The company reports earnings per share for the third quarter of US$0.72, including US$78.9 million in earnings from Sharecare’s investment
The company expects full-year revenue in fiscal 2021 to exceed 15 million U.S. dollars
Las Vegas, November 15, 2021/PRNewswire/ - Remark Holdings, Inc. (NASDAQ: MARK) is a diversified global technology company with leading artificial intelligence (" AI”) solutions and digital media assets, today announced its financial results for the third fiscal quarter ending September 30, 2021.
The company reports earnings per share for the third quarter of $0.72
"The continuous progress of our artificial intelligence software and platform highlighted our third quarter. Our computer vision software was once again rated as one of the best software in the world, and we provide a new artificial intelligence-driven safety platform in schools. ," pointed out Tao Qisheng, Chairman and CEO of Remark Holdings. "Despite a strict and regular citywide lockdown in China related to COVID-19, and a major customer in the United States has slowed down the product launch due to technical difficulties, we are still able to do so in the first nine months of 2021. Achieved revenue of US$9.7 million, almost the same as the full-year revenue of US$10.1 million in 2020. Finally, in the third quarter, we realized our long-term vision for a large potential market because we confirmed that the return on the US$1 million investment in Sharecare was US$78.9 million provides us with the cornerstone to meet the necessary capital requirements to meet current needs, while allowing us to continue to invest in areas that ensure future growth."
In the third quarter, the latest Remark AI software won the top five in the computer vision test (Face Recognition Vendor Test, or "FRVT") conducted by the National Institute of Standards and Technology. Specifically, 198 systems were tested in FRVT to verify the ability of a person to wear a mask.
Remark announced that it has received a contract totaling US$5 million to provide the company's artificial intelligence-driven workplace safety solutions for 100 industrial real estate construction sites. Mainly in Shanghai, Shenzhen and Guangzhou, 30 sites are expected to be installed by the end of the year, and the remaining sites will be completed by the end of the first quarter of 2022.
The company and Armistice Capital reached a definitive agreement on the private placement of 4,237,290 common shares and warrants to purchase a maximum of 4,237,290 common shares at a combined purchase price of US$1.18 per share, with warrants attached, and a total income of approximately US$5 million. Before deducting transaction costs and other expected issuance costs. The exercise price of the warrants is US$1.35 per share, which can be exercised immediately and will expire within five years from the date of the valid registration statement covering the underlying shares of the warrants.
Finally, Remark launched an upgraded version of campus campus management to look at the artificial intelligence platform, aimed at meeting China's education reform and technological needs. In addition, the company also announced the expansion of its dealer network, adding five dealers in existing and new regions in China.
Financial results for the third quarter of fiscal 2021
Revenue in the third quarter of fiscal 2021 totaled $1.2 million, down from $2.6 million in the third quarter of fiscal 2020.
Gross profit fell from US$1 million in the third quarter of 2020 to US$400,000 in the third quarter of 2021, commensurate with the decrease in revenue. The overall gross profit margin for the third quarter of 2021 was 30.8%.
The company incurred an operating loss of US$6.7 million in the third quarter of 2021, compared to an operating loss of US$3.1 million in the comparable quarter of 2020. The increase in operating loss was mainly due to a decline in gross profit and an increase of US$3.2 million. Share-based compensation expenses related to stock options originally issued in July 2020 with an accounting grant date of July 8, 2021.
Net income for the third quarter ended September 30, 2021 totaled US$72.7 million, or diluted earnings per share of US$0.72, while net income for the third quarter ended September 30, 2020 was US$4.4 million, or per share The diluted income is $0.04. The main reason for the increase was Remark's remeasurement of its investment after Sharecare, Inc. became a listed company in July 2021. The revaluation of the investment resulted in a gain of $78.9 million.
As of September 30, 2021, the cash balance totaled 3.1 million U.S. dollars, while the cash balance as of December 31, 2020 was 900,000 U.S. dollars. The main contributors to this change are the US$5.5 million proceeds from the stock issuance and stock option exercise in September 2021, the US$4.8 million from the short-term debt issuance and the proceeds from the Sharecare transaction of US$2.3 million, some of which were part of the US$10.1 million in operating activities. Cash used in.
"Finally, we emphasize that our AI platform is an indispensable cornerstone to prepare for our continued transition to Web 3.0, including opportunities in the Metaverse and NFT markets. Our platform enables us to enter these markets efficiently and quickly. Capture the initial business. As our balance sheet strengthens, we are ready to continue to develop our core businesses in the banking, school, and retail sectors, while expanding infrastructure and construction opportunities, while investing in Metaverse opportunities for our brand,” Mr. Tao concluded.
