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Remark Holdings Announces Second Quarter 2024 Financial Results

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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)

 

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SOURCE Remark Holdings, Inc.

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Trainocate Wins Cisco Learning Partner of the Year – APJC for Second Consecutive Year

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BANGALORE, India, Nov. 15, 2024 /PRNewswire/ — Trainocate Holdings, a leading global provider of technology and business training solutions, today announced that it has been awarded the Cisco Learning Partner of the Year 2024 for Asia Pacific, Japan, and China (APJC) for the second year in a row.

This prestigious award recognizes Trainocate’s outstanding performance, commitment to customer success, and dedication to delivering high-quality Cisco training programs across the region.

“To be recognized once was an honour beyond words, but to be bestowed this distinction again is truly humbling and a testament to the unwavering support and encouragement of those who have walked this journey with us,” said Takashi Ozawa, President & CEO of Trainocate Holdings. “We are deeply grateful for everyone who has been a part of our success. This award reflects our core values of collaboration, excellence, and customer centricity, and it inspires us to continue upholding them in everything we do.”

“Receiving the Cisco Learning Partner of the Year award for a second consecutive year is a true reflection of our team’s dedication and our unwavering pursuit of excellence,” said Khor Hee Soo, CTO of Trainocate Holdings, Managing Director for India, and Chairman for Sri Lanka and UAE. “This recognition not only celebrates the hard work of everyone at Trainocate but also reinforces our commitment to empowering individuals and organizations across the APJC region with transformative learning solutions. We are deeply grateful to Cisco for their partnership and look forward to continuing our journey of innovation and impact in the learning and development space.”

During the award ceremony held on 23 October 2024, Cisco highlighted Trainocate’s impressive achievements within the past year, including:

32% of Instructor-Led Training (ILT) seats sold in the APJC region.45% of Cisco U subscriptions sold in the APJC region.Exceptional learner satisfaction on score of 94%.

These accomplishments demonstrate Trainocate’s strong track record of delivering impactful and engaging learning experiences that help professionals achieve their career goals and organizations drive digital transformation.

As a Cisco Platinum Learning Partner, Trainocate offers a comprehensive portfolio of authorized Cisco training courses, certifications, and learning solutions. With over 29 years of experience, Trainocate is a trusted partner for organizations seeking to upskill their workforce and stay ahead of the curve in today’s rapidly evolving technology landscape.

About Trainocate Holdings

Trainocate Holdings is a leading provider of IT and professional training, offering a comprehensive range of courses and certifications across various domains.

Boasting a global presence in 22 countries (and counting!) and a commitment to excellence, Trainocate empowers individuals and organizations to achieve their full potential through continuous learning and development.

With 30+ authorized training partnerships and countless awards from leading technology vendors, you’re guaranteed learning from the industry’s elite when you #GetTrainocated.

For more information, visit Trainocate’s website www.trainocate.com.

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Can Independent Physicians Survive in 2025?

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Learn How at an Exclusive Webinar on Nov. 20th Hosted by Medical Economics and Specialdocs 

CHICAGO, Nov. 14, 2024 /PRNewswire/ — In healthcare change is inevitable, but for independent physicians already facing an uncertain economic forecast in 2025, the prospect of a new administration is sparking even more concern. To help decipher the implications of an ever-evolving regulatory and reimbursement landscape, Medical Economics has teamed up with Terry Bauer, CEO of concierge medicine pioneer Specialdocs Consultants, and Max Reiboldt, Chairman of leading healthcare advisory, Coker, to present an exclusive, informational webinar for physicians on November 20th. Bauer and Reiboldt bring insights gained collectively over more than a century advising physicians on career strategies, to address the headwinds that threaten to topple private medical practices, and explain why concierge medicine offers one of today’s most viable pathways to retaining independence. 

Prominent healthcare industry experts share how physicians can thrive in 2025: join our complimentary webinar on Nov. 20th.

CLICK HERE to register for “2025 Forecast for Physicians: Financial Headwinds, Continued Burnout, and How Concierge Medicine May Be the Cure for What Ails You” at 7 pm CST/8 pm EST on Wednesday, November 20th.

