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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 |
Annual Revenue Increases 58% to $16.0 Million
Full Year Earnings Per Share Total $0.27
LAS VEGAS, March 31, 2022 /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 year ended December 31, 2021.
Management Commentary
"Fourth quarter 2021 revenue of $6.3 million represented a 33% increase compared to the fourth quarter of 2020, and powered a 58% year-over-year increase. Adoption of our AI-powered solutions came from diverse industries including construction, infrastructure, banking and education," noted Kai-Shing Tao, Chairman and Chief Executive Officer of Remark Holdings. "Our AI-driven security solutions are currently being evaluated for several U.S.-based infrastructure projects in the rail and public safety industries as well as for border control."
Fiscal Year 2021 Business Highlights
Fiscal Year 2021 Financial Results
"For fiscal year 2022, we anticipate continued growth in both our US and China AI businesses. Additionally, we have a robust pipeline of business opportunities in Europe which represents a previously untapped market. Finally, we will be introducing several new initiatives in the NFT and metaverse spaces in the coming months that are powered by our AI technology," 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.
Date: Thursday, March 31, 2022
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
Toll-Free Number: 800.239.9838
International Number: 323.794.2551
Conference ID: 5585955
Online Webcast: https://themediaframe.com/mediaframe/webcast.html?webcastid=NaLJr4Ne.
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 April 5, 2022.
Toll-Free Replay Number: 844.512.2921
International Replay Number: 412.317.6671
Replay ID: 5585955
About Remark Holdings, Inc.
Remark Holdings, Inc. (NASDAQ: MARK), its subsidiaries, and the variable-interest entities that the company consolidates, constitute a diversified global technology business with leading artificial intelligence ("AI") and data-analytics, as well as a portfolio of digital media properties The company's easy-to-install AI products are being rolled out in a wide range of applications within the retail, urban life cycle and workplace and food safety arenas. The company also owns and operates digital media properties that deliver relevant, dynamic content and ecommerce solutions. The company's corporate headquarters and U.S. operations are based in Las Vegas, Nevada, and it also maintain operations in London, England and Shanghai, China. The operations of the variable interest entities the company consolidates are headquartered in Chengdu, China with additional operations in Hangzhou. 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) | |||
December 31, | |||
2021 | 2020 | ||
Assets | |||
Cash | $ 14,187 | $ 854 | |
Trade accounts receivable, net | 10,267 | 5,027 | |
Inventory, net | 1,346 | 874 | |
Investment in marketable securities | 42,349 | — | |
Prepaid expense and other current assets | 6,363 | 2,043 | |
Total current assets | 74,512 | 8,798 | |
Property and equipment, net | 357 | 321 | |
Operating lease assets | 194 | 492 | |
Investment in unconsolidated affiliate | — | 1,030 | |
Other long-term assets | 440 | 670 | |
Total assets | $ 75,503 | $ 11,311 | |
Liabilities | |||
Accounts payable | $ 10,094 | $ 8,589 | |
Accrued expense and other current liabilities | 5,963 | 6,660 | |
Contract liability | 576 | 310 | |
Notes payable, net of unamortized discount and debt issuance cost of $2,189 and | 27,811 | 1,500 | |
Total current liabilities | 44,444 | 17,059 | |
Long-term debt | — | 1,425 | |
Operating lease liabilities, long-term | 25 | 194 | |
Warrant liability | — | 1,725 | |
Total liabilities | 44,469 | 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; 105,157,769 | 105 | 100 | |
Additional paid-in-capital | 364,239 | 351,546 | |
Accumulated other comprehensive income | (270) | (226) | |
Accumulated deficit | (333,040) | (360,512) | |
Total stockholders' equity (deficit) | 31,034 | (9,092) | |
Total liabilities and stockholders' equity (deficit) | $ 75,503 | $ 11,311 |
REMARK HOLDINGS, INC. AND SUBSIDIARIES Consolidated Statements of Operations and Comprehensive Loss (dollars in thousands, except per share amounts) | |||
Year Ended December 31, | |||
2021 | 2020 | ||
Revenue, including $3.8 million from China Business Partner | $ 15,990 | $ 10,145 | |
Cost and expense | |||
Cost of revenue (excluding depreciation and amortization) | 11,455 | 6,422 | |
Sales and marketing | 971 | 1,848 | |
Marketing expense (recovery) - China Business Partner activity | (1,530) | 1,530 | |
Technology and development | 4,692 | 4,142 | |
General and administrative | 14,120 | 9,368 | |
Depreciation and amortization | 191 | 308 | |
Impairments | — | 772 | |
Other operating expense | — | — | |
Total cost and expense | 29,899 | 24,390 | |
Operating loss | (13,909) | (14,245) | |
Other income (expense) | |||
Interest expense | (2,308) | (1,342) | |
Other income (expense), net | (592) | — | |
Change in fair value of warrant liability | 123 | (1,610) | |
Gain on investment revaluation | 43,642 | — | |
Gain on debt extinguishment | 425 | — | |
Gain on lease termination | — | 3,582 | |
Other gain (loss), net | 100 | (70) | |
Total other income, net | 41,390 | 560 | |
Income (loss) from before income taxes | 27,481 | (13,685) | |
Provision for income taxes | (9) | — | |
Net income (loss) | $ 27,472 | $ (13,685) | |
Other comprehensive loss | |||
Foreign currency translation adjustments | (44) | 1 | |
Comprehensive income (loss) | $ 27,428 | $ (13,684) | |
Weighted-average shares outstanding, basic | 101,362 | 85,578 | |
Weighted-average shares outstanding, diluted | 101,719 | 85,578 | |
Net income (loss) per share, basic | $ 0.27 | $ (0.16) | |
Net income (loss) per share, diluted | $ 0.27 | $ (0.16) | |
View original content to download multimedia:https://www.prnewswire.com/news-releases/remark-holdings-announces-fiscal-year-2021-financial-results-301515260.html
SOURCE Remark Holdings, Inc.
Copyright 2022 PR Newswire
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