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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, Inc. (Nasdaq: BRQS) has received a notice from Nasdaq confirming eligibility for an additional 180 days to comply with the $1 bid price requirement until August 15, 2022. The company intends to address this deficiency, potentially through a reverse stock split. To regain compliance, Borqs must maintain a closing bid price of at least $1 for 10 consecutive business days during this period.
Borqs Technologies, Inc. (Nasdaq: BRQS) announced significant updates on its business operations. The company’s manufacturing line in Huzhou, China, is now operational with a capacity of 100,000 units per month, focusing on smart control devices for U.S. utility companies, vital for smart city energy savings. Borqs has received $15 million in purchase orders from a Fortune 500 company, completing 20% of this order by year-end 2021, with the rest expected in the first half of 2022. Additionally, Holu Hou Energy has launched a pilot solar project in Hawaii while evaluating further opportunities in the continental U.S.
Borqs Technologies (Nasdaq: BRQS) announced projected revenues of $31M to $35M for FY 2021, indicating a 30% growth compared to $26.8M in 2020. The growth is largely driven by customers in the US, Europe, and India. For FY 2022, Borqs expects revenues of $45M to $55M from its core operations, alongside an anticipated contribution of $40M to $50M from its clean energy subsidiary, Holu Hou Energy LLC. The company operates primarily in the wireless and IoT sectors and is poised for further expansion in the US market.
Borqs Technologies, Inc. (Nasdaq: BRQS) announced that Executive Director of Finance & US Operations, Anthony Chan, will be featured on The RedChip Money Report on Bloomberg TV, airing January 22 at 7 PM ET. The segment aims to provide insights into small-cap investing and features interviews with public company executives. Borqs is recognized for its IoT solutions and has recently acquired a solar energy storage company in the U.S. This interview will be accessible on Bloomberg TV, which reaches approximately 73 million homes across the U.S.
Borqs Technologies, Inc. (Nasdaq: BRQS) announced shipping over $3 million worth of mobile point-of-sale (POS) devices to a major mobile operator in India. The devices comply with local payment certifications and are tailored for the Indian market. With 73% of its 300 global employees based in India, Borqs views this region as critical for growth, fueled by rising consumer spending and a growing middle class, projected to reach 580 million by 2025. The company is also developing 5G products and has acquired a solar energy storage systems firm in the U.S.
Borqs Technologies (Nasdaq: BRQS) has established a five-year Strategic Cooperation Agreement with Cheyin Intelligent Technologies to enhance the smart digital cockpit market. This partnership focuses on developing products based on Qualcomm's automotive solutions, including In-Vehicle-Infotainment and intelligent cockpit systems. Cheyin has collaborated with major auto manufacturers, serving over 10 million vehicles. The collaboration aims to capitalize on the growing demand for electric vehicles as the automotive industry becomes increasingly software-centric.
Borqs Technologies (Nasdaq: BRQS) announced that its independent audit firm, YU Certified Public Accountant P.C., is licensed in New York and compliant with PCAOB regulations. This compliance alleviates concerns about the Holding Foreign Companies Accountable Act (HFCAA), which targets firms unable to provide audit access. The SEC's finalized rules require documentation from issuers with foreign auditors, but Borqs does not expect to face penalties under HFCAA due to its audit firm's location. Additionally, Borqs has enhanced its portfolio with a recent acquisition in solar energy storage.
Borqs Technologies, Inc. (NASDAQ: BRQS) announced that its subsidiary, Borqs Hong Kong Limited, received $15 million in purchase orders from a Fortune 500 company, representing a 50% increase from previous forecasts. The orders include multiple models of enterprise Android-based handheld computers for markets in the U.S., EU, and Asia. Volume production has started, with 10% of orders already shipped. The company anticipates delivering up to 20% by year-end, contingent on component availability, while the majority is expected in the first half of 2022.
Borqs Technologies (BRQS) announced that its subsidiary, Borqs Hong Kong Limited, has received land use rights for 1.4 million sq. ft. in Huzhou, China, valued at $10.5 million. The project will be developed in two phases, focusing first on IoT and 5G technologies, with construction set to begin in 2022 and conclude by the end of 2023. The total project is expected to cost $125 million, aiming to align with macroeconomic trends in connected solutions and a zero carbon economy.
Borqs Technologies announced the successful installation of a solar plus storage technology system at the Koa’e Makani Workforce Housing Project in Kaua’i, Hawaii. The project, executed by its subsidiary Holu Hou Energy LLC (HHE), serves 134 residential units under a 20-year Power Purchase Agreement (PPA). This innovative energy delivery system marks a significant milestone in renewable energy deployment for multi-dwelling units, aiming to enhance electricity accessibility and affordability in Hawaii's housing market.
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