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Remark Holdings Announces Second Quarter 2024 Financial Results

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Total Revenue for Q2 2024 Increased Sequentially by $3.3 Million, an 856% improvement over Q1 2024, and 16.8% Year over Year versus Q2 2023 as Revenue from North America  Scaled Rapidly

LAS VEGAS, Aug. 19, 2024 /PRNewswire/ — Remark Holdings, Inc. (OTCQX: MARK), a leading provider of artificial intelligence solutions, today announced its financial results for its second quarter fiscal 2024 ended June 30, 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
“We are excited to have completed our first project for the Clark County School District in Nevada,  the fifth largest school district in the U.S., which has opened the door to additional opportunities, not only with Clark County but with other educational institutions, law enforcement agencies and other government agencies throughout the U.S.,” said Kai-Shing Tao, Chairman and Chief Executive Officer of Remark Holdings. “We continue to work diligently to convert those opportunities to revenue by delivering what we believe are world-class computer vision solutions and customer service that provides large cost savings and improved security processes for our target markets,” concluded Mr. Tao.

Second Quarter 2024 Business Highlights 

Remark AI announced the Clark County School District Board of Trustees, which represents the fifth largest school district in the US including the city of Las Vegas, unanimously approved and awarded a one-year, $5 million weapons detection contract to Remark Holdings and two others. This win showcases our ability to scale and work closely with the largest school districts of comparable size in providing dependable AI-powered safety solutions. The contract includes nine one-year extension options, valued at $5 million annually.Remark AI showcased its Fire and Smoke, Smart City, and Smart Agent solutions at the NYC Smart City Expo (May 22-23) in conjunction with Oracle and NVIDIA. The success and uniqueness of our AI Products has led to additional POCs to help the top 100 US cities turn into a modern 21st century smart city.Remark AI completed its migration to the Microsoft Azure Platform, preparing Remark’s Smart Safety Platform (SSP) to be Marketplace ready, allowing Microsoft’s global salesforce to begin selling Remark’s SSP across multiple industry verticals and through established systems integrators.Completed POC at the headquarters train station for a large European railway system with over 600 stations, deploying our AI-powered passenger counting, fare evasion, fire and smoke detection, and unattended baggage detection analytics. The success of this POC has led to current contract negotiations to close a deal in the second half of 2024.Completed successful POC for Migrant Center in one of the largest Sanctuary Cities, where we deployed our AI powered facial recognition, fight warnings, fire and smoke detection, as well as weapons detection analytics. The success of this POC has led to preparations to deploy our technology across multiple city agencies as we negotiate to close a contract for the second half of 2024.

Second Quarter 2024 Financial Results 

Revenue for the second quarter of 2024 totaled $3.7 million, reflecting a 16.8% increase from $3.2 million during the same quarter in 2023.Remark recognized $3.7 million of revenue from a project for a large school district in the U.S.The company’s operating loss decreased by 18.8% to $3.2 million in the 2024 second quarter compared to $4.0 million during the same period of 2023.During the three months ended June 30, 2024, payroll-related expenses comprising Technology and development expenses decreased by $0.2 million due to staff reductions in China.During the three months ended June 30, 2023, Remark recorded an impairment of approximately $0.4 million related to certain prepaid expense amounts that were deemed unrecoverable. No such impairments were recorded during the three months ended June 30, 2024.Net loss totaled $5.3 million, or $0.12 per basic and diluted share, for the 2024 second quarter, compared to a net loss of $5.9 million, or $0.42 per basic and diluted share, in the same quarter of 2023.On June 30, 2024, the company’s cash balance totaled $0.4 million, compared to a cash balance of $0.1 million at the beginning of the period. Net cash used in operating activities was $6.1 million for the six months ended June 30, 2024, a 17.0% increase compared to the $5.2 million Remark used in operating activities during the same period in 2023.In August 2024, the company resolved all outstanding events of default regarding their debt agreement with Mudrick Capital Management by entering into an agreement with Mudrick to exchange the existing non-convertible notes for convertible debentures.

