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October 24, 2020

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Earnings Recap: Remark Holdings, Inc. (NASDAQ: MARK)

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Remark Holdings, Inc. (NASDAQ: MARK) changed 2.85% to recent value of $ 3.61. The stock transacted shares during most recent the day were 191099 shares however it has an average volume of 378.66K shares. It spotted trading -76.09% off of the 52-week high price. On the other end, the stock has been noted 70.28% away from the low price over the last 52-weeks. MARK  has a gross margin of 74.60% as compared to operating margin of -73.90% and its profit margin remained – for the last 12 months.

The company has earnings of $ -98.30M and made $72.00M revenue for the last 12 month. Its earnings per share (EPS) expected to touch remained -129.70% for this year .The company has 37.67M of outstanding shares and 22.56M shares were floated in the market. According to the most recent quarter its current ratio was 0.6 that represents company’s ability to meet its current financial obligations. The price moved ahead of -3.62% from the mean of 20 days, -15.54% from 50 and performed -46.18% from 200 days average price. Company’s performance for the week was -6.23%, -15.06% for month and yearly performance remained 32.23%.

Remark Holdings, Inc. (NASDAQ: MARK), a diversified global technology company with leading artificial intelligence (AI) solutions and digital media properties, including Vegas.com, reported its financial results for the second quarter ended June 30, 2018.

Three Months Ended June 30: 2018 compared to 2017

Revenue increased approximately 20% to $20.7 million, compared to $17.3 million. The increase was primarily due to an increase in the KanKan business and an increase in show ticket revenue in the Travel & Entertainment segment.

Total cost and expense was $27.8 million, compared to $21.9 million. The increase was primarily due to an increase in cost of revenue and payroll costs for the KanKan business and an increase in paid search costs for the Travel & Entertainment segment.

Operating loss was $(7.0) million, compared to $(4.7) million due to the increase in total cost and expense.

Adjusted EBITDA was $(3.3) million, compared to $(1.5) million.

Net income was $3.4 million, or $0.10 per diluted share, compared to a net loss of $(4.3) million or $(0.19) per diluted share. Net income for the second quarters of 2018 and 2017 included non-cash gains of $10.1 million and $1.8 million, respectively, related to a change in the fair value of the Company’s warrant liability, which occurred due to the decrease in the Company’s stock price during the periods.

At June 30, 2018, the cash and cash equivalents balance was $7.0 million, and total restricted cash was $11.7 million, bringing the total combined cash position to $18.7 million, compared to a total combined cash position of $34.3 million at December 31, 2017. Cash decreased primarily due to an increase in total expense as we grew our operations in China and engaged in multiple proof-of-concept projects, the timing of payments related to elements of working capital, and paying security deposits related to our Travel & Entertainment business.

2018 Financial Outlook

The Company provided guidance regarding certain revenue and Adjusted EBITDA expectations.  For the year ending December 31, 2018, management is fine tuning its outlook to reflect the impact of the lending industry regulatory audit on its revenue for its FinTech business.  The Company now expects consolidated revenue of approximately $100 million in 2018.

Overall, the Company is pleased with the progress it’s making in deploying its KanKan Artificial Intelligence Platform. After taking into account the impact of the lending industry regulatory audit, management now expects KanKan to generate approximately $25-to-$30 million in gross revenue in 2018. The Company’s forecast is directly supported by the agreements it has signed in the retail and workplace & public safety sectors and the actual deployment steps it’s currently taking in conjunction with its clients.

The Company is monitoring the China lending industry to determine any potential impact on its 2018 revenue forecast.  The Company is working directly with its large banking clients to adjust and scale its proven AI solution, as well as launch a third product covering loans for parking spots.  As the Company’s AI contracts move to the deployment stage, the Company will begin to record revenue from both upfront fees and ongoing licensing fees, with each contract having differing fee arrangements based on the product deployed.

Remark’s Board of Directors continues to look for a new Chief Financial Officer (CFO).  While the search for a permanent candidate continues, Alison Davidson, Vice President of Finance, has been appointed to serve as Interim CFO.

Management Commentary

Kai-Shing Tao, Chairman and Chief Executive Officer of Remark Holdings said “We continue to make solid progress in signing new AI agreements, and in working with our clients to begin deploying our AI technology across multiple sectors in China and Southeast Asia, while driving revenue growth at our largest digital media property, Vegas.com,”.  “Given the size and breadth of the AI contracts we’ve secured and our deployment efforts underway, we remain well positioned to accelerate our revenue growth in the months ahead.  Our unique market position is supported by our ability to leverage our advanced AI technologies to deliver accessible and practical solutions across the financial, workplace and public safety sectors.  Defined by rapid deployment, low maintenance costs and highly-accurate and actionable results, our platform applies the power of AI to deliver simple solutions to complex problems.”