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Remark Holdings Reports Second Quarter 2019 Results

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Remark Holdings, Inc. (NASDAQ: MARK), a diversified global technology company with leading artificial intelligence (AI) solutions and digital media properties, reported its financial results for the second quarter ended June 30, 2019.

Management Commentary

“During the second quarter, we continued to broaden our base of contracts and are currently installing our AI solutions in the real estate, pharmacy, and transportation sectors, while working with additional partners to expand upon our retail deployments,” said Kai-Shing Tao, Chairman and Chief Executive Officer of Remark Holdings. “Our focus on our customer’s return on investment is resonating with them, leading to additional organic revenue opportunities, expanding upon their existing large footprints,” Mr. Tao added.  “At the same time we’re continuing to align our cost structure, as we pursue business in a disciplined manner and lay the path to profitable growth.”

Recent Highlights

  • Completed the sale of Vegas.com and used proceeds to significantly reduce debt.
  • Entered into a “smart-building” partnership agreement with Hanvon Technology Co. Ltd, one of China’s top software companies, to utilize KanKan’s facial-recognition technology to provide entry/exit management at access points in the portfolio buildings of the software company. The partnership has already resulted in deployment at more than 1,000 access points, with plans to continue deployment to more than 10,000 building units by the end of 2019.
  • The company’s installation of 5,000 units of its pharmacy-patient terminal system in 2018 led to an additional contract to install 15,000 terminals in pharmacies in additional Chinese cities in 2019.
  • Completed the installation of KanKan’s taxi-safety-monitoring system in more than 2,000 taxis in the Chinese city of Xi’an. Remark is pursuing additional business opportunities for the taxi-safety-monitoring system in Guiyang and Chongqing, cities representing a total addressable market of approximately 25,000 vehicles and a revenue opportunity of more than $10 million.
  • Sharecare received a strategic investment led by Quest Diagnostics, further highlighting the value Sharecare is creating. Remark owns approximately five percent of Sharecare’s issued stock and continues to explore avenues to optimize the monetization of this asset to best create long-term value for its shareholders. To date, Sharecare has raised in excess of $400 million.

Three Months Ended June 30, 2019 compared to Three Months Ended June 30, 2018

  • On May 15, 2019, the company completed the sale of Vegas.com for an aggregate purchase price of $30.0 millionand used the proceeds to significantly reduce its obligations to its lenders. A gain of $6.5 million was recorded in discontinued operations on the sale of the Vegas.com business that formerly comprised Remark’s Travel and Entertainment segment. The results of the formerly-reported Travel and Entertainment segment are now reported as discontinued operations.
  • Revenue for the second quarter of 2019 was $2.9 million, down from $3.9 million during the comparable period of last year. Regulatory changes in China’s financial services market caused the company to discontinue its FinTech business in 2018, but the absence of FinTech revenue was partially offset by an increase in revenue from AI projects. Additionally, AI revenue in the second quarter of 2019 was more than double the $1.2 million reported during the second quarter of 2018, and significantly higher than the $0.4 million reported in the first quarter of 2019, representing the completion and passing of several proof-of-concept tests on projects and the beginning of deployment and implementation phases.
  • Total cost and expense for the second quarter of 2019 was $5.8 million, a decrease from the $10.6 million reported in the second quarter of 2018. The decrease is primarily attributable to decreases in cost of sales as a result of the discontinuance of FinTech services, in consulting fees due to declining use of external consultants, in payroll and related costs as a result of headcount reductions, and in bad debt expense.
  • Operating loss declined to $2.9 million in the second quarter of 2019 from $6.7 million in the second quarter of 2018 commensurate with the cost and expense declines.
  • Adjusted EBITDA was ($2.7) million from continuing operations, as compared to ($5.3) million.
  • Net loss totaled $2.8 million or ($0.06) per diluted share in the second quarter ended June 30, 2019, compared to net income of $3.4 million, or $0.10 per diluted share in the comparable period of the prior year. The income in the prior year was driven by a $10.1 million gain in the change of the fair value of the warranty liability.
  • At June 30, 2019, the cash and cash equivalents balance was $2.1 million, compared to a cash position of $1.4 million at December 31, 2018. Cash increased primarily due to timing of payments related to elements of working capital and the issuance of common stock.

 

SOURCE Remark Holdings, Inc.

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Advanced Materials for Extreme Environments Market to Reach $4.5 Billion by 2029

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Advanced materials for harsh conditions like high temperatures and corrosion are vital in aerospace, defense, and energy industries, boosting performance and safety. The global market is growing due to increased demand for durable solutions.”

BOSTON, Feb. 11, 2025 /PRNewswire/ — According to the latest study from BCC Research, the demand for Advanced Materials for Extreme Environments: Global Markets reached $3.2 billion in 2023 and is expected to grow from $3.4 billion in 2024 to $4.5 billion by the end of 2029, at a compound annual growth rate (CAGR) of 5.8% from 2024 to 2029.

