---
schema_version: "secwatch.filing_event.v1"
accession: "0001663577-24-000108"
form_type: "8-K"
ticker: "IQST"
cik: "0001527702"
company_name: "iQSTEL Inc"
filed_at: "2024-04-12T23:59:59+00:00"
generated_at: "2026-06-03T23:21:52.600637+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# iQSTEL closes QXTEL acquisition; Q1 revenue exceeds $50M record

## Summary
- Closed 51% acquisition of QXTEL on April 1; QXTEL adds ~$20M/quarter revenue and ~$1M/quarter gross profit.
- Q1 FY2024 preliminary revenue exceeds $50M (record), excluding QXTEL; profitability trend from Q3 FY2023 continues.
- Post-acquisition total assets ~$39M (+54%); stockholder equity >$9M (+15%), nearly double Nasdaq minimum.
- QXTEL management stays; Tolga Alemdar remains CEO; iQSTEL targets $0.5M quarterly operating income by end of 2024.
- Expects record Q2 FY2024 results with first-time QXTEL contribution to revenue, gross profit, operating income, net income.

## SEC filing metadata
- accession: 0001663577-24-000108
- form_type: 8-K
- ticker: IQST
- cik: 0001527702
- company_name: iQSTEL Inc
- filed_at: 2024-04-12T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 2.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1527702/000166357724000108/0001663577-24-000108-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1527702/000166357724000108/iqst8k040424.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001663577-24-000108
- JSON: https://secwatch.observer/filing/0001663577-24-000108.json
- Plain text: https://secwatch.observer/filing/0001663577-24-000108.txt

## Key facts
- Earnings Releases
  iQSTEL Inc reported FY-2024 Q1 results: revenue exceeds $50 million.
  - Period: FY-2024 Q1
  - Revenue: exceeds $50 million
  - Result: preliminary results
  source text: the company’s FY-2024 Q1 record breaking revenue exceeds $50 million based on preliminary accounting
  evidence_url: https://www.sec.gov/Archives/edgar/data/1527702/000166357724000108/0001663577-24-000108-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.