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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Remark Holdings Inc | NASDAQ:MARK | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.272 | 0.27 | 0.29 | 0 | 01:00:00 |
LAS VEGAS, Nov. 15, 2021 /PRNewswire/ -- Remark Holdings, Inc. (NASDAQ: MARK), a diversified global technology company with leading artificial intelligence ("AI") solutions and digital media properties, today announced financial results for its fiscal third quarter ended September 30, 2021.
Management Commentary
"Our third quarter was highlighted by the continued advancement of our AI software and platforms. Our computer vision software was once again named one of the best in the world, and we delivered on a new platform for AI-driven safety in schools," noted Kai-Shing Tao, Chairman and Chief Executive Officer of Remark Holdings. "Despite stringent, periodic citywide lockdowns associated with COVID-19 in China and a major U.S. customer slowing its product rollout due to technical difficulties, we have been able to achieve revenue through the first nine months of 2021 of $9.7 million, nearly matching full year 2020 revenue of $10.1 million. Finally, our long-term vision in large total addressable markets was manifested in the third quarter as we recognized a $78.9 million gain on our $1.0 million investment in Sharecare, providing us the building block to meet the capital requirements necessary to meet current demand while allowing us to continue to invest in areas that will assure future growth."
Third Quarter 2021 Business Highlights
Fiscal Third Quarter 2021 Financial Results
"Finally, we highlight our AI platform as an integral building block to position us for the ongoing transition to Web 3.0, including opportunities in the Metaverse and NFT markets, where our platform allows us to efficiently and rapidly enter these markets and capture initial business. With the fortification of our balance sheet, we are poised to continue growing core business in banking, schools and retail while expanding infrastructure and construction opportunities and simultaneously investing in Metaverse opportunities that leverage our brands," concluded Mr. Tao.
Conference Call Information
Management will hold a conference call this afternoon at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss the Company's financial results and provide an update on recent business developments. A question and answer session will follow management's presentation. The live conference may be accessed via telephone or online webcast.
Toll-Free Number: 866.548.4713
International Number: 323.794.2093
Conference ID: 5036951
Online Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1512093&tp_key=062fda5464.
Participants are advised to login for the live webcast 10 minutes prior to the scheduled start time.
A replay of the call will be available after 7:30 p.m. Eastern time on the same day through November 20, 2021.
Toll-Free Replay Number: 844.512.2921
International Replay Number: 412.317.6671
Replay ID: 5036951
About Remark Holdings, Inc.
Remark Holdings, Inc. (NASDAQ: MARK) delivers an integrated suite of AI solutions that enable businesses and organizations to solve problems, reduce risk and deliver positive outcomes. The company's easy-to-install AI products are being rolled out in a wide range of applications within the retail, public safety and workplace arenas. The company also owns and operates an e-commerce digital media property focused on a luxury beach lifestyle. The company is headquartered in Las Vegas, Nevada, with additional operations in Los Angeles, California and in Beijing, Shanghai, Chengdu and Hangzhou, China. For more information, please visit the company's website at http://www.remarkholdings.com/.
Forward-Looking Statements
This press release may contain forward-looking statements, including information relating to future events, future financial performance, strategies, expectations, competitive environment and regulation. Words such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar expressions, as well as statements in future tense, identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, including those discussed in Part I, Item 1A. Risk Factors in Remark Holdings' Annual Report on Form 10-K and Remark Holdings' other filings with the SEC. Any forward-looking statements reflect Remark Holdings' current views with respect to future events, are based on assumptions and are subject to risks and uncertainties. Given such uncertainties, you should not place undue reliance on any forward-looking statements, which represent Remark Holdings' estimates and assumptions only as of the date hereof. Except as required by law, Remark Holdings undertakes no obligation to update or revise publicly any forward-looking statements after the date hereof, whether as a result of new information, future events or otherwise.
Company Contacts
E. Brian Harvey
Senior Vice President of Capital Markets and Investor Relations
Remark Holdings, Inc.
