Remark Holdings, Inc. (OTC:MARK) Q1 2024 Earnings Conference Call May 20, 2024 4:30 PM ET Company Participants Fay Tian - VP of IR Kai-Shing Tao - Chairman and CEO Todd Brown - VP of Finance Conference Call Participants Operator Hello, and welcome to the Remark Holdings Inc. First Quarter 2024 Financial Results Conference Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] As a reminder ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2024 Securities registered | --- | --- | --- | --- | --- | |--------------------------------------------|-----------------------------------|-----------|----------------|-------------------------| | | | | | | | | | | | | | | | | | | | Commission File | Number | 001-33720 | | | | Remark Delaware | Hol ...

EXHIBIT 99.1 Remark Holdings Remark Holdings Announces First Quarter 2024 Financial Results LAS VEGAS, NV - May 20, 2024 - Remark Holdings, Inc. (OTCQX: MARK), a leading provider of artificial intelligence solutions, today announced its financial results for its quarter ended March 31, 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 "The Clark County School ...

LAS VEGAS, May 16, 2024 /PRNewswire/ -- Remark Holdings, Inc. (OTCQX: MARK), a leading provider of artificial intelligence solutions, today announced the company's conference call to review financial results for its fiscal first quarter ended March 31, 2024, will be held on Monday, May 20, 2024, at 4:30 p.m. Eastern time. In addition to the first quarter of 2024 financial results, management will provide an update on the company's AI businesses in Asia, Europe, and the United States and the progress made ac ...

Remark Holdings, Inc. (OTC:MARK) Q4 2023 Earnings Conference Call April 15, 2024 4:30 PM ET Company Participants Fay Tian - Vice President of Investor Relations Kai-Shing Tao - Chairman and CEO Todd Brown - Vice President of Finance Operator Good day, and welcome to the Remark Holdings Fiscal 2023 Financial Results Conference Call. All participants will be in listen-only mode. [Operator Instructions] Please note, today's event is being recorded. I would now like to turn the conference over to Fay Tian. Plea ...

Business Expansion - In 2023, the company began sales in the U.K. and Brazil, signing initial contracts for expansion into Colombia, Malaysia, and India, targeting fast-growth AI market opportunities[10] - The company anticipates expanding sales into the Middle East during 2024, unaffected by the current geopolitical situation in that region[10] Revenue Concentration - Two customers represented 35% and 30% of total revenue for the year ended December 31, 2023, indicating a significant concentration risk[25] - The company is focusing on diversifying its customer base to reduce reliance on a small number of customers, which poses a material risk to financial results[25] Product Development - The company has developed a Smart Safety Platform (SSP) that won numerous industry and government benchmark tests for accuracy and speed, focusing on public security and workplace safety[22] - The company owns 33 copyright registrations and nine AI-related patents, with 27 AI-related patents pending in China, the U.K., and the U.S.[28] - The company generates revenue primarily from AI-based products and services, with significant costs associated with software development and marketing[21] Regulatory Environment - The Chinese government has not established a clear regulatory framework for the artificial intelligence industry, which could adversely affect the company's business due to potential restrictions on foreign investment and capital requirements[34] Financial Performance and Dividends - The company has faced delisting from Nasdaq due to non-compliance with net income standards, with trading suspended on February 14, 2024[12] - As of the date of the report, the company has never declared or paid dividends on its common equity and intends to retain all available funds for operations and growth[35] - The ability to pay cash dividends is contingent upon having net profits or positive net assets, and any future dividends may rely on distributions from subsidiaries[36] - The company's WFOE can only pay dividends from its registered capital and must meet statutory reserve requirements, with potential restrictions from future debt instruments[37] - Cash dividends from the WFOE are subject to a Chinese withholding tax of up to 10%, which could limit the company's ability to grow and make investments[37] - The Chinese government imposes controls on the conversion of RMB into foreign currencies, which may complicate the remittance of dividends from profits[38] Employment and Corporate Structure - The company employed 46 full-time employees as of April 12, 2024[38] - The company was incorporated in Delaware in March 2006 and has undergone name changes, with the current name being Remark Holdings, Inc. since April 2017[39] Operational Structure - The company has terminated contractual arrangements with variable interest entities (VIEs) in China, consolidating them as wholly-owned subsidiaries[15] - The company utilizes third-party cloud hosting providers for its applications and backend systems, ensuring fault tolerance and enterprise-class security solutions[30]

Remark (NASDAQ:MARK) stock is falling on Wednesday as the company’s shares come off a rally yesterday following a deal with Microsoft (NASDAQ:MSFT).Remark revealed a five-year partnership with Microsoft yesterday that covers cloud services and marketing. That will see the Remark AI business unit consume $80 million of Microsoft Azure cloud services.To go along with that deal, Microsoft will help with driving new customers to Remark AI through its cloud services. That will have it co-market the unit’s servic ...

Remark Holdings, Inc. (NASDAQ:MARK) Q3 2023 Earnings Call Transcript November 20, 2023 7:00 AM ET Company Participants Fay Tian - Vice President of Investor Relations Kai-Shing Tao - Chairman and Chief Executive Officer Todd Brown - Vice President of Finance Conference Call Participants Operator Good day and welcome to the Remark Holdings Fiscal Third Quarter 2023 Financial Results Earnings Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be ...

