Welcome to our dedicated page for Borqs Technologi news (Ticker: BRQSF), a resource for investors and traders seeking the latest updates and insights on Borqs Technologi stock.
Borqs Technologies, Inc. (BRQSF) is a technology company in the Software – Infrastructure industry that has reported significant corporate and strategic developments through its news releases. Historically a global provider of embedded software and products for the Internet of Things (IoT), Borqs has issued updates on its operating performance, capital structure changes and major transactions.
News about Borqs has included financial results, such as half-year 2024 performance with revenues reported from both software and hardware segments, and commentary on operational efficiency and capital structure. These announcements provide insight into how the company’s software and hardware activities have contributed to its financial results and how strategic actions, including the disposal of subsidiary interests, have affected net income.
A central theme in recent Borqs news is the sale of its core hardware and software business to Sasken Technologies. The company has reported the intent to sell, followed by the completion of the transaction, detailing that the sale covered embedded software design, customized IoT hardware manufacturing, customer contracts, technology licenses, intellectual property, key personnel employment agreements and certain subsidiaries. Related news from Sasken has described how Borqs’ capabilities will be used to design, develop and commercialize connected devices such as mobile phones, tablets, smartwatches and various IoT products.
Other Borqs announcements have focused on capital structure, including plans for a clean and debt-free balance sheet, the absence of dilutive instruments, and potential investment in high-growth opportunities in AI and blockchain technologies. Readers following BRQSF news can use this page to review company-issued updates on financial performance, strategic transactions, governance changes and the company’s stated post-transaction investment focus.
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.
Sasken Technologies announced its intent to acquire Borqs Technologies' hardware and software services business for up to USD $40 million. The acquisition, aligned with Sasken's 60x4x3 strategy, will enhance their capabilities in designing and developing connected devices from concept to market. Sasken will assume control of Borqs' operations and assets without associated liabilities. Borqs, founded in 2007, brings nearly 300 employees and strategic alliances with industry leaders like Qualcomm. The deal is expected to complete by end of 2024, strengthening Sasken's position in IoT and 5G markets.
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