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.
