield Hills Research has issued a detailed report on IQSTEL with an $18 price target, underscoring our upside potential.
Strategic alliances remain a central pillar of our roadmap. Together with Cycurion, we executed a $1 million stock exchange and dividend distribution. As part of this partnership, IQSTEL will distribute $500,000 in Cycurion Nasdaq shares to our shareholders, further enhancing shareholder value while reinforcing our AI and cybersecurity collaboration.
Innovation also remains at the core of our growth strategy. The launch of www.IQ2Call.ai represents a bold step forward in our proprietary AI-Telecom integration. This platform targets the $750 billion global market with applications ranging from customer care to healthcare call centers in the U.S., where we are already moving forward with implementation.
Finally, our acquisition of Globetopper, completed on July 1, 2025, is forecasted to contribute $34 million in revenue and positive EBITDA in the second half of 2025. This acquisition not only accelerates our fintech growth but also complements our diversified business model, which today reflects a revenue mix of 80% telecommunications and 20% fintech. With the continued expansion of our fintech and AI & digital services, we expect these segments to play an increasingly important role in driving both revenue and profitability.
In closing, I want to emphasize that IQSTEL’s progress over the past 120 days on Nasdaq has been a direct result of the strong foundation we have built and the clear vision we are executing. We remain fully committed to delivering on our targets, scaling our high-margin businesses, and creating lasting value for our shareholders.
Thank you for your continued trust and support.
Sincerely,
Leandro Iglesias
President & CEO, IQSTEL Inc.
About IQSTEL Inc.
IQSTEL Inc. (NASDAQ: IQST) is a Global Connectivity, AI, and Digital Corporation providing advanced solutions across Telecom, High-Tech Telecom Services, Fintech, AI-Powered Telecom Platforms, and Cybersecurity. With operations in 21 countries and a team of 100 employees, IQSTEL serves a broad global customer base with high-value, high-margin services. Backed by a strong and scalable business platform, the company is forecasting $340 million in revenue for FY-2025, reinforcing its trajectory toward becoming a $1 billion tech-driven enterprise by 2027.
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, please visit www.IQSTEL.com.
Investor Relations Contact:
IQSTEL Inc.
300 Aragon Avenue, Suite 375, Coral Gables, FL 33134
Email: investors@IQSTEL.com
Source: IQSTEL Inc.
New York, NY – September 17, 2025 – IQSTEL Inc. (NASDAQ: IQST) (“IQSTEL”) today announced that an extensive interview featuring Leandro Iglesias, CEO of IQSTEL, and Alvaro Cardona, CFO of IQSTEL, is now available.
In the interview, IQSTEL management restated its target $15 million EBITDA in 2026 and the goal of achieving $1 billion in revenue by 2027.
Leandro Iglesias, CEO, IQSTEL stated, “We have a fantastic history of achieving goals, surpassing our forecasts over the last seven years. For next year, we are planning to achieve $15 million in EBITDA run rate and $1 billion in revenue by 2027. We have a plan for this.”
For more, pull the company filings and press releases and watch the full interview here: https://youtu.be/7a2Es0PVLb8
IQSTEL’s management discussed their service expansion and strategic customer relationships in the interview as well. IQSTEL continues to offer its traditional telecom services, including Voice and SMS termination, which remain foundational to its business model. However, the company is actively diversifying its portfolio by introducing higher-margin digital products. This shift reflects a strategic emphasis on innovation and profitability within the rapidly evolving telecommunications sector.
IQSTEL has established partnerships with major global telecom operators such as Telefonica, Telecom Italia, Vodafone, and British Telecom. These long-standing customer relationships provide the company with a robust platform to introduce and market its new offerings. Management has indicated that IQSTEL is leveraging these connections to expand into AI-driven products, fintech services, and cybersecurity solutions. By doing so, the company aims to enhance its value proposition and capture emerging opportunities within digital markets.
Leadership matters. CEO Leandro Jose Iglesias is an engineer with deep telecom experience. CFO Alvaro Quintana Cardona has led the finance team, and the pair have worked together for nearly 20 years. Management highlights timely public reporting and careful due diligence on each acquisition. Founders of acquired companies often stay on to preserve customer relationships.
IQSTEL’s leadership team is a key driver of its ongoing success and growth strategy. CEO Leandro Jose Iglesias brings a strong engineering background and extensive experience in the telecommunications sector, which informs the company’s technical vision and operational excellence. Alongside him, CFO Alvaro Quintana Cardona leads the finance team, and together, the two executives have collaborated successfully for nearly two decades. Their longstanding partnership fosters stability and strategic alignment throughout the organization.
Management emphasizes the importance of transparent public reporting and conducting thorough due diligence for every acquisition. This careful approach ensures that the company maintains integrity and makes sound investment decisions. Additionally, when IQSTEL acquires other companies, the founders of those businesses are often retained. This practice helps preserve valuable customer relationships and ensures continuity in service and expertise as IQSTEL expands its portfolio.
“So that’s a unique opportunity. It’s a company that, you know, we invested all our money here, all our time, all our effort, and we are really proud of what we are building, but we are just…at the beginning,” stated Leandro Iglesias.
About IQSTEL Inc.
IQSTEL Inc. (NASDAQ: IQST) is a Global Connectivity, AI, and Digital Corporation providing advanced solutions across Telecom, High-Tech Telecom Services, Fintech, AI-Powered Telecom Platforms, and Cybersecurity. With operations in 21 countries and a team of 100 employees, IQSTEL serves a broad global customer base with high-value, high-margin services. Backed by a strong and scalable business platform, the company is forecasting $340 million in revenue for FY-2025, reinforcing its trajectory toward becoming a $1 billion tech-driven enterprise by 2027.
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, please visit www.IQSTEL.com .
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