管理層發言
Thank you for standing by. At this time, I would like to welcome everyone to the iQSTEL Investor Conference call to discuss Q4 2025 and full year 2025 financial results. I would now like to turn the conference over to Ethan Walfish, Head of Investor Relations. Sir, the floor is yours.
Good morning, and thank you for joining iQSTEL's Fourth Quarter and Full Year 2025 Earnings Call. Joining me today, I'm pleased to have Leandro Iglesias, Chief Executive Officer; and Alvaro Cardona, Chief Financial Officer. The recording of today's call will be archived and available in the Investor Relations portion of our website for a minimum of 30 days. During the call, we will make forward-looking statements such as dialogue regarding our revenue expectations or forecast for remaining quarters in the full fiscal year of 2026 and 2027. These statements are based on our current expectations and information available as of today and are subject to a variety of risks, uncertainties and assumptions. Actual results may differ materially as a result of various risk factors that have been described in our periodic filings with the SEC. As a result, we caution you against placing undue reliance on these forward-looking statements. We assume no obligation to update any forward-looking statements as a result of new information or future events, except as required by law. In addition, other risks are more fully described in iQSTEL's public filings with the U.S. Securities and Exchange Commission, which can be reviewed at www.sec.gov. Yesterday, April 6, 2026, the company filed with the SEC its Form 10-K for Q4 and full year 2025 and afterwards issued a press release announcing those financial results. So participants of this call who may not have already done so may wish to look at those documents as we provide a summary of the results on this call. With that, I will now turn the call over to our CEO, Leandro Iglesias.
Thank you very much, Ethan. Thank you. Let's talk a little bit about the strategic overview of the company. 2025 has been a year of strong execution and continued growth for iQSTEL. We have successfully expanded our global business platform, reaching approximately $316.9 million in revenue, representing 11.9% year-over-year growth while strengthening our equity position by 37%. But more importantly than the numbers, we have built a highly scalable global commercial platform. Today, iQSTEL reached over 600 of the largest telecom operators worldwide, has access to approximately 2.3 billion end users through our customers, and operates across 21 countries and multiple regions. This is not just a telecom operation; this is a global distribution platform. Over the past year, we have grown from tens of millions of dollars in revenue to a current $400 million run rate revenue, building the foundation for the next phase of our company. We are entering a new stage of the company that we call the transition of the company. The first phase was about building the platform and scaling the revenue. The second phase, where we are today, is about expanding EBITDA and profitability. Our core businesses, Telecom and FinTech, are already generating over $2.7 million adjusted EBITDA, providing the strength of our model. We are now also operating with a clean capital structure with no convertible notes and no warrants. This gives us a very solid foundation to grow efficiently and create shareholder value. From an operational perspective, we continue to improve both scale and efficiency. SMS traffic increased from 13.9 billion to 17.4 billion messages, representing 25.18% growth, reinforcing our focus on higher-margin services. At the same time, gross margin improved significantly, increasing 26.28% from 2.74% to 3.46%, driven by a better service mix, increased focus on higher-margin segments, and operational efficiency improvements. Additionally, our company routing and platform consolidation strategy is contributing directly to margin expansion. I want to take a moment to emphasize what we believe is the most important asset of our company: our business platform. We already have trusted relationships with global telecom partners, a proven B2B sales engine, and a global footprint. This allows us to deploy new services globally, scale quickly without heavy investment, and increase revenue per customer. This is what makes iQSTEL unique. In this margin growth strategy, we are leveraging this platform to introduce high-tech, high-margin services, including artificial intelligence, cybersecurity, and digital health. These services share key characteristics. All of them have recurring revenue models, higher margins, and strong scalability. Most importantly, they can be deployed through our existing customer base. We don't need to build a distribution channel; we already have it. We are particularly excited about our entry into the digital health market. This is a multibillion-dollar global opportunity driven by aging populations, rising health care costs, and the shift toward remote care. By leveraging our telecom platform, we believe that we can become a key distribution channel for digital health services globally. Even under conservative assumptions, including penetration of less than 1% of our reachable base of 2.3 billion users, this represents a multibillion-dollar revenue opportunity over time. This is an important step in our transformation into a high-tech platform company. We will provide more details on this vertical in the near future. Looking forward, our strategy remains clear: achieve $1 billion in revenue within the next 24 months, expand EBITDA through higher-margin services, and continue strengthening our balance sheet. We believe that we are in a very strong position to execute this plan. In summary, we have built the platform. Now we're expanding the margins, and we are entering a new high-growth vertical. We believe that this combination creates a very compelling opportunity for long-term shareholders and value creation. Thank you.
