BRQSW - BRQSW STOCK NEWS

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.

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.