- Leveraging deep IoT expertise across industries
- Artificial Intelligence of Things Market Size was valued at over USD 9 billion in 2022
SANTA CLARA, Calif., June 13, 2023 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs”, or the “Company”), a global provider of 5G wireless and Internet of Things (IoT) solutions, today announced its plans to further expand into artificial intelligence, leveraging its deep IoT expertise across industries. Beyond Borqs’ current product line for water and energy reservation for smart city applications, the Company plans to accelerate development of consumer-oriented devices and solutions with artificial intelligence capabilities. Artificial Intelligence of Things (AIoT) is defined as the combination of artificial intelligence (AI) technologies with the Internet of Things (IoT) to achieve more efficient IoT operations, improve human-machine interactions and enhance data management and analytics. Borqs further plans to commercialize products that are currently targeted to be applied in e-health, sports, education, and asset protection. According to a Global Market Insights Report dated May 2023, Artificial Intelligence of Things market size was valued at over USD 9 billion in 2022 and is anticipated to grow at a CAGR of 20% between 2023 and 2032.
In June 2021, Borqs began the delivery of cellular CTA-2045 EcoPort products to SkyCentrics, a promising Silicon Valley company specialized in machine learning and artificial intelligence for open standard power grid optimization, focusing on energy efficiency. Mobile connected CTA-2045 EcoPort devices will play an important role in smart cities. A smart city uses various types of electronic methods and sensors to collect data to gain insights into the management and operation of grid loads in order to improve efficiency and effectiveness. Smart and connected CTA-2045 controls can optimize the on/off schedule based on each household’s usage pattern, grid prices and carbon emissions. It is estimated that the energy savings as well as carbon emission reduction by CTA-2045 controlled residential water heaters can produce staggering results, with each one million CTA-2045 equipped water heaters equating to the removal of 100,000 gasoline powered cars from the highways.
With Borqs’ latest AI initiatives and repositioning, as well as, the divestiture value of our solar energy storage subsidiary, Holu Hou Energy (HHE), Stonegate Capital Partners has updated its coverage on Borqs Technologies, which includes a midpoint target price of $1.30/share. Recently, Borqs engaged Cantor Fitzgerald & Co., an internationally reputable investment bank, to head up the sales of Borqs’ ownership in HHE and reported that Borqs’ revenues reached $52.5 million, representing a 77.7% Year-Over-Year (YOY) growth rate for the year ended December 31, 2022.
The Stonegate Capital Partners report can be reviewed at:
https://stonegateinc.com/download/brqs-2h-2022/?wpdmdl=570&refresh=6476507693ecb1685475446
Borqs updated investor presentation can be reviewed at:
https://www.borqs.com/AboutUs/InvestorRelations.html.
About Borqs Technologies, Inc.
Borqs Technologies (Nasdaq: BRQS, “Borqs”, or the “Company”) 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 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, and is also currently in development of 5G products for phones and hotspots.
Website: www.borqs.com.
Forward-Looking Statements and Additional Information
This press release includes “forward-looking statements” that involve risks and uncertainties that could cause actual results to differ materially from what is expected. Words such as “forecasts”, “expects”, “believes”, “anticipates”, “intends”, “estimates”, “predicts”, “seeks”, “may”, “might”, “plan”, “possible”, “should”, “estimates” and variations and similar words and expressions are intended to identify such forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Such forward-looking statements relate to future events or future results, based on currently available information and reflect our management’s current beliefs. Many factors could cause actual events or results to differ materially from the events and results discussed in the forward-looking statements, including the possibility that the positive financial results from the proposed initiatives, repositioning and divestment as described herein may not be realized, and the negative impact of the COVID-19 pandemic on the Company’s supply chain, revenues and overall results of operations, so the reader is advised to refer to the Risk Factors sections of the Company’s filings with the Securities and Exchange Commission for additional information identifying important factors that could cause actual results to differ materially from those anticipated in the forward-looking statements. Except as expressly required by applicable securities law, the Company disclaims any obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Investor Contact:
Sandra Dou
Vice President of Corporate Finance
Borqs Technologies, Inc.
IR@borqs.com
www.borqs.com
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6e6c1e28-58dd-4d4e-a05d-9d8629663593
