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Jun 30, 2022
Remark Holdings Q2 2022 Earnings Report
Remark Holdings' financial results announced, highlighting partnerships and industry expert additions to expand sales channels.
Key Takeaways
Remark Holdings reported a decrease in revenue to $2.6 million compared to $4.0 million in the same quarter last year. The company experienced an operating loss of $4.0 million and a net loss of $12.5 million, or $0.12 per diluted share.
Revenue totaled $2.6 million, down from $4.0 million in Q2 2021.
U.S. revenue decreased by approximately $2.5 million due to a non-recurring AI data intelligence services project.
China revenue grew by $1.0 million to $2.5 million due to larger project completions.
Net loss was $12.5 million, or $0.12 per diluted share, compared to a net loss of $1.5 million, or $0.02 per diluted share in Q2 2021.
Remark Holdings
Remark Holdings
Remark Holdings Revenue by Segment
Revenue by Segment
China Revenue
CapyFin.com Forward Guidance
Remark Holdings is focused on building a pipeline of opportunities across the U.S. with SSP-based products and advancing deployment activities in China.
Positive Outlook
- Building a stream of business opportunities with government agencies.
- Building a stream of business opportunities with public transportation operators.
- Building a stream of business opportunities with railways.
- Building a stream of business opportunities with sports arenas.
- Continuing to advance deployment activities in China.
Challenges Ahead
- China Mobile implementation slowed due to COVID-19 lockdowns.
- Overall gross profit margin decreased to 27.8% from 43.9% in the same period in 2021.
- Operating loss increased to $4.0 million from $2.5 million in the comparable quarter of 2021.
- Net loss increased to $12.5 million from $1.5 million in the comparable quarter of 2021.
- Cash balance decreased to $1.1 million from $14.2 million on December 31, 2021.