Thank you, Leandro. From a financial perspective, we are pleased with our performance during 2025. For 2025, iQSTEL delivered another year of scale expansion and margin improvement, driven by disciplined execution across all business lines. Revenue reached $316 million, up 12% year-over-year with iQSTEL contributing 39% of total revenue and validating our acquisition strategy with immediate material impact. Our gross margin increased 14%, rising to $9.46 million, supported by the shift toward higher-margin SMS and fintech revenue as well as routing efficiencies across the group. SMS volume surged 25%, reinforcing this margin trajectory and positioning us for continued expansion. Telecom remains a profitable engine, generating $1.9 million in operating income, while Fintech delivered $27.9 million in its first full year, an important diversification milestone that strengthens our revenue mix and reduces dependency on legacy voice. We closed the year with positive working capital of $1.56 million, a stable liquidity position, and better operational controls across subsidiaries. Integration synergies from iQSTEL and GlobeTopper are already flowing through the P&L, and we expect additional leverage as we scale artificial intelligence commercialization. Our financial posture is clear. We are growing, we are expanding margins, and we are building a more diversified, higher-quality revenue base. The foundation is in place for continued acceleration. We remain focused on operational discipline, efficiency, and profitability.
分析師問答
Thank you, Alvaro. And with that, we are now ready to take questions. Your first question comes from Barry Sine with Litchfield Hills Research.
A couple of questions, if you don't mind. First of all, a very exciting announcement on digital health care, and I'm looking forward to the additional details, but a couple of questions on that. So if I think about that market, obviously, a huge market. One opportunity is obviously telemedicine, although you do still need to have a licensed doctor on the other end. You talked in your announcement about data over IoT devices for health care monitoring and also predictive technology. Could you give us a little more — and I guess you're going to roll out more information at the telecom conference in May in Washington — could you give us a little more information on what you're looking to do, what those services are likely to entail? Will they be telemedicine? What are you looking to do in health care?
Thank you very much for being here and asking this question. We are really excited about this opportunity. We are in the process of adding value to our current business relationships with the largest telecommunications companies around the world. One of the things we identified is that many of them need services for the aging population to supervise vital signals — to know where elderly users are, if they fall, their sleep patterns, and other important indicators. Today we issued a press release because we reached an MOU with a Taiwan company that is providing not only the technology but also the devices for elderly people. These devices collect information using the telecom networks and are offered to end users through telecom operators. Devices such as a watch or other wearables gather vital information and feed this information into an AI platform that analyzes the situation, triggers alerts to emergency services, or requests supervision. These are the kinds of services we are going to offer. At this point, we have reached an agreement with this company, we are working on the products and services, and we are planning to launch them in 40 days at the International Telecom Week in Washington. Our idea is to offer our customers a solution they can provide to end users, taking advantage of the trusted relationships we have built. We are preparing the product portfolio and marketing materials, and we are really excited about this opportunity, Barry.
Let me add something about this, Barry. Remember, we have 600 interconnection agreements with the biggest mobile and telecom operators around the world. They serve 2.3 billion end users. So just imagine the huge opportunity we have by providing our customers, the telecom operators, the ability to pass through these services and devices to their end users. This is where the opportunity lies.
