BRQS - Borqs pops on prelim revenue growth of 79% for 2022
2023-03-06 09:57:44 ET
- Borqs Technologies ( NASDAQ: BRQS ) expects total revenue to be $53-$58M for year ended Dec.31, 2022, which marks a increase of 79% from prior year.
- It is led by increased IoT sales globally and revenues from Holu Hou Energy (HHE), our solar energy storage system subsidiary.
- While the revenue from the IoT business is expected to be more than 80% of the total revenue, the HHE’s revenue has also increased significantly.
- Since Borqs' financial support in HHE starting from October 2021, HHE has signed ~$60M in contracts and has a growing pipeline approaching half a billion dollars.
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Borqs pops on prelim revenue growth of 79% for 2022