Revenue increased 24% compared to Q2 2022 as Remark AI established primary partnerships for smart cities.
LAS VEGAS, Aug. 14, 2023 /PRNewswire/ — Remark Holdings, Inc. (NASDAQ: MARK), a diversified, global generation corporation offering next-generation synthetic intelligence (“AI”) and virtual video analytics solutions, today announced its currency effects for its fiscal second quarter of 2023 ended June 30, 2023. For more details on the consolidated monetary statements and management’s discussion and analysis (MD
Management Commentary “In the second quarter of 2023, we made significant progress in synergy with various smart city projects that focus on leveraging generation and innovation to improve urban life,” said Kai-Shing Tao, CEO of Remark Holdings. “In particular, we effectively won a first 30-month subscription contract to deploy our cellular SSP product in Brazil for facial and license plate recognition, demonstrating its effectiveness and price in a real-world context and cementing our responses as practical and impactful. We have signed several strategic generation partnerships, and there will be more to come, that will help us develop our cutting-edge solutions and expand their success into new and existing markets as we move into the second part of the year.
“In the past we have discussed how reopening China would particularly improve our profit opportunities. Despite press reports of an economic slowdown in China, Remark achieved a 24% increase in profits in the second quarter, reflecting the recovery of the previous expansion trajectory. . While we continue to grow in the Americas, UK and European markets. AI investments continue to grow across markets as consumers see a rapid return on investment, cutting expenses and expanding power and operational performance. Our target remains EBITDA at the end of the fourth quarter of 2023,” Tao concluded.
Business Highlights for the Fiscal Year 2023 Quarter
Financial Effects for the Fiscal Year 2023 Quarter
In addition, the Company provided an update on the written notice it obtained from the Nasdaq Listing Ratings Department on April 27, 2023, notifying Remark that it did not meet the criteria of the continuing directory pursuant to Nasdaq Listing Rule 5550. As indicated via Nasdaq, on June 12, 2023, Remark submitted a plan to Nasdaq’s board ratings arm detailing how it expected to regain compliance with the continuing directory criteria. After reviewing the plan presented, Nasdaq gave the company until October 24, 2023 to return. to the fulfillment of the criteria of the uninterrupted directory.
InformationManagement conference call will hold a conference call this afternoon at 4:30 p. m. m. ET (1:30 p. m. Pacific Time) to discuss the company’s currency effects and provide updates on recent business developments. presentation.
The live conference call will be held via telephone or webcast. Date: Monday, August 14, 2023 Time: 4:30 p. m. ET (1:30 p. m. Pacific Time) Toll Free: 844. 826. 3033 International number: 412. 317. 5185 Conference ID : 10181544 Webcast: https://viavid. webcasts. com/starthere. jsp?ei=1627436
Remark Holdings, Inc. (NASDAQ: MARK), an industry leader in AI-powered computer vision and intelligent analytical responses, offers an embedded set of AI teams that help organizations understand the demographics and behavior of scale operators, while monitoring, perceiving and responding in real time to potential security threats. Remark is comprised of a foreign team of experienced industry professionals who have created award-winning video analytics. Company responses that comply with GDPR and CCPA in industries such as government agencies, hospitality, utilities security, retail, and transportation. The company is headquartered in Las Vegas, Nevada, USA. U. S. headquarters, with operational offices in New York and overseas offices in London, England. For more information, visit our home page in www. remarkholdings. com.
Forward-Looking Statements This press release may contain forward-looking statements, adding information about long-term events, long-term financial performance, strategies, expectations, competitive environment and regulations. Words like ‘possibly’, ”, ‘could’, ‘predict’, ‘potential’, ‘continue’, ‘expect’, ‘anticipate’, ‘long-term’, ‘intends’, ‘plans’, ‘believes’, ‘estimates’ and similar expressions, and forward-looking statements, identify forward-looking statements. These statements involve known and unknown hazards, uncertainties and other factors, in addition to those discussed in Part I. Item 1A. Risk Factors in the Remark Holdings Annual Report on Form 10-K and in Remark Holdings’ other filings with the SEC All forward-looking statements reflect Remark Holdings’ existing views regarding long-term events, are based on assumptions, and are subject to hazards and uncertainties. Given those uncertainties, you are not relying on any forward-looking statements, which constitute estimates and assumptions of Remark Holdings only as of the date hereof. Except as required by law, Remark Holdings does not assume any legal responsibility to publicly update or revise any forward-looking statement after the date hereof, whether as a result of new data, long-term events or otherwise.