The management will hold a conference call this afternoon at 4:30 pm Eastern time (1:30 pm Pacific time) to discuss the company's financial performance and provide an update on recent business developments. After the introduction by the management, there will be a question and answer session. The live meeting can be accessed via telephone or online webcast.
Toll-free number: 866.548.4713 International number: 323.794.2093 Conference ID: 5036951
Online webcast: https://viavid.webcasts.com/starthere.jsp?ei=1512093&tp_key=062fda5464.
Participants are advised to log in to the webcast 10 minutes before the scheduled start time.
The conference call will be replayed after 7:30 PM Eastern Time on the same day on November 20, 2021.
Free replay number: 844.512.2921 International replay number: 412.317.6671 Replay ID: 5036951
Remark Holdings, Inc. (NASDAQ: MARK) provides a set of integrated artificial intelligence solutions that enable companies and organizations to solve problems, reduce risks, and achieve positive results. The company's easy-to-install artificial intelligence products are being launched in a wide range of applications in the retail, public safety, and workplace sectors. The company also owns and operates an e-commerce digital media asset that focuses on the luxury beach lifestyle. The company is headquartered in Las Vegas, Nevada, and has branches in Los Angeles, California, and Beijing, Shanghai, Chengdu, and Hangzhou, China. For more information, please visit the company's website http://www.remarkholdings.com/.
This press release may contain forward-looking statements, including information related to future events, future financial performance, strategies, expectations, the competitive environment, and regulation. Words such as "may", "should", "may", "will", "forecast", "potential", "continue", "anticipate", "anticipate", "future", "intend", "plan", etc. "," "Believe", "estimate" and similar expressions, as well as future tense statements, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, and are included in the first part of the The factors discussed in item 1A. The risk factors in Remark Holdings’ annual report on Form 10-K and other documents submitted by Remark Holdings to the Securities and Exchange Commission. Any forward-looking statements reflect Remark Holdings’ current views on future events and are based on Assumptions and are subject to risks and uncertainties. In view of such uncertainties, you should not rely excessively on any forward-looking statements. These statements only represent Remark Holdings’ estimates and assumptions as of the date of this agreement. Except as required by law. , Remark Holdings assumes no obligation to publicly update or revise any forward-looking statements after the date of this agreement, whether due to new information, future events or other reasons.
E. Brian Harvey Senior Vice President of Capital Markets and Investor Relations Remark Holdings, Inc. ebharvey@remarkholdings.com 702.701.9514
Fay Tian Vice President of Investor Relations F.Tian@remarkholdings.com (1) 626.623.2000 (86) 13702108000
Remark Holding Company and Subsidiaries
(In thousands of U.S. dollars, except for shares and per share amounts)
Cash (including VIE 1,100 USD and 278 USD respectively)
Trade accounts receivable, net (including VIE 7,281 and 4,850 respectively)
Inventory, net (including VIE 58 USD and 112 USD respectively)
Prepaid expenses and other current assets (including VIE 735 USD and 248 USD respectively)
Property and equipment, net (including VIE $— and $43 respectively)
Operating lease assets (including VIE 124 USD and 281 USD respectively)
Other long-term assets (including VIE 24 USD and 68 USD respectively)
Accounts payable (including VIE 5,843 USD and 3,655 USD respectively)
Accrued expenses and other current liabilities (including VIE $2,977 and $3,782, respectively)
Contract liability (including VIE 215 USD and 147 USD respectively)
Notes payable, deducting unamortized discounts and debt issuance costs
Long-term operating lease liabilities (including VIE $— and $79 respectively)
Preference shares with a face value of US$0.001; 1,000,000 authorized shares; zero issuance
Ordinary shares with a par value of US$0.001; 175,000,000 shares have been authorized; 105,108,724 shares and 99,505,041 shares issued and circulating on September 30, 2021 and December 31, 2020, respectively
Total liabilities and shareholders' equity (deficit)
Remark Holding Company and Subsidiaries
Comprehensive operating and comprehensive loss statement
(In thousands of U.S. dollars, except for the amount per share)
Cost of revenue (excluding depreciation and amortization)
Changes in the fair value of warrant liabilities
Net income (loss) per share, basic
Net income (loss) per share, diluted
View original content and download multimedia: https://www.prnewswire.com/news-releases/remark-holdings-announces-fiscal-third-quarter-2021-financial-results-301424568.html
Dow Jones futures fell sharply due to Covid concerns. Crude oil futures and U.S. Treasury yields also fell due to the new strain of coronavirus.