Financial Performance - Total revenue for the three months ended September 30, 2023, was $1.83 million, a decrease of 35.5% compared to $2.81 million for the same period in 2022[11]. - Operating loss for the three months ended September 30, 2023, was $4.13 million, an improvement from a loss of $6.73 million in the same period last year[11]. - Net loss for the three months ended September 30, 2023, was $7.17 million, compared to a net loss of $8.92 million for the same period in 2022[11]. - Revenue for the three months ended September 30, 2023, was $183,000, compared to $2,812,000 for the same period in 2022, reflecting a significant decline[71]. - Revenue from AI-based products and services for the nine months ended September 30, 2023, was $4,000,000, down from $9,699,000 in the same period of 2022[71]. - Revenue for the nine months ended September 30, 2023, was $4,176,000, a decrease of 58% compared to $10,037,000 for the same period in 2022[162]. - The company recognized approximately $0.1 million in revenue from the relationship with the China Business Partner during the nine months ended September 30, 2023, a significant decrease from $5.3 million in the same period of 2022[126]. Assets and Liabilities - Total current assets decreased to $10.47 million as of September 30, 2023, down from $12.29 million at December 31, 2022[9]. - Total liabilities increased to $45.32 million as of September 30, 2023, compared to $34.86 million at December 31, 2022[9]. - Total stockholders' deficit was $32.92 million as of September 30, 2023, compared to $20.43 million at December 31, 2022[9]. - Cash balance as of September 30, 2023, was $270,000, significantly up from $52,000 at December 31, 2022[9]. - Inventory increased to $455,000 as of September 30, 2023, compared to $308,000 at December 31, 2022[9]. - Gross accounts receivable as of September 30, 2023, was $7,103,000, slightly down from $7,213,000 as of December 31, 2022[76]. Cash Flow and Operating Activities - Cash used in operating activities decreased to $9,083 for the nine months ended September 30, 2023, from $13,635 in the prior year, indicating a 33.5% reduction[19]. - Total cash at the end of the period was $270, compared to $376 at the end of September 30, 2022, reflecting a decrease of 28.2%[19]. - Cash paid for interest decreased to $1,578 for the nine months ended September 30, 2023, down from $3,238 in the same period of 2022, a reduction of 51.2%[19]. - Net cash used in operating activities during the nine months ended September 30, 2023, was $9.1 million, with a cash balance of $0.3 million as of the same date[38]. - The company experienced a decrease in cash from investing activities, with proceeds of $6.3 million from the sale of marketable securities in the same period of 2022[191]. Strategic Initiatives and Future Outlook - The company is actively evaluating strategic alternatives, including debt and equity financings, to fund future operations and meet financial obligations[40]. - The company intends to generate revenue growth from its AI and data analytics offerings, although it cannot assure that this will be sufficient to sustain operations in the next twelve months[40]. - The company has signed initial contracts to expand sales into Colombia, Malaysia, and India, with no revenue recognized from these new contracts yet[157]. - The company plans to expand sales into the Middle East during the first quarter of 2024[151]. - The company is focusing on geographic diversification to mitigate risks associated with the slow economic recovery in China and geopolitical tensions[151]. Compliance and Regulatory Issues - The company failed to regain compliance with Nasdaq's Continued Listing Standards by October 24, 2023, and is subject to potential delisting[130]. - Nasdaq notified the company that it failed to meet the minimum net income requirement of $500,000 from continuing operations for the fiscal year 2022, resulting in non-compliance with continued listing standards[206]. - The company submitted a plan to regain compliance with Nasdaq's continued listing standards on June 12, 2023, and was granted an extension until October 24, 2023[206]. - On October 26, 2023, Nasdaq issued a determination letter indicating that the company did not regain compliance, putting its common stock at risk of delisting[206]. - The company has appealed Nasdaq's delisting determination and has been granted a hearing with the Hearings Panel on February 1, 2024[207]. Operational Challenges - The impact of the COVID-19 pandemic continues to adversely affect the company's business, particularly in China, where operational capabilities have been significantly limited[36]. - The company has expressed substantial doubt regarding its ability to continue as a going concern due to recurring operating losses and negative cash flows[39]. - The company is subject to legal and operational risks associated with its significant operations in China, which may impact its business and securities value[137]. - The company has a history of recurring operating losses and negative cash flows, raising substantial doubt about its ability to continue as a going concern[187]. Expenses and Cost Management - Sales and marketing expenses increased by 80% to $1,093,000 due to the addition of new personnel[164]. - Technology and development expenses rose by 50% to $1,504,000, driven by increased consulting related to R&D activities[164]. - General and administrative expenses decreased by 39% to $8,920,000, attributed to lower legal fees and a reduction in share-based compensation[166]. - Interest expense decreased by 37% to $3,351,000 due to lower outstanding debt principal despite an increase in interest rates[169]. Shareholder and Equity Information - Weighted-average shares outstanding for the three months ended September 30, 2023, were 18,377,384, up from 10,529,055 in the same period last year[11]. - The company issued a convertible subordinated debenture in the original principal amount of approximately $2.8 million to Ionic, which automatically converted into shares of common stock[92]. - As of September 30, 2023, the estimated obligation to issue common stock upon conversion of the 2023 Debentures is approximately $4.7 million, representing 9,373,457 shares[93]. - The company issued a total of 1,220,000 shares to Ionic in partial settlement of ELOC Advances during October and November 2023[127]. - The company recorded a total finance cost of $6.712 million associated with obligations to issue common stock[108].

Remark Holdings, Inc. (NASDAQ:MARK) Q2 2023 Earnings Conference Call August 14, 2023 4:30 PM ET Company Participants Fay Tian - Vice President of Investor Relations Kai-Shing Tao - Chairman and Chief Executive Officer Todd Brown - Vice President of Finance Conference Call Participants Stephen Wagner - Integrity Wealth Advisors Brendan O'Neill - Ionic Venture Operator Good day and welcome to the Remark Holdings Fiscal Second Quarter 2023 Financial Results Earnings Call. All participants will be in listen-onl ...