Borqs Technologies 2021 Revenue Improved 10.5%; Achieved Positive Non-GAAP Adjusted EBITDA
SANTA CLARA, Calif., May 06, 2022 (GLOBE NEWSWIRE) -- Borqs Technologies, Inc. (Nasdaq: BRQS, “Borqs”, or the “Company”), a global provider of 5G wireless solutions, Internet of Things (IoT) solutions and innovative clean energy with global operations in the U.S., India and China, filed its annual report on Form 20-F for the year ended December 31, 2021 with the SEC on May 2, 2022. Despite stringent supply chain interruptions and Covid challenges worldwide, revenues for the year 2021 was $29.56 million which was 10.5% improvement over $26.75 million in 2020.
As reported in the annual report under US GAAP basis, continuing operations resulted in a net loss of $56.60 million. Significant amounts of the expenses were non-cash charges of convertible note discounts from the Company’s financing transactions and debt settlement charges involved in the complete paid-off of loans from Partners For Growth. Other than such extraordinary non-operating and non-cash expenses, the Company’s operations achieved positive adjusted EBITDA during 2021.
The following table presents a reconciliation of the non-GAAP financial measures of EBITDA and Adjusted EBITDA for the results of our continuing operations in the year 2021.
We believe EBITDA and Adjusted EBITDA are useful because they allow us to more effectively evaluate our operating performance and compare the results of our operations from period to period without regard to our financing methods or capital structure. We exclude the items listed above in arriving at EBITDA and Adjusted EBITDA because these amounts can vary substantially from company to company within our industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. EBITDA and Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income as determined in accordance with GAAP, or as an indicator of our operating performance or liquidity. Certain items excluded from EBITDA and Adjusted EBITDA are significant components in understanding and assessing a company’s financial performance, such as a company’s cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of EBITDA and Adjusted EBITDA. In prior periods, the Company has excluded other items that it no longer excludes for purposes of its non-GAAP financial measures. Our computations of EBITDA and Adjusted EBITDA may not be comparable to other similarly titled measures of other companies.
About Borqs Technologies, Inc.
Borqs recently acquired controlling interests in a solar energy storage systems company in the U.S.
Forward-Looking Statements, Non-GAAP Presentation and Additional Information