This report examines the global market for advanced materials used in extreme environments, valued for their strength, lightweight, and durability. It analyzes the market by materials, forms, applications, industries, and regions, with revenue data and company profiles included.

Interesting facts 

  • Advanced materials can replace metal parts in aerospace, reducing aircraft weight and improving fuel efficiency.
  • In energy plants, these materials’ coatings minimize corrosion and lower maintenance costs, protecting boilers.
  • Advanced materials are widely used for dental products like braces, crowns, and implants.

Factors contributing to the market’s growth include:

  1. Growing government investments in defense: Governments are increasing investments in defense to strengthen national security, improve military technology, and address evolving threats. This includes spending on advanced weapons, equipment, and defense infrastructure.
  2. Increased demand in the aerospace industry: There is growing demand in the  aerospace industry due to the need for advanced aircraft, space exploration, and better transportation technologies.

Request a Sample Copy of Advanced Materials for Extreme Environments: Global Markets

Report Synopsis

Report Metric

Details

Base year considered

2023

Forecast period considered

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2024-2029

Base year market size

$3.2 billion

Market size forecast

$4.5 billion

Growth rate

CAGR of 5.8% from 2024 to 2029

Segments covered

Material Type, Composition, Form, Application, End-Use Industry, and Region

Regions covered

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North America, Asia-Pacific, Europe and Rest of the World (RoW)

Countries covered

The U.S., Canada, Mexico, Germany, France, the U.K., Japan, China, and India

Market drivers

•         Growing government investment in defense.

•         Increased demand in the aerospace industry.

 

This report addresses the following questions:

  1. What is the projected size and growth rate of the market?
    In terms of value, the global market for advanced materials for extreme environments is projected to grow from $3.2 billion in 2023 to $4.5 billion bt the end of 2029 at a compound annual growth rate (CAGR) of 5.8% during the forecast period.
  2. What factors are driving the growth of the market?
    Growing government investment in defense and Increased demand in the aerospace industry.
  3. What market segments are covered in the report?
    The market for advanced materials for extreme environments is segmented on the basis of material types, compositions, forms, applications, and end-use industries.
  4. Which end-use segment will dominate the market in 2029?
    The aerospace and defense segment will dominate at that time.
  5. Which region has the largest market share?
    North America holds the largest share of the market.

Leading companies in the market include:

  • 3M
  • Able Target Ltd.
  • Advanced Ceramic Materials
  • Atlantic Equipment Engineers
  • Coorstek Inc.
  • Denka Co. Ltd.
  • General Atomics
  • General Electric Co.
  • Innovacera
  • Jilin 11 Technology Co. Ltd.
  • Kennametal Inc.
  • Kyocera Corp.
  • Plansee SE
  • Saint-Gobain
  • Stanford Advanced Materials

Purchase a copy of the report direct from BCC Research.

For further information on these reports or to purchase one, please contact info@bccresearch.com.

About BCC Research 

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BCC Research market research reports provide objective, unbiased measurement and assessment of market opportunities. Our experienced industry analysts’ goal is to help readers make informed business decisions, free of noise and hype.

Contact Us
Corporate HQ: 50 Milk St. Ste 16, Boston, MA 02109, USA
Email: info@bccresearch.com,
Phone: +1 781-489-7301

For media inquiries, email press@bccresearch.com or visit our media page for access to our market research library.

Any data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC as the source and publisher.

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The British Virgin Islands secures BBB/A-2 sovereign credit rating by S&P

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Agency action and stable outlook underscore territory’s stability, position as global financial services hub

ROAD TOWN, British Virgin Islands, Feb. 11, 2025 /PRNewswire/ — The British Virgin Islands’ investment in its institutional framework and economic development has designated the territory’s sovereign credit rating as investment grade BBB/A-2 by S&P. The rating was accompanied by a “stable” outlook, indicating that the BVI is on sound footing as a hub for global financial services and warrants increased investor confidence. The internally self-governing territory was noted for a prudent approach to managing public finances and working to mitigate risks in its environment.

This credit rating is expected to lower borrowing costs for government projects, benefitting residents and businesses through enhancements to infrastructure and public services as well as economic growth opportunities. The S&P rating provides an opportunity for businesses operating in the BVI to have increased access to financing, as well, which could improve trade relationships and overall market stability. The territory is fully committed to ensuring the long-term stability and opportunity that this rating is and will continue to be based on.

“The British Virgin Islands has made a strong, long-term commitment to accountability, transparency and responsibility in fiscal matters, and our efforts have not gone unnoticed. We are pleased to share our sovereign credit rating by S&P — a result that has involved considerable time and effort and that will secure economic opportunity for our territory and for those who choose to do business here,” said the Honorable Dr. Natalio D. Wheatley, Premier and Minister of Finance for the BVI. “This rating signifies that our global financial services industry rests on a solid foundation; moreover, it is poised to meet the complex and diverse needs of today’s savvy investors.”