“Now representing just 22% of all practices,1 the independent physician is in danger of disappearing altogether amid unrelenting financial, professional and personal pressures,” says Bauer. “Among other challenges, rising costs to operate a traditional practice and continual cuts to Medicare reimbursements have contributed to an overall 29% downward slide in Medicare compensation over the last two decades.”2

He continues: “Yet we know that a change to our membership medicine model can prove lifesaving, restoring practice sustainability and ushering in a new era of unparalleled career satisfaction. We’ve long championed this solution for physicians in private practice, who have been consistently unappreciated for the very real value they bring to their patients and the health system.” 

Adds Reiboldt: “Physicians in private practice are still a cornerstone of our healthcare system yet are facing challenges that threaten their existence. More and more physicians are affiliating with capital and/or strategic partners, which is not a bad thing but still threatens their independence and private structure.”

A number of crucial issues will be examined during the webinar. “We will approach these with sensitivity as all providers (physicians, health systems, private and public investors, et al) share in both the credit and the blame for our current state of affairs,” says Reiboldt.

Topics will include:

The new administration’s approach to lowering costs, reducing regulatory barriers to consolidation and expanding price transparency mandates for healthcare services.Future use of AI and other technologies to drive greater efficiencies, quality of care.The outlook for primary care providers and programs such as Medicare Advantage, risk-based reimbursement, quality incentives.How upcoming changes in reimbursement and regulations impact the financial viability of traditional practices.Strategies for maintaining or regaining independence as a practitioner; concierge medicine as a model offering sustainable financial security and work-life balance.

About Our Speakers

Terry Bauer is CEO of Specialdocs Consultants. With more than three decades of healthcare leadership experience, Terry has a reputation for bringing about positive change as a strategist, builder, and driver of successful, high-performance companies. Terry’s mission at Specialdocs: to elevate the profile and escalate the growth of this firm that has pioneered the transition from traditional to independent concierge medicine practices, with a focus on expanding the reach and portfolio of high-quality services provided to the company’s growing national network of exceptional physicians. Terry’s career includes a long tenure as co-founder, president, CEO, and director of Orion HealthCorp, a national physician services and management organization. He has served on the board of directors of Specialdocs since Shore Capital Partners invested in the firm in 2015, and became CEO of the company in 2016.

Max Reiboldt, CPA, is Chairman of Coker. His 45 years of work in business and industry, primarily involving healthcare providers, has given him invaluable experience. He handles strategic, tactical, financial, and management issues that health systems, physicians, and other healthcare entities and/or investors face in today’s evolving marketplace. Max understands the nuances of the healthcare industry in a dynamic age, and how healthcare organizations need to maintain viability in a highly competitive market. Whether a transitional provider or a more trailblazing healthcare entity, Max works to provide sound solutions to everyday and long-range challenges with a hands-on approach much valued by his clients. Max oversees Coker’s services as part of the Executive Committee, and maintains his passion for working with clients and organizations of all sizes.

Physician’s Advocacy Institute reportAMA 2024 Medicare Updates

Media Contact:
Mindy Kolof
mkolof@specialdocs.com 
8479213271

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SOURCE Specialdocs Consultants

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Rokid Glasses: Where AI Meets AR, Rivaling Meta’s Ray-Ban in an Exclusive Unveiling at Rokid Jungle 2024

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REDWOOD CITY, Calif., Nov. 14, 2024 /PRNewswire/ — Rokid is poised to unveil its groundbreaking next-generation smart glasses, the Rokid Glasses, at the highly anticipated Rokid Jungle 2024 event, set to take place on 18 November in Hangzhou, China. Seamlessly integrating cutting-edge artificial intelligence with augmented reality, Rokid Glasses represent the pinnacle of innovation. As the most eagerly awaited event in the augmented reality calendar, Rokid Jungle 2024 is destined to be the largest and most consequential gathering of its kind on the global stage. With an impressive turnout expected of over 1,000 distinguished attendees, the event will serve as a landmark occasion, bringing together partners, visionaries, and industry leaders. The launch of the Rokid Glasses promises to elevate the smart daily experience to unprecedented heights, setting new standards in the realm of wearable technology.