Company Contacts
Fay Tian Vice President of Investor Relations [email protected] (1) 626-623-2000(65) 8715-8007
NOTE HOLDINGS, INC. AND SUBSIDIARIES
Consolidated sheets
($ thousands, consistent with consistent with percentage and consistent with percentage)
June 30, 2023
December 31, 2022
(Unaudited)
Assets
Money
$208
$52
Commercial accounts receivable, net
3 445
3 091
Inventories, net
351
308
Deferred income
5 598
7 463
Prepaid expenses and existing assets
864
1 374
Total assets
10 466
12 288
Ownership and equipment, net
1 422
1 699
Operating lease assets
783
180
Other long-term assets
187
269
Total assets
$12,858
$14,436
Passive
Accounts payable
$9,125
$9,602
Advances through similar matches
1 078
1 174
Common stock bonds
5 597
1 892
Accrued liabilities and existing liabilities
8 189
7 222
Contractual liability
420
308
Tickets to pay
16 480
14 607
Full Liability
40 889
34 805
Liabilities similar to operating leases, long-term
398
56
Total Responsibilities
41 287
34 861
Commitments and contingencies
Shareholder shortfall
Preferred shares, par price of $0. 001; one million legal actions; Zero emissions
–
–
Common stock, par with $0. 001; 175,000,000 legal actions; 16,612,266 and 11,539,564 issued and noteworthy shares as of June 30, 2023 and December 31, 2022, respectively
17
12
Share premium
375 517
368 945
Other accumulated loss
(1 404)
(859)
Accumulated deficit
(402 559)
(388 523)
Total shareholder deficit
(28 429)
(20 425)
Total liabilities and deficit of shareholders
$12,858
$14,436
NOTE HOLDINGS, INC. AND SUBSIDIARIES
Unaudited condensed consolidated statements of source of income and comprehensive source of income
($ thousands, consistent with participation)
Quarter Ended June 30
Semester ended June 30
2023
2022
2023
2022
Revenue, amounts of the Chinese trading partner
$3,167
$2,558
$3,993
$7,225
Cost and expenses
Cost of (excluding depreciation and amortization)
2 511
1 847
2 966
6 117
Sales & Marketing
387
188
753
336
Technology and development
567
508
736
963
General and administrative
3 244
3 933
6 077
7. 872
Depreciation and amortization
25
37
71
78
Deficiencies
392
–
392
–
Total and expenses
7 126
6 513
10 995
15 366
Business interruption
(3 959)
(3 955)
(7 002)
(8 141)
Other source of income (expenses)
Interest expense
(858)
(1 774)
(2 402)
(3 960)
Financial burden of non-unusual percentage obligations
(1 050)
–
(4 626)
–
Loss of investment
–
(6 952)
–
(26 008)
Other earnings, net
(7)
152
(6)
151
Total expenditure, net
(1 915)
(8 574)
(7 034)
(29 817)
Net loss
$ (5,874)
$ (12,529)
$ (14,036)
$ (37,958)
The prolonged result
Discrepancies in foreign translation
(227)
(424)
(545)
(422)
Total loss
$ (6,101)
$ (12,953)
$ (14,581)
$ (38,380)
Weighted average outstanding shares, fundamentals and diluted shares
14 132 862
10 515 777
13 819 643
10 515 777
Equity-consistent, fundamental, diluted net loss
$ (0. 42)
$ (1. 19)
$ (1. 02)
$ (3. 61)
SOURCE Remarque Holdings, Inc.