Borqs Technologies sees FY22 revenue $53M-$58M vs $29.6M last year

"We are overall very pleased with the revenue results of the full year 2022, and proud of the entire Borqs team working together and executing on our business plans in a challenging inflationary macro environment," said Pat Chan, CEO of Borqs Technologies. "We will keep our shareholders informed with the progress of Holu Hou Energy’s divestiture. The entire Borqs management team is committed to creating shareholder value, and will continue to focus on sustainable long term business initiatives. We expect the divestiture of the HHE business will generate a sizable cash position and the company will seek to use the cash proceeds to acquire companies to increase the company’s shareholder value."