Okay. That's very helpful. I wanted to also ask a question. If we look at the results that you've just reported, and I haven't read the 10-K yet — that will have a lot more detail — but over the last couple of years, you've done a number of acquisitions. I don't know if my number is right, but I count nine major acquisitions. And you still — when we talk, they were different software platforms. You were looking to, first of all, get everything onto an integrated voice platform, then you were going to do SMS next. If you could give us a sense of where we are on that integration process, what are the financial impacts? Are there still margin improvements to come in 2026 and future as a result of that integration? Is it all done? And then also on those prior acquisitions, you have a lot of acquisitions where you initially bought 51%, but you have the rights to go up to 49%. Where are we on that process? And particularly the one I'm really interested in is Qxtel. So if you could talk a little bit about that, please.
Sure, Barry. Those are multiple important questions, so I'll try to address them. First, regarding the minority interest acquisitions: in some companies that we acquired at 51%, we have been working on completing the acquisition of the minority interests because our vision is to create a single large corporation with all services integrated to reduce technical and technological platform costs, lower executive payroll, increase synergies, and maximize opportunities between different markets and traffic on the switch. This is something we are in the process of executing and plan to complete this year. Our goal is to gain 100% control of the companies that represent 95% of our revenue, 95% of our EBITDA, net income, and cash. This consolidation is very valuable to us to gather operations and create maximum synergies. At the same time, we have been working on getting a single platform for all subsidiaries. Today, we have three full subsidiaries running on the same platform: Qxtel, Etelix, and Swisslink. They are fully running voice on that platform, and we are moving the SMS business this year. The plan is that about 95% of revenue and EBITDA will run on a single platform. The initial impact of having all companies on one platform is expected to be felt in two areas: first, technological cost reductions; and second, operational synergies from seamless management across companies, interconnections, and operations. We have been doing this process for almost a year; it started in 2025, and it has been complex. When we say we have 600 high-value interconnections with the largest telecommunications companies, we are talking about technical interconnections, security, commercial agreements — so moving everything to one platform must be done seamlessly to avoid disruption of customers, vendors, and employees. Our expectation is that centralizing operations will result in savings; Alvaro and I estimate around $500,000 per year in cost reductions from having everything on a single platform. Alvaro, if you want to add more details about this strategy?
Sure. Barry, there is a figure you will see in the 10-K: intercompany revenue is shown in a couple of tables. That number went from $22 million in 2024 to $41 million in 2025. So we almost doubled the business that is being done among our subsidiaries. In practical terms, that means, for example, traffic being routed to Swisslink, Qxtel, Whisl, or Smartbiz to take advantage of better cost termination and better quality. That is a clear example of how we are managing synergies among our subsidiaries. That is also impacting our gross margin percentage, which increased 26% from 2024 to 2025. So synergies are there; we are proving our business model is working. As Leandro mentioned, we are now implementing reductions in operational and administrative costs and finalizing integration into one switching platform for most subsidiaries. The numbers are already impacting our financial results.
Okay. That's very helpful. My next question: you have recently publicly laid out a road map for acquisitions in 2026. Leandro, I know that in the past almost all of your acquisitions have been companies where you've been in the business for many decades and you've made a lot of relationships. Most of the acquisitions in the past have been companies that were run by people you've known and worked with for many years. Is that still the model? And regarding the acquisitions you laid out for this year, are you still leveraging that model? How many more of these do you have in your back pocket that you could pull the trigger on companies where you know the CEO, you work with them, and you could grow the company through acquisition?
