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Remark (MARK) investor relations material

Remark Q3 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Logotype for Remark Holdings Inc
Q3 2024 earnings summary13 Jan, 2025

Executive summary

  • Revenue for the nine months ended September 30, 2024 was $4.4 million, up 6% year-over-year, with a shift in focus from China to the U.S. and other regions.

  • Net loss for the nine months was $28.7 million, a 35% increase from the prior year, driven by a $6.5 million impairment and higher finance costs.

  • The company continues to face substantial doubt about its ability to continue as a going concern due to recurring losses, negative cash flows, and a stockholders' deficit of $55.6 million.

  • Operations are being refocused outside China, with new business in the U.S. and efforts to diversify geographically.

  • Management is actively seeking additional capital through debt and equity financings to sustain operations.

Financial highlights

  • Revenue for Q3 2024 was $0.3 million, up 75% from Q3 2023; nine-month revenue was $4.4 million, up 6% year-over-year.

  • Net loss for Q3 2024 was $9.6 million, compared to $7.2 million in Q3 2023; nine-month net loss was $28.7 million, up from $21.2 million.

  • Gross margin for the nine months was 23%, compared to 23% in the prior year.

  • Operating loss for the nine months was $17.1 million, compared to $15.3 million in the prior year.

  • Cash used in operating activities was $7.0 million for the nine months; cash balance at September 30, 2024 was less than $0.1 million.

Outlook and guidance

  • Management expects business outside China to grow and become the primary revenue source, with minimal future operations in China.

  • The company is pursuing new channel partnerships and sales opportunities in the U.S., U.K., and Latin America.

  • There is no assurance that revenue and cash flows will be sufficient to sustain operations over the next 12 months; strategic alternatives are being evaluated.

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Frequently asked questions

Remark Holdings, Inc. primarily focuses on the development and deployment of artificial intelligence-based solutions for businesses and developers. The company provides numerous products, including its flagship product, Mary Qi3. Mary Qi3 is an artificial intelligence (AI)-based solution that enables developers to create applications with simple clicks, without requiring them to be experts in machine learning techniques or natural language processing.

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