PR Newswire
LAS VEGAS, May 22, 2023
LAS VEGAS, May 22, 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 its first quarter fiscal 2023 ended March 31, 2023. For complete details of the consolidated financial statements and accompanying management's discussion and analysis, please see Remark's filings with the SEC (www.sec.gov).
Management Commentary
"In Q1 2023, we continue to expand our Remark AI footprint into the U.S. and Europe. The demand for our AI platform is unprecedented as companies and governments need a solution to help them drive effectiveness and save on costs," noted Kai-Shing Tao, Chairman and Chief Executive Officer of Remark Holdings. "With China reopening itself for business, we have positioned ourselves to handle the growth from both sides of the pacific. Looking forward, we are confident about our continued growth with existing customers and look forward to our rapid expansion into Latin American and the Middle East this quarter and beyond. The foundation that we have put in place over the past nine years has allowed us to quickly expand into new territories and verticals. Finally, to fully unleash the power of our AI platform, we will launch our Software-as-a-Service platform with a major cloud provider."
First Quarter 2023 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.
Date: Monday, May 22, 2023
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
Toll-Free Number: 844.826.3033
International Number: 412.317.5185
Conference ID: 10178864
Online Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1614686&tp_key=c833470662
Participants are advised to log in 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 May 26, 2023.
Toll-Free Replay Number: 844.512.2921
International Replay Number: 412.317.6671
Replay ID: 10178864
About Remark Holdings, Inc.
Remark Holdings, Inc. (NASDAQ: MARK) the industry leader in AI-powered analytics computer vision and smart agent solutions, delivers an integrated suite of AI tools that help organizations understand their customer demographics and behavior while monitoring, understanding and acting on potential security 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 government agencies, hospitality, public safety, retail 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 home page 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 regulations. 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 concerning future events, are based on assumptions, and are subject to risks and uncertainties. Given such uncertainties, you should not rely 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 Consolidated Balance Sheets (dollars in thousands, except share and per share amounts) | |||
| |||
| March 31, 2023 | | December 31, 2022 |
| (Unaudited) | | |
Assets | | | |
Cash | $ 364 | | $ 52 |
Trade accounts receivable, net | 2,719 | | 3,091 |
Inventory, net | 309 | | 308 |
Deferred cost of revenue | 7,485 | | 7,463 |
Prepaid expense and other current assets | 1,275 | | 1,374 |
Total current assets | 12,152 | | 12,288 |
Property and equipment, net | 1,660 | | 1,699 |
Operating lease assets | 135 | | 180 |
Other long-term assets | 226 | | 269 |
Total assets | $ 14,173 | | $ 14,436 |
Liabilities | | | |
Accounts payable | $ 9,751 | | $ 9,602 |
Advances from related parties | 1,077 | | 1,174 |
Obligations to issue common stock | 4,984 | | 1,892 |
Accrued expense and other current liabilities | 7,139 | | 7,222 |
Contract liability | 481 | | 308 |
Notes payable | 16,488 | | 14,607 |
Total current liabilities | 39,920 | | 34,805 |
Operating lease liabilities, long-term | 30 | | 56 |
Total liabilities | 39,950 | | 34,861 |
| | | |
Commitments and contingencies | | | |
| | | |
Stockholders' 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; 13,633,992 and 11,539,564 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively | 14 | | 12 |
Additional paid-in-capital | 372,071 | | 368,945 |
Accumulated other comprehensive loss | (1,177) | | (859) |
Accumulated deficit | (396,685) | | (388,523) |
Total stockholders' deficit | (25,777) | | (20,425) |
Total liabilities and stockholders' deficit Werbung Mehr Nachrichten zur Remark Holdings Aktie kostenlos abonnieren
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