Thank you, Barry. You put me in a tough situation, but let me try to answer without saying anything I shouldn't. The path for our company is clear. We intend to acquire a couple of companies and have the goal to reach a $50 million EBITDA run rate this year. To achieve that, we have two acquisitions on the radar. One is already negotiated, and we are entering the purchase agreement; it is something we will do this year and will require a shareholder proxy explaining the economics of the acquisition to obtain their approval. Each acquisition is expected to add around $5 million to $6 million in EBITDA. In both cases, we are talking about 3- to 4-year payment terms with contingencies tied to results, so these acquisitions will not put pressure on our cash flow and should be manageable. In one of the companies, the sellers are people I have worked with for 10 to 15 years. The other was introduced by one of our subsidiaries and adds value by expanding penetration into additional countries. We will file the proxy and ask shareholders to vote on the transaction. We are on track. We will continue to move current business onto a single platform, complete minority interest acquisitions, and finalize those strategic acquisitions. The big picture is that we will be present in around 30 countries worldwide, and we expect to have between 500 to 700 of the largest interconnections and business relationships with the leading telecom companies globally. We are adding fintech services, AI products and services where we are starting to generate commercial traction, and we want to be perceived as a high-tech telecommunications company offering AI services over our existing infrastructure. In the Washington event, we will also launch cybersecurity solutions for the telecom industry, leveraging a partner company, Cycurion, whose platform we will use to sell to our customers. In addition, we will launch our digital health services. So we are growing, creating new verticals, and taking advantage of our long-term business relationships. If I had to summarize our elevator pitch: we are more than a telecommunications company. We are a sophisticated distribution channel to the largest telecommunications companies around the world, built through relationships developed over years. We are now taking advantage of that channel to offer high-tech, high-margin services to our customers. Management is focused on exploring and monetizing these relationships. Alvaro, do you want to add anything at this point?
No, I think you summarized it very well.
And one more question, if you don't mind, Leandro: you just mentioned that you're looking to have a presence in 30 countries. One of those countries, Venezuela, is obviously very important to the company as well as to the executives personally, and we've seen some very positive changes recently in Venezuela. Do you see opportunities as a result of the changes that are happening in Venezuela that iQSTEL can take advantage of?
Sure. When we talk about 30 countries, we are thinking about eight or nine countries on other continents besides the Americas. Venezuela is a particular case because Alvaro and I were born in Venezuela. I moved from Venezuela 12 years ago and have been living in other countries, with Spain being a center of our operations. Regarding Venezuela, we are exploring opportunities and evaluating potential participation for iQSTEL. To be completely honest, in the meetings we've had, being a Nasdaq U.S. company and current political developments in Venezuela can be a strength. Whatever we do in Venezuela would be related to technology and high-margin services; we want to ensure it is a solid step. So we are evaluating it, but we haven't brought a plan to the Board of Directors yet because we want a fully developed plan before moving forward. It's something we are considering but not yet implemented. Alvaro, you may want to add as this is part of what you are following.
We are keeping an eye on the situation and how it's been developing. Of course, we have direct contact with CEOs and C-level executives in the telecom operators in Venezuela. We used to do business with all of them in the past. The opportunity is there, and we will take advantage of our knowledge of the market and our connections. If it brings value to our business, we will pursue it.
That concludes our question-and-answer session. I would now like to turn the conference back over to Leandro Iglesias, President and CEO, for any further remarks.
Thank you. I want to leave you with a few takeaways from this call. We are improving communications with our shareholders and creating value. We added a professional investor relations firm to improve communication, and we will begin providing these earnings calls on a quarterly basis to give shareholders an opportunity to ask questions about the company. We have been developing a great company by creating 600 business relationships with the largest telecommunications companies around the world and reaching 2.3 billion end users through them. I want you to view iQSTEL as more than a telecommunications company: we are entering fintech and other technologies and becoming a powerful distribution channel for the largest telecom operators to offer high-tech, high-margin services. We have relationships that could take years and millions of dollars for others to build, and we already have them. We are currently taking advantage of these relationships by improving value-added and high-technology services for our customers. We are excited about the launch of cybersecurity in 40 days and the launch of digital health services. For digital health, using conservative projections, it's a multibillion-dollar business opportunity for us. We are at a turning point and expect the company to begin growing in a significant way. Over the coming months, you will see the transformation as we work toward becoming a $1 billion revenue company. We are excited about the moment we are in. Alvaro, do you want to add anything?
Basically, thank you to all the people who joined the call. We are very pleased with your presence here. We are working hard to continue doing business every day for the benefit of our shareholders. Thank you for your support and for looking after our company. Goodbye, everybody.
Goodbye, and thank you very much for supporting and attending this earnings call. Thank you.
This concludes today's call. Thank you so much for attending. You may now disconnect, and have a wonderful rest of your day.