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BRQSF on OTC

Borqs Technologies, Inc.

Borqs Technologies, Inc. is a computer integrated systems design services company, listed on OTC (BRQSF).1 It is headquartered in Kowloon, Hong Kong.1

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Last updated Oct 21, 2026.

Overview

$13.6MRevenue, fiscal 20252
$5.4MNet income, fiscal 20252

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  • TickerBRQSF on OTC1
  • IndustryServices-Computer Integrated Systems Design1
  • HeadquartersKowloon, Hong Kong1
  • Incorporated inVirgin Islands, British3
  • Business addressOffice B, 21/F, Legend Tower, 7 Shing Yip Street, Kwun Tong, Kowloon, K3 9990773
  • Filer categoryNon-accelerated filer3
  • Legal formCorporation

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31, 2025, the Group had 13 employees based in China, Hong Kong, and United States.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

3.7%Gross margin2
-127.9%Operating margin2
39.4%Net margin2
-50.9%Revenue growth, 20252
79.7%Return on equity2
-$27.9MFree cash flow2

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue60¢$13.1M
  • Research and development16¢$3.5M
  • Income tax0¢$5.0K
  • Profit24¢$5.4M

Out of $13.6M in revenue.2

Financial statements

Revenue567892$13.6M in 2025−89% since 2018
0$50.0M$100.0M$150.0M2018: $128.4M$128.4M20182019: $99.0M$99.0M2019−23%2020: $26.8M$26.8M2020−73%2021: $29.6M$29.6M2021+11%2022: $41.2M$41.2M2022+39%2023: $20.6M$20.6M2023−50%2024: $27.7M$27.7M2024+35%2025: $13.6M$13.6M2025−51%
Gross profit567892$500.0K in 2025
-$10.0M-$5.0M0$5.0M$10.0M2018: -$6.0M-$6.0M20182019: $569.0K$569.0K20192020: $1.6M$1.6M2020+180%2021: $2.6M$2.6M2021+63%2022: $5.5M$5.5M2022+113%2023: $3.9M$3.9M2023−30%2024: $5.8M$5.8M2024+50%2025: $500.0K$500.0K2025−91%
Operating income567892-$17.4M in 2025−74% since 2018
-$80.0M-$60.0M-$40.0M-$20.0M02018: -$66.7M-$66.7M20182019: -$29.2M-$29.2M2019−56%2020: -$40.6M-$40.6M2020+39%2021: -$26.1M-$26.1M2021−36%2022: -$3.4M-$3.4M2022−87%2023: -$11.3M-$11.3M2023+229%2024: -$3.1M-$3.1M2024−72%2025: -$17.4M-$17.4M2025+454%
Net income567892$5.4M in 2025
-$75.0M-$50.0M-$25.0M0$25.0M2018: -$71.8M-$71.8M20182019: -$35.7M-$35.7M2019−50%2020: -$34.8M-$34.8M2020−3%2021: -$55.9M-$55.9M2021+61%2022: -$34.0M-$34.0M2022−39%2023: -$26.5M-$26.5M2023−22%2024: $16.7M$16.7M20242025: $5.4M$5.4M2025−68%

Every line of the income statement as filed: the last 3 fiscal years, latest first.2

