Remark Holdings, Inc. (NASDAQ:MARK) Q3 2023 Earnings Call Transcript
Remark Holdings, Inc. (NASDAQ:MARK) Q3 2023 Earnings Call Transcript November 20, 2023
Operator: Good day and welcome to the Remark Holdings Fiscal Third Quarter 2023 Financial Results Earnings Call. All participants will be in listen-only mode. [Operator Instructions] After today's presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Fay Tian. Please go ahead.
Fay Tian: Thank you, Sarah. Good afternoon, everyone, and welcome to Remark Holdings' Third Quarter 2023 Financial Results Conference call. I am Fay Tian, Vice President of Investor Relations for Remark. On the call with me this afternoon is Kai-Shing Tao, Remark’s Chairman and Chief Executive Officer; and Mr. Todd Brown, Vice President of Finance. In just a moment, Mr. Tao will provide an update on our businesses, and Mr. Brown will recap our third quarter 2023 financial results. Following these remarks, we'll open the call to questions. But before I turn the call over to Mr. Tao, I would like to take this opportunity to remind you that some of the statements made today may be forward-looking statements. These statements involve risk uncertainties and other factors that will cause actual results to differ materially from those expressed or implied by these forward-looking statements.
Any forward-looking statements reflect Remark Holdings current views, and Remark Holdings expressly disclaims any obligation to update or revise any forward-looking statements after the date hereof. This disclaimer is only a summary of Remark Holdings statutory forward-looking statement disclaimer, which is included in full in its filings with the SEC. I will now turn the call over to Remark's Chairman and Chief Executive Officer, Mr. Tao, so he can provide additional information on Remark’s businesses, and recent developments. Please go ahead, Shing.
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Kai-Shing Tao: Thank you today for joining our call. Over the last few quarters, given the economic difficulty that China is experiencing and the rising political tensions between the U.S. and China, we've made a point in diversifying our business to outside of China, to the U.S., U.K. and Europe, the Middle East and South America. We are on the right path to both successfully pivot our business to other parts of the world and look forward for this call to explain what we're doing. On this quarter's call, we'll update our projects in the US and other parts of the world. And please note, the common thread, is that wherever we win first, we are now able to take that opportunity and scale to other cities or other parts of the world using the same technology platform that we have developed over the last seven years.
Three immediate opportunities which we have spent a lot of time focusing on in the cities in the US. Number one is to handle the migrant city centers, which we've all seen has caused a lot of pressure to different cities' budgets. One city in particular is already testing our solution, which includes facial recognition, weapons detection, violence detection. And as you know, the problem with -- this problem is very serious for all the cities. And with our solutions, we're able to save 80% for the city on security costs. This opportunity equates to roughly $1.4 million per migrant center. And there are hundreds of these migrant centers that are well documented in different sanctuary cities in the US. The second large opportunity for us in the different cities in the US is working with the Department of Corrections.
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