Borqs Technologies, Inc. - BRQS STOCK NEWS

Borqs Technologies (BRQS) has secured a contract with India's largest mobile operator to develop a Linux-based laptop featuring Qualcomm chipset and cellular connectivity. This model aims to cater to growing demand, transitioning from traditional Wi-Fi only Windows laptops. The Indian PC market saw 30% YoY growth in Q3 2021, with laptops holding 81.5% market share. Borqs, which employs around 300 globally, emphasizes the strategic importance of the Indian market, particularly with the rising middle class, projected to reach 580 million by 2025.

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.