Issue 002 | U.S. Pilot | US

BRQSF

Borqs Technologies, Inc.

Screen state: Passing Source state: Verified 20-F | 2026-05-15 Filing currency: USD

Open Filing Back to Register Report a correction

Internal NCAV Discount 34.7%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets: 8,506,000USD
Total Liabilities: 1,608,000USD
NCAV: 6,898,000USD
Cash: 2,615,000USD
NCAV per share: -1.57USD/share
Evidence: 10 annual | 12 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Not captured in this issue’s Mary run.

This archived issue is not backfilled with observations from a later screening run.

Business Profile

Checklist-driven facts extracted from filing text. Missing fields stay visible in the details.

business_profile_v1

Business profile: 0 of 12 fields established by the current extractor.

Business Profile Field Details

Business Description

Missing Source

Not established by the current extractor from the selected filing context.

Revenue Model

Missing Source

Not established by the current extractor from the selected filing context.

Customers And Channels

Missing Source

Not established by the current extractor from the selected filing context.

Segments And Geography

Missing Source

Not established by the current extractor from the selected filing context.

Tangible Operations Assets

Missing Source

Not established by the current extractor from the selected filing context.

Value Chain

Missing Source

Not established by the current extractor from the selected filing context.

Competition Positioning

Missing Source

Not established by the current extractor from the selected filing context.

Business Lifecycle Cyclicality

Missing Source

Not established by the current extractor from the selected filing context.

Strategy And Capital Allocation

Missing Source

Not established by the current extractor from the selected filing context.

Management Governance Signals

Missing Source

Not established by the current extractor from the selected filing context.

Disclosed Risks

Missing Source

Not established by the current extractor from the selected filing context.

Known Unknowns

Missing Source

Not established by the current extractor from the selected filing context.

Business Profile Sources

Source	Filing	Date	Type	Status	Provenance
S1	0001213900-26-057706	2026-05-15	20-F	Verified	Data Vault \| sec/cleaned/cik=0001650575/accession=0001213900-26-057706/parser=html-cleaner-v1/full.txt

Historical values can be viewed as reported in each filing or normalized to the latest verified split basis. These are measurement aids, not conclusions about a company.

Policy: no_split_evidence_reported_equals_adjusted | quality: verified

Display basis Normalized to latest verified split basis As reported in each filing

Metric	2018-09-30 10-Q Open filing	2018-06-30 10-Q Open filing	2018-03-31 10-Q Open filing	2017-12-31 10-K Open filing	2017-09-30 10-Q Open filing	2017-06-30 10-K Open filing	2017-03-31 10-Q Open filing	2016-12-31 10-Q Open filing	2016-06-30 10-K Open filing
Period-end Shares Outstanding	31,303,35031,303,350	31,303,35031,303,350	31,303,35031,303,350	30,804,63530,804,635	30,804,63530,804,635	2,555,7462,555,746	2,496,3952,496,395	2,462,3172,462,317	2,422,7862,422,786
Weighted-average Basic Shares	15,192,92915,192,929	4,259,8984,259,898	4,224,7254,224,725	4,224,0904,224,090	4,259,8984,259,898	n/an/a	n/an/a	n/an/a	n/an/a
Weighted-average Diluted Shares	15,192,92915,192,929	4,259,8984,259,898	4,224,7254,224,725	4,224,0904,224,090	4,259,8984,259,898	n/an/a	n/an/a	n/an/a	n/an/a
Basic EPS	-0-0	00	00	-2-2	-2-2	-0-0	-0-0	00	n/an/a
Diluted EPS	-0-0	00	00	-2-2	-2-2	-0-0	-0-0	00	n/an/a
Basic-to-Diluted Share Difference	0.0%	0.0%	0.0%	0.0%	0.0%	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence
Net Share Count Change	0.0%	0.0%	1.6%	0.0%	1105.3%	2.4%	1.4%	1.6%	Insufficient evidence
Ownership Claim Change	0.0%	0.0%	-1.6%	0.0%	-91.7%	-2.3%	-1.4%	-1.6%	Insufficient evidence

Known Unknowns

Only 12 quarterly periods available from Data Vault for this company.

