$BRQSF
Borqs Technologies, Inc.
CIK:0001650575|SEC Filings
Consolidated Statements of Cash Flows - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Net (loss) income | $ 5,652 | $ 17,323 | $ (26,921) |
| Adjustments to reconcile net (loss) income to net cash used in operating activities: | |||
| (Reversal of provision) provision on accounts receivables & other current assets | 1,120 | 15 | (501) |
| Depreciation of property and equipment | 19 | 403 | 424 |
| Amortization of right of use asset | 104 | 850 | 928 |
| Loss on disposal of property and equipment | 70 | 7 | |
| Loss on repurchase of convertible notes | 600 | ||
| Deferred income tax (benefits) expenses | (991) | 84 | 783 |
| Interest expense related to debt discount | 770 | 700 | |
| Share-based compensation expenses | 2,436 | 4 | 6,817 |
| Gain on debt settlement | (176) | ||
| Non-employee share-based compensation expenses | 47 | 952 | |
| Loss on additional compensation to HHE | 5,400 | ||
| Gain on cancellation of shares compensation to HHE | (5,950) | ||
| Gain on disposal of subsidiaries | (21,212) | (12,564) | |
| Gain on debt forgiveness | (4,748) | ||
| Gain on reversal of accrued liabilities | (10,452) | ||
| Loss related to equity financing | 14,156 | ||
| Unrealized loss on trading securities | 830 | ||
| Realized gain on sale of securities | (1,104) | ||
| Changes in operating assets and liabilities, net of the effects of an acquisition: | |||
| Accounts receivable | 4,710 | (3,723) | 1,128 |
| Inventories | 29 | 1,496 | 679 |
| Prepaid expenses and other current assets | (393) | (656) | 351 |
| Short term investments | (4,617) | ||
| Accounts payable | (4,833) | 4,137 | (218) |
| Accrued expenses and other payables | (290) | (1,306) | (5,501) |
| Advances from customers and contract liabilities | 1,201 | 1,299 | (2,699) |
| Amounts due to related parties | 6 | (3) | |
| Deferred revenues | (8) | ||
| Long-term payable | (417) | ||
| Income tax payable | (49) | (161) | 208 |
| Unrecognized tax benefit | (1,990) | ||
| Lease liabilities | (65) | (751) | (896) |
| Net cash used in operating activities | (27,899) | (2,769) | (6,789) |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Purchases of property and equipment | (37) | (114) | (250) |
| Receipt of time deposit from banks | 2,686 | ||
| Investment in time deposit | (3,377) | (2,060) | |
| Receipt of time deposit from banks | 3,496 | ||
| Proceeds from disposal of subsidiaries | 22,490 | ||
| Proceeds from disposal of HHE | 9,890 | ||
| Additional compensation payment to a former subsidiary | (2,700) | ||
| Net cash (used in) generated from investing activities | 25,139 | 9,895 | (5,010) |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Proceeds from short-term bank and other borrowings | 424 | ||
| Repayments of short-term bank and other borrowings | (411) | ||
| Proceeds from issuance of convertible notes | 1,418 | ||
| Repurchase of convertible notes | (4,050) | ||
| Net cash generated from (used in) financing activities | (411) | (4,050) | 1,842 |
| Effect of foreign exchange rate changes on cash and cash equivalents and restricted cash | 2,228 | (591) | (307) |
| Net (decrease) increase in cash and cash equivalents and restricted cash | (943) | 2,485 | (10,264) |
| Cash and cash equivalents and restricted cash at the beginning of year | 3,558 | 1,073 | 11,337 |
| Cash and cash equivalents and restricted cash at the end of year | 2,615 | 3,558 | 1,073 |
| Less: cash and cash equivalents and restricted cash of discontinued operations at the end of year | 1,500 | 247 | |
| Cash and cash equivalents and restricted cash of continuing operations at the end of year | 2,615 | 2,058 | 826 |
