Remark Holdings, Inc. (MARK): Business Model Canvas [Dec-2025 Updated]

You're looking at Remark Holdings, Inc. (MARK) and trying to reconcile their advanced computer vision AI-partnered with entities like Google Public Sector-against the hard numbers, like their TTM revenue of just $4.63 million as of November 2025. Honestly, mapping their strategy across the nine blocks shows a defintely high-stakes play: proprietary tech and public safety value propositions are battling a significant financial reality, evidenced by a stockholders' deficit of $55.6 million at the end of Q3 2024. This canvas distills that tension, showing precisely how their 98% AI-driven revenue stream is built, where the major costs lie, and which key activities you need to watch to see if this AI bet pays off. Dive in below to see the full structure supporting their real-time analytics push.

Remark Holdings, Inc. (MARK) - Canvas Business Model: Key Partnerships

You're looking at the backbone of Remark Holdings, Inc.'s go-to-market strategy-the alliances that fuel its technology deployment and revenue generation as of late 2025.

Google Public Sector: Remark Holdings, Inc. entered a strategic collaboration with Google Public Sector in May 2025, formalized under a two-year Enterprise Cloud Services Agreement with the New York State Office of Information Technology Services (ITS). This deal is structured to provide a steady revenue stream through the duration of the agreement.

Microsoft: A five-year agreement was signed to leverage Microsoft Azure Cloud and GPU Services for the training and inference of proprietary AI models. This partnership is projected to drive $240 million of AI business for Remark Holdings, Inc. by 2029. The Remark Vision Analytics (RVA) platform is available on the Microsoft Azure Marketplace.

Cloud Infrastructure Providers: The reliance on hyperscalers is clear, with Remark Holdings, Inc. utilizing Azure GPU services. For context on the scale of this infrastructure, Microsoft's Azure surpassed $75 billion in revenue for the fiscal year ended June 30, 2025, marking a 34% increase year-over-year. Microsoft has stated plans to invest $80 billion into AI infrastructure and development in 2025.

Chinese Financial Institutions: Historical partnerships in this sector have seen a significant reduction in scale due to geopolitical tensions. For the quarter ended September 30, 2024, the company recorded a $6.5 million impairment related to deferred costs of revenue in China. Staff in China has been reduced to a minimal level.

System Integrators: While specific system integrator contracts aren't detailed, the deployment model for computer vision solutions often involves large-scale contracts that necessitate integration partners. For instance, Remark AI secured a one-year weapons detection contract with the Clark County School District, the fifth largest in the U.S., valued at $5 million, with nine one-year extension options also valued at $5 million annually. The RVA platform supports private cloud, hybrid, or on-premise deployments managed by the customer.

Here's a quick look at the quantifiable elements of these key relationships:

The company's technology is being rolled out in various arenas, including retail, financial, public safety, and workplace sectors.

• AI products are based on the KanKan data intelligence platform.
• RVA provides AI capabilities for law enforcement and private sector customers.
• The New York State agreement focuses on infrastructure monitoring, public safety, and healthcare delivery.
• The Microsoft partnership aims to enhance sales and marketing reach via the Azure Marketplace.

Finance: draft 13-week cash view by Friday.

Remark Holdings, Inc. (MARK) - Canvas Business Model: Key Activities

You're looking at the core actions Remark Holdings, Inc. (MARK) must execute to keep its business running, especially given the financial pressures we see in the latest filings. These activities are where the company spends its time and capital to generate future value.

Research and Development: Continuous improvement of proprietary computer vision AI.

Remark Holdings, Inc. maintains an R&D center in the UK to support the continuous refinement of its AI assets, which include computer vision, intelligent behavioral analysis, and intention analysis models. The company claims its platform provides top-ranked facial recognition in the western world according to the NIST (National Institute of Standards and Technology) benchmarks. Quantifying R&D investment is tricky; for instance, Research and Development Expenses showed figures like $698,000 and $366,000 in recent quarters, but one reported period showed a much larger expense of $10,745,000, which you'll need to cross-reference with the full 10-Q for context. Still, this spending is set against giants spending billions, which is a constant uphill battle for a company with an FY2023 R&D spend noted as just $1.89 (implied million) in some analyses. The focus is on maintaining technological parity and advancing their proprietary platform.

Custom AI Solution Deployment: Building and installing tailored AI systems for clients.

The deployment activity involves integrating Remark Vision's suite of AI tools across various client environments. These solutions are designed to solve problems and reduce risk in real-time across several sectors. The deployment methods include options for Cloud-based or on-premise installations, offering flexibility to clients. The company's technology is being deployed across specific client use cases, such as:

• Alert operators of unwarranted activities and potential threats.
• Behavior Analysis including Disorderly Conduct, Running, Slip, trips, and falls.
• Site Violation detection like Intrusion, Loitering, and Crowd detection.
• Forensic Investigation using extensive search methods on the SSP Platform.
• Analytical Dashboards for Central Command Centers across all sites and zones.

The goal here is to move from theoretical advantage to proven, deeply integrated customer bases.