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, August 19, 2024
Time: 4:30 p.m. Eastern time (1:30 p.m. Pacific time)
Toll-Free Number: 844.826.3033
International Number: 412.317.5185
Conference ID: 10191801
Online Webcast: https://viavid.webcasts.com/starthere.jsp?ei=1684192&tp_key=c15745df1b

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 September 2, 2024.
Toll-Free Replay Number: 844.512.2921
International Replay Number: 412.317.6671
Replay ID: 10191801

About Remark Holdings, Inc.
Remark Holdings, Inc. (OTCQX: MARK) a member of the Oracle Partner Network, is a U.S.-based company that developed and sells 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 and demographics while providing real-time alerts to predetermined inspection and security parameters. Remark’s international team of sector-experienced professionals has created award-winning GDPR-compliant and CCPA-compliant video analytics solutions that service the government agencies, hospitality, public safety, retail, and transportation sectors. The company’s headquarters are in Las Vegas, Nevada, USA, with operational offices in New York and international offices in London, England. For more information, please visit our home page at www.remarkholdings.com.

Forward-Looking Statements
This press release may contain forward-looking statements, including information relating to future events, future financial performance, strategies, expectations, competitive environment, and regulations. Words such as “may,” “should,” “could,” “would,” “predicts,” “potential,” “continue,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” and similar expressions, as well as statements in the future tense, identify forward-looking statements. These statements involve known and unknown risks, uncertainties, and other factors, including those discussed in Part I, Item 1A. Risk Factors in Remark Holdings’ Annual Report on Form 10-K and Remark Holdings’ other filings with the SEC. Any forward-looking statements reflect Remark Holdings’ current views with respect to future events, are based on assumptions, and are subject to risks and uncertainties. Given such uncertainties, you should not place undue reliance on any forward-looking statements, which represent Remark Holdings’ estimates and assumptions only as of the date hereof. Except as required by law, Remark Holdings undertakes no obligation to update or revise publicly any forward-looking statements after the date hereof, whether as a result of new information, future events or otherwise.

Company Contacts
Fay Tian
Vice President of Investor Relations
F.Tian@remarkholdings.com
(+1) 626-623-2000
(+65) 8715-8007

REMARK HOLDINGS, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(dollars in thousands, except share and per share amounts)

June 30, 2024

December 31, 2023

(Unaudited)

Assets

Cash

$                        438

$                        145

Trade accounts receivable, net

4,361

1,287

Inventory, net

646

750

Deferred cost of revenue, current

—

6,644

Prepaid expense and other current assets

492

614

Total current assets

5,937

9,440

Deferred cost of revenue, long-term

6,290

—

Property and equipment, net

634

189

Operating lease assets

372

517

Other long-term assets

71

90

Total assets

$                  13,304

$                  10,236

Liabilities

Accounts payable

$                  13,023

$                    9,348

Advances from related parties

1,036

1,595

Obligations to issue common stock

12,548

10,033

Accrued expense and other current liabilities (including $1,356 and $495 of delinquent payroll taxes as of June 30,
2024 and December 31, 2023, respectively)

13,203

11,531

Contract liability

418

570

Notes payable (including a past due amount of $16,307 as of each of  June 30, 2024, and December 31, 2023)

16,496

16,463

Funds received in advance of potential financing

2,750

—

Total current liabilities

59,474

49,540

Operating lease liabilities, long-term

179

286

Total liabilities

59,653

49,826

Commitments and contingencies

Stockholders’ Deficit

Preferred stock, $0.001 par value; 1,000,000 shares authorized; zero issued

—

—

Common stock, $0.001 par value; 175,000,000 shares authorized; 49,872,060 and 22,038,855 shares issued and
outstanding at June 30, 2024 and December 31, 2023, respectively

50

22

Additional paid-in-capital

391,538

379,244

Accumulated other comprehensive loss

(1,217)

(1,186)

Accumulated deficit

(436,720)

(417,670)

Total stockholders’ deficit

(46,349)

(39,590)

Total liabilities and stockholders’ deficit

$                  13,304

$                  10,236

 

REMARK HOLDINGS, INC. AND SUBSIDIARIES

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(dollars in thousands, except per share amounts)

Three Months Ended June 30,

Six Months Ended June 30,

2024

2023

2024

2023

Revenue

$                    3,699

$                    3,167

$                    4,086

$                    3,993

Cost and expense

Cost of revenue (excluding depreciation and amortization)

2,925

2,511

3,275

2,966

Sales and marketing

269

387

569

753

Technology and development

366

567

712

736

General and administrative

3,294

3,244

6,317

6,077

Depreciation and amortization

58

25

122

71

Impairments

—

392

—

392

Total cost and expense

6,912

7,126

10,995

10,995

Operating loss

(3,213)

