LAS VEGAS, July 6, 2020 /PRNewswire/ -- Remark Holdings, Inc. (NASDAQ: MARK), a diversified global technology company with leading artificial intelligence ("AI") solutions and digital media properties, today announced financial results for its fiscal first quarter ended March 31, 2020.
Management Commentary
"The first quarter of 2020 was one of renewed focus for Remark Holdings as our development team localized our award winning AI-solutions for the U.S. market, and improved our educational thermal scanning product in response to the ongoing COVID-19 pandemic. Our product line of high-quality, highly-effective thermal imaging solutions leverages our innovative software to provide customers with the ability to scan crowds and areas of high foot traffic for indications that certain persons may require secondary screening," noted Kai-Shing Tao, Chairman and Chief Executive Officer of Remark Holdings. "We spent much of the quarter on product development and building out our U.S. sales and support team, recently showing initial success with casinos, entertainment complexes, sports venues, restaurants, hospitals and medical centers as well as other industries."
First Quarter 2020 Business Development Highlights
First Quarter 2020 Financial Results
"We remain extremely optimistic about our current business prospects as we have been installing our solutions throughout the U.S. for a diverse group of customers. We are pleased to be helping the country safely get back to normal," concluded Mr. Tao.
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 these financial results and provide an update on recent business developments. A question and answer session will follow management's presentation.
Toll-Free Number: 866.548.4713
International Number: 323.794.2093
Conference ID: 1160760
Participant Link: http://public.viavid.com/index.php?id=140492
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 July 11, 2020.
Toll-Free Replay Number: 844.512.2921
International Replay Number: 412.317.6671
Replay ID: 1160760
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, Director of Capital Markets and Investor Relations
Remark Holdings, Inc.
[email protected]
702-701-9514
REMARK HOLDINGS, INC. AND SUBSIDIARIES | |||||||
Condensed Consolidated Balance Sheets | |||||||
(dollars in thousands, except share and per share amounts) | |||||||
March 31, | December 31, | ||||||
(Unaudited) | |||||||
Assets | |||||||
Cash and cash equivalents | $ | 1,617 | $ | 272 | |||
Trade accounts receivable, net | 1,540 | 1,964 | |||||
Receivable from related parties | 531 | ? | |||||
Prepaid expense and other current assets | 4,617 | 4,623 | |||||
Total current assets | 8,305 | 6,859 | |||||
Property and equipment, net | 180 | 341 | |||||
Operating lease assets | 314 | 4,359 | |||||
Investment in unconsolidated affiliates | 1,934 | 1,935 | |||||
Intangibles, net | 490 | 509 | |||||
Other long-term assets | 773 | 824 | |||||
Total assets | $ | 11,996 | $ | 14,827 | |||
Liabilities and Stockholders' Deficit | |||||||
Accounts payable | $ | 8,525 | $ | 8,126 | |||
Accrued expense and other current liabilities | 13,307 | 14,326 | |||||
Contract liability | 367 | 313 | |||||
Note payable | 3,000 | 3,000 | |||||
Loans payable, current, net of unamortized discount and debt issuance cost | 11,931 | 12,025 | |||||
Total current liabilities | 37,130 | 37,790 | |||||
Operating lease liabilities, long-term | 79 | 4,650 | |||||
Warrant liability | 58 | 115 | |||||
Total liabilities | 37,267 | 42,555 | |||||
Commitments and contingencies | |||||||
Preferred stock, $0.001 par value; 1,000,000 shares authorized; none issued | ? | ? | |||||
Common stock, $0.001 par value; 100,000,000 shares authorized; 66,133,888 and 51,055,159 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively | 66 | 51 | |||||
Additional paid-in-capital | 323,958 | 319,275 | |||||
Accumulated other comprehensive income | (45) | (227) | |||||
Accumulated deficit | (349,250) | (346,827) | |||||
Total stockholders' deficit | (25,271) | (27,728) | |||||
Total liabilities and stockholders' deficit | $ | 11,996 | $ | 14,827 |
REMARK HOLDINGS, INC. AND SUBSIDIARIES | |||||||
Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss | |||||||
(dollars in thousands, except per share amounts) | |||||||
Three Months Ended March 31, | |||||||
2020 | 2019 | ||||||
Revenue | $ | 431 | $ | 1,209 | |||
Cost and expense | |||||||
Cost of revenue (excluding depreciation and amortization) | 21 | 1,593 | |||||
Sales and marketing | 416 | 859 | |||||
Technology and development | 648 | 1,304 | |||||
General and administrative | 2,740 | 2,977 | |||||
Depreciation and amortization | 90 | 325 | |||||
Other operating expense | ? | 6 | |||||
Total cost and expense | 3,915 | 7,064 | |||||
Operating loss | (3,484) | (5,855) | |||||
Other income (expense) | |||||||
Interest expense | (461) | (387) | |||||
Other income (expense), net | ? | (45) | |||||
Change in fair value of warrant liability | 57 | (1,416) | |||||
Gain on lease termination | 1,538 | ? | |||||
Other loss, net | (73) | (26) | |||||
Total other income (expense), net | 1,061 | (1,874) | |||||
Loss from continuing operations before income taxes | (2,423) | (7,729) | |||||
Benefit from income taxes | ? | ? | |||||
Loss from continuing operations | $ | (2,423) | $ | (7,729) | |||
Loss from discontinued operations, net of tax (Note 17) | ? | (1,123) | |||||
Net loss | $ | (2,423) | $ | (8,852) | |||
Other comprehensive income (loss) | |||||||
Foreign currency translation adjustments | 182 | (94) | |||||
Comprehensive loss | $ | (2,241) | $ | (8,946) | |||
Weighted-average shares outstanding, basic and diluted | 53,775 | 39,258 | |||||
Net loss per share, basic and diluted | |||||||
Continuing operations | $ | (0.05) | $ | (0.20) | |||
Discontinued operations | ? | (0.03) | |||||
Consolidated | $ | (0.05) | $ | (0.23) |
SOURCE Remark Holdings, Inc.
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