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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 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.
Borqs Technologies, Inc. (Nasdaq: BRQS) announced its solar energy storage subsidiary, Holu Hou Energy LLC (HHE), has signed a power purchase agreement with Kapolei Diversified Properties for the Luhauola mixed-use development in Hawaii. The project includes 200KW of solar PV and 500KWh of energy storage, valued at several million dollars, set for completion in 2023. Additionally, HHE's recent agreements, including a $20 million deal to support Honokea Villages' ecological facility, contribute to a total of $49.8 million in signed contracts in 2022. Hawaii's reliance on petroleum raises electricity costs significantly.
Borqs Technologies (Nasdaq: BRQS) announced revised licensing agreements with a leading mobile chipset vendor, enhancing its 5G ecosystem in India. The company has shipped over 10 million wireless devices in the region, with the expected launch of 5G services by March 2023. India's 5G user base is projected to reach 500 million by 2027, providing significant market opportunities. Borqs emphasizes the strategic importance of the Indian market, contributing major revenue alongside the U.S. market. The company is also developing solar energy storage systems to expand its clean energy portfolio.
Borqs Technologies, Inc. (Nasdaq: BRQS) announced a $2.5M contract through its solar energy subsidiary, Holu Hou Energy LLC, for a renewable energy and storage system at the Mahana residential property in Barbers Point. The project expands the solar capacity to around 640kW and includes 1.1 MWh of energy storage, participating in Hawaii's Battery Bonus Program. The installation is backed by a 20-year power purchase agreement sold to a third-party investor, enhancing Borqs' position in the renewable energy market.
Borqs Technologies, Inc. (BRQS) has announced a significant agreement through its subsidiary Holu Hou Energy LLC to deliver a renewable energy generation and storage system to Honokea Villages. This project will provide over 3 MW of photovoltaic power and over 4 MWh of energy storage, sufficient to fully power the facility's operations. Estimated at nearly $20 million, the construction is set to commence in 2023 under a 20-year power purchase agreement. This contract is part of the $49.8 million in signed contracts disclosed for Q2 2022.
Borqs Technologies, Inc. (BRQS) announced it has regained compliance with Nasdaq Listing Rule 5550(a)(2) following a letter dated July 12, 2022. The company’s common stock maintained a closing bid price of $1.00 or greater for 10 consecutive business days from June 27 to July 11, 2022. Borqs, a global provider of 5G, IoT solutions, and clean energy products, operates in the U.S., India, and China.
Borqs Technologies, Inc. (Nasdaq: BRQS) announced that its majority-owned subsidiary, Holu Hou Energy LLC (HHE), was featured in a New York Times article highlighting Hawaii's shift towards solar energy to combat high electricity costs. The average peak hour electricity price in Hawaii increased by 42.4% over the past 18 months, prompting residents to invest in solar systems. CEO Pat Chan noted that HHE's products are providing economic benefits and cleaner energy in Hawaii, with plans to expand into California amidst expectations of market growth.
Borqs Technologies, Inc. (Nasdaq: BRQS) announced its subsidiary, Holu Hou Energy LLC, has secured contracts for nine solar plus energy storage projects in Hawaii, totaling $49.8 million. Eight projects are on Oahu, with implementation starting in Q3 2022. The company aims to exceed $140 million in contracts this year, enhancing its competitive edge with proprietary Energy Share technology, which delivers 25% more energy with 50% fewer batteries. CEO Pat Chan expresses optimism about further expansion in Hawaii and California.
Borqs Technologies, Inc. (Nasdaq: BRQS) recently announced that its majority-owned subsidiary, Holu Hou Energy LLC (HHE), will present at the Cantor Fitzgerald Technology ESG Conference from June 27-29, 2022. HHE aims to address the Multi-Dwelling Unit Property Market barriers with its innovative solar energy storage solutions. Key highlights include over $28 million in executed contracts for installations in the second half of 2022 and a forecast of over $100 million to be signed in Q3 2022, with pipeline opportunities exceeding $350 million for the next 36 months.
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