Prior to the shortened trading hours on Friday, investors were dumping assets deemed riskier and stock futures were falling due to the discovery of a new and contagious COVID variant in South Africa.
(Bloomberg)-Due to concerns that a new variant of the coronavirus discovered in South Africa may trigger a new epidemic and undermine the fragile economic recovery, the global market after Thanksgiving has spread from the sell-off of stocks to commodities, and safe-haven assets have risen. A feud that puts a century-old business empire in danger
In this article, we will discuss 10 stocks sold by Warren Buffett. If you want to skip our detailed analysis of these stocks, please go directly to the 5 stocks that Warren Buffett is selling. Warren Buffett, also known as the Oracle of Omaha, is one of the most famous and successful investors of all time. [...]
A new and more transmissible variant of COVID-19 was discovered in South Africa and also found in Hong Kong.
Every retail investor wants to ensure a stable investment portfolio return. The only question is, how? The stock market generates a lot of data, which, in essence, constitutes an obstacle to access. Some investors take the path of lower resistance, following one or more market legends. These legends are giants in the investment world, people like Steven Cohen. The billionaire trader behind Point72 Asset Management has shown that he can survive the vicissitudes of Wall Street. After recovering from federal investment
The time to protect yourself from this threat to your portfolio may be short.
Chinese regulators require technology regulators to require Didi Global to delist from the New York Stock Exchange,
The minutes of the Fed meeting earlier this month showed that if inflation remains high, Fed members are prepared to raise interest rates earlier than previously expected.
Since its direct listing in September last year, Palantir Technologies (NYSE: PLTR) has been a volatile and polarizing investment. The bulls claim that as more government and corporate contracts are signed, their data mining platform will continue to grow. The bears pointed out that Palantir is too dependent on government customers, its corporate business faces too many competitors, is seriously unprofitable, and its stock prices are too high.
Take a look at this list of stock market holidays in 2021 to see if the market will open on Columbus Day, Black Friday, Christmas Eve and other days.
In this article, we will discuss the 10 biggest losers in Cathie Wood's stock portfolio. If you want to skip our detailed analysis of these stocks, please go directly to the Cathie Wood portfolio: 5 biggest losers. Cathie Wood, the head of ARK Investment Management, is one of the outstanding investors of 2020. Her flagship ARK [...]
(Bloomberg)-Although some of Casey Wood’s biggest stock bets have been hit in recent months, the founder of Ark Investment Management Co., Ltd. stated that she is really worried that her investors may be directly on the downside. quit. Most read since Bloomberg's billionaire family feud put a century-old business empire in danger
The telecommunications giant is cooperating with the cable network giant to form a new media company. This is why it is a boon for investors.
Asian stock markets recorded their biggest decline in three months on Friday. After detecting a variant of the coronavirus that may be resistant to vaccines, investors flocked to the safe assets of bonds, yen and US dollars, and oil prices plummeted. Little is known about the mutation found in South Africa, Botswana, and Hong Kong, although scientists say it has an unusual combination of mutations that may be able to evade immune responses or make it more transmissible.
While large-cap stocks are generally safer, small-cap stocks are often more exciting. If you have the right small-cap stocks, you can make a lot of money as your company becomes tomorrow's large-cap stocks. This Fool.com contributor panel provides brave investors with ideas for three small-cap COVID-19 stocks.
In this article, let's take a look at 10 cheap dividend stocks that we are buying now. If you want to skip our detailed analysis of these stocks, the performance of dividend stocks, and how dividend investment works, you can skip to 5 cheap dividend stocks to buy immediately. Whether you want to develop a […]
There are many reasons for a company to split, but creating value for shareholders is a common reason.
In this article, we will look at the top 15 pharmaceutical stocks purchased under Peter Kolchinsky's RA Capital. If you want to skip our introduction and see the top five stocks in this list, please go to 5 pharmaceutical stocks purchased under Peter Kolchinsky’s RA [...]
In the past few weeks, several factors have caused some tug of war with the stock of Chinese electric vehicle (EV) maker Weilai (NYSE: NIO). Since late October, the company's American Depositary Shares (ADS) have fallen from a high in their 30s to a low in their 40s, and have fallen back many times.