Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Borqs Technologies, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2017
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
154
128
99
26.8
29.6
41.2
20.6
27.7
13.6
Cost of revenue
103
134
98.4
25.2
27
35.7
16.7
21.9
13.1
Gross profit
18.7
-6.02
0.57
1.6
2.61
5.54
3.87
5.79
0.5
Research and development
6.19
6.34
5.28
8.16
5.29
3.38
3.66
2.32
3.53
Selling, general and administrative
0.1
Selling and marketing
4.25
2.46
1.52
0.75
0.15
0.31
0.49
0.53
0.2
General and administrative
0.01
18.6
52
24.8
33.3
23.6
5.44
11.1
6.47
14.2
Operating expenses
29.3
60.8
31.6
42.2
29
9.14
15.2
9.32
17.9
Operating income
-1.97
-8.41
-66.7
-29.2
-40.6
-26.2
-3.45
-11.3
-3.14
-17.4
Interest expense
1.83
2.58
4.97
3.8
11.7
11.7
0.7
0.77
Interest income
0.19
0
0
0.02
0.01
0
0.02
0.06
0.01
0.01
Pre-tax income
-1.77
-10.4
-68.7
-32.5
-35.7
-55.7
-31.5
-30.3
17.5
9.71
Income tax
2.34
0.33
-0.95
0.41
-0.45
0
-2.08
0.01
0.01
Income from continuing operations
-12.8
-69.1
-31.6
-36.1
-55.2
-31.5
-28.2
17.5
9.71
Net income to minority interests
0.21
-0.24
-1.33
0.72
-0.74
-4.83
-0.45
0.63
0.29
Net income
-1.77
-12.6
-71.8
-35.7
-34.8
-55.9
-34
-26.5
16.7
5.37
EBITDA
-7.66
-66.3
-29.1
-40.5
-26
-3.07
-10.9
-2.74
-17.4
EPS, basic
-290.90
-440.17
-183.72
-153.10
-90.95
-17.79
-2.03
0.55
0.16
EPS, diluted
-290.90
-440.17
-183.72
-153.10
-90.95
-17.79
-2.03
0.55
0.16
Shares, basic (weighted)
2.46
0.07
0.16
0.19
0.23
0.61
1.91
13.1
30.5
32.9
Shares, diluted (weighted)
2.46
0.07
0.16
0.19
0.23
0.61
1.91
13.1
30.5
32.9
Balance sheet
FY2017
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
6.46
13
1.93
1
3.04
6.12
11.3
0.8
2.03
2.62
Short-term investments
4.89
Receivables
63.2
2.45
1.7
0.94
2.26
3.48
0.22
0.12
0.16
Inventory
16.8
6.79
4.54
2.68
6.76
4.24
3.56
Other current assets
0.03
15.8
27.6
16
17.2
0.33
7.5
5.64
6.75
0.85
Total current assets
0.35
134
53.8
35.2
23.9
31.2
28
18.1
23.4
8.51
Property, plant and equipment
0.5
0.31
0.24
0.15
0.72
1.02
0.32
0.01
0.01
Lease right-of-use assets
2.2
0.71
1.67
0.7
0.44
0.22
0.04
Goodwill
0.74
0.74
12.2
12.2
12.2
12.2
Intangible assets
17.9
11.7
11.4
9.43
3.54
0.98
Long-term investments
0.24
0.34
Other non-current assets
2.91
0.56
Total assets
53.9
163
80.4
56.8
29.4
53.3
30.1
21.4
25.4
8.55
Accounts payable
0.27
45.5
18.8
16.3
13
9.45
7.07
6.76
5.39
0.02
Accrued liabilities
4.04
Deferred revenue
2.06
2.35
6.54
7.4
1.1
Short-term debt
18.1
16.8
18
16.6
19.1
0.42
0.42
Total current liabilities
107
83.1
99.6
86.8
64.4
37.9
33
26.9
1.58
Long-term debt
1.25
0.66
Lease liabilities
0.37
0.75
0.04
1.53
Other non-current liabilities
0.08
0.08
0.02
0.42
0.18
0.03
Total liabilities
1.51
116
103
106
91.6
70.5
41.3
35.9
29
1.61
Total debt
18.1
5.77
13
13
9.99
1.69
2.68
Paid-in capital
121
124
150
172
262
310
345
330
332
Retained earnings
-2.16
-74.2
-146
-180
-215
-271
-305
-332
-315
-309
Other comprehensive income
-0.51
-2.14
-1.9
-1.24
-1.09
-3.51
-3.81
-4.39
-2.06
Shareholders' equity
5
47
-22.2
-44.3
-62.1
-23.2
-10.8
-13.6
-3.41
6.73
Minority interests
-0.8
-0.3
-4.39
-0.11
5.96
-0.36
-0.81
-0.19
0.22
Total equity
5
47
-22.5
-48.7
-62.2
-17.3
-11.2
-14.4
-3.6
6.95
Total liabilities and equity
53.9
163
80.4
56.8
29.4
53.3
30.1
21.4
25.4
8.55
Shares outstanding
2.56
0.16
0.16
0.2
5
10.2
4.77
28.9
29
45.5
Cash flow statement
FY2017
FY2017
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-1.77
-12.4
-72
-35.7
-34.8
-56.6
-38.9
-26.9
17.3
5.65
Depreciation and amortization
0.74
0.4
0.09
0.15
0.12
0.38
0.42
0.4
0.02
Stock-based compensation
0.8
14.7
0.98
0.5
3
7.94
2.78
6.82
0
2.44
Deferred income tax
0.94
-0.28
0.95
1
-0.45
-0.28
0.79
0.08
-0.99
Change in receivables
-37.5
41.2
-1.2
1.56
-1.38
-1.05
1.13
-3.72
4.71
Change in inventory
-4.35
9.23
2.47
2.2
-5.31
1.98
0.68
1.5
0.03
Change in payables
0.09
27
-29.1
Cash from operations
-1.02
-12.6
2.58
-7.37
-8.06
-28.7
-5.52
-6.79
-2.77
-27.9
Capital expenditures
-0.84
-0.16
-0.12
-0.07
-0.78
-0.72
-0.25
-0.11
-0.04
