Borqs Technologies Inc
borqs.comWhat Do They Do?
Operates as a holding company with no core operating business activity.
How Do They Make Money?
Its former Connected Solutions business charged mobile device makers and operators fixed fees for customized Android software projects and royalties per chip or device; some development services were billed by time and materials. Software was paid for at customer acceptance, while support and service work were paid over time.
20-F for FY2025, filed May 15, 2026The Group provides customized Android+ software platform solutions that are developed to maximize the commercial grade quality or…View ↗
For the sales derived from software development project in which the customer’s contract specifies the technical requirements of the…View ↗
The Group provides research and development services to certain customers for their mobile-computing related development projects where…View ↗
As of April 9, 2025 we completed the sale of all of our core businesses to Sasken, and effectively all of the activities as described above…View ↗
$13.6M
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20-F for FY2025, filed May 15, 2026
$13.6M ↗
Who Are Their Customers?
Before the sale of its core businesses, customers included mobile device makers, chipset manufacturers and mobile operators; its solar business served residential and commercial customers.
20-F for FY2025, filed May 15, 2026The Connected Solutions BU had a global customer base covering the core parts of the Android platform value chain, including mobile chipset…View ↗
We acquired a 51% controlling interest in HHE as of October 19, 2021. HHE develops and commercializes solar power systems that consist of…View ↗
As of April 9, 2025 we completed the sale of all of our core businesses to Sasken, and effectively all of the activities as described above…View ↗
20-F for FY2025, filed May 15, 2026
(i) Customer concentration risk – the Group’s main operations are dependent upon a few customers, with one particularly large customer…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 39 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$27.9M.
20-F for FY2025, filed May 15, 2026
−$17.4MView ↗
20-F for FY2025, filed May 15, 2026
$5.4MView ↗
20-F for FY2025, filed May 15, 2026
−$27.9MView ↗
How Are They Changing?
Shrinking. Revenue fell 54% in 4 years, from $29.6M in FY2021 to $13.6M in FY2025, about 18% a year.
Sale of operating businesses
The earlier report described connected-device software and hardware and a solar-energy business; the latest says HHE and the remaining Connected Solutions business were sold, leaving no core operating activity.
20-F for FY2022, filed May 15, 2023 20-F for FY2025, filed May 15, 2026Until our core businesses were sold to Sasken, we had two business units (“BU”), Connected Solutions and Solar Power before the…View ↗
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