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Side-by-side financial comparison of DULUTH HOLDINGS INC. (DLTH) and iQSTEL Inc (IQST). Click either name above to swap in a different company.
DULUTH HOLDINGS INC. is the larger business by last-quarter revenue ($114.9M vs $84.2M, roughly 1.4× iQSTEL Inc). iQSTEL Inc runs the higher net margin — -3.2% vs -8.8%, a 5.6% gap on every dollar of revenue. On growth, DULUTH HOLDINGS INC. posted the faster year-over-year revenue change (-9.6% vs -14.9%). iQSTEL Inc produced more free cash flow last quarter ($-1.2M vs $-8.9M). Over the past eight quarters, iQSTEL Inc's revenue compounded faster (28.0% CAGR vs -31.6%).
Duluth Holdings Inc., which primarily sells goods through its Duluth Trading Company brand, is an American workwear and accessories company.
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.
DLTH vs IQST — Head-to-Head
Income Statement — Q3 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $114.9M | $84.2M |
| Net Profit | $-10.1M | $-2.7M |
| Gross Margin | 53.8% | 3.5% |
| Operating Margin | -7.7% | -2.9% |
| Net Margin | -8.8% | -3.2% |
| Revenue YoY | -9.6% | -14.9% |
| Net Profit YoY | 64.6% | -44.5% |
| EPS (diluted) | $-0.29 | $-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 | $114.9M | $84.2M | ||
| Q3 25 | $131.7M | $102.9M | ||
| Q2 25 | $102.7M | $72.2M | ||
| Q1 25 | $241.3M | $57.6M | ||
| Q4 24 | $127.1M | $98.9M | ||
| Q3 24 | $141.6M | $54.2M | ||
| Q2 24 | $116.7M | $78.6M | ||
| Q1 24 | $245.6M | $51.4M |
| Q4 25 | $-10.1M | $-2.7M | ||
| Q3 25 | $1.3M | $-2.3M | ||
| Q2 25 | $-15.3M | $-2.3M | ||
| Q1 25 | $-5.6M | $-1.1M | ||
| Q4 24 | $-28.2M | $-1.9M | ||
| Q3 24 | $-2.0M | $-773.0K | ||
| Q2 24 | $-7.9M | $-2.0M | ||
| Q1 24 | $6.4M | $-580.2K |
| Q4 25 | 53.8% | 3.5% | ||
| Q3 25 | 54.7% | 2.7% | ||
| Q2 25 | 52.0% | 2.6% | ||
| Q1 25 | 44.1% | 3.4% | ||
| Q4 24 | 52.3% | 2.7% | ||
| Q3 24 | 52.3% | 3.7% | ||
| Q2 24 | 52.8% | 2.8% | ||
| Q1 24 | 48.2% | 2.7% |
| Q4 25 | -7.7% | -2.9% | ||
| Q3 25 | 1.8% | -0.5% | ||
| Q2 25 | -12.0% | -0.9% | ||
| Q1 25 | -1.8% | -1.0% | ||
| Q4 24 | -17.4% | -0.3% | ||
| Q3 24 | -1.1% | -0.1% | ||
| Q2 24 | -7.7% | -0.4% | ||
| Q1 24 | 3.6% | -0.4% |
| Q4 25 | -8.8% | -3.2% | ||
| Q3 25 | 1.0% | -2.3% | ||
| Q2 25 | -14.9% | -3.3% | ||
| Q1 25 | -2.3% | -2.0% | ||
| Q4 24 | -22.2% | -1.9% | ||
| Q3 24 | -1.4% | -1.4% | ||
| Q2 24 | -6.7% | -2.5% | ||
| Q1 24 | 2.6% | -1.1% |
| Q4 25 | $-0.29 | $-0.92 | ||
| Q3 25 | $0.04 | $-0.68 | ||
| Q2 25 | $-0.45 | $-0.82 | ||
| Q1 25 | $-0.17 | $-0.44 | ||
| Q4 24 | $-0.84 | $-1.19 | ||
| Q3 24 | $-0.06 | $-0.40 | ||
| Q2 24 | $-0.24 | $-0.90 | ||
| Q1 24 | $0.20 | $-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 | $8.2M | $2.2M |
| Total DebtLower is stronger | — | $4.1M |
| Stockholders' EquityBook value | $160.6M | $16.3M |
