Iran’s men had started the competition with a 64-60 win over China but lost to Japan and Australia 71-51 and 78-55 respectively in its following matches.
Iran will play host Thailand tomorrow.
The Iranian women team, who had defeated Cambodia 40-22 in its opening match, beat India 43-13 on Monday.
It will meet Thailand on Tuesday.
The competition has four spots available for men and three for women at Tokyo 2020, with one spot in each already allocated to Japan as the host nation.
The games have brought 14 men’s teams and eight women’s teams together.