Le Lézard
Classified in: Science and technology, Business
Subjects: ERN, CON, CCA

Remark Holdings Reports Third Quarter 2019 Results


LAS VEGAS, Nov. 12, 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 third quarter ended September 30, 2019.

Management Commentary
"Our third quarter represented our largest win to date with China Mobile selecting our AI technology to transform all their 17,800 corporate stores into 'smart' retail outlets," said Kai-Shing Tao, Chairman and Chief Executive Officer of Remark Holdings. "This win validates our technology as it proved we can beat larger and entrenched competitors. The China Mobile project also adds to our momentum implementing our leading AI technology not only throughout China, but in other parts of Asia and the United States," Mr. Tao added. "Additionally, we are close to finalizing the monetization of our investment in Sharecare, which will immediately eliminate our debt and provide us with the growth working capital necessary to propel our AI business forward."

Recent Highlights

Three Months Ended September 30, 2019 compared to Three Months Ended September 30, 2018

Conference Call Information

Mr. Tao will hold a conference call today, November 12, 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: 800.263.0877
International Number: 646.828.8143
Conference ID: 6600270

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 November 17, 2019.

Toll-Free Replay Number: 844.512.2921
International Replay Number: 412.317.6671
Replay ID: 6600270

Remark Holdings, Inc. (PRNewsFoto/Remark Media, Inc.)

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 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.
ebharvey@remarkholdings.com
702-701-9514

REMARK HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(dollars in thousands, except share and per share amounts)



September 30,
2019


December 31,
2018


(Unaudited)



Assets




Cash and cash equivalents

$

656


$

1,410

Trade accounts receivable, net

3,792


5,762

Prepaid expense and other current assets

6,233


7,907

Notes receivable, current

?


100

Assets of disposal group, current

?


28,966

Total current assets

10,681


44,145

Property and equipment, net

1,591


2,075

Operating lease assets

5,294


?

Investment in unconsolidated affiliates

1,920


2,005

Intangibles, net

752


1,010

Other long-term assets

1,245


450

Assets of disposal group, long-term

?


44,123

Total assets

$

21,483


$

93,808

Liabilities and Stockholders' Deficit




Accounts payable

$

7,585


$

5,675

Accrued expense and other current liabilities

12,861


16,812

Contract liability

312


132

Note payable

3,000


3,000

Loans payable, current, net of unamortized discount and debt issuance cost

11,632


35,314

Liabilities of disposal group, current

?


41,648

Total current liabilities

35,390


102,581

Operating lease liabilities, long-term

5,436


?

Warrant liability

881


1,383

Other liabilities

?


2,934

Liabilities of disposal group, long-term

?


34

Total liabilities

41,707


106,932





Preferred stock, $0.001 par value; 1,000,000 shares authorized; none issued

?


?

Common stock, $0.001 par value; 100,000,000 shares authorized; 48,430,159 and 39,053,312 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively

48


39

Additional paid-in-capital

317,732


308,018

Accumulated other comprehensive income

(224)


32

Accumulated deficit

(337,780)


(321,213)

Total stockholders' deficit

(20,224)


(13,124)

Total liabilities and stockholders' deficit

$

21,483


$

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
September 30,


Nine Months Ended
September 30,


2019


2018


2019


2018

Revenue

$

686


$

1,755


$

4,760


$

7,468

Cost and expense








Cost of revenue (excluding depreciation and amortization)

189


1,231


3,323


5,778

Sales and marketing

736


1,108


2,282


3,165

Technology and development

752


1,459


2,910


3,550

General and administrative

3,052


3,760


8,483


25,410

Depreciation and amortization

229


520


814


1,657

Other operating expense

?


47


6


93

Total cost and expense

4,958


8,125


17,818


39,653

Operating loss

(4,272)


(6,370)


(13,058)


(32,185)

Other income (expense)








Interest expense

(457)


(345)


(1,397)


(1,017)

Other income (expense), net

(24)


?


23


44

Change in fair value of warrant liability

(160)


3,525


502


22,190

Other gain (loss), net

(28)


(16)


(27)


507

Total other income (expense), net

(669)


3,164


(899)


21,724

Loss from continuing operations before income taxes

(4,941)


(3,206)


(13,957)


(10,461)

Benefit from income taxes

?


442


?


1,437

Loss from continuing operations

$

(4,941)


$

(2,764)


$

(13,957)


$

(9,024)

Loss from discontinued operations, net of tax

?


(1,001)


(2,610)


(5,415)

Net loss

$

(4,941)


$

(3,765)


$

(16,567)


$

(14,439)

Other comprehensive income (loss)








Foreign currency translation adjustments

(289)


(82)


(256)


(67)

Comprehensive loss

$

(5,230)


$

(3,847)


$

(16,823)


$

(14,506)









Weighted-average shares outstanding, basic and diluted

46,282


35,463


43,085


33,608









Net loss per share, basic and diluted








Continuing operations

$

(0.11)


$

(0.08)


$

(0.32)


$

(0.27)

Discontinued operations

?


(0.03)


(0.06)


(0.16)

Consolidated

$

(0.11)


$

(0.11)


$

(0.38)


$

(0.43)









 

 

SOURCE Remark Holdings, Inc.


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