Reportedly, Salesforce (CRM) is delving further into generative AI as it strives to maintain a competitive edge in the market. The AI Cloud product offered by Salesforce enables marketers to automatically create personalized content for customers and allows developers to automatically generate code, among other potential applications.
Another important aspect of this new product is its capability to prevent large language models from retaining sensitive customer data. This feature aims to address the growing concerns within businesses regarding the potential misuse of customer data by generative AI technologies.
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DID YOU KNOW?…
Recently, Borqs Technologies, Inc. (Nasdaq: BRQS) a global provider of 5G wireless and Internet of Things (IoT) solutions, announced its financial results for the year ended December 31, 2022.
Key Financial Results (not including the results Holu Hou Energy, LLC (“HHE”) which is separately presented as Discontinued Operations)
• Revenues for the year ended December 31, 2022 increased 77.7% to $52.5 million compared to $29.6 million for the year ended December 31, 2021, mainly driven by increased IoT hardware sales globally and software service revenues from a global semiconductor vendor.
• Gross profit for the year ended December 31, 2022 increased 326.6% to $11.1 million compared to a gross profit of $2.6 million for the year ended December 31, 2021. Gross margin was 21.2% for the year ended December 31, 2022, compared to 8.8% for the year ended December 31, 2021, an improvement of 1,240 basis points.
• Adjusted EBITDA for the year ended December 31, 2022, as presented below, increased 138% to $4.8 million as compared to $2 million for the year ended December 31, 2021.
• U.S. headquartered customers contributed 29.4% of total revenues, India represented 25.8%, China represented 30.1% and the rest of the world represented 14.7%.
As mandated by the Committee on Foreign Investment in the United States (“CFIUS”) on December 13, 2022, and as stipulated in the National Security Agreement signed between the Company and CFIUS on March 16, 2023, the Company must completely divest its ownership in Holu Hou Energy, LLC (“HHE”). The financial results of HHE for the year 2022 were presented under Discontinued Operations; and the company deconsolidated HHE’s financials as of December 31, 2022.
Pat Chan, CEO of Borqs Technologies stated, “I am very pleased with our operational performance of the past year ended with a significant growth in the revenue and increase in the gross margin. The entire Borqs team has successfully executed the expansion plans in terms of growing both IoT hardware sales and software service revenues while improving our gross margin in a challenging environment. The financial results for 2022 were in line with our expectations. Also, we are very happy to have recently engaged Cantor Fitzgerald & Co., an internationally reputable investment bank, to head up the sales of our ownership in HHE. The divestment of the HHE, when completed, is expected to provide a large liquidity position to Borqs. Once the divestment is consummated in the coming months, we plan to evaluate acquisition opportunities. We are committed to bringing superior 5G wireless and IoT solutions to our customers worldwide. In the meantime, we will evaluate opportunities in combining our know-how and expertise in IoT with artificial intelligence (AI), robotic and cloud technologies to further strengthen our long-term competitive advantages in 2023 and beyond.”