Period ending2025-12-312024-12-312023-12-31
Total net revenues$13.6M$27.7M$20.6M
Total cost of revenues-$13.1M-$21.9M-$16.7M
Total gross profit$500.0K$5.8M$3.9M
Sales and marketing expenses-$204.0K-$534.0K-$494.0K
General and administrative expenses-$14.2M-$6.5M-$11.1M
Research and development expenses-$3.5M-$2.3M-$3.7M
Total operating expenses-$17.9M-$9.3M-$15.2M
Other operating income$396.0K$22.0K
Operating loss-$17.4M-$3.1M-$11.3M
Interest income$9.0K$9.0K$60.0K
Interest expense-$44.0K-$1.3M-$1.3M
Other income$12.0M$4.2M$617.0K
Other expense-$6.2M-$210.0K-$140.0K
Gain on debt settlement$176.0K
Loss related to equity financing-$14.2M
(Loss) gain on additional compensation to HHE$6.0M-$5.4M
Gain on deconsolidation of subsidiaries$21.2M$12.6M
Loss on repurchase of convertible notes-$600.0K
Unrealized loss on trading securities-$830.0K
Realized gain on sale of securities$1.1M
Foreign exchange gain (loss)-$119.0K-$73.0K$1.2M
(Loss) income from continuing operations, before income taxes$9.7M$17.5M-$30.3M
Income tax benefit (expense)-$5.0K-$8.0K$2.1M
Net (loss) income from continuing operations$9.7M$17.5M-$28.2M
Income (loss) from operations of discontinued entities-$5.0M-$4.0K$2.4M
Income tax (expense) benefit$945.0K-$135.0K-$1.1M
Net income (loss) on discontinued operations-$4.1M-$139.0K$1.3M
Net (loss) income$5.7M$17.3M-$26.9M
Net (loss) income attributable to noncontrolling interest continuing operations$287.0K$626.0K-$454.0K
Less: net (loss) income attributable to noncontrolling interest$287.0K$626.0K-$454.0K
Net (loss) income attributable to Borqs Technologies, Inc.$5.4M$16.7M-$26.5M
Net (loss) income attributable to ordinary shareholders$5.4M$16.7M-$26.5M
(Loss) income per shareBasic (in Dollars per share)$0$1-$2
(Loss) income per shareDiluted (in Dollars per share)$0$1-$2
Loss per shareBasic (in Dollars per share)-$0$0$0
Loss per shareDiluted (in Dollars per share)-$0$0$0
(Loss) income per shareBasic (in Dollars per share)$0.16$0.55-$2.03
(Loss) income per shareDiluted (in Dollars per share)$0.16$0.55-$2.03
Weighted-average number of ordinary shares used in calculating continuing operationsbasic (in Shares)32.9M shares30.5M shares13.1M shares
Weighted-average number of ordinary shares used in calculating continuing operationsdiluted (in Shares)32.9M shares30.5M shares13.1M shares

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Corporate structure

Borqs Technologies, Inc. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Borqs Technologies, Inc.

  • Borqs Technologies, Inc. Kowloon, Hong Kong

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Borqs Technologies, Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$401.0K2 Dec 31, 2025$398.0K2 Dec 31, 2024+0.8%
Accumulated depreciation$394.0K2 Dec 31, 2025$391.0K2 Dec 31, 2024+0.8%
Property and equipment, net$7.0K2 Dec 31, 2025$7.0K2 Dec 31, 20240%
Operating-lease assets (leased space)$41.0K2 Dec 31, 2025$216.0K2 Dec 31, 2024−81.0%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$2.6M2 Dec 31, 2025$2.0M2 Dec 31, 2024+28.7%
Marketable securities, current$4.9M2 Dec 31, 2025

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$12.2M2 Dec 31, 2025$12.2M9 Dec 31, 20240%

Leadership

Who has led Borqs Technologies, Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Zhouhong Peng2015

Chair

  1. Jian Tu2015–2017

President

  1. Jian Tu2015–2017

Chief financial officer

  1. Zhouhong Peng2015
  2. Anthony K. Chan2017

Chief operating officer

  1. Yaqi Feng2015
20202025
Board members and other officers (14)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Chief Financial OfficerHENRY SUN named Jun 6, 202229
  • Founder, Chairman of the Board (Class III Director), Chief Executive Officer and PresidentPAT SEK YUEN CHAN named Jun 6, 202229
  • Class II DirectorHEUNG SANG ADDY (DEXTER) FONG named Jun 6, 202229
  • Class I DirectorJI (RICHARD) LI named Jun 6, 202229
  • Class II DirectorSHIZHU (STEVE) LONG named Jun 6, 202229

