Remark Holdings Inc. (MARK) stock became bullish at an after market volume of 1.39 million, reaching $1.65, with an increase of 1.85%. On November 15, the stock closed at $1.62 with a decrease of 2.41% at a volume of 7.44 million. On the same day MARK went up as high as $1.72 and as low as $1.58, while the 52-week range is between $0.75 and $6.70. Remark Holdings’ current market capital is $174.56 million with 105.16 million outstanding shares. After the market closed on November 15, the company announced its Q3 financial results, soon after which the stock saw an uptrend.
Remark Holdings Inc. (MARK)
Remark Holdings develops and deploys artificial intelligence based solutions for businesses and software developers. It sells the AI-based products in both United States and China, under Remake AI brand and KanKan brand respectively. The company also owns an e-commerce digital media property focused on luxury beach lifestyle.
Headquartered in Las Vegas, Nevada, Remark Holdings Inc. (MARK) was incorporated in 2006.
Q3 Financial Results
MARK announced its fiscal third quarter financial results at 4:15 pm Eastern Time, on November 15, 2021. According to the results, the Q3 2021 revenue was $1.2 million, showing a decline from $2.6 million during Q3 2020. In addition, the gross profit margin for the third quarter was 30.8%, falling to $0.4 million from $1.0 million in that of 2020.
The financial results placed the net income for the third quarter at $72.7 million, compared to $4.4 million in the same quarter of 2020. In turn, the net income per diluted share was $0.72 in Q3 2021, against that of $0.04 in Q3 2020. This increase was formerly due to the re-measurement of MARK’s investment in Sharecare Inc. after becoming public company.
As of September 30, 2021, the cash and cash equivalents totaled to $3.1 million, versus that of $0.9 million at December 31, 2020.
MARK’s Chairman’s Remarks
Kai-Shing Tao, Chairman and CEO MARK, applauded the team’s efforts as the company’s computer vision software was names one of the best in the world, once again. The chairman further said that in spite of the dreads of Covid-19 causing citywide lockdowns in China and technical difficulties the team did very well. Adding, that the company’s revenue for the first nine months of 2021 has reached $9.7 million, while it was $10.1 million for the whole year 2020.
