LAS VEGAS, Aug. 8, 2019 /PRNewswire/ -- Remark Holdings, Inc. (NASDAQ: MARK), a diversified global technology company with leading artificial intelligence (AI) solutions and digital media properties, reported its financial results for the second quarter ended June 30, 2019.
Management Commentary
"During the second quarter, we continued to broaden our base of contracts and are currently installing our AI solutions in the real estate, pharmacy, and transportation sectors, while working with additional partners to expand upon our retail deployments," said Kai-Shing Tao, Chairman and Chief Executive Officer of Remark Holdings. "Our focus on our customer's return on investment is resonating with them, leading to additional organic revenue opportunities, expanding upon their existing large footprints," Mr. Tao added. "At the same time we're continuing to align our cost structure, as we pursue business in a disciplined manner and lay the path to profitable growth."
Recent Highlights
Three Months Ended June 30, 2019 compared to Three Months Ended June 30, 2018
Conference Call Information
Mr. Tao will hold a conference call today August 8, 2019 at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss these financial results. A question and answer session will follow management's presentation.
Toll-Free Number: 866-548-4713
International Number: 323-794-2093
Conference ID: 7402737
Please call the conference telephone number 10 minutes prior to the start time. An operator will register your name and organization.
The conference call will be broadcast simultaneously and available for replay via the investor section of the Company's website here.
A replay of the call will be available after 7:30 pm Eastern time on the same day through August 13, 2019.
Toll-Free Replay Number: 844-512-2921
International Replay Number: 412-317-6671
Replay ID: 7402737
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, financial, public safety and workplace arenas. The company also owns and operates digital media properties that deliver relevant, dynamic content and ecommerce solutions. 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 http://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 Contact:
E. Brian Harvey
Remark Holdings, Inc.
[email protected]
702-701-9514
Media Relations Contact:
Brad Edwards
The Plunkett Group, Inc.
[email protected]
212-739-6740
REMARK HOLDINGS, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets (dollars in thousands, except share and per share amounts) | |||||||
June 30, 2019 | December 31, 2018 | ||||||
(Unaudited) | |||||||
Assets | |||||||
Cash and cash equivalents | $ | 2,071 | $ | 1,410 | |||
Trade accounts receivable, net | 4,700 | 5,762 | |||||
Prepaid expense and other current assets | 7,213 | 7,907 | |||||
Notes receivable, current | ? | 100 | |||||
Assets of disposal group, current | ? | 28,966 | |||||
Total current assets | 13,984 | 44,145 | |||||
Property and equipment, net | 1,795 | 2,075 | |||||
Operating lease assets | 5,582 | ? | |||||
Investment in unconsolidated affiliates | 1,944 | 2,005 | |||||
Intangibles, net | 838 | 1,010 | |||||
Other long-term assets | 1,308 | 450 | |||||
Assets of disposal group, long-term | ? | 44,123 | |||||
Total assets | $ | 25,451 | $ | 93,808 | |||
Liabilities and Stockholders' Equity | |||||||
Accounts payable | $ | 7,696 | $ | 5,675 | |||
Accrued expense and other current liabilities | 13,625 | 16,812 | |||||
Contract liability | 222 | 132 | |||||
Note payable | 3,000 | 3,000 | |||||
Loans payable, current, net of unamortized discount and debt issuance cost | 11,248 | 35,314 | |||||
Liabilities of disposal group, current | ? | 41,648 | |||||
Total current liabilities | 35,791 | 102,581 | |||||
Operating lease liabilities, long-term | 5,838 | ? | |||||
Warrant liability | 721 | 1,383 | |||||
Other liabilities | ? | 2,934 | |||||
Liabilities of disposal group, long-term | ? | 34 | |||||
Total liabilities | 42,350 | 106,932 | |||||
Commitments and contingencies (Note 13) | |||||||
Preferred stock, $0.001 par value; 1,000,000 shares authorized; none issued | ? | ? | |||||
Common stock, $0.001 par value; 100,000,000 shares authorized; 46,130,159 and | 46 | 39 | |||||
Additional paid-in-capital | 315,829 | 308,018 | |||||
Accumulated other comprehensive income | 65 | 32 | |||||
Accumulated deficit | (332,839) | (321,213) | |||||
Total stockholders' deficit | (16,899) | (13,124) | |||||
Total liabilities and stockholders' deficit | $ | 25,451 | $ | 93,808 |
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, | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
Revenue | $ | 2,865 | $ | 3,887 | $ | 4,074 | $ | 5,713 | |||||||
Cost and expense | |||||||||||||||
Cost of revenue (excluding depreciation and amortization) | 1,541 | 3,280 | 3,134 | 4,547 | |||||||||||
Sales and marketing | 687 | 1,074 | 1,546 | 2,057 | |||||||||||
Technology and development | 854 | 1,288 | 2,158 | 2,091 | |||||||||||
General and administrative | 2,454 | 4,385 | 5,431 | 21,650 | |||||||||||
Depreciation and amortization | 260 | 546 | 585 | 1,137 | |||||||||||
Other operating expense | ? | 24 | 6 | 46 | |||||||||||
Total cost and expense | 5,796 | 10,597 | 12,860 | 31,528 | |||||||||||
Operating loss | (2,931) | (6,710) | (8,786) | (25,815) | |||||||||||
Other income (expense) | |||||||||||||||
Interest expense | (553) | (330) | (940) | (672) | |||||||||||
Other income, net | 92 | 43 | 47 | 44 | |||||||||||
Change in fair value of warrant liability | 2,078 | 10,055 | 662 | 18,665 | |||||||||||
Other gain (loss) | 27 | 554 | 1 | 523 | |||||||||||
Total other income (expense), net | 1,644 | 10,322 | (230) | 18,560 | |||||||||||
Income (loss) from continuing operations before income taxes | (1,287) | 3,612 | (9,016) | (7,255) | |||||||||||
Benefit from income taxes | ? | 1,026 | ? | 995 | |||||||||||
Income (loss) from continuing operations | $ | (1,287) | $ | 4,638 | $ | (9,016) | $ | (6,260) | |||||||
Income (loss) from discontinued operations (Note 16) | (1,487) | (1,259) | (2,610) | (4,414) | |||||||||||
Net income (loss) | $ | (2,774) | $ | 3,379 | $ | (11,626) | $ | (10,674) | |||||||
Other comprehensive income (loss) | |||||||||||||||
Foreign currency translation adjustments | 127 | (183) | 33 | 15 | |||||||||||
Comprehensive income (loss) | $ | (2,647) | $ | 3,196 | $ | (11,593) | $ | (10,659) | |||||||
Weighted-average shares outstanding, basic and diluted | 43,335 | 32,933 | 39,994 | 32,666 | |||||||||||
Net income (loss) per share, basic and diluted | |||||||||||||||
Continuing operations | $ | (0.03) | $ | 0.14 | $ | (0.23) | $ | (0.19) | |||||||
Discontinued operations | (0.03) | (0.04) | (0.07) | (0.14) | |||||||||||
Consolidated | $ | (0.06) | $ | 0.10 | $ | (0.30) | $ | (0.33) | |||||||
SOURCE Remark Holdings, Inc.
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