PR Newswire
LAS VEGAS, April 17, 2023
Company Continues Expanding Strategic Partnerships to Set Stage for Future Growth
LAS VEGAS, April 17, 2023 /PRNewswire/ -- Remark Holdings, Inc. (NASDAQ: MARK), a diversified global technology company with leading artificial intelligence ("AI") solutions and digital video analytics, today announced its financial results for the fiscal year ended December 31, 2022. For complete details of the consolidated financial statements and accompanying management's discussion and analysis the fiscal year ended December 31, 2022, please see the company's filings with the SEC (www.sec.gov).
Management Commentary
"In the fourth quarter of 2022, the world refocused its attention on how powerful artificial intelligence can be and on its ability to change the world. Over the last eight years, we have built our award-winning AI platform from the ground up, and now we can be proud that our team has made us one of the leaders in artificial intelligence, specifically in computer vision," noted Kai-Shing Tao, Chairman and Chief Executive Officer of Remark Holdings. "While operating under the strict Covid lockdowns in China, 2022 was a transition year where we successfully diversified our business primarily to the U.S. and the United Kingdom, where we will reap the benefits in 2023. Our recently-won customers and strategic partners like Genetech and Milestone attest to our ability to deploy our AI-based solutions to help businesses run more effectively and efficiently and provide an immediate ROI. In 2023, you will see our team continue to deliver with new customers, to expand our business with existing customers, to expand into Latin America and the Middle East, and to build and create cutting-edge AI technology that makes a real difference."
Fiscal Year 2022 Business Highlights
Fiscal Year 2022 Financial Results
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: 877.407.4018
International Number: 201.689.8471
Conference ID: 13737786
Online Webcast:
https://callme.viavid.com/viavid/?callme=true&passcode=13737786&h=true&info=company&r=true&B=6
Participants are advised to log in for the live webcast 10 minutes prior to the scheduled start time.
A call replay will be available after 7:30 p.m. Eastern time on the same day through April 22, 2023, at 11:59 p.m. Eastern time.
Toll-Free Replay Number: 844.512.2921
International Replay Number: 412.317.6671
Replay PIN: 13737786
About Remark Holdings, Inc.
Remark Holdings, Inc. (NASDAQ: MARK) delivers an integrated suite of AI solutions that help organizations monitor, understand and act on threats in real time. Remark consists of an international team of sector-experienced professionals that have created award-winning video analytics. The company's GDPR-compliant and CCPA-compliant solutions focus on sectors including retail, federal agencies, public safety, hospitality, and transportation. The company's headquarters are in Las Vegas, Nevada, USA, with operational offices in New York and international offices in London, England. For more information, please visit the company's website: 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 the 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
Fay Tian
Vice President of Investor Relations
F.Tian@remarkholdings.com
(+1) 626-623-2000
(+65) 8715-8007
REMARK HOLDINGS, INC. AND SUBSIDIARIES | |||
| |||
| December 31, | ||
| 2022 | | 2021 |
Assets | | | |
Cash | $ 52 | | $ 14,187 |
Trade accounts receivable, net | 3,091 | | 10,267 |
Inventory, net | 308 | | 1,346 |
Investment in marketable securities | — | | 42,349 |
Deferred cost of revenue | 7,463 | | 589 |
Prepaid expense and other current assets | 1,374 | | 5,774 |
Total current assets | 12,288 | | 74,512 |
Property and equipment, net | 1,699 | | 357 |
Operating lease assets | 180 | | 194 |
Other long-term assets | 269 | | 440 |
Total assets | $ 14,436 | | $ 75,503 |
Liabilities | | | |
Accounts payable | $ 9,602 | | $ 10,094 |
Advances from related parties | 1,174 | | — |
Liability related to convertible debenture | 1,892 | | — |
Accrued expense and other current liabilities | 7,222 | | 5,963 |
Contract liability | 308 | | 576 |
Notes payable, net of unamortized discount and debt issuance cost of $0 and | 14,607 | | 27,811 |
Total current liabilities | 34,805 | | 44,444 |
Operating lease liabilities, long-term | 56 | | 25 |
Total liabilities | 34,861 | | 44,469 |
| | | |
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; 11,539,564 and | 12 | | 11 |
Additional paid-in-capital | 368,945 | | 364,333 |
Accumulated other comprehensive loss | (859) | | (270) |
Accumulated deficit | (388,523) | | (333,040) |
Total stockholders' equity (deficit) Werbung Mehr Nachrichten zur Remark Holdings Aktie kostenlos abonnieren
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