Welcome to our dedicated page for Borqs Technologies news (Ticker: BRQS), a resource for investors and traders seeking the latest updates and insights on Borqs Technologies stock.
Borqs Technologies, Inc. (Nasdaq: BRQS) is a leading global provider in the Internet of Things (IoT) and 5G solutions space. The company specializes in creating customizable, differentiated, and scalable Android-based smart connected devices and cloud service solutions. Leveraging its strategic partnerships with major chipset manufacturers and its extensive software and intellectual property (IP) portfolio, Borqs is recognized as an innovative end-to-end IoT solutions provider.
Borqs' unique Android Licenses allow it to develop a comprehensive software IP library that enhances chipset software, domain-specific usage, and system performance optimization. This library supports both large-scale and low-volume customized products. Currently, Borqs is working on developing 5G products for phones and hotspots, further solidifying its position in the market.
The company has achieved significant milestones, including multiple non-binding indications of interest for its stake in Holu Hou Energy LLC (HHE). Selected potential buyers are now participating in the second round of due diligence and negotiations for the complete divestment of Borqs' interest in HHE.
Financially, Borqs continues to strengthen its position through various strategic initiatives and partnerships. Despite challenges in the international business environment that may impact the supply chain, Borqs remains focused on delivering positive financial results.
For the latest updates and more detailed information, you can contact Sandra Dou, Vice President of Corporate Finance, at IR@borqs.com or visit their website at www.borqs.com.
Borqs Technologies (BRQSF) reported strong financial results for H1 2024, with total revenues reaching $16.77 million, up 11.9% from H1 2023's $14.99 million. The company's gross margin improved to 20.2% from 19.4%, while operating expenses decreased significantly by 41% to $7.08 million.
The company achieved a remarkable turnaround, posting a net income of $15.02 million compared to a loss of $28.80 million in H1 2023. This improvement was driven by strong performances in both software and hardware segments, operational efficiency gains, and strategic initiatives including the sale of its solar subsidiary interests.
Borqs Technologies (BRQSF) has announced plans to sell its hardware and software business to Sasken Technologies for up to $40 million by the end of 2024. The deal includes earn-outs linked to performance in 2024 and 2025. This strategic move will result in a debt-free capital structure for Borqs. The company currently has 28.97 million outstanding shares, with 16.47 million in public float and no outstanding options or warrants. Post-transaction, Borqs plans to minimize administrative overhead and may consider share buybacks. The company aims to utilize the proceeds to invest in AI and blockchain technologies or acquire new businesses.
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