ebharvey@remarkholdings.com
702.701.9514
Fay Tian
Vice President of Investor Relations
F.Tian@remarkholdings.com
(+1) 626.623.2000
(+86) 13702108000
REMARK HOLDINGS, INC. AND SUBSIDIARIES | |||||||
Consolidated Balance Sheets | |||||||
(dollars in thousands, except share and per share amounts) | |||||||
September 30, | December 31, | ||||||
(Unaudited) | |||||||
Assets | |||||||
Cash (includes VIE $1,100 and $278, respectively) | $ | 3,168 | $ | 854 | |||
Trade accounts receivable, net (includes VIE $7,281 and $4,850, respectively) | 7,318 | 5,027 | |||||
Inventory, net (includes VIE $58 and $112, respectively) | 1,936 | 874 | |||||
Investment in marketable securities | 77,625 | — | |||||
Prepaid expense and other current assets (includes VIE $735 and $248, respectively) | 1,964 | 2,043 | |||||
Total current assets | 92,011 | 8,798 | |||||
Property and equipment, net (includes VIE $— and $43, respectively) | 329 | 321 | |||||
Operating lease assets (includes VIE $124 and $281, respectively) | 257 | 492 | |||||
Investment in unconsolidated affiliate | — | 1,030 | |||||
Other long-term assets (includes VIE $24 and $68, respectively) | 483 | 670 | |||||
Total assets | $ | 93,080 | $ | 11,311 | |||
Liabilities | |||||||
Accounts payable (includes VIE $5,843 and $3,655, respectively) | $ | 11,230 | $ | 8,589 | |||
Accrued expense and other current liabilities (includes VIE $2,977 and $3,782, respectively) | 6,057 | 6,660 | |||||
Contract liability (includes VIE $215 and $147, respectively) | 746 | 310 | |||||
Notes payable, net of unamortized discount and debt issuance cost | 6,297 | 1,500 | |||||
Total current liabilities | 24,330 | 17,059 | |||||
Loans payable | — | 1,425 | |||||
Operating lease liabilities, long-term (includes VIE $— and $79, respectively) | 49 | 194 | |||||
Warrant liability | — | 1,725 | |||||
Total liabilities | 24,379 | 20,403 | |||||
Commitments and contingencies | |||||||
Stockholders' Equity (Deficit) | |||||||
Preferred stock, $0.001 par value; 1,000,000 shares authorized; zero issued | — | — | |||||
Common stock, $0.001 par value; 175,000,000 shares authorized; 105,108,724 and 99,505,041 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively | 105 | 100 | |||||
Additional paid-in-capital | 363,564 | 351,546 | |||||
Accumulated other comprehensive income | (180) | (226) | |||||
Accumulated deficit | (294,788) | (360,512) | |||||
Total stockholders' equity (deficit) | 68,701 | (9,092) | |||||
Total liabilities and stockholders' equity (deficit) | $ | 93,080 | $ | 11,311 |
REMARK HOLDINGS, INC. AND SUBSIDIARIES | |||||||||||||||
Consolidated Statements of Operations and Comprehensive Loss | |||||||||||||||
(dollars in thousands, except per share amounts) | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
Revenue | $ | 1,234 | $ | 2,646 | $ | 9,656 | $ | 5,376 | |||||||
Cost and expense | |||||||||||||||
Cost of revenue (excluding depreciation and amortization) | 854 | 1,679 | 5,858 | 2,910 | |||||||||||
Sales and marketing | 882 | 417 | 2,281 | 1,319 | |||||||||||
Technology and development | 635 | 738 | 3,490 | 2,863 | |||||||||||
General and administrative | 5,493 | 2,380 | 10,672 | 7,018 | |||||||||||
Depreciation and amortization | 35 | 72 | 150 | 228 | |||||||||||
Impairments | — | 463 | — | 463 | |||||||||||
Total cost and expense | 7,899 | 5,749 | 22,451 | 14,801 | |||||||||||
Operating loss | (6,665) | (3,103) | (12,795) | (9,425) | |||||||||||
Other income (expense) | |||||||||||||||
Interest expense | (438) | (60) | (1,053) | (1,296) | |||||||||||
Other income (expense), net | — | (58) | 7 | (1) | |||||||||||
Change in fair value of warrant liability | 411 | 5,570 | 123 | (633) | |||||||||||
Gain on investment revaluation | 78,917 | — | 78,917 | — | |||||||||||
Gain on debt extinguishment | 425 | — | 425 | — | |||||||||||
Gain on lease termination | — | 2,044 | — | 3,582 | |||||||||||
Other gain (loss), net | 96 | 21 | 109 | (52) | |||||||||||
Total other income, net | 79,411 | 7,517 | 78,528 | 1,600 | |||||||||||
Income (loss) from operations | $ | 72,746 | $ | 4,414 | $ | 65,733 | $ | (7,825) | |||||||
Provision for income taxes | — | — | (9) | — | |||||||||||
Net income (loss) | $ | 72,746 | $ | 4,414 | $ | 65,724 | $ | (7,825) | |||||||
Other comprehensive loss | |||||||||||||||
Foreign currency translation adjustments | (9) | 65 | 46 | 403 | |||||||||||
Comprehensive income (loss) | $ | 72,737 | $ | 4,479 | $ | 65,770 | $ | (7,422) | |||||||
Weighted-average shares outstanding, basic | 100,141 | 99,450 | 100,087 | 80,903 | |||||||||||
Weighted-average shares outstanding, diluted | 100,380 | 99,450 | 100,410 | 80,903 | |||||||||||
Net income (loss) per share, basic | $ | 0.73 | $ | 0.04 | $ | 0.66 | $ | (0.10) | |||||||
Net income (loss) per share, diluted | $ | 0.72 | $ | 0.04 | $ | 0.65 | $ | (0.10) | |||||||
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SOURCE Remark Holdings, Inc.
Copyright 2021 PR Newswire
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