Connect with us

Technology

Remark Holdings Announces Second Quarter 2024 Financial Results

Published

5 months ago

on

Total Revenue for Q2 2024 Increased Sequentially by $3.3 Million, an 856% improvement over Q1 2024, and 16.8% Year over Year versus Q2 2023 as Revenue from North America  Scaled Rapidly

LAS VEGAS, Aug. 19, 2024 /PRNewswire/ — Remark Holdings, Inc. (OTCQX: MARK), a leading provider of artificial intelligence solutions, today announced its financial results for its second quarter fiscal 2024 ended June 30, 2024. For complete details of the consolidated financial statements and accompanying management’s discussion and analysis, please see Remark’s filings with the SEC (www.sec.gov).

Management Commentary
“We are excited to have completed our first project for the Clark County School District in Nevada,  the fifth largest school district in the U.S., which has opened the door to additional opportunities, not only with Clark County but with other educational institutions, law enforcement agencies and other government agencies throughout the U.S.,” said Kai-Shing Tao, Chairman and Chief Executive Officer of Remark Holdings. “We continue to work diligently to convert those opportunities to revenue by delivering what we believe are world-class computer vision solutions and customer service that provides large cost savings and improved security processes for our target markets,” concluded Mr. Tao.

Second Quarter 2024 Business Highlights 

Remark AI announced the Clark County School District Board of Trustees, which represents the fifth largest school district in the US including the city of Las Vegas, unanimously approved and awarded a one-year, $5 million weapons detection contract to Remark Holdings and two others. This win showcases our ability to scale and work closely with the largest school districts of comparable size in providing dependable AI-powered safety solutions. The contract includes nine one-year extension options, valued at $5 million annually.Remark AI showcased its Fire and Smoke, Smart City, and Smart Agent solutions at the NYC Smart City Expo (May 22-23) in conjunction with Oracle and NVIDIA. The success and uniqueness of our AI Products has led to additional POCs to help the top 100 US cities turn into a modern 21st century smart city.Remark AI completed its migration to the Microsoft Azure Platform, preparing Remark’s Smart Safety Platform (SSP) to be Marketplace ready, allowing Microsoft’s global salesforce to begin selling Remark’s SSP across multiple industry verticals and through established systems integrators.Completed POC at the headquarters train station for a large European railway system with over 600 stations, deploying our AI-powered passenger counting, fare evasion, fire and smoke detection, and unattended baggage detection analytics. The success of this POC has led to current contract negotiations to close a deal in the second half of 2024.Completed successful POC for Migrant Center in one of the largest Sanctuary Cities, where we deployed our AI powered facial recognition, fight warnings, fire and smoke detection, as well as weapons detection analytics. The success of this POC has led to preparations to deploy our technology across multiple city agencies as we negotiate to close a contract for the second half of 2024.

Second Quarter 2024 Financial Results 

Revenue for the second quarter of 2024 totaled $3.7 million, reflecting a 16.8% increase from $3.2 million during the same quarter in 2023.Remark recognized $3.7 million of revenue from a project for a large school district in the U.S.The company’s operating loss decreased by 18.8% to $3.2 million in the 2024 second quarter compared to $4.0 million during the same period of 2023.During the three months ended June 30, 2024, payroll-related expenses comprising Technology and development expenses decreased by $0.2 million due to staff reductions in China.During the three months ended June 30, 2023, Remark recorded an impairment of approximately $0.4 million related to certain prepaid expense amounts that were deemed unrecoverable. No such impairments were recorded during the three months ended June 30, 2024.Net loss totaled $5.3 million, or $0.12 per basic and diluted share, for the 2024 second quarter, compared to a net loss of $5.9 million, or $0.42 per basic and diluted share, in the same quarter of 2023.On June 30, 2024, the company’s cash balance totaled $0.4 million, compared to a cash balance of $0.1 million at the beginning of the period. Net cash used in operating activities was $6.1 million for the six months ended June 30, 2024, a 17.0% increase compared to the $5.2 million Remark used in operating activities during the same period in 2023.In August 2024, the company resolved all outstanding events of default regarding their debt agreement with Mudrick Capital Management by entering into an agreement with Mudrick to exchange the existing non-convertible notes for convertible debentures.

