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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. 23, 2020 /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, 2020.
Management Commentary
"The third quarter of 2020 was highlighted by a sequential quarter over quarter doubling of revenue from China as the country emerged from post-COVID-19 lock-downs. We were able to restart certain projects, including the conversion of bank and mobile retail outlets to smart stores, and smart school safety installations at primary schools in several Provinces of China. We anticipate another doubling of revenue from China in our fourth quarter," noted Kai-Shing Tao, Chairman and Chief Executive Officer of Remark Holdings. "In the United States, we focused on growing our distribution and channel partnerships for our AI platform, and we expect to close additional deals in the fourth quarter."
Third Quarter 2020 Business Highlights
Third Quarter 2020 Financial Results
"Our business has gone through a major transformation. We spent the past five years building a robust AI platform that has been recognized as having superior commercial solutions in the areas of computer vision. We spent the past three years working to commercialize the technology with world-class companies such as China Mobile. Now, going into the fourth quarter of 2020 and the first quarter of 2021, we are poised to report significant revenue growth from China while simultaneously addressing large total addressable market opportunities, and signing up new channel partners. Finally, we are confident that we will have the opportunity to monetize our stake in Sharecare which will provide us with ample capital to execute all of our growth opportunities, potentially repurchase shares and maintain a rock-solid balance sheet," concluded Mr. Tao.
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 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 | |||||||
September 30, 2020 | December 31, 2019 | ||||||
(Unaudited) | |||||||
Assets | |||||||
Cash and cash equivalents | $ | 2,090 | $ | 272 | |||
Trade accounts receivable, net | 2,850 | 1,964 | |||||
Inventory, net | 1,062 | — | |||||
Prepaid expense and other current assets | 5,831 | 4,623 | |||||
Total current assets | 11,833 | 6,859 | |||||
Property and equipment, net | 267 | 341 | |||||
Operating lease assets | 385 | 4,359 | |||||
Investment in unconsolidated affiliates | 1,065 | 1,935 | |||||
Intangibles, net | 355 | 509 | |||||
Other long-term assets | 2,177 | 824 | |||||
Total assets | $ | 16,082 | $ | 14,827 | |||
Liabilities and Stockholders' Deficit | |||||||
Accounts payable | $ | 6,570 | $ | 8,126 | |||
Accrued expense and other current liabilities | 8,987 | 14,326 | |||||
Contract liability | 541 | 313 | |||||
Note payable | 1,500 | 3,000 | |||||
Loans payable, current | — | 12,025 | |||||
Total current liabilities | 17,598 | 37,790 | |||||
Loans payable, long-term | 425 | — | |||||
Operating lease liabilities, long-term | 158 | 4,650 | |||||
Warrant liability | 748 | 115 | |||||
Total liabilities | 18,929 | 42,555 | |||||
Commitments and contingencies | |||||||
Preferred stock,$0.001 par value; 1,000,000 shares authorized; zero issued | — | — | |||||
Common stock, $0.001 par value; 100,000,000 shares authorized; 99,502,416 and | 100 | 51 | |||||
Additional paid-in-capital | 351,529 | 319,275 | |||||
Accumulated other comprehensive income | 176 | (227) | |||||
Accumulated deficit | (354,652) | (346,827) | |||||
Total stockholders' deficit | (2,847) | (27,728) | |||||
Total liabilities and stockholders' deficit | $ | 16,082 | $ | 14,827 |
REMARK HOLDINGS, INC. AND SUBSIDIARIES | |||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2020 | 2019 | 2020 | 2019 | ||||||||||||
Revenue | $ | 2,646 | $ | 686 | $ | 5,376 | $ | 4,760 | |||||||
Cost and expense | |||||||||||||||
Cost of revenue (excluding | 1,679 | 189 | 2,910 | 3,323 | |||||||||||
Sales and marketing | 417 | 736 | 1,319 | 2,282 | |||||||||||
Technology and development | 738 | 752 | 2,863 | 2,910 | |||||||||||
General and administrative | 2,380 | 3,052 | 7,018 | 8,483 | |||||||||||
Depreciation and amortization | 72 | 229 | 228 | 814 | |||||||||||
Impairments | 463 | — | 463 | — | |||||||||||
Other operating expense | — | — | — | 6 | |||||||||||
Total cost and expense | 5,749 | 4,958 | 14,801 | 17,818 | |||||||||||
Operating loss | (3,103) | (4,272) | (9,425) | (13,058) | |||||||||||
Other income (expense) | |||||||||||||||
Interest expense | (60) | (457) | (1,296) | (1,397) | |||||||||||
Other income, net | (58) | (24) | (1) | 23 | |||||||||||
Change in fair value of warrant liability | 5,570 | (160) | (633) | 502 | |||||||||||
Gain on lease termination | 2,044 | — | 3,582 | — | |||||||||||
Other loss, net | 21 | (28) | (52) | (27) | |||||||||||
Total other income (expense), net | 7,517 | (669) | 1,600 | (899) | |||||||||||
Income (loss) from continuing operations | 4,414 | (4,941) | (7,825) | (13,957) | |||||||||||
Loss from discontinued operations, net of tax | — | — | — | (2,610) | |||||||||||
Net income (loss) | $ | 4,414 | $ | (4,941) | $ | (7,825) | $ | (16,567) | |||||||
Other comprehensive income (loss) | |||||||||||||||
Foreign currency translation adjustments | 65 | (289) | 403 | (256) | |||||||||||
Comprehensive income (loss) | $ | 4,479 | $ | (5,230) | $ | (7,422) | $ | (16,823) | |||||||
Weighted-average shares outstanding, | 99,450 | 46,282 | 80,903 | 43,085 | |||||||||||
Net loss per share, basic and diluted | |||||||||||||||
Continuing operations | $ | 0.04 | $ | (0.11) | $ | (0.10) | $ | (0.32) | |||||||
Discontinued operations | — | — | — | (0.06) | |||||||||||
Consolidated | $ | 0.04 | $ | (0.11) | $ | (0.10) | $ | (0.38) | |||||||
View original content to download multimedia:http://www.prnewswire.com/news-releases/remark-holdings-announces-third-quarter-2020-financial-results-301179048.html
SOURCE Remark Holdings, Inc.
Copyright 2020 PR Newswire
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