“9:00a ET 10/21/2022 - Globe Newswire
Borqs Announces Financial Results for the First Half of 2022
GlobeNewswireOctober 21, 2022
Revenues for the first half 2022 reached $30.1 million, 141% Year-Over-Year (YOY) growth.
Revenue forecast for 2022 is $50-55 million, YOY growth of over 69%
Backlog currently stands at $50 million for Holu Hou Energy, LLC (HHE), a majority-owned solar & energy storage system subsidiary.
SANTA CLARA, Calif., Oct. 21, 2022 (GLOBE NEWSWIRE) -- 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 financial results for the six months ended June 30, 2022.
Key Financial Results:
Revenue for the 6 months ended June 30, 2022 increased by 141% to $30.1 million compared to $12.5 million for the 6 months ended June 30, 2021, driven by increased IoT sales globally and revenues of $3.9 million from Holu Hou Energy (HHE), our majority-owned solar & energy storage system subsidiary.
Gross profit for the 6 months ended June 30, 2022 increased to $4.3 million compared to a gross profit of $1.8 million for the 6 months ended June 30, 2021. Gross margin was 14.2% for the 6 months ended June 30, 2022, flat as compared to the prior year.
U.S.-headquartered customers contributed 71.1% of total revenue, while Europe represented 14.3%, India represented 13.8% and the balance of the world represented 0.9%.
Cash balance of $18.4 million
"We are very pleased with the results of the first half and proud of the entire Borqs team who are executing on our business plans, while addressing customers' needs in a challenging macro environment. We forecast the 2022 yearly revenue to be $50-55 million, year-over-year growth of over 69%, compared to revenue of $29.6 million for 2021," stated Pat Chan, CEO of Borqs Technologies. "It has also been exciting to see our Holu Hou Energy subsidiary's progress as it has been completing solar plus energy storage projects during the first half of year in the state of Hawaii. While we continue to grow our IoT business segment, we are also very excited about the outlook of our solar and energy storage business, given the fact that only 4% of the 77 million addressable homes in the U.S. have solar in the wake of higher demand for cleaner energy. By the first half of 2022, we have achieved more than $50M backlog of orders. We anticipate the backlog will continue to grow in the second half of this year."
Chan concluded, "Finally, we applaud the passing of the Inflation Reduction Act which will significantly stimulate the growth within the entire clean energy sector and beyond. Borqs plans to capitalize by providing sustainable and affordable energy to our customers in the U.S. and remains excited about the projects in the pipeline for the second half of the year in both States of Hawaii and California. We are very optimistic about the growth potential both in the U.S. and across world in the years to come."”
my posts are always theory and not financial advice