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.
Date: Monday, August 19, 2024
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
Toll-Free Number: 844.826.3033
International Number: 412.317.5185
Conference ID: 10191801
Online Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1684192&tp_key=c15745df1b

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 September 2, 2024.
Toll-Free Replay Number: 844.512.2921
International Replay Number: 412.317.6671
Replay ID: 10191801

About Remark Holdings, Inc.
Remark Holdings, Inc. (OTCQX: MARK) a member of the Oracle Partner Network, is a U.S.-based company that developed and sells the AI-powered analytics platform that brings valuable insights to the video feeds provided by current cameras and computer vision solutions through its integrated suite of AI tools that help organizations understand their customer behavior and demographics while providing real-time alerts to predetermined inspection and security parameters. Remark’s international team of sector-experienced professionals has created award-winning GDPR-compliant and CCPA-compliant video analytics solutions that service the government agencies, hospitality, public safety, retail, and transportation sectors. The company’s headquarters are in Las Vegas, Nevada, USA, with operational offices in New York and international offices in London, England. For more information, please visit our home page 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,” “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 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 Contacts
Fay Tian
Vice President of Investor Relations
F.Tian@remarkholdings.com
(+1) 626-623-2000
(+65) 8715-8007

REMARK HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

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

June 30, 2024

December 31, 2023

(Unaudited)

Assets

Cash

$                        438

$                        145

Trade accounts receivable, net

4,361

1,287

Inventory, net

646

750

Deferred cost of revenue, current

—

6,644

Prepaid expense and other current assets

492

614

Total current assets

5,937

9,440

Deferred cost of revenue, long-term

6,290

—

Property and equipment, net

634

189

Operating lease assets

372

517

Other long-term assets

71

90

Total assets

$                  13,304

$                  10,236

Liabilities

Accounts payable

$                  13,023

$                    9,348

Advances from related parties

1,036

1,595

Obligations to issue common stock

12,548

10,033

Accrued expense and other current liabilities (including $1,356 and $495 of delinquent payroll taxes as of June 30,
2024 and December 31, 2023, respectively)

13,203

11,531

Contract liability

418

570

Notes payable (including a past due amount of $16,307 as of each of  June 30, 2024, and December 31, 2023)

16,496

16,463

Funds received in advance of potential financing

2,750

—

Total current liabilities

59,474

49,540

Operating lease liabilities, long-term

179

286

Total liabilities

59,653

49,826

Commitments and contingencies

Stockholders’ 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; 49,872,060 and 22,038,855 shares issued and
outstanding at June 30, 2024 and December 31, 2023, respectively

50

22

Additional paid-in-capital

391,538

379,244

Accumulated other comprehensive loss

(1,217)

(1,186)

Accumulated deficit

(436,720)

(417,670)

Total stockholders’ deficit

(46,349)

(39,590)

Total liabilities and stockholders’ deficit

$                  13,304

$                  10,236

 

REMARK HOLDINGS, INC. AND SUBSIDIARIES

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(dollars in thousands, except per share amounts)

Three Months Ended June 30,

Six Months Ended June 30,

2024

2023

2024

2023

Revenue

$                    3,699

$                    3,167

$                    4,086

$                    3,993

Cost and expense

Cost of revenue (excluding depreciation and amortization)

2,925

2,511

3,275

2,966

Sales and marketing

269

387

569

753

Technology and development

366

567

712

736

General and administrative

3,294

3,244

6,317

6,077

Depreciation and amortization

58

25

122

71

Impairments

—

392

—

392

Total cost and expense

6,912

7,126

10,995

10,995

Operating loss

(3,213)

(3,959)

(6,909)

(7,002)

Other expense

Interest expense

(961)

(858)

(1,904)

(2,402)

Finance cost related to obligations to issue common stock

(925)

(1,050)

(10,072)

(4,626)

Other loss, net

(160)

(7)

(165)

(6)

Total other expense, net

(2,046)

(1,915)

