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Sep 30, 2023
Remark Holdings Q3 2023 Earnings Report
Remark Holdings reported financial results for the third quarter of 2023.
Key Takeaways
Remark Holdings reported revenue of $0.2 million and a net loss of $7.2 million for the third quarter of 2023. The company signed contracts in new markets and released its Smart Chat Agent, while also expanding its Smart Campus solutions in China.
Signed contracts in Brazil, Colombia, Malaysia, and India, expecting revenue contribution in early 2024.
Released Remark AI's natural-language Smart Chat Agent for real-time 311 service requests.
Deployed Smart Campus solutions to 20 additional educational campuses in China, reaching over 750 campuses and 1.5 million students, contributing approximately $0.2 million in revenue.
Operating loss decreased to $4.1 million compared to $6.7 million in the same period of 2022.
Remark Holdings
Remark Holdings
Forward Guidance
The company anticipates an agreement with a top cloud computing company that will add their AI computer vision solutions to a cloud marketplace, positioning their product to IT departments of top corporations.
Positive Outlook
- Strategic relationships with top-level channel partners and systems integrators.
- Contracts signed with customers or systems integrators in multiple countries.
- Expected agreement with a top cloud computing company to add AI solutions to a cloud marketplace.
- Sales and Marketing collaboration with Arrow Electronics and Intel.
- Diversification away from reliance on one geographic market.
Challenges Ahead
- Lingering effects of COVID-19 preventative measures.
- Geopolitical tensions, including tensions between the U.S. and China.
- Slower project completions in China due to business and economic recovery efforts and political tensions.
- Agreement with the customer has not yet met the requirement for revenue recognition during the quarter.
- Unspecified risks and uncertainties that could affect forward-looking statements.