Remark Holdings (MARK) Reports Q3 Revenue Range Below Consensus

Remark Holdings (NASDAQ: MARK) reported Q3 revenue for the quarter came in at $2.6 million versus the consensus estimate of $2.82 million.

• Revenue for the third quarter of 2020 is expected to be in a range of $2.5 million to $2.7 million, up from $0.7 million during the third quarter of 2019.
  • Revenue in China is preliminarily estimated to more than triple to between $2.0 million and $2.2 million as personnel in China were able to continue previously-stalled projects as the country emerged from COVID-19 quarantines which allowed for installations, testing and customization work on several projects.
  • Revenue from the US-based biosafety business is preliminarily projected to be in a range of $0.3 million to $0.5 million as thermal imaging products were delivered to casinos, a school, hotels, medical centers, office buildings, and customers in industries throughout the United States.

"The third quarter of 2020 was highlighted by an estimated sequential quarter over quarter doubling of revenue from China as the country emerged from post-COVID-19 lock-downs. We were able to restart certain projects, including the conversion of bank and mobile retail outlets to smart stores, and smart school safety installations at primary schools in several Provinces of China. We anticipate another doubling of revenue from China in our fourth quarter," noted Kai-Shing Tao, Chairman and Chief Executive Officer of Remark Holdings. "In the United States, we focused on growing our distribution and channel partnerships for our AI platform, and we expect to close additional deals in the fourth quarter."

For earnings history and earnings-related data on Remark Holdings (MARK) click here.

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