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Side-by-side financial comparison of Commerce.com, Inc. (CMRC) and iQSTEL Inc (IQST). Click either name above to swap in a different company.
Commerce.com, Inc. is the larger business by last-quarter revenue ($89.5M vs $84.2M, roughly 1.1× iQSTEL Inc). iQSTEL Inc runs the higher net margin — -3.2% vs -9.3%, a 6.1% gap on every dollar of revenue. On growth, Commerce.com, Inc. posted the faster year-over-year revenue change (2.9% vs -14.9%). iQSTEL Inc produced more free cash flow last quarter ($-1.2M vs $-2.2M). Over the past eight quarters, iQSTEL Inc's revenue compounded faster (28.0% CAGR vs 5.5%).
SPS Commerce, Inc. is a technology and application software company based in the United States that provides cloud-based supply chain management software. The company's headquarters are located in Minneapolis, Minnesota, but it also has a US office in New Jersey, and international locations in Amsterdam, Beijing, Breukelen, Hong Kong, Kyiv, Melbourne, Montpellier, Sydney, and Toronto.
iQSTEL Inc is a technology holding company operating three core segments: telecommunications, Internet of Things (IoT), and fintech. It offers connectivity services, smart IoT monitoring solutions, and digital financial tools, mainly serving small and medium-sized enterprises and retail customers in North and South American markets.
CMRC vs IQST — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $89.5M | $84.2M |
| Net Profit | $-8.4M | $-2.7M |
| Gross Margin | 78.3% | 3.5% |
| Operating Margin | -7.4% | -2.9% |
| Net Margin | -9.3% | -3.2% |
| Revenue YoY | 2.9% | -14.9% |
| Net Profit YoY | -250.0% | -44.5% |
| EPS (diluted) | $-0.11 | $-0.92 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $89.5M | $84.2M | ||
| Q3 25 | $86.0M | $102.9M | ||
| Q2 25 | $84.4M | $72.2M | ||
| Q1 25 | $82.4M | $57.6M | ||
| Q4 24 | $87.0M | $98.9M | ||
| Q3 24 | $83.7M | $54.2M | ||
| Q2 24 | $81.8M | $78.6M | ||
| Q1 24 | $80.4M | $51.4M |
| Q4 25 | $-8.4M | $-2.7M | ||
| Q3 25 | $-2.2M | $-2.3M | ||
| Q2 25 | $-8.4M | $-2.3M | ||
| Q1 25 | $-353.0K | $-1.1M | ||
| Q4 24 | $-2.4M | $-1.9M | ||
| Q3 24 | $-7.0M | $-773.0K | ||
| Q2 24 | $-11.3M | $-2.0M | ||
| Q1 24 | $-6.4M | $-580.2K |
| Q4 25 | 78.3% | 3.5% | ||
| Q3 25 | 78.4% | 2.7% | ||
| Q2 25 | 79.0% | 2.6% | ||
| Q1 25 | 79.4% | 3.4% | ||
| Q4 24 | 77.6% | 2.7% | ||
| Q3 24 | 76.3% | 3.7% | ||
| Q2 24 | 75.8% | 2.8% | ||
| Q1 24 | 77.1% | 2.7% |
| Q4 25 | -7.4% | -2.9% | ||
| Q3 25 | -0.5% | -0.5% | ||
| Q2 25 | -8.0% | -0.9% | ||
| Q1 25 | -2.9% | -1.0% | ||
| Q4 24 | -0.9% | -0.3% | ||
| Q3 24 | -23.0% | -0.1% | ||
| Q2 24 | -16.5% | -0.4% | ||
| Q1 24 | -10.2% | -0.4% |
| Q4 25 | -9.3% | -3.2% | ||
| Q3 25 | -2.6% | -2.3% | ||
| Q2 25 | -9.9% | -3.3% | ||
| Q1 25 | -0.4% | -2.0% | ||
| Q4 24 | -2.7% | -1.9% | ||
| Q3 24 | -8.4% | -1.4% | ||
| Q2 24 | -13.8% | -2.5% | ||
| Q1 24 | -8.0% | -1.1% |
| Q4 25 | $-0.11 | $-0.92 | ||
| Q3 25 | $-0.03 | $-0.68 | ||
| Q2 25 | $-0.10 | $-0.82 | ||
| Q1 25 | $0.00 | $-0.44 | ||
| Q4 24 | $-0.03 | $-1.19 | ||
