KanKan 4Q 2018 Revenue Contribution Estimated between $6.8 million and $7 million; Reflects Successful Launch of Retail Product
LAS VEGAS, Jan. 22, 2018 /PRNewswire/ -- Remark Holdings, Inc. (MARK), a diversified global technology company with leading artificial intelligence (AI) solutions and digital media properties, including Vegas.com, today announced preliminary unaudited revenues between $26.6 million and $26.8 million for the fourth quarter of 2018, including a $6.8 million to $7.0 million revenue contribution from the Company's KanKan AI technology operations. The Company also announced preliminary unaudited revenue for 2018 between $83.4 million and $83.6 million, including a $12.4 million to $12.6 million contribution from KanKan. The Company expects to report full fourth quarter and year end 2018 results in March.
"During the fourth quarter, we made significant progress in rolling out our KanKan retail and safety/security solutions, leading to a notable gain in our AI Business Solutions revenues," said Kai-Shing Tao, Chairman and Chief Executive Officer of Remark Holdings. "Our retail launch followed approximately six months of collaboration with our large-retail-store client in developing a tailored AI solution. Beyond our KanKan retail solution, we are also actively working with multiple clients in the public safety and surveillance markets in developing solutions that will be used on construction sites, campuses, restaurants and for traffic monitoring and enforcement. Our business model is centered on leveraging our technology to deliver very accessible, customizable and easy-to-install AI solutions at reasonable price points. In turn, we believe we will continue to scale our AI business over time, as we layer on multiple recurring revenue streams."
About Remark Holdings, Inc.
Remark Holdings, Inc. (MARK) delivers an integrated suite of AI solutions that enable businesses and organizations to solve problems, reduce risk and deliver positive outcomes. The company's easy-to-install AI products are being rolled out in a wide range of applications within the retail, financial, public safety and workplace arenas. The company also owns and operates digital media properties that deliver relevant, dynamic content and ecommerce solutions. The company is headquartered in Las Vegas, Nevada, with additional operations in Los Angeles, California and in Beijing, Shanghai, Chengdu and Hangzhou, China. For more information, please visit the company's website at www.remarkholdings.com.
This press release may contain forward-looking statements, including information relating to future events, future financial performance, strategies, expectations, competitive environment and regulation. 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 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.
Remark Holdings, Inc.
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