Rokid Glasses: Transforming AI and AR into an Essential Daily Gadget for All
Rokid Glasses combine style, comfort, and lightweight design with intuitive, AI-powered features. Integrated with Alibaba’s Tongyi Qianwen AI, Rokid Glasses offer a range of capabilities, including object recognition, text translation, and even solving complex math problems. It can calculate the calorie content of food or provide real-time language translation, making it an indispensable tool for travelers.

Empowered by Zhi Xiaobao, Alibaba’s AI assistant, Rokid Glasses allow users to take full control of their world with simple voice commands, whether booking a ride or ordering a coffee. The advanced voiceprint recognition technology also facilitates secure payments via Alipay, ensuring a seamless and trusted connection to the user’s phone. Alipay’s cutting-edge AI audio detection technology guarantees top-tier security and fraud prevention during transactions.

A standout feature of Rokid Glasses is the ability to view message notifications directly through the glasses, effectively replacing the need for a phone screen. This functionality hints at a future where Rokid Glasses may evolve into a central hub of daily life, potentially replacing smartphones altogether as an essential tech gadget. “We’ve crafted our new glasses to redefine the user experience, bringing the world’s first AI+AR glasses to daily life,” says Misa Zhu, Founder and CEO of Rokid. “Our mission is to make high-quality AI+AR glasses accessible to everyone, and this launch marks a bold step in that direction.” True to Rokid’s ethos of Leave Nobody Behind, the Rokid Glasses bridge gaps in accessibility, usability, and comfort, ensuring that everyone can experience the transformative power of innovation.

Rokid’s Role to Impact Global Tech Arena and Its Commitments for leading AR Industry
Rokid is making significant strides in transforming the museum experience using augmented reality (AR) technology to enhance visitor engagement. By providing immersive, interactive experiences, Rokid brings historical artifacts and exhibitions to life in exciting new ways. With over 2.5 million users benefiting from its AR glasses and more than 300,000 of these users have made actual purchases and are actively engaged with the devices. Even more striking is the fact that Rokid users spend an average of 2 hours and 45 minutes daily with Rokid glasses—this not only underscores the strong appeal of Rokid’s products but also reflects the growing consumer interest in and adoption of augmented reality technology.

Rokid’s ecosystem continues to flourish, with over 6,200 registered developers, highlighting the company’s significant progress in cultivating an open and thriving ecosystem. As the race in augmented reality heats up, major players are competing for dominance in this rapidly evolving space. With AR technology expanding its global footprint, the question remains: who will emerge as the true leader in the AR industry? While the collaboration between Ray-Ban and Meta has brought new energy to the smart glasses market, Meta continues to face challenges. Despite a decade of investment in XR, VR, and AR, Meta has made strides with VR hardware like the Meta Quest but still struggles with slow user adoption and limited AR functionality.

Rokid Jungle 2024: A Decade of Breaking Boundaries in Augmented Reality
Rokid Jungle 2024 commemorates a significant milestone: Rokid’s 10th anniversary and the beginning of the next decade of AR innovation. From its founding in 2014, Rokid has maintained a relentless focus on human-computer interaction, driving the evolution of AR technology through unwavering dedication to innovation. From setting industry standards with the original Rokid Glass to the highly regarded consumer product Rokid Air, and now with the trendsetting AR Studio and AR Lite, Rokid has played a key role in propelling the AR industry forward.

With the launch of the latest Rokid Glasses, the company reaffirms its leadership in the new wave of AR technological innovation. To mark this remarkable milestone, Rokid is delighted to offer a $20 benefit on all purchases made via the official website, using the code ROKID10 at checkout. Looking ahead, Rokid is thrilled to showcase its innovations at CES 2025, where will continue to lead the charge in AR technology. Rokid looks forward to seeing you there and sharing the next chapter of this exciting journey.

Email: pr@rokid.com
Rokid Official Website https://global.rokid.com/

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SOURCE Rokid

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