(12,141)

(7,034)

Net loss

$                  (5,259)

$                  (5,874)

$                (19,050)

$                (14,036)

Other comprehensive income

Foreign currency translation adjustments

46

(227)

(31)

(545)

Comprehensive loss

$                  (5,213)

$                  (6,101)

$                (19,081)

$                (14,581)

Weighted-average shares outstanding, basic and diluted

45,683,329

14,132,862

39,928,507

13,819,643

Net loss per share, basic and diluted

$                     (0.12)

$                     (0.42)

$                     (0.48)

$                     (1.02)

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/remark-holdings-announces-second-quarter-2024-financial-results-302225675.html

SOURCE Remark Holdings, Inc.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Technology

Quarterhill Awarded High-Speed Weigh-In-Motion Prescreening Contract in Belgium

Published

47 minutes ago

on

January 10, 2025

By

The new WIM station will assist Brussels Mobility in achieving its goals of improving road safety and creating a fair regulatory environment by reducing the number of overloaded vehicles on the roads of the Brussels region.Traffic data provided by the system will support Brussels Mobility’s mission to foster economic growth and improve quality of life through the development of transport infrastructure.

TORONTO, Jan. 10, 2025 /PRNewswire/ – Quarterhill Inc. (“Quarterhill” or the “Company”) (TSX: QTRH) (OTCQX: QTRHF), announced today a contract to provide weigh-in-motion (“WIM”) technology to Brussels Mobility through a joint project with Belgium-based technology integrator Jacops NV (“Jacops”). Quarterhill will be responsible for the design and supply of the WIM subsystem, technical support, and training. Quarterhill will also provide Jacops with the software necessary for commercial vehicle monitoring and enforcement.

Quarterhill will supply the WIM system for the Brussels-Capital Region weigh station, which will be used to pre-select overloaded vehicles for enforcement. The dynamic weighing station will promote and improve the efficiency of inspections by screening vehicles at highway speeds in advance of the law enforcement inspection site. In addition, the weigh station will generate data that provides an accurate, real-time picture of the vehicles on the E19 highway.

The system’s goal is to reduce the number of overloaded vehicles on the Brussels Region’s roads. Overloading causes many problems, such as rapid road deterioration, more serious accidents, and unfair competition between transport companies. Quarterhill’s technology mitigates these issues by screening for overweight vehicles while optimizing the use of enforcement resources.

“We are excited at the prospect of introducing our advanced enforcement technology to Brussels Mobility and expanding our presence in Europe,” said Chuck Myers, CEO of Quarterhill. “Together with Jacops, we will deploy a state-of-the-art high-speed WIM system that will make Belgian roads safer and more sustainable. We have a longstanding relationship with Jacops as a customer for our microwave sensor products, and this project demonstrates how having a broad portfolio of traffic technologies and established relationships with traffic system integrators leads to further opportunities.”

The weigh station will monitor four lanes of one-way traffic on the highway and record data on vehicle classification and vehicle tax without impeding traffic. An overview camera provides images to help enforcement personnel clearly identify vehicles flagged by the system. An Automated Number Plate Reader system will photograph, recognize, store, process, and transmit the number plates of vehicles approaching the dynamic weighing station.

Quarterhill’s iSINC WIM controller was selected for the project as it offers preselection of overweight vehicles, creates comprehensive vehicle records, classifies vehicles, and meets the desired standards for continual uptime monitoring and ease of service. iSINC’s versatility allows it to control a wide array of sensors, cameras, dimensioning systems, communication systems, and custom equipment.

WIM sensors that comply with the accuracies outlined in the Nmi International WIM standard Specification and test procedures for WIM Systems will be installed at the site. The WIM sensors meet the lane width specifications and provide high durability, stable output over time, and IP68 water resistance.

Quarterhill will advise Jacops on the design and placement of the WIM system components to ensure optimal operation, including onsite technical support for installation, testing, and initial calibration. Quarterhill will also provide Jacops with thorough training on the WIM components and system calibration. Over the 2-year warranty period, Quarterhill will provide remote diagnostics and technical support to ensure continuous uptime and optimal performance.

