The number IQSTEL Inc. (NASDAQ: IQST) put on the tape was $207 million in preliminary first-half 2026 net revenue, approximately 59% above the $130 million the New York-based multinational reported for the same period in 2025. The case for the shares rests on that trajectory. What complicates it is the EBITDA line: the company is guiding to a run rate exceeding $8 million against a revenue base it says is heading past half a billion dollars annually.
What the headline figures mean
IQSTEL released the preliminary figures on July 16, 2026. The framing is explicit: the company says the results position it to surpass a half-billion-dollar annual revenue run rate. To close that gap from $207 million in the first half, second-half revenue would need to come in above the first-half total. The company is presenting that as the expected path.
The margin read-through
The $8 million EBITDA run rate target is the number that sits awkwardly next to the revenue headline. Against a revenue base heading toward half a billion dollars, $8 million in EBITDA represents a thin conversion ratio. The risk is that a business growing at approximately 59% year-over-year is doing so at a cost structure that has not yet translated into EBITDA in proportion to the top-line expansion. The preliminary disclosure does not provide a margin percentage.
The counterargument
Growth investors will point to the revenue pace itself. Moving from $130 million to $207 million in first-half net revenue in a single year is a meaningful step. The counterargument holds that EBITDA margins can improve as the revenue base scales, and that the current ratio reflects investment-stage spending rather than a structural ceiling. That reading is defensible. It requires the margin to actually move.
On balance
The line to watch is not the $207 million. It is whether IQSTEL's second-half results confirm the half-billion run rate and whether the EBITDA figure closes ground relative to revenue. The preliminary designation also means the first-half number could be revised before it is finalized. First-half 2025 net revenue was $130 million.