(3,959)

(6,909)

(7,002)

Other expense

Interest expense

(961)

(858)

(1,904)

(2,402)

Finance cost related to obligations to issue common stock

(925)

(1,050)

(10,072)

(4,626)

Other loss, net

(160)

(7)

(165)

(6)

Total other expense, net

(2,046)

(1,915)

(12,141)

(7,034)

Net loss

$                  (5,259)

$                  (5,874)

$                (19,050)

$                (14,036)

Other comprehensive income

Foreign currency translation adjustments

46

(227)

(31)

(545)

Comprehensive loss

$                  (5,213)

$                  (6,101)

$                (19,081)

$                (14,581)

Weighted-average shares outstanding, basic and diluted

45,683,329

14,132,862

39,928,507

13,819,643

Net loss per share, basic and diluted

$                     (0.12)

$                     (0.42)

$                     (0.48)

$                     (1.02)

 

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SOURCE Remark Holdings, Inc.

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Karma Automotive Announces Eximius, the Bespoke Vehicle Program for Elite Clients Seeking Singular Expressions of Extreme Performance and Bold Craftsmanship

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The First Eximius Creation, “Eximius 1,” is a Menacing Four-Seater Built for the Track which Makes its World Premiere at the 2026 Concours at Wynn Las Vegas

LAS VEGAS, Oct. 31, 2026 /PRNewswire/ — Karma Automotive builds vehicles in the hundreds rather than the thousands, attracting a highly individualistic clientele seeking a unique statement. For those who wish to go further still, and explore new possibilities beyond the extensive options for personalization available through the Studio program, Karma has created the Eximius bespoke vehicle program. Eximius clients may modify the vehicle’s body, performance and powertrain, collaborating with Karma’s design and engineering teams to build a One-of-One statement which will never be repeated.

Karma Eximius clients may modify the vehicle’s body, performance and powertrain to build a One-of-One statement

The first vehicle from Karma Eximius debuts today at the 2026 Concours at Wynn Las Vegas. A menacing four-seater purpose-built for the track, “Eximius 1” is in ongoing development with its commissioning client, who is not revealed at this time. Upon delivery in 2027, “Eximius 1” will be fitted with an extreme-performance Plug-in Series Hybrid utilizing a 6.2 Liter V8 producing nearly 1200hp (550hp ICE, 645hp battery), delivering acceleration from 0-60mph in 2.7 seconds and a top speed in excess of 200mph (estimated). As these parameters would demand, “Eximius 1” will be equipped with carbon-ceramic brakes and two-piece slotted brake rotors, and Ohlins semi-active suspension.

“‘Eximius 1’ began as a conversation with an elite client who loves their Karma Revero, but wanted something more extreme and unexpected, which was music to our ears,” says Marques McCammon, President and Chief Executive, Karma Automotive. “The Eximius program effectively deletes the word ‘no’ from conversations about what’s possible,” he continues, “and as a four-seat track weapon packing what’ll be the most powerful Plug-in Series Hybrid powertrain and vehicle ever developed, ‘Eximius 1’ shatters expectations and further establishes Karma as a manufacturer of exotic, uniquely American vehicles.” 

Exterior Design
“Eximius 1” is an imposing vehicle to behold, exhibiting the muscularity and eyepopping strength of a superhero. Every panel – excluding the body surface outer – is constructed of pre-impregnated carbon fiber, and the vehicle is 50mm wider due to its wheel arch extensions. The front doors and hood have a unique technical fade from glossy, exposed regular carbon fiber to signature Borealis Blue paint.

The front carbon splitter sets an aggressive tone and is flanked by massive side air intakes incorporating Karma’s Target Acquisition Lighting, rotated 45º to create a distinctive ‘><‘ DRL graphic identity. On the hood, the dramatic arc of the Comet Line – which is inspired by Halley’s Comet is it streaks across the evening sky – widens from its apex towards the base of the windshield; vents above the front fenders release air pressure from the wheel housings and add further visual intrigue. Moving to the side of the vehicle, the front fenders aft of the wheels feature Karma’s signature “Backslash” bearing the number “5,” which is of particular significance to the commissioning client. 21″ Magnesium wheels with center-locks reduce rotating and unsprung mass, and are finished in satin black. Aft of the driver’s side front wheel, twin exhaust tips announce the fearsome new powertrain.

