Borqs Technologies Expects to Report $31M-$35M Revenue for 2021, up to 30% Growth, Anticipating Significant Revenue Growth for 2022
January 26 2022 - 9:30AM
Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs”, or the “Company”),
a global provider of 5G wireless solutions, Internet of Things
(IoT) solutions, and innovative clean energy, with operations in
the US, India and China, today announced the Company expects to
report revenue of between $31 million to $35 million for the fiscal
year ended December 31, 2021, with more than 85% of revenues
generated from US, European, and Indian customers. This represents
revenue growth of up to 30% from the $26.8 million revenue reported
in fiscal year 2020.
In the meantime, the Company anticipates
significant revenue growth for the fiscal year 2022 from both its
core operations, that expects to generate between $45 million and
$55 million in revenue, and its recently acquired innovative clean
energy business, Holu Hou Energy LLC (“HHE”), which expects to
contribute between $40 million to $50 million in contract value in
2022, its first full year of financial consolidation with
Borqs.
The Company’s main product segments include:
- For wireless and IoT solutions,
Borqs provides customized software and hardware solutions to
international customers, primarily in the US, Europe, India, and
China, including specialized phones, handheld computer products,
IoT devices, and point-of-sale (POS) machines.
- For innovative clean energy
products, the Company currently supplies solar and lithium
battery-based energy storage solutions through HHE to the Hawaiian
market, with plans to enter into the continental US market in
2022.
The Company currently employs approximately 300
staff worldwide, with 73% in India, 7% in the US, and 20% in China
and other markets. Borqs anticipates expanding staffing in the US
in 2022 as it capitalizes on new opportunities to expand its energy
storage solutions in the US.
“We have built a strong foundation to capture
exciting growth opportunities across multiple large, global market
opportunities,” commented Anthony Chan, Executive Director of
Finance and US Operations. “As a proven solutions provider with
rapidly expanding operations in attractive markets globally, Borqs
is ideally positioned for strong revenue growth in 2022 and beyond.
Furthermore, with a PCAOB registered US-based auditor in place,
investors should have full confidence in accuracy of the numbers we
report.”
The above forecasts are based on management’s
current expectations and are subject to uncertainties and changes
in circumstances. Actual results may differ materially from those
included in these forecasts due to a variety of factors. See
“Forward-Looking Statements and Additional Information” below.
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. The Company is also currently in development of 5G
products for phones and hotspots.
Borqs recently acquired controlling interests in
Holu Hou Energy LLC, a solar energy storage systems company in the
U.S.
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
revenues 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.sandra.dou@borqs.net
www.borqs.com
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