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Stay informed with the latest news and press releases from Borqs Technologies Inc (BRQS), a technology company specializing in Android-based smart connected devices and Internet of Things (IoT) solutions. This news feed aggregates official company announcements, regulatory filings, and market-moving developments related to Borqs Technologies' business operations, strategic partnerships, and corporate activities.
Borqs Technologies operates through its proprietary BorqsWare software platform, providing customizable Android solutions for wearables, smartwatches, connected trackers, and industrial IoT applications. The company serves mobile chipset manufacturers, original equipment manufacturers, telecommunications carriers, and enterprise customers across global markets. News coverage on this page encompasses product announcements, partnership developments, technology advancements, and operational updates relevant to shareholders and market participants.
As a foreign private issuer incorporated in the British Virgin Islands with operations spanning Hong Kong, China, India, and the United States, Borqs Technologies files Form 6-K current reports and Form 20-F annual reports with the U.S. Securities and Exchange Commission. These regulatory filings, along with press releases and corporate communications, are aggregated on this page to provide comprehensive coverage of material developments affecting the company.
Bookmark this page to monitor Borqs Technologies news including updates on the BorqsWare platform, connected device initiatives, customer relationships with major OEMs and carriers, strategic transactions, and other corporate developments. The news feed is updated automatically as new announcements become available, ensuring timely access to information for investment research and due diligence purposes.
Borqs Technologies (BRQSF) has completed the sale of its core businesses to Sasken Technologies for US$40 million. The transaction includes the company's embedded software design and IoT hardware manufacturing operations, along with customers' contracts, technology licenses, IP, key personnel, and important subsidiaries.
The sale amount will be partially reserved for employees, tax withholding, and performance-based earnout arrangements for 2025. Sasken will leverage the acquisition to enhance its capabilities in designing and developing connected devices, from concept to market, including mobile phones, tablets, smartwatches, and IoT products.
Following the sale, Borqs plans to redirect its focus toward emerging opportunities in AI and capital-related ventures. The company, founded in 2007, has approximately 300 employees and maintains strategic alliances with industry leaders like Qualcomm.
Borqs Technologies (BRQSF) reported strong financial results for H1 2024, with total revenues reaching $16.77 million, up 11.9% from H1 2023's $14.99 million. The company's gross margin improved to 20.2% from 19.4%, while operating expenses decreased significantly by 41% to $7.08 million.
The company achieved a remarkable turnaround, posting a net income of $15.02 million compared to a loss of $28.80 million in H1 2023. This improvement was driven by strong performances in both software and hardware segments, operational efficiency gains, and strategic initiatives including the sale of its solar subsidiary interests.
Borqs Technologies (BRQSF) has announced plans to sell its hardware and software business to Sasken Technologies for up to $40 million by the end of 2024. The deal includes earn-outs linked to performance in 2024 and 2025. This strategic move will result in a debt-free capital structure for Borqs. The company currently has 28.97 million outstanding shares, with 16.47 million in public float and no outstanding options or warrants. Post-transaction, Borqs plans to minimize administrative overhead and may consider share buybacks. The company aims to utilize the proceeds to invest in AI and blockchain technologies or acquire new businesses.
