Published on 6 Mar 2023 on Benzinga via Yahoo Finance
Borqs Shares Pop After Upbeat Preliminary Revenue Backed By IoT And Solar Energy Subsidiary
Borqs Technologies, Inc (NASDAQ: BRQS) shared preliminary revenue for the year ended December 31, 2022.Borqs expects total revenue for the year ended December 31, 2022, to be $53 million -$58 million, up by over 79% year-on-year, driven by increased IoT sales globally and revenues from Holu Hou Energy (HHE), its solar energy storage system subsidiary.While the revenue from the IoT business will likely be more than 80% of the total revenue, the HHE's revenue has also increased significantly.As previously announced, Borqs is negotiating with the U.S. government to divest its solar energy storage system subsidiary, Holu Hou Energy (HHE).Borqs will likely ink an agreement with the Committee on Foreign Investment in the United States ("CFIUS") in March. Borqs plans to divest this subsidiary under the CFIUS deal.In the meantime, the company has been in active discussions with potential nationally recognized investment bankers.Price Action: BRQS shares traded higher by 9.26% at $0.26 on the last check Monday.