The credit agency’s review noted a demonstration of the territory’s institutional stability — including its fiscal discipline and prudence and its consistent, sustainable economic policies — as well as potential for near-term economic growth. Moreover, with the U.S. dollar as its official currency, the BVI has “a stable institutional and economic anchor” that supports stability, and its banking system is considered generally well capitalized.

“Beyond providing our international business clientele with the reassurance they seek in establishing commitments in and conducting timely and sensitive transactions through the BVI, this credit rating is a boon to our local economy,” continued Wheatley.

The BVI’s creditworthiness and stable outlook speak to resilience and stability, placing the territory on par with other globally recognized financial centers. The rating supports assurance to institutional investors, global financial institutions, development partners and others who conduct business within the territory, which is proving an attractive destination for foreign direct investment and private sector opportunities. Further, the BVI’s clear commitment to maintaining a long-term economic strategy, regulatory framework and transparency contributed to its trusted reputation among global businesses, asset managers and financial services firms.

About the Ministry of Finance of the Government of the Virgin Islands
The Ministry of Finance is committed to managing the financial affairs of the Government of the Virgin Islands. Its primary duties include formulating and implementing fiscal policies, overseeing public sector budgets, managing government revenues and expenditures, and ensuring compliance with financial regulations and standards. More information is available at bvi.gov.vg/ministry/ministry-of-finance.

Media Contact
Kristen Sharkey
FINN Partners
+1 203 644 4899
kristen.sharkey@finnpartners.com

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Fayafi Investment Holding copper isotope backed securities to begin trading on Feb 14th, 2025

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Securities offer up to 15% annual yields paid in fiat or digital assets.

DUBAI, UAE, Feb. 11, 2025 /PRNewswire/ — Fayafi Investment Holding (Bloomberg: SPV Fayafi Investment), the first UAE firm to be registered on the SIX Swiss Exchange and listed on the Vienna Stock Exchange, will see its SPV Fayafi Investment securities begin trading on Bloomberg trading desks from February 14th, 2025.

The SPV Fayafi Investment securities are backed by isotope copper, a rare commodity more expensive per gramme than gold, which has crucial applications across medicine, aerospace and renewable energy. The SPV has issued $3.6B of Euroclear security certificates at a price of USD 100 per certificate, backed by isotope copper reserves physically present in its Dubai vaults.

$1.44B of these securities will be initially released for trading on February 14th at 9am CET. They will be available to sophisticated investors via Bloomberg trading desks and the Bloomberg terminal.

The Euroclear securities offer up to 15% annual yields, paid out by Fayafi Investment Holding in USDT or Bitcoin. In a world first, investors can also swap their securities for fiat and then convert to popular digital assets including USDT, USDC or Bitcoin.

“From an analyst’s perspective, Fayafi Investment Holding SPV’s copper isotope securities are world-firsts in several ways. First, it is rare for isotope copper to be securitized and offered to investors. Then, the 15% yields on these Euroclear securities are also very attractive. Finally, the fact that investors can bank these yields in either fiat or cryptocurrencies, and in fact swap securities to digital assets, makes them a very interesting proposition. They are potentially the only SPV to offer this service for Euroclear securities,” explains Ahmed Mahdy, founder of investment consulting firm Lunar Investment Group and former Director of Azimut DIFC.

Fayafi Investment Holding SPV remains confident in the long-term enduring value of the isotope copper reserves underpinning its securities. Isotope copper’s production is limited to specialized facilities using nuclear reactors, cyclotrons, or isotope separation plants. The metal’s supply remains niche and highly valuable, with controlled distribution for high-tech applications.

Fayafi Investment Holding is an Emirati-founded Special Purpose Vehicle (SPV) headquartered in the Dubai International Financial Centre (DIFC). Its aim is to deliver financial innovation and sustainable growth while also empowering industries and catalysing solutions towards a better world for generations to come.

Key Details: 

Issuer of the Note: AIS PCC Limited
Issued: European Depositary Bank SA, 3 Rue Gabriel Lippmann, 5365 Munsbach Schuttrange, Luxembourg
Bloomberg: SPV Fayafi Investment
Registered: SIX Swiss Exchange
Listed: Vienna Stock Exchange
Launch Date: February 14, 2025
Opening Valuation: $3.6 Billion
Price Per Securities Certificate: $100
Total Securities Certificates: 36 million
Initially released for trading: $1.44 Billion
Custodian / Insure: Ferrari Logistics, DMCC, Dubai, UAE
Valuator & Asset Auditor: Institut für seltene erden und metalle AG, Lucern, Switzerland 

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Opening Valuation: $3.6 Billion Price Per Securities Certificate: $100

Total Securities Certificates: 36 million

Custodian / Insure: Ferrari Logistics, DMCC, Dubai, UAE

Valuator & Asset Auditor: INSTITUT FÜR SELTENE ERDEN UND METALLE AG, Lucern, Switzerland

FAYAFI Investment Holding; media@fayafi.ch; DIFC, Dubai, UAE

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