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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.
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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