Borqs Technologies, Inc. - BRQS STOCK NEWS

Borqs Technologies (Nasdaq: BRQS) announced its entry into the two/three-wheel automotive market with the development of a smart cluster dashboard, showcased at the January 2023 CES Exhibition. This innovative unit connects to the internet via cellular networks and features functionalities like mobile telephony, vehicle diagnostics, and location services. Partnering with Faspro Systems for sales and deployment, Borqs aims to diversify its revenue streams in the growing Taiwanese market, which has 14.38 million registered motorcycles. The overall motorcycle market is projected to reach $530 billion by 2030.

Borqs Technologies, Inc. (Nasdaq: BRQS) has secured a contract with a major North American company to create an Android 5G rugged waterproof handheld device. Designed for extreme environments, this device will support various industries, including agriculture and mining, and is expected to function reliably in rain and snow. The device will incorporate a long-life 5G chipset usable until 2030 and will initially launch in North America and Europe. Borqs aims to expand its portfolio of enterprise-class rugged devices, showcasing its capabilities in IoT and 5G technologies.

Borqs Technologies, Inc. (Nasdaq: BRQS, BRQSW) reported preliminary revenues for the year ended December 31, 2022, expecting totals between $53 million to $58 million, a 79% increase from $29.6 million in 2021. This growth is driven by rising IoT sales (over 80% of total revenue) and significant contributions from its solar energy storage subsidiary, Holu Hou Energy (HHE). Borqs is negotiating to divest HHE, a top solar supplier in Hawaii, and has secured $60 million in contracts, with a pipeline nearing $500 million. The divestiture aims to enhance shareholder value and generate cash for potential acquisitions.

Borqs Technologies, Inc. (Nasdaq: BRQS) announced it must fully divest its ownership in Holu Hou Energy LLC (HHE) due to national security concerns outlined by CFIUS. HHE, a top solar energy storage supplier in Hawaii, poses potential risks because of Borqs' ties to China. Borqs is committed to a mitigation plan that includes reducing its stake from majority to minority ownership. HHE has secured around $50 million in contracts and has a pipeline approaching half a billion dollars. The divestment is expected to be a profitable transaction for Borqs’ shareholders.

Borqs Technologies, Inc. has announced its subsidiary, Holu Hou Energy, received multiple purchase orders for the HoluPower xP solar energy storage systems in California's Greater San Diego area, marking its expansion into the state. The HoluPower xP system aims to address the untapped Multi-Dwelling Unit (MDU) Residential market, leveraging its innovative EnergyShare technology. With expectations of listing the HoluPower xP with the California Energy Commission by January 2023, the company anticipates a significant market potential worth billions.

Borqs Technologies, Inc. (Nasdaq: BRQS) announced the launch of its next-generation HoluPower xP energy storage system through its subsidiary, Holu Hou Energy (HHE). This system is designed to meet the energy needs of Multi-Dwelling Units economically, utilizing its unique EnergyShare technology. The global energy storage market is expected to see a 15-fold growth by 2030, with installations reaching 411 gigawatts. HHE aims to expand its presence from Hawaii to California and other U.S. markets, positioning itself as a leader in innovative renewable energy solutions.

Borqs Technologies, Inc. (Nasdaq: BRQS) announced it received deficiency notifications from Nasdaq on October 28, 2022, regarding non-compliance with minimum bid price and market value requirements. The stock must maintain a closing bid price of at least $1.00 for a minimum of 10 consecutive trading days and achieve a market value of $35 million for the same period to regain compliance. Failure to rectify by April 26, 2023, may lead to delisting. CEO Pat Chan expressed confidence that current stock prices do not reflect the company’s true value, emphasizing the importance of a sustainable business model.

Borqs Technologies reported impressive financial results for the first half of 2022, achieving revenues of $30.1 million, a 141% year-over-year increase. The company forecasts annual revenues between $50 and $55 million, translating to a growth of over 69% compared to 2021. Borqs' gross profit reached $4.3 million, with a consistent gross margin of 14.2%. The firm's backlog stands at $50 million, driven by strong sales in IoT and its solar energy subsidiary, Holu Hou Energy. The management anticipates ongoing growth, particularly in clean energy, following the Inflation Reduction Act.

Borqs Technologies has entered the Indian electric vehicle sector by developing a Telematics Control Unit (TCU) for two and three-wheelers, showcasing it at the India Mobile Congress. The TCU offers extensive functionalities, including data connectivity and vehicle diagnostics. The Indian electric vehicle market, valued at USD 1,434.04 billion in 2021, is projected to grow to USD 15,397.19 billion by 2027, driven by rising sales of electric two-wheelers, which surged 132% in 2021. Borqs aims to leverage these trends and enhance connectivity for OEMs.