Remark Holdings Announces Preliminary Third Quarter 2020 Revenue
"The third quarter of 2020 was highlighted by an estimated sequential quarter over quarter doubling of revenue from
Third Quarter 2020 Business Highlights
- Smart kiosks were delivered to approximately 200 China Mobile stores in the
Hebei Provinceof Chinaand software installations continued with the goal of having the software queue management system available in 5,000 stores by year's end. Additional development was done on a smart customer analysis program that will be delivered in 2021. We remain on track to fulfill the initial $50 millionChina Mobile contract by the end of 2021, and are pursuing additional opportunities with China Mobile's 220,000 affiliated retail outlets.
- Smart retail bank branch solutions were delivered to 80 Bank of China branches in
Guangdong Province. Additionally, the Agriculture Bank of Chinaand the Construction Bank of Chinabegan implementing Remark AI systems, which reflects the initial capture of the $2 billionannual upgrade budget market opportunity as 20,000 branches are scheduled to be upgraded each year.
- Remark AI was chosen by China Mobile to partner on implementing smart community solutions in the
Sichuan Province. The initial phase of this project began in the fourth quarter and we expect to recognize revenue commensurately. There are over 10,000 residential complexes in Sichuanand over 160,000 throughout China, a $70 billionaddressable market.
- Smart school solutions were delivered to approximately 120 new locations during the third quarter. Software upgrades were implemented to improve computer vision, time attendance system, epidemic prevention system and smart energy saving systems. Discussions are underway to expand our sales channel to additional regions in order to compete for the 160,000 schools in major cities.
- Remark AI's Thermal Kits were chosen by
The Meadows Schoolin Las Vegas, a leading private pre K-12 school in Las Vegas, to help safely welcome back students and the educational staff on campus for the 2020-2021 academic school year. The installations are the first in a United Statesschool system for Remark AI.
- Remark AI won three out of five championships in the Visual Object Tracking category at the 16th
European Conference on Computer Vision.
Third Quarter 2020
The company's financial statements for the three and nine months ended
- Revenue for the third quarter of 2020 is expected to be in a range of
$2.5 millionto $2.7 million, up from $0.7 millionduring the third quarter of 2019.
- Revenue in
Chinais preliminarily estimated to more than triple to between $2.0 millionand $2.2 millionas personnel in Chinawere able to continue previously-stalled projects as the country emerged from COVID-19 quarantines which allowed for installations, testing and customization work on several projects.
- Revenue from the US-based biosafety business is preliminarily projected to be in a range of
$0.3 millionto $0.5 millionas thermal imaging products were delivered to casinos, a school, hotels, medical centers, office buildings, and customers in industries throughout the United States.
The estimated preliminary financial information set forth above has been prepared by, and is the responsibility of, the company's management. The preliminary estimates are subject to revision as the company finalizes the preparation of its financial statements and disclosures for the three and nine months ended
"Our business has gone through a major transformation. We spent the past five years building a robust AI platform that has been recognized as having superior commercial solutions in the areas of computer vision. We spent the past three years working to commercialize the technology with world-class companies such as China Mobile. Now, going into the fourth quarter of 2020 and the first quarter of 2021, we are poised to report significant revenue growth from
Conference Call Information
Management will hold a conference call this afternoon at
The live conference may be accessed via telephone or online webcast.
Date: Monday, November 16, 2020
Time: 4:30 p.m. Eastern time (
Toll-Free Number: 888.394.8218
International Number: 323.701.0225
Conference ID: 5959322
Online Webcast: http://public.viavid.com/index.php?id=142405.
Participants are advised to login for the live webcast 10 minutes prior to the scheduled start time.
A replay of the call will be available after 7:30 p.m. Eastern time on the same day through November 21, 2020.
Toll-Free Replay Number: 844.512.2921
International Replay Number: 412.317.6671
Replay ID: 5959322
This press release may contain forward-looking statements, including information relating to future events, future financial performance, strategies, expectations, competitive environment and regulation. Words such as "may," "should," "could," "would," "predicts," "potential," "continue," "expects," "anticipates," "future," "intends," "plans," "believes," "estimates," and similar expressions, as well as statements in future tense, identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, including those discussed in Part I, Item 1A. Risk Factors in
Senior Vice President of Capital Markets and Investor Relations
Vice President of Investor Relations
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