Q4 2023 Remark Holdings Inc Earnings Call Transcript
Key Points
- Remark Holdings Inc (MARK) established a significant business partnership with Microsoft, expected to drive $240 million of AI business by 2029.
- Launched the first SaaS AI platform and large vision model business application, designed to address complex environmental problems in various industries.
- The Smart Construction product is currently being customer tested in one of the largest construction projects in the world located in Saudi Arabia.
- Remark Holdings Inc (MARK)'s Smart Safety Platform (SSP) has been upgraded to a cloud-based global SaaS platform with scalable and mission-critical processing capability.
- The company has a strong pipeline with recent wins like the Clark County School District, positioning it well for other large school districts across the US.
- Revenue for fiscal year 2023 totaled $4.4 million, reflecting a decrease from the $11.7 million recorded during fiscal year 2022.
- Operating loss of $17.2 million during fiscal year 2023, though decreased from $21.3 million in fiscal year 2022, remains significant.
- Project completion slowed in China initially due to COVID-19 pandemic restrictions and later due to increased political tensions between the U.S. and China.
- Net loss of $29.1 million or $1.74 per diluted share during fiscal year 2023, albeit a decrease from a net loss of $55.5 million in the previous fiscal year.
- Cash balances as of December 31, 2023, were very low at $0.1 million, with net cash used in operating activities during 2023 at $10.5 million.
Good day, and welcome to the Remark Holdings Fiscal 2023 financial results conference call. (Operator Instructions) Please note today's event is being recorded. I would now like to turn the conference over to Fay Tian. Please go ahead, ma'am.
Thank you, Rocco, and good afternoon, everyone, and welcome to Remark Holdings Fiscal 2023 financial results conference call. I am Fay Tian, Vice President of Investor Relations for remarks on the call with me this afternoon is Mr. Kai-Shing Tao, Remarks, Chairman and Chief Executive Officer, and Mr. Todd Brown, Vice President, President of Finance. And just a moment, Mr. Tao will provide an update on our businesses, and Mr. Brown will recap our 2023 financial results.
Following these remarks, we will open the call to questions. But before I turn the call over to Mr. Tao, I would like to take this opportunity to remind you that some of the statements made today may be forward-looking statements. These statements involve risks, uncertainties and other factors that
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