Remark Holdings, Inc. (MARK) experienced an incline of 31.8% in the aftermarket. However, the last trading session closed at $2.17 with an incline of 138.44%.
Upgraded AI Platform for Campus Management
MARK announced the release of an improved KanKan AI Platform for school campus administration on 12th October 2021. It is designed to satisfy China’s educational reform and technological needs. In addition, the firm announced the development of its distributor network, announcing the addition of five new resellers in current and new areas across China. Their internal objective is to put our platform in over 3,000 of these institutions, which represents an $18 million potential. Despite past Chinese initiatives, most Chinese schools still rely largely on teachers and school administrators to undertake certain monotonous chores by hand.
Moreover, schools also lack the resources to focus effectively on student development through digitizing student growth pathways and offering level-based instruction. Teachers may electronically receive and examine students’ progress data and alter teaching techniques to efficiently give lessons to the students. This update synchronizes and analyses data on student attendance, identifies harmful conduct, and other data to help the school create student-centric safety and teaching platforms. Last but not least, parents can have a better understanding of their children’s progress with this enhanced technology.
$5.0 Million Contract
On 23rd September 2021, MARK reported that the business has received a $5.0 million contract to supply its AI-driven work safety services to 100 industrial real estate building sites. 30 sites are planned to be placed by the end of the calendar year, with the remainder by the end of the first quarter of 2022, mostly in Shanghai, Shenzhen, and Guangzhou. The company takes part in this fast-growing industrial real estate sector because of the history of successful setups in construction projects. Moreover, MARK has years of experience navigating workplace AI-driven solutions for employee safety, appropriate industrial equipment features, elevator and crane safety, and real-time fire and smoke detection.
With the government preparing to tighten workplace safety regulations in the coming year, the company’s marketplace alternatives enable their customers to ensure that their quality assurance procedures are followed. Not only this but their success in assisting our clients in meeting their needs and obligations should hopefully continue to tap into an expanding market in the coming year.
Second Quarter 2021 Results
MARK released second-quarter 2021 financial results on 23rd August 2021. Revenue during the fiscal second quarter of 2021 was $4.0 million, more than $2.3 million recorded in the previous fiscal quarter. Moreover, the gross profit increased to $1.8 million, more than $1.1 million in the second quarter of 2020. Also, the firm lost $2.5 million in operational income. The operational loss was primarily caused by a $0.6 million rise in general and administrative expenditure, which was offset by $0.3 million in savings in other operating expense categories. Last but not least, MARK lost $6.3 million in the second quarter of 2020 owing to a change in the fair value of warrant liabilities due to stock price movements from the previous year.