IQST Begins Final Push To NASDAQ After Record-Setting Year

IQSTEL Inc. (OTC: $IQST) is in the final stage of uplisting to NASDAQ and entering that tier with real momentum. The company just closed out a record-breaking year with $283.2 million in revenue for 2024, a 96% y/y increase. This week’s Q1 2025 update confirmed that the growth trajectory is still intact, with margin expansion and a clear move toward profitability. IQST has long been a top-volume OTCQX stock and is now trading as $IQSTD

 after completing a reverse split to satisfy NASDAQ listing requirements.

The full-year 2024 numbers told a clear story. Revenue nearly doubled from $144.5 million in 2023. Assets increased from $22 million to $79 million. Shareholder equity rose to $11.9 million, up nearly 50%. Revenue per share climbed from 84 cents to $1.40. The company showed strength across every key metric to show that its model can support high-velocity growth while strengthening the balance sheet.

The first quarter of 2025 brought in $57.6 million in revenue, up 12% from the prior year’s Q1. Gross profit jumped 40% to $1.93 million, and margins improved from 2.68% to 3.36%. Adjusted EBITDA from the telecom division reached $593,604. These results follow a strong Q4 2024, where the company posted $98.8 million in revenue, showing seasonal momentum remains consistent. IQST continues to scale, and the operational execution is evident across the board.

IQST has stated its goal to reach $1 billion in revenue by 2027, and current progress makes that target look possible. The plan includes strategic acquisitions, such as a 51% stake in Globe Topper, a profitable fintech company that provides enhanced B2B top-up services. That acquisition is expected to boost IQST’s run rate toward $400 million and expand its fintech margin base. In parallel, IQST is divesting its Bchain subsidiary to Accredited Solutions Inc., with $500,000 worth of ASI shares to be distributed as a dividend to IQST shareholders once the transaction closes. That is expected to happen in July, adding another near-term catalyst to an already eventful timeline.

Currently IQST sits near a valuation of just 0.07 times its revenue, placing the company far below the 1.0x or higher multiples common among telecom and tech peers listed on NASDAQ. Yet IQST operates in 21 countries and has spent years securing interconnection agreements with major telecom networks worldwide. That infrastructure is now being used to layer on high-margin services, including AI-powered tools and cybersecurity products, with cross-selling opportunities already embedded into the customer base. The network is deep, and the commercial relationships are long-standing, creating a flywheel effect that is difficult to replicate.

IQST is not pitching a pre-revenue concept or an early-stage buildout. It’s generating nearly $100 million per quarter, expanding margins, closing acquisitions, and moving to reward shareholders through both the uplisting and a pending dividend. With the NASDAQ process underway and more catalysts approaching, the company is stepping onto the big boards with an active revenue engine and a global platform already in place.

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