Acquisitions
0.12
3.25
9.89
Purchases of investments
-4.62
Cash from investing
6.53
-8.12
-4.26
-0.74
3.96
-1
-3.37
-5.01
9.9
25.1
Debt issued
2
4
9.5
1.25
Debt repaid
-2.63
-4
-2.3
-0.11
-0
Stock issued
0.06
10.4
Share buybacks
-10.1
Cash from financing
-5.65
31.9
-11.5
11.6
-1.36
34.3
14.9
1.84
-4.05
-0.41
Exchange rate effect
0.65
-0.32
1.84
0.23
0.31
-2.59
-0.31
-0.59
2.23
Net change in cash
-0.14
11.8
-13.5
5.33
-5.23
4.84
3.41
-10.3
2.49
-0.94
Free cash flow
-13.5
2.43
-7.49
-8.13
-29.5
-6.24
-7.04
-2.88
-27.9
Interest paid
-1.88
2.58
4.97
3.61
1.71
0.23
0.28
0.3
0.04
Income taxes paid
0.7
0.48
0.54
0.38
0.25
0.1
Key metrics
Worked out from the statements above. Latest values use fiscal 2025. Valuation uses the share price of $0.08 on September 28, 2026.
Profitability
Metric
Value
How it is calculated
Gross margin
3.7%
Gross profit / revenue.
Operating margin
-127.9%
Operating income / revenue.
EBITDA margin
-127.7%
EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin
71.4%
Pre-tax income / revenue.
Net margin
39.4%
Net income / revenue.
FCF margin
-205.4%
Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin
-205.1%
Cash from operations / revenue.
Effective tax rate
0.1%
Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)
322.7%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
31.6%
Net income / average total assets.
R&D / revenue
25.9%
Research and development expense / revenue.
Stock-based pay / revenue
17.9%
Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue
0.3%
Capital expenditures / revenue.
D&A / revenue
0.1%
Depreciation and amortization / revenue.
Growth
Metric
Value
How it is calculated
Revenue growth, 1y
-50.9%
Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y
-30.9%
Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y
-12.7%
Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y
-91.4%
Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y
-55.1%
Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y
-20.7%
Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y
-67.9%
Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y
-70.9%
EPS vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y
-66.3%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
-34.3%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
-21.9%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
8.2%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
158.3%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
169.5%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
5.39x
Current assets / current liabilities.
Quick ratio
4.85x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
4.75x
(Cash + short-term investments) / current liabilities.
Free cash flow / net income, when net income is positive.
Per share
Metric
Value
How it is calculated
EPS, diluted
$0.16
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic
$0.16
Net income per basic share, as reported (split-adjusted).
Revenue per share
$0.41
Revenue / diluted weighted shares.
FCF per share
-$0.85
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$0.85
Cash from operations / diluted weighted shares.
Book value per share
$0.15
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/E
0.68x
Market cap / net income. Only when net income is positive.
P/S
0.27x
Market cap / revenue.
P/B
0.55x
Market cap / shareholders' equity. Only when equity is positive.
FCF yield
-761.3%
Free cash flow / market cap.
Earnings yield
146.2%
Net income / market cap (the inverse of P/E).
What was Borqs Technologies, Inc.'s revenue in fiscal 2025?
Borqs Technologies, Inc. reported revenue of $13.6M for fiscal 2025, 50.9% lower than the year before.
Was Borqs Technologies, Inc. profitable in fiscal 2025?
Yes. Net income was $5.4M, a net margin of 39.4%.
How much free cash flow did Borqs Technologies, Inc. generate in fiscal 2025?
Cash from operations of $27.9M minus capital expenditures of $37.0K left free cash flow of -$27.9M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.