| Total Assets | $468.0M | $51.1M |
| Debt / EquityLower = less leverage | — | 0.25× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $8.2M | $2.2M | ||
| Q3 25 | $5.7M | $2.3M | ||
| Q2 25 | $8.6M | $2.0M | ||
| Q1 25 | $3.3M | $1.1M | ||
| Q4 24 | $9.3M | $2.5M | ||
| Q3 24 | $9.8M | $2.1M | ||
| Q2 24 | $6.8M | $797.2K | ||
| Q1 24 | $32.2M | $2.7M |
| Q4 25 | — | $4.1M | ||
| Q3 25 | — | $2.7M | ||
| Q2 25 | — | $4.5M | ||
| Q1 25 | — | $3.5M | ||
| Q4 24 | — | $2.5M | ||
| Q3 24 | — | $3.2M | ||
| Q2 24 | — | $2.5M | ||
| Q1 24 | — | $194.0K |
| Q4 25 | $160.6M | $16.3M | ||
| Q3 25 | $170.0M | $17.9M | ||
| Q2 25 | $167.9M | $14.3M | ||
| Q1 25 | $182.7M | $11.6M | ||
| Q4 24 | $188.1M | $11.9M | ||
| Q3 24 | $215.7M | $8.1M | ||
| Q2 24 | $218.4M | $7.6M | ||
| Q1 24 | $222.8M | $8.4M |
| Q4 25 | $468.0M | $51.1M | ||
| Q3 25 | $433.8M | $46.9M | ||
| Q2 25 | $463.7M | $51.4M | ||
| Q1 25 | $452.4M | $42.0M | ||
| Q4 24 | $533.1M | $79.0M | ||
| Q3 24 | $488.6M | $32.4M | ||
| Q2 24 | $471.4M | $30.0M | ||
| Q1 24 | $491.2M | $22.1M |
| Q4 25 | — | 0.25× | ||
| Q3 25 | — | 0.15× | ||
| Q2 25 | — | 0.31× | ||
| Q1 25 | — | 0.31× | ||
| Q4 24 | — | 0.21× | ||
| Q3 24 | — | 0.40× | ||
| Q2 24 | — | 0.34× | ||
| Q1 24 | — | 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 | $-6.7M | $-1.2M |
| Free Cash FlowOCF − Capex | $-8.9M | $-1.2M |
| FCF MarginFCF / Revenue | -7.8% | -1.5% |
| Capex IntensityCapex / Revenue | 2.0% | 0.0% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $1.7M | $-4.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-6.7M | $-1.2M | ||
| Q3 25 | $32.0M | $-953.0K | ||
| Q2 25 | $-56.5M | $257.7K | ||
| Q1 25 | $41.2M | $-1.9M | ||
| Q4 24 | $-41.1M | $-403.7K | ||
| Q3 24 | $16.6M | $625.0K | ||
| Q2 24 | $-33.7M | $-2.6M | ||
| Q1 24 | $69.7M | $-536.9K |
| Q4 25 | $-8.9M | $-1.2M | ||
| Q3 25 | $29.8M | $-969.2K | ||
| Q2 25 | $-57.8M | $211.7K | ||
| Q1 25 | $38.7M | $-2.0M | ||
| Q4 24 | $-43.7M | $-421.3K | ||
| Q3 24 | $15.0M | $594.5K | ||
| Q2 24 | $-35.2M | $-2.6M | ||
| Q1 24 | $60.6M | $-608.5K |
| Q4 25 | -7.8% | -1.5% | ||
| Q3 25 | 22.6% | -0.9% | ||
| Q2 25 | -56.3% | 0.3% | ||
| Q1 25 | 16.0% | -3.4% | ||
| Q4 24 | -34.4% | -0.4% | ||
| Q3 24 | 10.6% | 1.1% | ||
| Q2 24 | -30.2% | -3.4% | ||
| Q1 24 | 24.7% | -1.2% |
| Q4 25 | 2.0% | 0.0% | ||
| Q3 25 | 1.7% | 0.0% | ||
| Q2 25 | 1.3% | 0.1% | ||
| Q1 25 | 1.0% | 0.1% | ||
| Q4 24 | 2.1% | 0.0% | ||
| Q3 24 | 1.2% | 0.1% | ||
| Q2 24 | 1.3% | 0.0% | ||
| Q1 24 | 3.7% | 0.1% |
| Q4 25 | — | — | ||
| Q3 25 | 25.40× | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 10.86× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
DLTH
| Sales Channel Directly To Consumer | $67.4M | 59% |
| Sales Channel Through Intermediary | $47.4M | 41% |
IQST
| USA | $53.2M | 63% |
| Other | $29.9M | 35% |
| Switzerland | $1.1M | 1% |