| Reconciliation of cash and cash equivalents and restricted cash of the continuing operations | |||
| Cash and cash equivalents of continuing operations at the end of year | 2,615 | 2,032 | 800 |
| Restricted cash of continuing operations at the end of year | 26 | 26 | |
| Total cash and cash equivalents and restricted cash of continuing operations | 2,615 | 2,058 | 826 |
| Reconciliation of cash and cash equivalents and restricted cash of the discontinued operations | |||
| Cash and cash equivalents of discontinued operations at the end of year | 1,500 | 247 | |
| Restricted cash of discontinued operations at the end of year | |||
| Total cash and cash equivalents and restricted cash of discontinued operations | 1,500 | 247 | |
| Supplemental disclosures of cash flow information: | |||
| Interest paid | (44) | (301) | (281) |
| Interest received | 460 | 9 | 51 |
| Income tax paid | (101) | ||
| Cash paid included in the measurement of lease liabilities | (304) | (843) | (881) |
| Supplemental schedule of non-cash activities: | |||
| Conversion of convertible notes | 500 | ||
| Issuance of shares for increase in subscription receivable | 11,136 | ||
| Cancellation of shares for decrease in subscription receivable | 9,423 | ||
| Debt settlements by issuance of ordinary shares | $ 1,321 | ||
Consolidated Balance Sheets - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
||
|---|---|---|---|---|
| Current assets: | ||||
| Cash and cash equivalents | $ 2,615 | $ 2,032 | ||
| Restricted cash | 26 | |||
| Time deposits | 3,377 | |||
| Short term investments | 4,888 | |||
| Accounts receivable, net (net of allowance of $nil and $56 as of December 31, 2024 and 2025, respectively) | 156 | 116 | ||
| Prepaid expenses and other current assets, net (net of allowance of $392 and $1,214 as of December 31, 2024 and 2025, respectively) | 847 | 6,747 | ||
| Current assets held for sale | 11,057 | |||
| Total current assets | 8,506 | 23,355 | ||
| Non-current assets: | ||||
| Property and equipment, net | 7 | 7 | ||
| Right of use asset | 41 | 216 | ||
| Non-current assets held for sale | 1,831 | |||
| Total non-current assets | 48 | 2,054 | ||
| Total assets | 8,554 | 25,409 | ||
| Current liabilities: | ||||
| Accounts payable | 22 | 5,388 | ||
| Accrued expenses and other payables | 1,538 | 15,296 | ||
| Contract liabilities | 1,299 | |||
| Lease liabilities – current | 12 | 179 | ||
| Short-term bank and other borrowings | 417 | |||
| Income tax payable | 6 | |||
| Current liabilities held for sale | 4,337 | |||
| Total current liabilities | 1,578 | 26,916 | ||
| Non-current liabilities: | ||||
| Lease liabilities – non-current | 30 | |||
| Non-current liabilities held for sale | 2,091 | |||
| Total non-current liabilities | 30 | 2,091 | ||
| Total liabilities | 1,608 | 29,007 | ||
| Commitments and contingencies | ||||
| Shareholders’ (deficit) equity: | ||||
| Ordinary shares (no par value; unlimited shares authorized; 28,970,077 shares and 45,470,079 shares issued and outstanding as of December 31, 2024 and 2025, respectively) | [1] | |||
| Additional paid-in capital | 332,452 | 330,016 | ||
| Subscriptions receivable | (16,091) | (16,091) | ||
| Statutory reserve | 1,901 | 1,901 | ||
| Accumulated deficit | (309,477) | (314,842) | ||
| Accumulated other comprehensive loss | (2,055) | (4,389) | ||
| Total Borqs Technologies, Inc. shareholders’ (deficit) equity | 6,730 | (3,405) | ||
| Noncontrolling interest | 216 | (193) | ||
| Total shareholders’ (deficit) equity | 6,946 | (3,598) | ||
| Total liabilities, noncontrolling interest and shareholders’ equity | $ 8,554 | $ 25,409 | ||
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