PR Newswire
LAS VEGAS, Aug. 15, 2022
LAS VEGAS, Aug. 15, 2022 /PRNewswire/ -- Remark Holdings, Inc. (NASDAQ: MARK), a diversified global technology company with leading artificial intelligence ("AI") solutions and digital media properties today announced its financial results for the fiscal quarter ended June 30, 2022. For complete details of the condensed consolidated interim financial statements and accompanying management's discussion and analysis for the three and six months ended June 30, 2022, please see Remark's filings with the SEC (www.sec.gov).
Management Commentary
"The company's second quarter was highlighted by additional partnerships and the joining of industry experts to expand its sales channels significantly," noted Kai-Shing Tao, Chairman and Chief Executive Officer of Remark Holdings. "Our unique value proposition and the innovation inherent in our AI solutions continued to satisfy the different needs of our customers. Looking ahead, we are building a pipeline of opportunities across the U.S. with our SSP-based products with a new streaming fee model and are continuing to advance our deployment activities in China. Taken together, we believe these activities lay the groundwork for continued momentum across our businesses as we seek to deliver first-class AI solutions to our customers."
Second Quarter 2022 Business Highlights
Fiscal Second Quarter 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: 800.289.0720
International Number: 323.701.0160
Conference ID: 7189339
Online Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1562633&tp_key=7bdfa0774e
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 August 20, 2022.
Toll-Free Replay Number: 844.512.2921
International Replay Number: 412.317.6671
Replay ID: 7189339
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 various retail, public safety, and workplace applications. The company also owns and operates an e-commerce digital media property focused on a luxury beach lifestyle. The company's corporate headquarters and U.S. operations are based in Las Vegas, Nevada, and it also maintains operations in London, England, and Shanghai, China. The operations of the variable interest entities that the company consolidates are headquartered in Chengdu, China, with additional offices in Hangzhou. 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 regulations. Words such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," and "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
[email protected]
(+1) 626-623-2000
(+86) 13702108000
(+65) 8715-8007
REMARK HOLDINGS, INC. AND SUBSIDIARIES | |||
Condensed Consolidated Balance Sheets | |||
(dollars in thousands, except share and per share amounts) | |||
June 30, 2022 | December 31, 2021 | ||
(Unaudited) | |||
Assets | |||
Cash | $ 1,063 | $ 14,187 | |
Trade accounts receivable, net | 9,483 | 10,267 | |
Inventory, net | 1,489 | 1,346 | |
Investment in marketable securities | 12,532 | 42,349 | |
Prepaid expense and other current assets | 6,812 | 6,363 | |
Total current assets | 31,379 | 74,512 | |
Property and equipment, net | 1,442 | 357 | |
Operating lease assets | 181 | 194 | |
Other long-term assets | 359 | 440 | |
Total assets | $ 33,361 | $ 75,503 | |
Liabilities | |||
Accounts payable | $ 8,568 | $ 10,094 | |
Advances from related parties | 1,517 | — | |
Accrued expense and other current liabilities | 5,665 | 5,963 | |
Contract liability | 415 | 576 | |
Notes payable, net of unamortized discount and debt issuance cost of $320 and | 23,478 | 27,811 | |
Total current liabilities | 39,643 | 44,444 | |
Long-term debt | — | — | |
Operating lease liabilities, long-term | 40 | 25 | |
Total liabilities | 39,683 | 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; 105,157,769 | 105 | 105 | |
Additional paid-in-capital | 365,263 | 364,239 | |
Accumulated other comprehensive loss | (692) | (270) | |
Accumulated deficit | (370,998) | (333,040) | |
Total stockholders' equity (deficit) | (6,322) | 31,034 | |
Total liabilities and stockholders' equity (deficit) | $ 33,361 | $ 75,503 |
REMARK HOLDINGS, INC. AND SUBSIDIARIES | |||||||
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss | |||||||
(dollars in thousands, except per share amounts) | |||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||
2022 | 2021 | 2022 | 2021 | ||||
Revenue, including amounts from China Business | $ 2,558 | $ 4,016 | $ 7,225 | $ 8,422 | |||
Cost and expense | |||||||
Cost of revenue (excluding depreciation and | 1,847 | 2,252 | 6,117 | 5,004 | |||
Sales and marketing | 188 | 398 | 336 | 1,399 | |||
Technology and development | 508 | 1,305 | 963 | 2,855 | |||
General and administrative | 3,933 | 2,482 | 7,872 | 5,179 | |||
Depreciation and amortization | 37 | 49 | 78 | 115 | |||
Total cost and expense | 6,513 | 6,486 | 15,366 | 14,552 | |||
Operating loss | (3,955) | (2,470) | (8,141) | (6,130) | |||
Other income (expense) | |||||||
Interest expense | (1,774) | (380) | (3,960) | (615) | |||
Change in fair value of warrant liability | — | 1,322 | — | (288) | |||
Loss on investment | (6,952) | — | (26,008) | — | |||
Other gain (loss), net | 152 | (24) | 151 | 20 | |||
Total other income (expense), net | (8,574) | 918 | (29,817) | (883) | |||
Loss before income taxes | (12,529) | (1,552) | (37,958) | (7,013) | |||
Provision for income taxes | — | (9) | — | (9) | |||
Net loss | $ (12,529) | $ (1,561) | $ (37,958) | $ (7,022) | |||
Other comprehensive income | |||||||
Foreign currency translation adjustments | (424) | 13 | (422) | 55 | |||
Comprehensive loss | $ (12,953) | $ (1,548) | $ (38,380) | $ (6,967) | |||
Weighted-average shares outstanding, basic and | 105,157,769 | 99,917,452 | 105,157,769 | 99,838,456 | |||
Net loss per share, basic and diluted | $ (0.12) | $ (0.02) | $ (0.36) | $ (0.07) | |||
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SOURCE Remark Holdings, Inc.
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