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Borqs Technologies (BRQSF) delivers innovative IoT solutions and mobile platforms powering connected ecosystems worldwide. This hub provides investors and industry observers with essential updates on corporate developments, financial performance, and technological advancements.
Access real-time press releases covering earnings reports, strategic partnerships like the Sasken collaboration, product launches, and R&D milestones. Our curated collection ensures you stay informed about BRQSF's role in shaping enterprise mobility and smart device integration.
Key updates include licensing agreements, IoT platform enhancements, and market expansion initiatives. Bookmark this page for streamlined tracking of Borqs' progress in enabling secure, scalable connectivity solutions across industries.
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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