LAS VEGAS, May 28, 2020 /PRNewswire/ -- Remark Holdings, Inc. (NASDAQ: MARK), a diversified global technology company with leading artificial intelligence ("AI") solutions and digital media properties, today announced financial results for its fiscal year ended December 31, 2019.
"We spent the last three months of 2019 repositioning our business for success in 2020 by streamlining costs and focusing on recurring revenue generating lines of business," said Kai-Shing Tao, Chairman and Chief Executive Officer of Remark Holdings. "Winning major contracts from the likes of China Mobile has positioned us for substantial revenue growth in 2020," Mr. Tao added. "We are also announcing that, after fortifying our cash position, we paid in full all our outstanding obligations to MGG under our financing agreement with them, which significantly deleverages our balance sheet while simultaneously putting us in position to fulfill our existing contract backlog and invest in expanding our AI product offerings like thermal imaging and scanning."
Fiscal 2019 Business Development Highlights
Fiscal 2019 Financial Results
"With the cleanup of our balance sheet behind us and our strengthened cash position, we can now focus on building out our global platform of AI-based solutions for the Fortune 500 companies we are servicing," concluded Mr. Tao.
Conference Call Information
Management will hold a conference call this afternoon at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) to discuss these financial results and provide an update on recent business developments. A question and answer session will follow management's presentation.
Toll-Free Number: 866.548.4713
International Number: 323.794.2093
Conference ID: 4347844
Participant Link: http://public.viavid.com/index.php?id=139870
Please call the conference telephone number 10 minutes prior to the start time. An operator will register your name and organization. The conference call will be broadcast simultaneously and available for replay via the investor section of the company's website here. A replay of the call will be available after 7:30 pm Eastern time on the same day through June 2, 2020.
Toll-Free Replay Number: 844.512.2921
International Replay Number: 412.317.6671
Replay ID: 4347844
About Remark Holdings, Inc.
Remark Holdings, Inc. (NASDAQ: MARK) delivers an integrated suite of AI solutions that enable businesses and organizations to solve problems, reduce risk and deliver positive outcomes. The company's easy-to-install AI products are being rolled out in a wide range of applications within the retail, financial, public safety and workplace arenas. The company also owns and operates digital media properties that deliver relevant, dynamic content and ecommerce solutions. The company is headquartered in Las Vegas, Nevada, with additional operations in Los Angeles, California and in Beijing, Shanghai, Chengdu and Hangzhou, China. For more information, please visit the company's website at www.remarkholdings.com.
This press release may contain forward-looking statements, including information relating to future events, future financial performance, strategies, expectations, competitive environment and regulation. 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 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.
E. Brian Harvey, Director of Capital Markets and Investor Relations
Remark Holdings, Inc.
REMARK HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(dollars in thousands, except share and per share amounts)
Cash and cash equivalents
Trade accounts receivable, net
Prepaid expense and other current assets
Notes receivable, current
Assets of disposal group, current
Total current assets
Property and equipment, net
Operating lease assets
Investments in unconsolidated affiliates
Other long-term assets
Assets of disposal group, long-term
Liabilities and Stockholders' Equity
Accrued expense and other current liabilities
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Liabilities of disposal group, current
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Liabilities of disposal group, long-term
Commitments and contingencies
Preferred stock, $0.001 par value; 1,000,000 shares authorized; none issued
Common stock, $0.001 par value; 100,000,000 shares authorized: 51,055,159 and 39,053,312 shares issued and outstanding; each at December 31, 2019 and 2018, respectively
Accumulated other comprehensive loss
Total stockholders' equity (deficit)
Total liabilities and stockholders' equity
REMARK HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Statements of Operations and Comprehensive Loss
(dollars in thousands, except per share amounts)
Year Ended December 31,
Cost and expense
Cost of revenue (excluding depreciation and amortization)
Sales and marketing
Technology and development
General and administrative
Depreciation and amortization
Other operating expense
Total cost and expense
Operating loss from continuing operations
Other income (expense)
Other income, net
Change in fair value of warrant liability
Other gain (loss)
Total other income (expense), net
Loss from continuing operations before income tax
Benefit from income taxes
Loss from continuing operations
Loss from discontinued operations, net of tax
Other comprehensive income (loss)
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Weighted-average shares outstanding, basic and diluted
Net loss per share, basic and diluted
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SOURCE Remark Holdings, Inc.