“This project shows that Quarterhill’s technology is well suited to the precise needs of European agencies. We are set to elevate road safety and integrity in the region, reinforcing our expanding footprint in this important market,” stated Heimo Haub, Managing Director, Quarterhill Europe.

About Quarterhill
Quarterhill is a leading provider of tolling and enforcement solutions in the Intelligent Transportation System (ITS) industry. Our goal is technology-driven global leadership in ITS, via organic growth of our tolling and enforcement businesses, and by continuing an acquisition-oriented investment strategy that capitalizes on attractive growth opportunities within ITS and its adjacent markets. Quarterhill is listed on the TSX under the symbol QTRH and on the OTCQX Best Market under the symbol QTRHF. For more information: www.quarterhill.com.

Forward-looking Information
This news release contains forward-looking information and forward-looking statements within the meaning of applicable Canadian securities laws (collectively, “forward-looking statements”). Such forward-looking statements relate to future events, conditions or future financial performance of ‎Quarterhill based on future economic conditions and courses of action. All statements other ‎than statements of historical fact may be forward-looking statements. Such forward-looking statements ‎are often, but not always, identified by the use of any words such as “seek”, “anticipate”, “budget”, ‎‎”plan”, “goal”, “expect” and similar expressions.

Forward-looking statements involve known and unknown risks, assumptions, ‎uncertainties and other factors that may cause actual results or events to differ materially from those ‎anticipated in such forward-looking statements. Material risk factors that could cause actual results to differ materially from the forward-looking statements contained in this news release include, among others, demand for Quarterhill’s products and services; general economic and market conditions; competition; risks relating to technological advances and cyber-security; and other risks set forth in the Company’s most recent annual information form available on SEDAR+ at www.sedarplus.ca. The Company believes the expectations reflected in ‎the forward-looking statements are reasonable, but no assurance can be given that these expectations ‎will prove to be correct and such forward-looking statements included in this news release should not be ‎unduly relied upon.‎ Material factors and assumptions used to develop the forward-looking statements contained in this news release include, among others: Quarterhill’s ability to execute on its business plan; demand for Quarterhill’s products and services; operating assumptions; and financial projections and cost estimates. Quarterhill has no intention, and undertakes no obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

View original content:https://www.prnewswire.com/news-releases/quarterhill-awarded-high-speed-weigh-in-motion-prescreening-contract-in-belgium-302347610.html

SOURCE Quarterhill

Continue Reading

Technology

ez1099 2024 Edition Tax Preparation Software for 2025 Tax Season Is Available for Electronic Filing

Published

48 minutes ago

on

January 10, 2025

By

REDMOND, Wash., Jan. 10, 2025 /PRNewswire/ — Designed for US business owners, tax professionals and entrepreneurs, the latest ez1099 tax form software from Halfpricesoft.com is easy to navigate and streamline processing unlimited forms for multiple companies for one flat rate.  The latest edition of ez1099 supports paper form printing, pdf printing and efile feature. It also comes with a recipient data import feature from the spreadsheet and QuickBooks IIF file.

 

“ez1099 2024 software is now available for business owners and tax professionals to print and file 1098’s and 1099’s, seamlessly.” Dr. Ge, Founder of Halfpricesoft.com, says.

ez1099 software streamlines the preparation, printing, and e-filing of essential IRS forms, including W2G, 1097BTC, various 1098 forms (1098, 1098C, 1098E, 1098F, 1098Q, 1098T), numerous 1099 forms (1099A, 1099B, 1099C, 1099CAP, 1099DIV, 1099G, 1099INT, 1099K, 1099LTC, 1099MISC, 1099NEC, 1099OID, 1099PATR, 1099Q, 1099QA, 1099R, 1099S, 1099SB, 1099SA), 5498 forms (5498, 5498ESA, 5498QA, 5498SA), as well as 8935, 3921, 3922, and 1096 forms.

