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) delivers innovative mobile platform solutions and IoT connectivity systems for global enterprises. This dedicated news hub provides investors with centralized access to official announcements, financial disclosures, and strategic developments.
Track critical updates including earnings reports, technology partnerships, and product innovations in mobile communications and smart device integration. Our curated feed ensures timely access to filings, executive statements, and market-moving developments directly from the company.
Key coverage areas include IoT platform enhancements, enterprise solution deployments, and intellectual property milestones. Bookmark this page for streamlined monitoring of BRQS's progress in enabling secure, scalable connectivity solutions across industries.
Borqs Technologies (BRQSF) has completed the sale of its core businesses to Sasken Technologies for US$40 million. The transaction includes the company's embedded software design and IoT hardware manufacturing operations, along with customers' contracts, technology licenses, IP, key personnel, and important subsidiaries.
The sale amount will be partially reserved for employees, tax withholding, and performance-based earnout arrangements for 2025. Sasken will leverage the acquisition to enhance its capabilities in designing and developing connected devices, from concept to market, including mobile phones, tablets, smartwatches, and IoT products.
Following the sale, Borqs plans to redirect its focus toward emerging opportunities in AI and capital-related ventures. The company, founded in 2007, has approximately 300 employees and maintains strategic alliances with industry leaders like Qualcomm.
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.