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric	2025-12-31 20-F USD	2024-12-31 20-F USD	2023-12-31 20-F USD	2022-12-31 20-F USD	2021-12-31 20-F USD	2020-12-31 20-F USD	2019-12-31 20-F USD	2018-12-31 20-F USD	2017-12-31 10-K USD	2017-06-30 10-K USD
Revenue	13,602,000	27,713,000	32,046,000	52,537,000	29,561,000	26,751,000	98,958,000	128,420,000	154,307,000	53,339,000
Operating Income	-17,394,000	-3,138,000	-10,287,000	-787,000	-27,267,000	-40,620,000	-29,155,000	-66,668,000	-7,929,000	-1,966,191
Net Income	5,365,000	16,697,000	-26,467,000	-38,861,000	-56,602,000	-35,502,000	-34,409,000	-71,764,000	-12,495,000	-1,765,534
Cash From Operations	-27,899,000	-2,769,000	-6,789,000	-5,523,000	-28,738,000	-8,059,000	-7,373,000	2,581,000	-14,903,000	-1,023,816
Capex	-37,000	-114,000	-250,000	-718,000	-781,000	-72,000	-117,000	-155,000	-842,000	-186,000
Free Cash Flow	-27,936,000	-2,883,000	-7,039,000	-6,241,000	-29,519,000	-8,131,000	-7,490,000	2,426,000	-15,745,000	-1,209,816
Cash And Equivalents	2,615,000	2,032,000	1,047,000	11,305,000	7,714,000	3,044,000	1,001,000	1,931,000	13,060,000	319,312
Accounts Receivable	156,000	116,000	2,363,000	3,482,000	2,262,000	944,000	1,699,000	2,454,000	65,720,000	n/a
Inventory	n/a	n/a	3,556,000	4,235,000	7,190,000	2,675,000	4,543,000	6,788,000	17,031,000	n/a
Total Current Assets	8,506,000	23,355,000	18,140,000	27,991,000	31,210,000	23,865,000	35,150,000	53,834,000	119,532,000	349,311
Total Assets	8,554,000	25,409,000	21,432,000	30,143,000	53,252,000	29,352,000	56,798,000	80,392,000	148,828,000	53,899,615
Total Current Liabilities	1,578,000	26,916,000	33,019,000	37,940,000	64,391,000	86,811,000	99,573,000	83,147,000	92,767,000	n/a
Total Liabilities	1,608,000	29,007,000	35,864,000	41,295,000	70,538,000	91,593,000	105,503,000	102,866,000	101,746,000	1,511,066
Shareholders Equity	6,730,000	-3,405,000	-13,620,000	-10,794,000	-23,246,000	-62,128,000	-44,311,000	-22,178,000	47,082,000	5,000,001
Shares Outstanding	45,470,079	28,970,077	28,866,017	57,182,633	162,167,471	59,943,310	38,881,294	31,307,522	30,804,635	2,555,746
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	32,949,585	30,461,758	13,059,041	22,951,092	117,931,503	44,515,013	35,919,014	31,200,056	12,842,671	2,463,542
Weighted Avg Shares Basic	32,949,585	30,461,758	13,059,041	22,951,092	117,931,503	44,515,013	35,919,014	31,200,056	12,842,671	2,463,542
Net Share Count Change (Normalized)	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	0.0%	2.4%
Ownership Claim Change (Normalized)	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence	0.0%	-2.3%

Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Only 12 quarterly periods available from Data Vault for this company.