The full-width rear GT wing maximizes stability and downforce at high speeds, and continues the distinctive ‘><‘ DRL graphic identity established at the front of “Eximius 1.” The rear fascia also boasts large side air intakes which are connected by a dominant diffuser to manage underbody airflow.

Interior Design
An aura of intensity continues to the interior of “Eximius 1.” In concert with the exterior, blue-tinted carbon-fiber adorns the seats, flat-bottom steering wheel and doors; for aesthetics and weight-savings, all four doors are manufactured in exposed carbon fiber with one purposeful arm pad on each door. The seats, which are Recaro carbon fiber buckets up front, are trimmed with blue Alcantara and blue Italian leather with Moondust Alcantara upper sections, creating an articulated, form-fitted feel. To support high-speed driving and intense braking force, the accelerator, brake pedal and dead pedal are billet machined aluminum.

The instrument panel is reimagined in glossy carbon fiber and incorporates anodized billet aluminum HVAC vents. The carbon fiber center console is simplified to include the essentials only: the PRND gear selector, window switches, key fob holder, and Emergency kill switch. This console extends through to the rear compartment, to which the client’s custom-fitted carbon fiber racing helmet is held in place by a center-latched strap matching the blue seat belts.

About Karma Automotive
Karma Automotive is America’s only full-line ultra-luxury vehicle manufacturer, and a pioneer of Plug-in Series Hybrid vehicles which it manufactures at its Karma Innovation and Customization Center (KICC) in Moreno Valley, CA. Its Executive, Product Development, and Design headquarters are located in nearby Irvine, CA. The Karma portfolio embodies California’s spirit of innovation and entrepreneurial boldness, reflected by the signature Comet Line which is the central hallmark of Karma’s new design language. The Gyesera Grand Coupe, a Plug-in Series Hybrid four-seater, arrives at dealerships in December 2026; and the Amaris GT 2-Door Plug-in Series Hybrid arrives in Q4 2027. The Karma Kaveya Super Coupe, with over 1,000HP and butterfly-doors, will arrive in Q1 2028, to be followed by the Karma Ivara GT-UV: both EVs will incorporate SDVA (Software-Defined Vehicle Architecture) developed with leading technology partners. For more information, visit www.karmaautomotive.com) 

Media Contact:

Joe Richardson, (917) 716-6617
Joe@BeautifulNoisePR.com 

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SOURCE Karma Automotive

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ModelBest and OpenBMB Open-Source MiniCPM-OCR Series, Delivering High-Performance Document Parsing and AI-Powered Quality Control

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BEIJING, Oct. 31, 2026 /PRNewswire/ — ModelBest and OpenBMB jointly announced the release and open-source availability of the MiniCPM-OCR series, a family of models for efficient document parsing and parsing-quality assessment. The launch includes two models: MiniCPM-OCR 1.0 (1.3B) and MiniCPM-OCR Jev (2B).

As the first OCR-focused model in the MiniCPM family, MiniCPM-OCR 1.0 brings top-tier parsing accuracy to a compact 1.3-billion-parameter architecture optimized for edge deployment, pushing forward the balance between efficiency and performance for open-source OCR models. Built for real-world conditions, it accurately parses scanned, photographed, curved, tilted and screen-captured documents without cumbersome image pre-correction, lowering the barrier to large-scale document digitization.

The model handles dense bilingual Chinese-English content, complex mathematical formulas, and multi-level or borderless tables, consistently performing at a leading level across a broad range of mainstream industry evaluations. Beyond full-page reconstruction, it supports key information extraction (KIE), pulling specified fields from invoices, IDs and financial statements according to business instructions.

Powered by DSpark decoding acceleration, MiniCPM-OCR 1.0 significantly increases end-to-end throughput while lowering per-page latency. For enterprises processing millions of pages—such as financial contract archives, academic libraries and government records—this means processing far more documents with the same hardware and time budget, at a substantially lower computing cost.

To address the long-standing need for page-by-page manual review, ModelBest and OpenBMB also introduced MiniCPM-OCR Jev, the first OCR result decision model that acts as an “AI quality inspector.” Rather than performing OCR itself, Jev compares the source image with OCR output and rapidly assigns confidence scores to text, LaTeX formulas and tables, detecting missing characters, errors and formatting misalignments. Despite its compact 2B-parameter size, Jev delivers judgment accuracy typically associated with far larger models.

