Remark Holdings, Inc. (MARK) stock surged 24.17% in the after-market trading session at the price of $1.49 despite no fundamental reason. The last published news was its financial results for the fiscal third quarter ended 30th September 2021.
Remark Holdings, Inc. presents a unified suite of AI solutions that help organizations and businesses to solve problems, overcome risks and achieve positive results.
MARK Fiscal Third Quarter 2021 Financial Results
On 15th November 2021, MARK published its financial results for the fiscal third quarter ended 30th September 2021 and provided corporate updates.
Financial Summary
MARK reported revenue of $1.2 million for the fiscal third quarter ended 30th September 2021. For the fiscal third quarter of 2020, revenue totaled $2.6 million. The company reported a gross profit of $0.4 million for the fiscal third quarter of 2021. For the fiscal third quarter ended 30th September 2020, gross profit was $1.0 million. The gross profit margin totaled 30.8% for the third quarter of 2021.
MARK reported $6.7 million in operating loss during the third quarter ended 30th September 2021. The operating loss totaled $3.1 million for the same three months of 2020. For the third quarter ended 30th September 2021, net income was $72.7 million, or per diluted share of $0.72. Net income totaled $4.4 million, or per diluted share of $0.04, for the third quarter ended 30th September 2020.
On 30th September 2021, MARK calculated a cash balance of approximately $3.1 million. The cash balance totaled $0.9 million on 31st December 2020. The company reported short-term debt issuance of $4.8 million during the third quarter of 2021. The proceeds from the Sharecare transaction totaled $2.3 million for the quarter ended 30th September 2021.
Management Comments
Chairman and Chief Executive Officer of MARK, Kai-Shing Tao, remarked that they had observed continued advancement in their AI software during the third quarter of 2021. The company has delivered a new program for AI-driven security in schools. Its computer vision software had nominated as one of the best in the world. They realized a gain of $78.9 million on their $1.0 million investment in the Sharecare program, Mr. Tao added.