Cost is only $79 per installation for the basic version of ez1099 Software or $139 per installation for the advanced version with bulk printing feature, import feature, PDF file creation and electronic filing capability. Also offered in a network version for two or more installations starting at $199 to enable sharing data between computers or offices.

ez1099 is compatible with Windows 11, 10, and 8.  It can also run on Windows Vista system, 7, and MAC machines (Mac can run the system only if installed with Bootcamp).

The features in the latest version ez1099 software include but are not limited to:

electronically file unlimited forms to the IRS with one flat rateez1099 blank paper prints out recipient copiesPrint in bulk for faster processingQuick data importing featureCustomers can save even more time by compiling and saving form data for later use and modificationSupport unlimited accounts and unlimited recipients at no additional chargeGo green with optional PDF document converting and e-file (electronic filing) featuresFeature to process correction forms included

Starting at $79.00 for the print and mail version and $139.00 to electronically file. Halfpricesoft.com welcomes all clients to begin the no obligation thirty-day test drive today at https://www.halfpricesoft.com/1099_software.asp#purchase

About halfpricesoft.com

Halfpricesoft.com is a leading provider of small to midsize business software, including online and desktop payroll software, online employee attendance tracking software, accounting software, in-house business and personal check printing software, W2, software, 1099 software, 1095 ACA form software and ezACH direct deposit software. Software from halfpricesoft.com is trusted by thousands of customers for over 20 years and will assist business owners simplify payroll processing and streamline business management.

View original content to download multimedia:https://www.prnewswire.com/news-releases/ez1099-2024-edition-tax-preparation-software-for-2025-tax-season-is-available-for-electronic-filing-302340859.html

SOURCE Halfpricesoft.com

Continue Reading

Technology

The New York Stem Cell Foundation Research Institute Enters Agreement to Accelerate Precision Drug Discovery for Neurodegenerative Disease

Published

48 minutes ago

on

January 10, 2025

By

Partnership Will Harness NYSCF’s Automated Cell Culture Systems and Artificial Intelligence Capabilities to Study Disease at an Unprecedented Cellular Level

NEW YORK, Jan. 10, 2025 /PRNewswire/ — The New York Stem Cell Foundation (NYSCF) Research Institute today announced they have entered into an agreement with Janssen Research & Development, LLC, a Johnson & Johnson company, to use NYSCF’s AI-powered platform for drug discovery to target neurodegenerative disease. This initiative brings together NYSCF’s advanced robotic systems for stem cell research and J&J’s expertise in drug discovery and data science to unlock novel disease insights and accelerate the development of more effective and tailored treatments.

NYSCF has developed proprietary automation technology that enables large-scale, reproducible disease modeling and drug screening using patient-derived stem cells. By combining high-content cell imaging with machine learning-driven analysis, NYSCF’s platform can reveal previously undiscovered disease phenotypes and therapeutic targets leading to the development of novel therapeutic approaches. This versatile platform is adaptable to a wide range of cell types and diseases, making it uniquely positioned to advance precision medicine for patients.

“This work with Johnson & Johnson allows us to integrate our cutting-edge stem cell automation and AI platform with their deep expertise in therapeutic development,” said Jennifer J. Raab, President and CEO of NYSCF. “Together, we look forward to accelerating the discovery of innovative treatments for patients affected by devastating neurodegenerative disease.”

About The New York Stem Cell Foundation Research Institute
The New York Stem Cell Foundation (NYSCF) Research Institute is an independent non-profit organization accelerating cures and better treatments for patients through stem cell research. The NYSCF Research Institute is an acknowledged world leader in stem cell research and in the development of pioneering stem cell technologies, including the NYSCF Global Stem Cell Array®, which is used to create cell lines for laboratories around the globe. NYSCF focuses on translational research in an accelerator model designed to overcome barriers that slow discovery and replace silos with collaboration. For more information, visit nyscf.org.

CONTACTS:
David McKeon
212-365-7440
dmckeon@nyscf.org

Chris Taylor
chris@christaylorpr.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/the-new-york-stem-cell-foundation-research-institute-enters-agreement-to-accelerate-precision-drug-discovery-for-neurodegenerative-disease-302347569.html

SOURCE The New York Stem Cell Foundation

Continue Reading

Trending