Former names

  • Pacific Special Acquisition Corp.Aug 17, 2015 to Aug 18, 20173

Timeline

  1. Oct 14, 2015New chief executive Zhouhong Peng becomes CEO11

Filings

67 filings to the SEC since October 2021: 5 annual reports, 5 insider forms, 5 large holders, 1 private raises, 51 other. The latest 20:

  1. May 15, 202620-F ANNUAL REPORT EDGAR
  2. Apr 30, 2026NT 20-F NOTIFICATION OF LATE FILING EDGAR
  3. Apr 10, 20263 EDGAR
  4. Mar 30, 20263 EDGAR
  5. Mar 20, 20263 EDGAR
  6. Mar 5, 20263 EDGAR
  7. Feb 27, 20263 EDGAR
  8. Dec 23, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  9. Oct 14, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  10. May 15, 202520-F ANNUAL REPORT EDGAR
  11. Apr 30, 2025NT 20-F NOTIFICATION OF LATE FILING EDGAR
  12. Apr 14, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  13. Dec 23, 20246-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  14. Dec 23, 20246-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  15. Nov 12, 20246-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  16. Nov 5, 20246-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  17. Jun 3, 20246-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  18. May 14, 202420-F ANNUAL REPORT EDGAR
  19. Apr 30, 2024NT 20-F NOTIFICATION OF LATE FILING EDGAR
  20. Mar 8, 20246-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR

The 67 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$6.0M 2022–2022
Money received by yearMoney received by year, 2022–2022: $6.0M in all. Private raises (Form D) $6.0M.$0$2M$4M$6M2022 · Private raises (Form D): $6.0M2022
Figures by year
YearPrivate raises (Form D)Total
2022$6.0M$6.0M

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. May 25, 2022Raised $6 million in a private offering of securities29 Form D: 6 investors so far Form D

SEC filer profile

How Borqs Technologies, Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARBorqs Technologies, Inc.1
  • CIK0001650575
  • Filer statusNon-accelerated filer not an emerging growth company; not a shell company4
  • Incorporated inBritish Virgin Islands4
  • Fiscal year endsDecember 311
  • Industry code (SIC)7373 Services-Computer Integrated Systems Design1
  • SEC reviewing officeOffice of Technology, Division of Corporation Finance1
  • Business addressOffice B, 21/F, Legend Tower, 7 Shing Yip Street, Kwun Tong, Kowloon, K3 9990771
  • Phone86 10-5975-63361
  • Shares outstanding45,470,079 shares as of Dec 31, 20254
  • AuditorYu Certified Public Accountant, P.C., New York, New York PCAOB ID 5910; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceAug 17, 20151
  • Filings311 in all: 6-K (78), 8-K (38), 3 (28), 4 (21), SC 13G/A (19), S-1/A (12), SC 13G (12), 10-Q (10)1
    All 41 form types

    DEFA14A (10), 20-F (8), CORRESP (8), F-1/A (7), NT 20-F (6), UPLOAD (6), 10-K (3), 20-F/A (3), 25-NSE (3), EFFECT (3), F-1 (3), NT 10-Q (3), S-8 (3), 424B3 (2), DEF 14A (2), PRER14A (2), RW (2), S-1 (2), SC 13D (2), SC 13D/A (2), 10-K/A (1), 3/A (1), 4/A (1), 424B4 (1), 6-K/A (1), 8-A12B (1), CERTNAS (1), D (1), DEFM14A (1), PRE 14A (1), PREM14A (1), S-3 (1), SEC STAFF ACTION (1)

  • Latest filingsAnnual report (20-F) May 15, 2026
    Quarterly report (10-Q) Nov 19, 2018
    Proxy statement (DEF 14A) Oct 30, 2018
    Latest 8-K (8-K) Mar 7, 2019

Sources

The numbers on this page point here. Each one links to the record it came from.

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