Remark AI, a global technology company specializing in artificial intelligence (AI) solutions and digital video analytics, has reported a 24% increase in revenue for the second quarter of fiscal 2023, ending June 30, 2023. The company also announced major partnerships for smart city initiatives.
Chairman and CEO of Remark Holdings, Kai-Shing Tao, highlighted the company’s progress in collaborating with various smart city projects aimed at enhancing urban living through technology and innovation. Notably, Remark secured a 30-month subscription agreement to implement its mobile SSP product in Brazil, focusing on facial and license plate recognition. This real-world implementation showcased the practicality and value of Remark’s solutions, solidifying their impact.
Additionally, Remark has established strategic technology partnerships, with more on the horizon, that will enable the company to scale its innovative solutions and expand into new markets. These developments position Remark for continued growth in the second half of the year.
Despite reports of an economic downturn in China, Remark experienced a 24% year-over-year growth in revenue for Q2. The company expects revenue opportunities in China to further strengthen as the country reopens. However, Remark is also actively pursuing growth opportunities in the Americas and the UK and European markets. The increasing investment in AI across all markets is driven by customers’ recognition of the immediate return on investment, including expense reduction and improved operational efficiencies.
Remark’s goal remains to achieve EBITDA breakeven by the end of the fourth quarter of 2023.
In other news, Remark provided an update on its compliance with the Nasdaq Listing Rule 5550. The company received a written notice from the Nasdaq Listing Qualifications Department, stating that it did not meet the continued listing standards. Remark submitted a plan on June 12, 2023, outlining its strategy to regain compliance. After reviewing the plan, Nasdaq granted Remark until October 24, 2023, to meet the continued listing standards.
To discuss the company’s financial results and recent business developments, Remark will hold a conference call on August 14, 2023, at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time). Participants can join the call via telephone or online webcast. A replay of the call will be available until August 18, 2023.
Remark Holdings, Inc. (NASDAQ: MARK) is a leading provider of AI-powered analytics, computer vision, and smart agent solutions. The company’s suite of AI tools helps organizations understand customer demographics and behavior, while also monitoring and responding to potential security threats in real time. With its headquarters in Las Vegas and operational offices in New York and London, Remark focuses on sectors including government agencies, hospitality, public safety, retail, and transportation.
Disclaimer: This article contains forward-looking statements, and readers are advised to refer to the company’s filings with the SEC for a comprehensive understanding of the risks and uncertainties associated with these statements. The article reflects Remark Holdings’ estimates and assumptions as of the date of publication, and the company undertakes no obligation to update or revise any forward-looking statements in the future.
END
