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SANTA CLARA, Calif., Dec. 23, 2024 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (U.S. OTC: BRQSF, “Borqs” or the “Company”), a global provider of embedded software and products for the Internet of Things (IoT), today announced its financial results for the first half of 2024. Interim financial statements were filed today with the SEC.
First-Half 2024 Financial Highlights
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| For the six months ended June 30, | |||
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| 2024 | 2023 | vs. H1 2023 | |
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| Revenues ($K) | 16,773 | 14,992 | + 11.9% | |
| Gross Margin | 20.2% | 19.4% | Up 0.8% | |
| Operating expenses ($K) | 7,082 | 11,996 | - 41.0% | |
| Net income (loss) from operations | 15,023 | -28,801 | n/a | |
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For the six months ended June 30, 2024, Borqs reported total net revenues of US$16.77 million, reflecting an increase from US$14.99 million in the same period of 2023, an increase of 11.9%, driven by strong performances in both software and hardware segments. The Company achieved a total gross profit of US$3.39 million, up from US$2.91 million in the prior year. This positive performance underscores our commitment to operational efficiency, with total operating expenses decreasing significantly to US$7.08 million from US$12 million from the same period last year, primarily due to a reduction in general and administrative expenses.
As a result of these strategic initiatives and the completed sale of the Company’s interests in the solar subsidiary, Borqs recorded a net income of US$15.02 million from operations for the first half of 2024, a remarkable turnaround from a net loss of US$28.80 million in the same period of the previous year. This notable improvement has been supported by gains realized from the disposal of subsidiary interests and the cancellation of shares related to the former subsidiary.
“Our H1 results highlight the significant progress we are making in executing our recently outlined capital structure revamp,” said Pat Chan, Chairman & CEO of Borqs. “The strategic actions we implemented in the first half of this year position us for improved profitability and enhanced liquidity going forward. We are encouraged by the positive underlying trends that these results reflect.”
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.