Loading...
•
Sep 30, 2020
Remark Holdings Q3 2020 Earnings Report
Remark Holdings' financial performance significantly improved, marked by substantial revenue growth and a shift to net income.
Key Takeaways
Remark Holdings reported a 285% increase in revenue to $2.6 million and a net income of $4.4 million, or $0.04 per share, for the third quarter of 2020. This improvement was driven by strong growth in China and the US, as well as a $5.6 million non-cash gain from the change in fair value of warrant liability.
Revenue increased by 285% year-over-year, reaching $2.6 million.
Net income totaled $4.4 million, or $0.04 per share, a significant turnaround from the previous year's net loss.
Revenue in China more than tripled, reaching $2.1 million due to the resumption of projects after COVID-19 lockdowns.
The company delivered smart kiosks to approximately 200 China Mobile stores and smart retail bank branch solutions to 80 Bank of China branches.
Remark Holdings
Remark Holdings
Remark Holdings Revenue by Segment
Revenue by Segment
China Revenue
CapyFin.comUS-Based Biosafety Revenue
CapyFin.com Forward Guidance
Remark Holdings anticipates continued revenue growth from China and the US, driven by the expansion of its AI platform and strategic partnerships. The company expects to monetize its stake in Sharecare, providing ample capital for growth opportunities, potential share repurchases, and maintaining a strong balance sheet.
Positive Outlook
- Anticipates another doubling of revenue from China in the fourth quarter.
- Expects to close additional deals in the fourth quarter in the United States.
- Remains on track to fulfill the initial $50 million China Mobile contract by the end of 2021.
- Confident that the company will have the opportunity to monetize their stake in Sharecare.
- Poised to report significant revenue growth from China while simultaneously addressing large total addressable market opportunities, and signing up new channel partners.
Challenges Ahead
- The company's future performance is subject to risks and uncertainties, including those discussed in its SEC filings.
- The forward-looking statements are based on current views and assumptions, which are subject to change.
- The company's actual results may differ materially from those projected in the forward-looking statements.
- The company undertakes no obligation to update or revise publicly any forward-looking statements.
- The company's business is subject to risks associated with the COVID-19 pandemic and its impact on the global economy.
Revenue & Expenses
Visualization of income flow from segment revenue to net income