iQSTEL revenue surges 70% to $98M on acquisition, but going-concern warning issued

Filed May 20, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 15, 2025 · ~1 min read

Key Changes

• high

  Management disclosed substantial doubt about ability to continue as a going concern for the first time, citing recurring losses, negative working capital, and negative operating cash flows despite revenue growth.

  MD&A: Going Concern verify on EDGAR →
• high

  Revenue jumped 70% YoY to $98M driven by GlobeTopper acquisition (13% of revenue) and organic growth, but gross margin grew only 8% and operating loss widened 59% to $958K as expenses outpaced margin expansion.

  MD&A: Revenue & Profitability verify on EDGAR →
• high

  Operating cash outflow improved 91% YoY to -$175K from -$1.9M on strong receivables collections, and negative working capital narrowed 93% to -$302K, though liquidity stress persists per going-concern disclosure.

  MD&A: Cash Flow & Working Capital verify on EDGAR →