Q1 2024 Remark Holdings Inc Earnings Call Transcript
Key Points
- Remark Holdings Inc (MARK) has made significant advancements in computer vision AI, focusing on multimodal AI to interact with the physical world.
- The company secured a major contract with the Clark County School District for weapons and gun detection, which could lead to further opportunities in other school districts.
- Remark Holdings Inc (MARK) has partnered with Microsoft to deliver their computer vision AI solutions, with strong interest from Microsoft's customers.
- The company is showcasing its Smart City solutions at the world's Smart City Expo in collaboration with industry giants like NVIDIA and Oracle.
- Remark Holdings Inc (MARK) has developed a zero-shot training framework to reduce training samples and adoption costs, making their AI solutions more accessible.
- Revenue for the first quarter of 2024 decreased to $0.4 million from $0.8 million in the same quarter of 2023.
- The company reported an operating loss of $3.7 million for the first quarter of 2024, up from $3 million in the same period of 2023.
- Net loss for the first quarter of 2024 increased to $13.8 million, compared to $8.2 million in the same period of 2023.
- Remark Holdings Inc (MARK) faced increased finance costs related to obligations to issue common stock, impacting their net loss.
- The company's cash balance as of March 31, 2024, was only $0.2 million, indicating potential liquidity issues.
Welcome to the Remark Holdings Inc., first quarter 2024 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded.
I would now like to hand the call to Fay Tian, Vice President of Investor Relations. Please go ahead.
Thank you, [MJ], and good afternoon, everyone, and welcome to Remark Holdings; first quarter 2024 financial results conference call.
I am Fay Tian, Vice President of Investor Relations for Remark. On the call with me this afternoon is Kai-Shing Tao Remark's, Chairman and Chief Executive Officer, and Mr. Todd Brown, Vice President of Finance. In just a moment, Mr. Brown and Mr. Tao will provide an update on our businesses, and Mr. Brown will recap our first quarter 2024 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
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