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Side-by-side financial comparison of iQSTEL Inc (IQST) and Shoals Technologies Group, Inc. (SHLS). Click either name above to swap in a different company.
Shoals Technologies Group, Inc. is the larger business by last-quarter revenue ($148.3M vs $84.2M, roughly 1.8× iQSTEL Inc). Shoals Technologies Group, Inc. runs the higher net margin — 5.5% vs -3.2%, a 8.7% gap on every dollar of revenue. On growth, Shoals Technologies Group, Inc. posted the faster year-over-year revenue change (38.6% vs -14.9%). iQSTEL Inc produced more free cash flow last quarter ($-1.2M vs $-11.3M). Over the past eight quarters, iQSTEL Inc's revenue compounded faster (28.0% CAGR vs 27.8%).
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.
Shoals Technologies Group is a leading provider of electrical balance of systems solutions for renewable energy and e-mobility. It supplies connectivity components for solar projects, energy storage systems and EV charging infrastructure, serving clients across North America, Europe and Asia-Pacific.
IQST vs SHLS — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $84.2M | $148.3M |
| Net Profit | $-2.7M | $8.1M |
| Gross Margin | 3.5% | 31.6% |
| Operating Margin | -2.9% | 11.7% |
| Net Margin | -3.2% | 5.5% |
| Revenue YoY | -14.9% | 38.6% |
| Net Profit YoY | -44.5% | 3.9% |
| EPS (diluted) | $-0.92 | $0.05 |
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 | $84.2M | $148.3M | ||
| Q3 25 | $102.9M | $135.8M | ||
| Q2 25 | $72.2M | $110.8M | ||
| Q1 25 | $57.6M | $80.4M | ||
| Q4 24 | $98.9M | $107.0M | ||
| Q3 24 | $54.2M | $102.2M | ||
| Q2 24 | $78.6M | $99.2M | ||
| Q1 24 | $51.4M | $90.8M |
| Q4 25 | $-2.7M | $8.1M | ||
| Q3 25 | $-2.3M | $11.9M | ||
| Q2 25 | $-2.3M | $13.9M | ||
| Q1 25 | $-1.1M | $-282.0K | ||
| Q4 24 | $-1.9M | $7.8M | ||
| Q3 24 | $-773.0K | $-267.0K | ||
| Q2 24 | $-2.0M | $11.8M | ||
| Q1 24 | $-580.2K | $4.8M |
| Q4 25 | 3.5% | 31.6% | ||
| Q3 25 | 2.7% | 37.0% | ||
| Q2 25 | 2.6% | 37.2% | ||
| Q1 25 | 3.4% | 35.0% | ||
| Q4 24 | 2.7% | 37.6% | ||
| Q3 24 | 3.7% | 24.8% | ||
| Q2 24 | 2.8% | 40.3% | ||
| Q1 24 | 2.7% | 40.2% |
| Q4 25 | -2.9% | 11.7% | ||
| Q3 25 | -0.5% | 13.7% | ||
| Q2 25 | -0.9% | 14.4% | ||
| Q1 25 | -1.0% | 5.4% | ||
| Q4 24 | -0.3% | 15.4% | ||
| Q3 24 | -0.1% | 4.4% | ||
| Q2 24 | -0.4% | 18.7% | ||
| Q1 24 | -0.4% | 12.8% |
| Q4 25 | -3.2% | 5.5% | ||
| Q3 25 | -2.3% | 8.7% | ||
| Q2 25 | -3.3% | 12.5% | ||
| Q1 25 | -2.0% | -0.4% | ||
| Q4 24 | -1.9% | 7.3% | ||
| Q3 24 | -1.4% | -0.3% | ||
| Q2 24 | -2.5% | 11.9% | ||
| Q1 24 | -1.1% | 5.3% |
| Q4 25 | $-0.92 | $0.05 | ||
| Q3 25 | $-0.68 | $0.07 | ||
| Q2 25 | $-0.82 | $0.08 | ||
| Q1 25 | $-0.44 | $0.00 | ||
| Q4 24 | $-1.19 | $0.04 | ||
| Q3 24 | $-0.40 | $0.00 | ||
| Q2 24 | $-0.90 | $0.07 | ||
| Q1 24 | $-0.37 | $0.03 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.2M | $7.3M |
| Total DebtLower is stronger | $4.1M | — |
| Stockholders' EquityBook value | $16.3M | $600.0M |
