LAS VEGAS, May 20, 2024 /PRNewswire/ -- Remark Holdings, Inc. (OTCQX:MARK), a leading provider of artificial intelligence solutions, today announced its financial results for its quarter ended March 31, 2024. For complete details of the consolidated financial statements and accompanying management's discussion and analysis, please see Remark's filings with the SEC (www.sec.gov). Management Commentary "The Clark County School District Board of Trustees has now formally approved Remark as a provider of weapons detection in the fifth largest school district in the US, and such contract win has already led to increased opportunities for our solutions from other entities within Clark County. We expect installations under the contract to begin in the next few weeks," said Kai-Shing Tao, Chairman and Chief Executive Officer of Remark Holdings. "We believe our solutions are well-suited for the use case with respect to CCSD and will soon be used in many more school districts across the US." "We look forward to beginning sales of our Remark AI computer vision solutions on Microsoft's Azure Marketplace very soon, as we near completing the migration of our software solutions for sale via that sales channel," Mr. Tao continued. "Being on Microsoft's sales platform gives us the access and credibility to scale our unique AI models that span more than 10 different industries. We also expect to announce additional Fortune 500 partners to further expand our relationships with resellers that recognize the value of our solutions for many industries and which can accelerate the acceptance of our products and solutions in the industries we target." Fiscal Year 2023 Business Highlights  Remark signed a five-year agreement with Microsoft which is expected to drive approximately $240 million in AI business by 2029. The company's AI Video Analytics Platform will be sold and marketed in the Microsoft Azure Marketplace. Remark will also utilize Microsoft's Azure Cloud and GPU Services to accelerate deployment of AI services and empower industry transformation. On the heels of recent, well-publicized failures in Boeing's safety inspection processes, Remark released its AI-powered Aviation Safety Platform (ASP), which includes an engine inspection kit, towing anti-collision system, and a business intelligence reporter, to reduce the time required to complete aircraft engine inspections while simultaneously more accurately detecting potentially dangerous aircraft engine damage, to help reduce the risk of accidents in certain aviation operations, and to provide real-time data analysis. During its first quarter, the company was named as a supplier under a contract with the Clark County School District. The contract, which was confirmed by the school district's Board of Trustees in April, is a one-year contract with nine one-year extensions worth approximately $5.0 million per year for a total of as much as $50.0 million. The company expects to begin recognizing revenue from such contract during its second quarter. First Quarter 2024 Financial Results  Revenue for the first quarter of fiscal year 2024 totaled $0.4 million, reflecting a 50% decrease from $0.8 million during the same quarter in 2023. The decrease in revenue is a result of the company's decision to downsize its staff in China, which caused delays in project completion, leading to revenue from cash collected for a 2023 project for a new client that did not meet accrual basis criteria for revenue recognition. Remark incurred an operating loss of $3.7 million in the first quarter of 2024, compared to an operating loss of $3.0 million in the same period of 2023. In addition to the decrease in revenue causing an increase in operating loss, certain expenses related to business development increased by $0.6 million in during the first quarter of 2024, though they were partially offset by a $0.2 million decrease in franchise taxes and as well as by other small decreases that were not representative of significant business trends. In the first quarter of 2023, the company received a tax credit of approximately $0.5 million from the UK government which was recorded as an offset to expense, but no such credit was received during the first quarter of 2024. The company also experienced a $0.3 million decrease in payroll-related expenses during the first quarter of 2024 due to the reduction of its workforce in China. Remark reported a net loss of $13.8 million, or $0.40 per basic and diluted share in the first quarter ended March 31, 2024, compared to a net loss of $8.2 million, or $0.63 per basic and diluted share in the same quarter of 2023. In addition to the impact of the items affecting operating loss, net loss increased primarily as a result of a $5.6 million increase in finance cost related to the establishment of and remeasurement of Remark's obligations to issue its common stock pursuant to transactions related to certain convertible debentures and the company's equity line of credit. The increase in finance cost was partially offset by a decrease in interest expense of $0.6 million. On March 31, 2024, the company's cash balance totaled $0.2 million, compared to a cash balance of $0.1 million on December 31, 2023. Net cash used in operating activities was $3.4 million. Conference Call Information Management will hold a conference call this afternoon at 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time) to discuss the Company's financial results and provide an update on recent business developments. A question and answer session will follow management's presentation. The live conference may be accessed via telephone or online webcast.Date: Monday, May 20, 2024Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)Toll-Free Number: 844.826.3033International Number: 412.317.5185Conference ID: 10189441Online Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1671520&tp_key=03deeace35 Participants are advised to log in 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 June 3, 2024.Toll-Free Replay Number: 844.512.2921International Replay Number: 412.317.6671Replay ID: 10189441 About Remark Holdings, Inc. Remark Holdings, Inc. (OTCQX:MARK) is the AI-powered analytics platform that brings valuable insights to the video feeds provided by current cameras and computer vision solutions through its integrated suite of AI tools that help organizations understand their customer behavior ...