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Side-by-side financial comparison of iQSTEL Inc (IQST) and Voyager Technologies, Inc. (VOYG). Click either name above to swap in a different company.
iQSTEL Inc is the larger business by last-quarter revenue ($84.2M vs $35.2M, roughly 2.4× Voyager Technologies, Inc.). iQSTEL Inc runs the higher net margin — -3.2% vs -130.4%, a 127.2% gap on every dollar of revenue. On growth, Voyager Technologies, Inc. posted the faster year-over-year revenue change (2.1% vs -14.9%). iQSTEL Inc produced more free cash flow last quarter ($-1.2M vs $-66.8M).
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.
IQST vs VOYG — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $84.2M | $35.2M |
| Net Profit | $-2.7M | $-45.9M |
| Gross Margin | 3.5% | -4.4% |
| Operating Margin | -2.9% | — |
| Net Margin | -3.2% | -130.4% |
| Revenue YoY | -14.9% | 2.1% |
| Net Profit YoY | -44.5% | -64.5% |
| EPS (diluted) | $-0.92 | $-0.75 |
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.
| Q1 26 | — | $35.2M | ||
| Q4 25 | $84.2M | $46.7M | ||
| Q3 25 | $102.9M | $39.6M | ||
| Q2 25 | $72.2M | $45.7M | ||
| Q1 25 | $57.6M | — | ||
| Q4 24 | $98.9M | — | ||
| Q3 24 | $54.2M | — | ||
| Q2 24 | $78.6M | — |
| Q1 26 | — | $-45.9M | ||
| Q4 25 | $-2.7M | $-33.0M | ||
| Q3 25 | $-2.3M | $-16.3M | ||
| Q2 25 | $-2.3M | $-31.4M | ||
| Q1 25 | $-1.1M | — | ||
| Q4 24 | $-1.9M | — | ||
| Q3 24 | $-773.0K | — | ||
| Q2 24 | $-2.0M | — |
| Q1 26 | — | -4.4% | ||
| Q4 25 | 3.5% | 21.4% | ||
| Q3 25 | 2.7% | 15.4% | ||
| Q2 25 | 2.6% | 18.0% | ||
| Q1 25 | 3.4% | — | ||
| Q4 24 | 2.7% | — | ||
| Q3 24 | 3.7% | — | ||
| Q2 24 | 2.8% | — |
| Q1 26 | — | — | ||
| Q4 25 | -2.9% | — | ||
| Q3 25 | -0.5% | -60.7% | ||
| Q2 25 | -0.9% | -52.8% | ||
| Q1 25 | -1.0% | — | ||
| Q4 24 | -0.3% | — | ||
| Q3 24 | -0.1% | — | ||
| Q2 24 | -0.4% | — |
| Q1 26 | — | -130.4% | ||
| Q4 25 | -3.2% | -70.7% | ||
| Q3 25 | -2.3% | -41.1% | ||
| Q2 25 | -3.3% | -68.7% | ||
| Q1 25 | -2.0% | — | ||
| Q4 24 | -1.9% | — | ||
| Q3 24 | -1.4% | — | ||
| Q2 24 | -2.5% | — |
| Q1 26 | — | $-0.75 | ||
| Q4 25 | $-0.92 | $-0.52 | ||
| Q3 25 | $-0.68 | $-0.28 | ||
| Q2 25 | $-0.82 | $-1.23 | ||
| Q1 25 | $-0.44 | — | ||
| Q4 24 | $-1.19 | — | ||
| Q3 24 | $-0.40 | — | ||
| Q2 24 | $-0.90 | — |
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 | $429.4M |
| Total DebtLower is stronger | $4.1M | — |
| Stockholders' EquityBook value | $16.3M | $404.5M |
| Total Assets | $51.1M | $1.0B |
| Debt / EquityLower = less leverage | 0.25× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $429.4M | ||
| Q4 25 | $2.2M | $491.3M | ||
| Q3 25 | $2.3M | $413.3M | ||
| Q2 25 | $2.0M | $468.9M | ||
| Q1 25 | $1.1M | — | ||
| Q4 24 | $2.5M | — | ||
| Q3 24 | $2.1M | — | ||
| Q2 24 | $797.2K | — |
| Q1 26 | — | — | ||
| 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 26 | — | $404.5M | ||
| Q4 25 | $16.3M | — | ||
| Q3 25 | $17.9M | $590.9M | ||
| Q2 25 | $14.3M | $554.7M | ||
| Q1 25 | $11.6M | — | ||
| Q4 24 | $11.9M | — | ||
| Q3 24 | $8.1M | — | ||
| Q2 24 | $7.6M | — |
| Q1 26 | — | $1.0B | ||
| Q4 25 | $51.1M | — | ||
| Q3 25 | $46.9M | $727.8M | ||
| Q2 25 | $51.4M | $685.3M | ||
| Q1 25 | $42.0M | — | ||
| Q4 24 | $79.0M | — | ||
| Q3 24 | $32.4M | — | ||
| Q2 24 | $30.0M | — |
| Q1 26 | — | — | ||
| 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× | — |
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 | $-39.7M |
| Free Cash FlowOCF − Capex | $-1.2M | $-66.8M |
| FCF MarginFCF / Revenue | -1.5% | -189.5% |
| Capex IntensityCapex / Revenue | 0.0% | — |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-4.0M | $-263.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-39.7M | ||
| Q4 25 | $-1.2M | $-60.9M | ||
| Q3 25 | $-953.0K | $-15.1M | ||
| Q2 25 | $257.7K | $-30.9M | ||
| Q1 25 | $-1.9M | — | ||
| Q4 24 | $-403.7K | — | ||
| Q3 24 | $625.0K | — | ||
| Q2 24 | $-2.6M | — |
| Q1 26 | — | $-66.8M | ||
| Q4 25 | $-1.2M | $-54.5M | ||
| Q3 25 | $-969.2K | $-53.8M | ||
| Q2 25 | $211.7K | $-88.8M | ||
| Q1 25 | $-2.0M | — | ||
| Q4 24 | $-421.3K | — | ||
| Q3 24 | $594.5K | — | ||
| Q2 24 | $-2.6M | — |
| Q1 26 | — | -189.5% | ||
| Q4 25 | -1.5% | -116.9% | ||
| Q3 25 | -0.9% | -135.8% | ||
| Q2 25 | 0.3% | -194.4% | ||
| Q1 25 | -3.4% | — | ||
| Q4 24 | -0.4% | — | ||
| Q3 24 | 1.1% | — | ||
| Q2 24 | -3.4% | — |
| Q1 26 | — | — | ||
| Q4 25 | 0.0% | — | ||
| Q3 25 | 0.0% | 97.8% | ||
| Q2 25 | 0.1% | 126.7% | ||
| Q1 25 | 0.1% | — | ||
| Q4 24 | 0.0% | — | ||
| Q3 24 | 0.1% | — | ||
| Q2 24 | 0.0% | — |
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% |
VOYG
Segment breakdown not available.