Jev supports cross-model deployment and can be integrated into existing OCR workflows without replacing the underlying OCR engine. It can automatically identify reliable results for direct processing, flag potentially inaccurate outputs for human review and select the best result from multiple OCR systems. This enables enterprises to move from full manual inspection toward risk-based, automated quality control.

The MiniCPM-OCR series is available on GitHub, Hugging Face and ModelScope, and supports vLLM, SGLang, llama.cpp and Ollama, along with SDKs, APIs, Agent Skill plugins and open-source fine-tuning code. Day-0 hardware adaptation covers AMD, Arm, Houmo AI, Intel and NVIDIA. Through the FlagOS software stack, it also has Day-0 support for AI and edge chips from CIX Technology, Huawei Ascend, Hygon, Iluvatar CoreX, Kunlunxin, MetaX, Moore Threads, Sunrise, T-Head, TsingMicro, NVIDIA and Apple Mac (Arm).

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SOURCE ModelBest

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Wulcea Elevates Consumer Trust in Heated Apparel Through Multi-National Safety Certifications and Rigorous Technical Testing

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NEW YORK, Oct. 31, 2026 /PRNewswire/ — As smart heated clothing gains broader adoption, consumers are paying closer attention to the safety and reliability of the technology behind these products. Wulcea, a brand specializing in graphene-powered heated apparel, combines its flexible GrapheneNano™ heating technology with documented safety compliance and durability testing for its heating components and battery systems.

“Trust in smart heated apparel goes beyond warmth—it comes down to confidence in battery safety and heating element reliability,” said John C, Founder of Wulcea. “Our goal is to give users peace of mind through certified technical standards.”

Advanced Graphene Heating Elements Supported by Global Standards

At the core of Wulcea’s thermal architecture is its GrapheneNano™ heating technology. Engineered to eliminate garment stiffness, Wulcea integrates flexible graphene elements that deliver balanced warmth across key upper-body zones while preserving natural garment drape and full freedom of movement.

Wulcea supports its heating components with applicable compliance documentation for major markets. These include CE and FCC compliance documentation addressing relevant electrical and electromagnetic compatibility requirements, as well as PSE compliance for applicable products in Japan. RoHS compliance further addresses restrictions on specified hazardous substances in applicable electrical and electronic components.

Multi-Certified Battery System for Dependable Power

To power its heating elements, Wulcea pairs its heated apparel with rechargeable battery systems designed for convenient everyday use. Featuring a compact design and housed in dedicated interior pockets, the batteries provide portable power while maintaining a streamlined garment profile and comfortable fit.

Wulcea backs its battery options with comprehensive third-party accreditations. UL certification demonstrates that the battery system has been evaluated against recognized power bank safety requirements, covering key areas such as overcharge protection, short-circuit protection, and thermal safety. The battery systems are also supported by applicable CE and FCC compliance documentation, addressing relevant regulatory requirements for electrical and electromagnetic compatibility.

For daily handling and travel, RoHS compliance validates that the battery system meets stringent global standards for material safety. The battery models have also undergone applicable UN 38.3 testing, supporting compliance with international requirements for lithium battery transportation.

Real-World Durability and Practical Usability

Component compliance forms Wulcea’s foundation, but reliability is defined by real-world performance. Built for high-flex endurance, Wulcea’s flexible graphene heating elements are tested through 10,000 active flexing cycles to maintain steady thermal output through repeated bending and everyday body movement.

Everyday convenience is equally essential. Built for hassle-free care, Wulcea’s heating elements withstand 100 machine-wash cycles under standard care guidelines, maintaining internal conductivity and structural stability under repeated laundering.

Integrated NTC temperature sensors provide thermal monitoring and are designed to stop heating if temperatures exceed 131°F (55°C). Combined with runtime of up to 10 hours on the low setting and a discreet interior control button, these features support practical everyday use in cold-weather conditions.

Aligning Technical Standards with Everyday Warmth

By combining graphene-based heating technology with documented battery safety compliance and durability testing, Wulcea continues to focus on the technical foundations of dependable heated apparel. This approach reflects the brand’s emphasis on bringing together safety considerations, practical functionality, and everyday comfort for cold-weather use.

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SOURCE Wulcea

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