Metric	2018-12-31 20-F USD	2018-09-30 10-Q USD	2018-06-30 10-Q USD	2018-03-31 10-Q USD	2017-09-30 10-Q USD	2017-06-30 10-K USD	2017-03-31 10-Q USD	2016-12-31 10-Q USD	2016-09-30 10-Q USD	2016-03-31 10-Q USD	2015-12-31 10-Q USD	2015-09-30 10-Q USD
Revenue	-14,467,000	28,292,000	56,339,000	58,256,000	44,864,000	n/a	31,210,000	93,094,000	27,492,000	n/a	n/a	n/a
Operating Income	-71,316,000	-873,000	2,332,000	3,189,000	-11,483,000	-355,427	-1,135,407	-327,749	-147,608	-177,789	-62,232	-2,975
Net Income	-72,285,000	-2,508,000	1,830,000	1,199,000	-11,815,000	-283,096	-1,077,936	-292,236	-112,266	-112,228	-62,232	-2,975
Cash From Operations	-3,392,000	4,421,000	864,000	688,000	-9,557,926	-1,820,742	1,183,000	-209,986	-176,088	-133,105	-124,087	-2,975
Capex	1,000	-8,000	-33,000	-115,000	-250,000	n/a	-76,000	-52,000	n/a	n/a	n/a	n/a
Free Cash Flow	-3,391,000	4,413,000	831,000	573,000	-9,807,926	n/a	1,107,000	-261,986	n/a	n/a	n/a	n/a
Cash And Equivalents	1,931,000	1,330,000	1,305,000	3,026,000	15,978,000	319,312	396,469	640,635	317,437	487,760	620,865	267,135
Total Current Assets	53,834,000	82,726,000	88,797,000	90,930,000	92,266,000	349,311	445,401	668,153	379,383	611,980	727,519	n/a
Total Liabilities	102,866,000	78,487,000	80,838,000	83,198,000	73,881,000	1,511,066	928,289	865,067	248,548	107,049	44,800	390,917
Shares Outstanding	31,307,522	31,303,350	31,303,350	31,303,350	30,804,635	2,555,746	2,496,395	2,462,317	2,436,685	2,401,120	2,384,499	1,437,500
Shares Outstanding Diluted	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Weighted Avg Shares Diluted	43,741,071	27,692,298	27,675,005	27,471,885	15,192,929	2,527,642	2,467,845	2,436,685	2,422,786	2,384,499	2,286,267	1,250,000
Weighted Avg Shares Basic	43,741,071	27,692,298	26,830,514	26,384,152	15,192,929	2,527,642	2,467,845	2,436,685	2,422,786	2,384,499	2,286,267	1,250,000
Net Share Count Change (Normalized)	Insufficient evidence	0.0%	0.0%	1.6%	1105.3%	2.4%	1.4%	1.6%	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence
Ownership Claim Change (Normalized)	Insufficient evidence	0.0%	0.0%	-1.6%	-91.7%	-2.3%	-1.4%	-1.6%	Insufficient evidence	Insufficient evidence	Insufficient evidence	Insufficient evidence

Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input	Value	Source concept	Filing period	Confidence	Provenance
Current Assets	53,834,000USD	derived	2018-12-31	1.00	n/a
Total Liabilities	102,866,000USD	derived	2018-12-31	1.00	n/a
Cash	1,931,000USD	derived	2018-12-31	1.00	n/a
Shares Outstanding	31,307,522	derived	2018-12-31	1.00	n/a
NCAV	-49,032,000USD	derived	2018-12-31	n/a	company-evidence-v1 \| total_current_assets - total_liabilities
NCAV per share	-1.57USD	derived	2018-12-31	n/a	company-evidence-v1 \| NCAV / shares_outstanding
Internal NCAV Discount	34.7%	derived	2018-12-31	n/a	gnni_publication_pack \| internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / shares_outstanding

Source Provenance

Data Source: Data Vault
Data Vault Root: Local evidence | The Data Vault
CIK: 0001650575
Company ID: n/a
Selected Annual Source: Data Vault | sec/companyfacts/cik=0001650575/companyfacts.json
Selected Quarterly Source: Data Vault | sec/companyfacts/cik=0001650575/companyfacts.json
Statement Extractor: companyfacts-screener-v1
View Extractor: companyfacts-screener-v1
Source Accession Count: 19
Imported At: 2026-08-15T12:51:45+00:00
Rendered At: 2026-08-16T03:29:43+00:00

Run Audit

Mary Run: f75c5d221f074da8a489fba328e8ef51
Mary As Of: 2026-07-18
Accession: 0001213900-26-057706
CIK: 0001650575
Mary Filing Date: 2026-05-15
Filing Currency: USD
Internal Discount: 34.7%
Source State: Verified
Market Context: Not Displayed
Market Policy: internal_only_not_redistributed
Share Trend: Not Evaluated
Dilution: Needs Review

mary_run=f75c5d221f074da8a489fba328e8ef51; mary_as_of=2026-07-18; mary_filing_date=2026-05-15; mary_accession=0001213900-26-057706; mary_cik=0001650575; gnni_supporting_filing_date=2026-05-15; internal_discount=0.347414; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

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