| Total Assets | $51.1M | $904.1M |
| Debt / EquityLower = less leverage | 0.25× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.2M | $7.3M | ||
| Q3 25 | $2.3M | $8.6M | ||
| Q2 25 | $2.0M | $4.7M | ||
| Q1 25 | $1.1M | $35.6M | ||
| Q4 24 | $2.5M | $23.5M | ||
| Q3 24 | $2.1M | $11.1M | ||
| Q2 24 | $797.2K | $3.2M | ||
| Q1 24 | $2.7M | $15.2M |
| Q4 25 | $4.1M | — | ||
| Q3 25 | $2.7M | — | ||
| Q2 25 | $4.5M | — | ||
| Q1 25 | $3.5M | $141.8M | ||
| Q4 24 | $2.5M | $141.8M | ||
| Q3 24 | $3.2M | $141.8M | ||
| Q2 24 | $2.5M | $146.8M | ||
| Q1 24 | $194.0K | $168.8M |
| Q4 25 | $16.3M | $600.0M | ||
| Q3 25 | $17.9M | $589.6M | ||
| Q2 25 | $14.3M | $575.4M | ||
| Q1 25 | $11.6M | $558.9M | ||
| Q4 24 | $11.9M | $556.8M | ||
| Q3 24 | $8.1M | $545.2M | ||
| Q2 24 | $7.6M | $544.6M | ||
| Q1 24 | $8.4M | $554.0M |
| Q4 25 | $51.1M | $904.1M | ||
| Q3 25 | $46.9M | $851.8M | ||
| Q2 25 | $51.4M | $795.0M | ||
| Q1 25 | $42.0M | $788.4M | ||
| Q4 24 | $79.0M | $793.1M | ||
| Q3 24 | $32.4M | $801.3M | ||
| Q2 24 | $30.0M | $788.4M | ||
| Q1 24 | $22.1M | $825.3M |
| Q4 25 | 0.25× | — | ||
| Q3 25 | 0.15× | — | ||
| Q2 25 | 0.31× | — | ||
| Q1 25 | 0.31× | 0.25× | ||
| Q4 24 | 0.21× | 0.25× | ||
| Q3 24 | 0.40× | 0.26× | ||
| Q2 24 | 0.34× | 0.27× | ||
| Q1 24 | 0.02× | 0.30× |
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 | $-1.2M | $-4.1M |
| Free Cash FlowOCF − Capex | $-1.2M | $-11.3M |
| FCF MarginFCF / Revenue | -1.5% | -7.6% |
| Capex IntensityCapex / Revenue | 0.0% | 4.8% |
| Cash ConversionOCF / Net Profit | — | -0.50× |
| TTM Free Cash FlowTrailing 4 quarters | $-4.0M | $-16.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-1.2M | $-4.1M | ||
| Q3 25 | $-953.0K | $19.4M | ||
| Q2 25 | $257.7K | $-13.8M | ||
| Q1 25 | $-1.9M | $15.6M | ||
| Q4 24 | $-403.7K | $14.0M | ||
| Q3 24 | $625.0K | $15.7M | ||
| Q2 24 | $-2.6M | $37.8M | ||
| Q1 24 | $-536.9K | $12.9M |
| Q4 25 | $-1.2M | $-11.3M | ||
| Q3 25 | $-969.2K | $9.0M | ||
| Q2 25 | $211.7K | $-26.0M | ||
| Q1 25 | $-2.0M | $12.3M | ||
| Q4 24 | $-421.3K | $12.5M | ||
| Q3 24 | $594.5K | $13.3M | ||
| Q2 24 | $-2.6M | $35.8M | ||
| Q1 24 | $-608.5K | $10.4M |
| Q4 25 | -1.5% | -7.6% | ||
| Q3 25 | -0.9% | 6.6% | ||
| Q2 25 | 0.3% | -23.5% | ||
| Q1 25 | -3.4% | 15.4% | ||
| Q4 24 | -0.4% | 11.6% | ||
| Q3 24 | 1.1% | 13.0% | ||
| Q2 24 | -3.4% | 36.1% | ||
| Q1 24 | -1.2% | 11.4% |
| Q4 25 | 0.0% | 4.8% | ||
| Q3 25 | 0.0% | 7.7% | ||
| Q2 25 | 0.1% | 11.0% | ||
| Q1 25 | 0.1% | 4.0% | ||
| Q4 24 | 0.0% | 1.4% | ||
| Q3 24 | 0.1% | 2.3% | ||
| Q2 24 | 0.0% | 2.0% | ||
| Q1 24 | 0.1% | 2.7% |
| Q4 25 | — | -0.50× | ||
| Q3 25 | — | 1.63× | ||
| Q2 25 | — | -1.00× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.79× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 3.21× | ||
| Q1 24 | — | 2.69× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
IQST
| USA | $53.2M | 63% |
| Other | $29.9M | 35% |
| Switzerland | $1.1M | 1% |
SHLS
| System Solutions | $122.0M | 82% |
| Components | $26.3M | 18% |
