iQSTEL (NASDAQ:IQST) reported first-half 2026 revenue of approximately $207 million, up 59% from roughly $130 million in the same period a year earlier, as management emphasized a strategy of translating the company’s telecom scale into higher profitability, cash generation and growth in digital services.
President and Chief Executive Officer Leandro Iglesias said the first-half revenue figure equates mathematically to an annualized level of about $414 million, though Chief Financial Officer Alvaro Quintana cautioned that the annualized calculation should not be considered a forecast. The company is pursuing its previously announced 2026 revenue objective of $430 million, requiring about $223 million in second-half revenue to reach that target.
First-Half Results and Balance Sheet
Gross profit for the first six months of 2026 was approximately $4.8 million, compared with about $3.8 million in the prior-year period, an increase of roughly 26%. Second-quarter revenue totaled approximately $109 million, up from $97.9 million in the first quarter.
As of June 30, iQSTEL reported approximately $48.2 million in total assets, $31 million in total liabilities and $17.2 million in stockholders’ equity. Quintana said stockholders’ equity increased approximately 5% and represented about $1.71 per share, based on the company’s per-share calculations. Total assets represented approximately $4.79 per share.
The company said it had no convertible notes and no warrants outstanding. Quintana characterized the capital structure as a source of flexibility and said management intends to fund growth in a disciplined manner while considering shareholders’ long-term interests.
Quintana also noted that, based on management’s view of current market levels, the company’s reported stockholders’ equity exceeded its market capitalization by more than 50%. He said management’s responsibility is to improve the business fundamentals through higher gross profit, EBITDA expansion, operating leverage, cash generation and disciplined capital allocation.
Telecom Integration and Organic Growth
During the question-and-answer session, Iglesias said the company’s growth has been supported by work to maximize its existing technology platform and customer relationships. iQSTEL is reorganizing its telecommunications operations, moving telecom subsidiaries under an operating holding company and pursuing a structure that brings its telecom businesses into a single corporation.
The company has also been moving technological and switching platforms to a single platform, according to Iglesias. He said the effort is intended to increase synergies among the businesses and unlock additional growth potential.
Iglesias said the company made commercial changes at two subsidiaries, QXTEL and Q-Global, including reorganizing their commercial operations and hiring new sales divisions. He added that as iQSTEL has become larger, customers have increased their trust in the company and selected it for a greater volume of business.
“The organic growth has been important and is going to even accelerate over the next months,” Iglesias said, describing the statement as part of the company’s ongoing reorganization and integration process.
Digital Services and Ultranet Plans
Iglesias said iQSTEL operates through two complementary pillars: telecom and digital services. Its telecom platform includes relationships with more than 600 telecom operators and potential commercial reach through customers to approximately 2.3 billion end users, according to the company.
Digital services currently account for approximately 12.5% of revenue, driven by subsidiary GlobeTopper, Iglesias said. Management plans to commercialize additional fintech, AI-powered communications, cybersecurity and other digital offerings through its existing distribution network. Iglesias said these services have the potential to contribute more significantly to gross profit and adjusted EBITDA.
The pending Ultranet acquisition is expected to expand iQSTEL’s international telecom footprint and strengthen profitability, management said. Iglesias said the company was in the final stages of Ultranet due diligence and documentation and intended to execute the agreement during the third quarter.
Management said Ultranet’s first-half financial statements showed growth compared with the 2025 results previously filed in an 8-K. Iglesias also said Ultranet has plans to expand into Middle East and Asian markets, while iQSTEL sees Africa as an attractive growth region.
EBITDA Focus
Quintana said EBITDA at the company’s operating entities rose from close to $190,000 in the first quarter to more than $700,000 in the second quarter, an increase of more than 285%. He attributed the improvement principally to higher gross margin, which he said increased 18% from the first quarter to the second quarter.
Iglesias said iQSTEL’s adjusted EBITDA run rate was about $2.7 million and growing. He estimated that the ongoing consolidation of operations could increase EBITDA by about 20% through cost reductions and efficiency gains. Combined with the planned Ultranet acquisition, management expects adjusted EBITDA run rate to reach approximately $8 million to $9 million.
Management said its investor outreach has expanded through investor events, family-office webinars, a CNBC interview and a new corporate website. Iglesias said the company cannot control its stock price but can focus on execution, including revenue growth, profitability, balance-sheet strength, digital-services expansion and strategic acquisitions.
About iQSTEL (NASDAQ:IQST)
iQSTEL, Inc (NASDAQ: IQST) is a U.S.-based telecommunications company that operates a global connectivity platform for voice, data and messaging services. The company leverages cloud-native infrastructure to deliver international roaming solutions, prepaid mobile top-up services and eSIM provisioning. Its technology enables seamless wireless communications for both individual subscribers and business clients across a broad network of partner carriers.
The company’s core offerings include instant airtime reloads, cross-border mobile voice and data plans, machine-to-machine (M2M) connectivity and Internet of Things (IoT) solutions.
