Borqs Technologies, Inc.

What they do

The company operates in the Services-Computer Integrated Systems Design industry, incorporated in the British Virgin Islands with principal offices at Office B, 21/F, Legend Tower, 7 Shing Yip Street, Kwun Tong, Kowloon, Hong Kong. Its ordinary shares are registered under Section 15(d) of the Exchange Act, though no securities are registered under Section 12(b) or 12(g). Leadership is headed by Chairman & Chief Executive Officer Pat Sek Yuen Chan. The filing references a divestiture of Holu Hou Energy as a factor affecting the business.

Revenue drivers

• Computer integrated systems design services — The company is classified under SIC code 7373 (Services-Computer Integrated Systems Design), and this is the only business description provided in the excerpts. No segment-level revenue breakdown is available in the source material.
• Prior Holu Hou Energy operations — The excerpts reference a Holu Hou Energy divestiture as a factor influencing forward-looking statements, but no revenue contribution from this business is broken out in the available data.

Recent performance

Revenue fell to $13.6 million in 2025 from $27.7 million in 2024, a decline of 51%. Net income was $5.4 million in 2025, down from $16.7 million in 2024, and diluted EPS was $0.16 versus $0.55. Operating cash flow was negative $27.9 million in 2025, compared to negative $2.8 million in 2024. At year-end 2025, total assets were $8.6 million, total liabilities were $1.6 million, and shareholder equity was $6.7 million, with cash and equivalents of $2.6 million.

Strategy

The filing's forward-looking statements cite market acceptance of products and services, implementation of the business model and strategic plans, and management's forecasts as key factors. No specific new investments, partnerships, or capital expenditure programs are described in the excerpts provided.

Risks

• Revenue concentration and decline — Revenue dropped 51% to $13.6 million in 2025 from $27.7 million in 2024, indicating significant business contraction with no offsetting segment disclosed.
• Operating cash burn — Operating cash flow was negative $27.9 million in 2025 despite positive net income of $5.4 million, suggesting non-cash gains or working capital swings.
• Holu Hou Energy divestiture impact — The company's own forward-looking statement factors include the impact of the Holu Hou Energy divestiture on its business and operations, indicating potential disruption.
• No Section 12(b) or 12(g) registration — The company's ordinary shares are not registered under Section 12(b) or 12(g), and there are no securities registered or to be registered under those sections, limiting exchange listing.

Outlook

The filing's forward-looking statements reference management's plans, forecasts and objectives for future operations, including estimates of future revenue, expenses, and capital requirements. No specific guidance figures or timelines are provided in the excerpts available.