Q2 2024 Remark Holdings Inc Earnings Call Transcript
Key Points
- Remark Holdings Inc (MARK) secured a significant contract with the Clark County School District for implementing weapon detection technology, valued at $45 million over nine years.
- The company successfully completed a POC at one of the largest European railway systems, leading to current contract negotiations.
- Remark Holdings Inc (MARK) showcased its AI solutions at the New York City Smart City Expo in collaboration with Oracle and NVIDIA, leading to additional POCs.
- The company completed a successful POC for migrant centers in a major US sanctuary city, leading to preparations for broader deployment.
- Remark Holdings Inc (MARK) is introducing a new SaaS product, the Remark Fast AI training platform, which offers cost-effective and efficient AI model training and testing.
- Remark Holdings Inc (MARK) reported an operating loss of $3.2 million for the second quarter of 2024, although this was an improvement from the previous year's loss.
- The company reported a net loss of $5.3 million or $0.12 per diluted share for the second quarter of 2024.
- Cash balance at the end of June 2024 was only $0.4 million, indicating potential liquidity issues.
- The company used $6.1 million of cash in operating activities during the second quarter of 2024.
- Remark Holdings Inc (MARK) had to resolve outstanding events of default regarding its debt agreement with Mudrick Capital Management by exchanging nonconvertible notes for convertible debentures.
Good day and welcome to the Remark Holdings' second-quarter 2024 financial results call. (Operator Instructions)
Please note this event is being recorded.
I would now like to turn the conference over to Fay Tian. Please go ahead.
Thank you, Nick. Good afternoon, everyone, and welcome to Remark Holdings' second-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. Tao will provide an update on our businesses, and Mr. Brown will recap our second-quarter 2024 financial results. Following these remarks, we'll 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,
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