BRQSF Borqs Technologies, Inc.

Overview and Growth

In fiscal 2025, Borqs Technologies, Inc. recorded $13.60M of revenue, net income of $5.37M, and an operating cash outflow of $27.90M. At $13.60M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $27.71M in fiscal 2024, revenue decreased 50.9%, a top-line contraction that reduced operating scale. The company reported diluted EPS of $0.16, adding a shareholder-level measure to the absolute income figures considered below. The per-share result recorded a 70.9% decrease from fiscal 2024 diluted EPS of $0.55. At period end, total assets were $8.55M, framing the scale of the company’s operating and financing commitments. The revenue-to-assets relationship was 1.59x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

After reported cost of revenue, the company retained $500.00K as gross profit before recognizing operating expenses and other items. The gross-profit relationship equaled 3.7% of revenue, quantifying the portion retained before operating expenses were recognized. Operations produced a $17.39M operating loss before non-operating and tax effects. An operating margin of -127.9% reflected costs exceeding revenue-level gross profit by 127.9% of sales. Net income came to $5.37M, completing the progression from revenue through gross and operating profitability to the final reported result. Net margin was 39.4%, meaning that this portion of revenue remained as net income after all recognized expenses. Before income taxes, the company reported $9.71M of earnings, providing a bridge between the operating result and final net income. Pretax income represented 71.4% of revenue, placing earnings before tax in the context of the company’s operating scale. The company recognized $5.00K of income tax for the period, completing the transition from pretax income to net income. The income-tax provision equaled 0.1% of pretax income, showing the tax burden absorbed by the year’s earnings. Net income equaled 77.2% of period-end equity, showing the earnings generated on shareholders’ book capital. The net-income-to-assets relationship measured 62.7%, showing earnings relative to the full balance sheet. Against $16.70M in fiscal 2024, the current $5.37M bottom line finished below the prior-year result in absolute terms.

Liquidity and Capital Structure

The company held $8.55M of assets against $1.61M of liabilities and $6.95M of equity, revealing how the asset base was financed. The near-term balance sheet paired $8.51M of current assets with $1.58M of current liabilities at the reporting date. At 5.39x, the current ratio shows that short-term assets were greater than short-term liabilities at period end. The company held $2.62M in cash and equivalents, a narrower liquidity measure than total current assets. Cash and equivalents represented 165.7% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Relative to total assets, liabilities measured 18.8%, complementing the separate equity-based view of the company’s capital structure. Measured against total assets, cash and equivalents represented 30.6%, a balance-sheet composition measure rather than a liquidity forecast. The asset base changed 66.3% from $25.41M in fiscal 2024, leaving current total assets lower year over year. The reported cash balance changed 28.7% from $2.03M in fiscal 2024, ending higher year over year.

Cash Flow and Earnings Quality

Operating activities used $27.90M of cash, resulting in an operating cash outflow for the year. The company spent $37.00K on capital expenditures while operations also absorbed cash, so both ongoing activity and investment drew on liquidity during the period. Operating cash flow and capital spending combined to leave a $27.94M cash deficit after capital spending. Free-cash-flow margin was -205.4%, reflecting a cash deficit equal to 205.4% of revenue after capital spending. Relative to total assets, the post-investment cash deficit measured 326.6%.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.