Borqs Announces Preliminary Revenue Results for 2022, Achieving over 79% YoY Growth
06 Março 2023 - 11:00AM
Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs”, or the “Company”),
a global provider of 5G wireless, Internet of Things (IoT)
solutions, and innovative clean energy, today announced its
preliminary revenue for the year ended December 31, 2022.
The company expects total revenue for the year
ended December 31, 2022 to be $53-58 million, increased by over 79%
compared to $29.6 million for the year ended December 31, 2021,
driven by increased IoT sales globally and revenues from Holu Hou
Energy (HHE), our solar energy storage system subsidiary. While the
revenue from the IoT business is expected to be more than 80% of
the total revenue, the HHE’s revenue has also increased
significantly. The company has not yet finalized its financial
results for the full year ended December 31, 2022. These
preliminary financial results reflect the company’s current
estimates, based on information available to management as of the
date of this release, and are subject to further changes upon
completion of the company’s year-end closing and audit
procedures.
As previously announced, the Company is in the
process of negotiation with the U.S. government to divest our solar
energy storage system subsidiary, Holu Hou Energy (HHE). The
agreement with the Committee on Foreign Investment in the United
States (“CFIUS”) is expected to be signed in March. HHE is
considered a top ten solar energy storage supplier in Hawaii, and
has been increasing its market share. The Company intends to divest
this subsidiary based on the terms and timing in the agreement to
be reached with CFIUS. In the meantime, the Company has been in
active discussions with potential nationally recognized investment
bankers that will be involved for the divestiture.
Since Borqs’ financial support in HHE starting
from October 2021, HHE has signed approximately $60 million in
contracts as of the date of this press release and has a growing
pipeline approaching half a billion dollars. We believe this
voluntary mitigation will enable the tremendous inherent value of
HHE to be realized and that the divestment can be a profitable
transaction for Borqs’ shareholders.
“We are overall very pleased with the revenue
results of the full year 2022, and proud of the entire Borqs team
working together and executing on our business plans in a
challenging inflationary macro environment,” said Pat Chan, CEO of
Borqs Technologies. “We will keep our shareholders informed with
the progress of Holu Hou Energy’s divestiture. The entire Borqs
management team is committed to creating shareholder value, and
will continue to focus on sustainable long term business
initiatives. We expect the divestiture of the HHE business will
generate a sizable cash position and the company will seek to use
the cash proceeds to acquire companies to increase the company’s
shareholder value.”
About Borqs Technologies,
Inc.Borqs Technologies is a global leader in software and
products for the IoT, providing customizable, differentiated and
scalable Android-based smart connected devices and cloud service
solutions. Borqs has achieved leadership and customer recognition
as an innovative end-to-end IoT solutions provider leveraging its
strategic chipset partner relationships as well as its broad
software and IP portfolio. Borqs’ unique strengths include its
Android and Android Wear Licenses which enabled the Company to
develop a software IP library covering chipset software, Android
enhancements, domain specific usage and system performance
optimization, suitable for large and low volume customized
products, and is also currently in development of 5G products for
phones and hotspots. The Company acquired controlling shares of the
solar energy storage system entity, Holu Hou Energy LLC, in October
2021.
About Holu Hou Energy, LLC
Holu Hou Energy, LLC, a Delaware Corporation,
brings state-of-the-art renewable energy and energy storage systems
to the Single-Family Residential, Multi-Dwelling Unit Residential
and Commercial building markets. With operations in California,
Hawaii, Wisconsin and Shanghai, HHE engineers proprietary storage
system and control platform solutions, including a breakthrough
“HHE Energy Share” technology that is key to development of the
Multi-Dwelling Unit Residential housing market. HHE is a vital
partner for investors and asset owners that are seeking ESG
solutions. For more information, visit www.holuhou.com.
Forward-Looking Statements and
Additional InformationThis press release includes
“forward-looking statements” that involve risks and uncertainties
that could cause actual results to differ materially from what is
expected. Words such as “forecasts”, “expects”, “believes”,
“anticipates”, “intends”, “estimates”, “predicts”, “seeks”, “may”,
“might”, “plan”, “possible”, “should”, “estimates” and variations
and similar words and expressions are intended to identify such
forward-looking statements, but the absence of these words does not
mean that a statement is not forward-looking. Such forward-looking
statements relate to future events or future results, based on
currently available information and reflect our management’s
current beliefs. Many factors could cause actual events or results
to differ materially from the events and results discussed in the
forward-looking statements, including the possibility that the
positive financial results from business activities as described
herein may not be reached or at all, and the negative impact of the
COVID-19 pandemic on the Company’s supply chain, revenues and
overall results of operations, so the reader is advised to refer to
the Risk Factors sections of the Company’s filings with the
Securities and Exchange Commission for additional information
identifying important factors that could cause actual results to
differ materially from those anticipated in the forward-looking
statements. Except as expressly required by applicable securities
law, the Company disclaims any obligation to update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Investor Contact:Sandra DouVice President of Corporate
FinanceBorqs Technologies, Inc.IR@borqs.comwww.borqs.com
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