| Q3 24 | $-0.09 | $-0.40 | ||
| Q2 24 | $-0.15 | $-0.90 | ||
| Q1 24 | $-0.08 | $-0.37 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $141.1M | $2.2M |
| Total DebtLower is stronger | $157.0M | $4.1M |
| Stockholders' EquityBook value | $39.4M | $16.3M |
| Total Assets | $308.8M | $51.1M |
| Debt / EquityLower = less leverage | 3.99× | 0.25× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $141.1M | $2.2M | ||
| Q3 25 | $142.0M | $2.3M | ||
| Q2 25 | $134.5M | $2.0M | ||
| Q1 25 | $120.7M | $1.1M | ||
| Q4 24 | $178.2M | $2.5M | ||
| Q3 24 | $168.4M | $2.1M | ||
| Q2 24 | $275.8M | $797.2K | ||
| Q1 24 | $265.2M | $2.7M |
| Q4 25 | $157.0M | $4.1M | ||
| Q3 25 | $157.3M | $2.7M | ||
| Q2 25 | $157.5M | $4.5M | ||
| Q1 25 | $157.8M | $3.5M | ||
| Q4 24 | $216.5M | $2.5M | ||
| Q3 24 | — | $3.2M | ||
| Q2 24 | $340.9M | $2.5M | ||
| Q1 24 | $340.5M | $194.0K |
| Q4 25 | $39.4M | $16.3M | ||
| Q3 25 | $42.8M | $17.9M | ||
| Q2 25 | $38.8M | $14.3M | ||
| Q1 25 | $38.1M | $11.6M | ||
| Q4 24 | $33.4M | $11.9M | ||
| Q3 24 | $29.0M | $8.1M | ||
| Q2 24 | $26.1M | $7.6M | ||
| Q1 24 | $26.9M | $8.4M |
| Q4 25 | $308.8M | $51.1M | ||
| Q3 25 | $309.5M | $46.9M | ||
| Q2 25 | $302.5M | $51.4M | ||
| Q1 25 | $286.3M | $42.0M | ||
| Q4 24 | $340.3M | $79.0M | ||
| Q3 24 | $335.1M | $32.4M | ||
| Q2 24 | $452.5M | $30.0M | ||
| Q1 24 | $442.5M | $22.1M |
| Q4 25 | 3.99× | 0.25× | ||
| Q3 25 | 3.67× | 0.15× | ||
| Q2 25 | 4.06× | 0.31× | ||
| Q1 25 | 4.14× | 0.31× | ||
| Q4 24 | 6.49× | 0.21× | ||
| Q3 24 | — | 0.40× | ||
| Q2 24 | 13.06× | 0.34× | ||
| Q1 24 | 12.65× | 0.02× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $980.0K | $-1.2M |
| Free Cash FlowOCF − Capex | $-2.2M | $-1.2M |
| FCF MarginFCF / Revenue | -2.4% | -1.5% |
| Capex IntensityCapex / Revenue | 3.5% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $16.9M | $-4.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $980.0K | $-1.2M | ||
| Q3 25 | $10.6M | $-953.0K | ||
| Q2 25 | $13.6M | $257.7K | ||
| Q1 25 | $401.0K | $-1.9M | ||
| Q4 24 | $12.4M | $-403.7K | ||
| Q3 24 | $5.6M | $625.0K | ||
| Q2 24 | $11.7M | $-2.6M | ||
| Q1 24 | $-3.4M | $-536.9K |
| Q4 25 | $-2.2M | $-1.2M | ||
| Q3 25 | $7.6M | $-969.2K | ||
| Q2 25 | $11.9M | $211.7K | ||
| Q1 25 | $-424.0K | $-2.0M | ||
| Q4 24 | $11.6M | $-421.3K | ||
| Q3 24 | $4.5M | $594.5K | ||
| Q2 24 | $10.7M | $-2.6M | ||
| Q1 24 | $-4.2M | $-608.5K |
| Q4 25 | -2.4% | -1.5% | ||
| Q3 25 | 8.8% | -0.9% | ||
| Q2 25 | 14.1% | 0.3% | ||
| Q1 25 | -0.5% | -3.4% | ||
| Q4 24 | 13.3% | -0.4% | ||
| Q3 24 | 5.4% | 1.1% | ||
| Q2 24 | 13.0% | -3.4% | ||
| Q1 24 | -5.3% | -1.2% |
| Q4 25 | 3.5% | 0.0% | ||
| Q3 25 | 3.4% | 0.0% | ||
| Q2 25 | 2.0% | 0.1% | ||
| Q1 25 | 1.0% | 0.1% | ||
| Q4 24 | 0.9% | 0.0% | ||
| Q3 24 | 1.3% | 0.1% | ||
| Q2 24 | 1.3% | 0.0% | ||
| Q1 24 | 1.0% | 0.1% |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CMRC
| Subscription And Circulation | $65.2M | 73% |
| Partner And Services | $24.4M | 27% |
IQST
| USA | $53.2M | 63% |
| Other | $29.9M | 35% |
| Switzerland | $1.1M | 1% |