Securing Public Sector Contracts: Bidding and fulfilling government and school district projects.

Securing government and educational contracts is a major focus area, evidenced by recent agreements. This activity involves the bidding process and the subsequent fulfillment of these often long-term projects. A significant recent win involves a collaboration announced in May 2025 with Google Public Sector to deploy computer vision AI in New York State projects under a two-year Enterprise Cloud Services Agreement with the New York State Office of Information Technology Services. Furthermore, the Clark County School District Board of Trustees approved a weapons detection contract in May 2024 worth an estimated $5 million per year, with nine one-year options to extend, potentially running for as many as 10 years. These contracts provide a critical, though perhaps not yet fully realized, revenue stream.

Sales and Marketing: Focusing on US and UK markets for AI product adoption.

Sales and marketing efforts are geared toward driving adoption of the AI products in the US and UK markets, aligning with their R&D presence. The company's stated value proposition emphasizes simplifying AI, taking complex data, and turning it into actionable insights with an emphasis on ease of installation and integration. While the company has partnerships that project a potential revenue of $240 million by 2029, the immediate financial reality shows a trailing 12-month revenue as of September 30, 2024, of only $4.63 Million USD. Marketing activities also include presenting at industry events, such as presenting at Oracle Cloud World 2024 as part of the Data and AI Pavilion accelerated by NVIDIA.

Financial Restructuring: Managing significant debt and exploring strategic financing alternatives.

Managing the balance sheet is a non-negotiable key activity, as the company has faced going concern issues. Management has been actively exploring strategic alternatives, including debt and equity financings, to fund operations and meet obligations. As of September 30, 2024, the company reported a stockholders' deficit of $55.6 million. The debt load is substantial, with Total Debt reported at $17.04 Million at the end of FY 2023 and $19.871 Million on a TTM basis as of September 30, 2024. To address capital needs, Remark Holdings, Inc. utilized a Regulation A filing in November 2024 to offer $75 Million of Cumulative Redeemable Perpetual Preferred Stock paying a 15% Dividend. Here are some key financial metrics as of late 2024:

Cash used in operating activities for the nine months ended September 30, 2024, was $7,034,000. This financial management is defintely a primary activity right now.

Remark Holdings, Inc. (MARK) - Canvas Business Model: Key Resources

You're looking at the core assets Remark Holdings, Inc. (MARK) relies on to run its business as of late 2025. These are the tangible and intangible things the company absolutely must have to deliver its value proposition.

Proprietary AI Technology: Remark AI and KanKan AI computer vision platforms

Remark Holdings, Inc. deploys an integrated suite of AI tools centered on its computer vision and analytics platforms. These platforms enable real-time video analytics, smart city solutions, and smart agent solutions for businesses and developers. Remark AI secured a 30-month recurring revenue subscription contract valued at $6 million to equip Rio De Janeiro police cars with license plate and mobile facial recognition capabilities, announced May 31, 2023. Furthermore, Remark AI announced a Real-Time Drone Video Analytics Platform on November 26, 2024. The company also secured a one-year, $5 million weapons detection contract with the Clark County School District in Nevada, the fifth largest school district in the U.S., announced August 19, 2024.

Intellectual Property (IP): Owned algorithms and deep learning models

The company's IP centers on its deep learning-based advanced video analytics. Remark Vision holds top-ranked facial recognition performance in the western world according to NIST testing. The solutions are designed to be GDPR Compliant and CCPA-Compliant. The technology supports features like Rule-based alerts and Custom Analytics.

Technical Talent: Specialized AI engineers and a UK-based R&D center

Remark Holdings maintains research and development facilities across North America and Asia, specifically in Las Vegas, Nevada, Los Angeles, California, and in Beijing, Shanghai, Chengdu, and Hangzhou, China. The employee count was reported as 88 as of April 30, 2023. The company's AI solutions are developed by an international team of sector experienced professionals.

Financial Capital: Highly constrained, with a stockholders' deficit of $55.6 million (Sep 30, 2024)

The financial position shows significant constraints. You need to look closely at the balance sheet health. Here's the quick math on the reported deficit and cash usage leading up to late 2024:

What this estimate hides is the ongoing need for strategic alternatives, including debt and equity financings, to fund future operations.

Cloud Computing Access: Agreements with major cloud providers like Google and Microsoft

The deployment flexibility of the AI solutions is supported by major cloud relationships. Remark Holdings announced a collaboration with Google Public Sector on May 16, 2025. Also, the company presented at Oracle Cloud World 2024 as part of the Data and AI Pavilion accelerated by NVIDIA on September 9, 2024. The technology supports both Cloud-based or on-premise deployments.

The core technology assets are:

• Remark AI and KanKan AI platforms.
• NIST top-ranked facial recognition algorithms.
• Cloud deployment capability via partners like Google.
• Solutions optimized on Intel Architecture.

Finance: draft 13-week cash view by Friday.

Remark Holdings, Inc. (MARK) - Canvas Business Model: Value Propositions

You're looking at the core benefits Remark Holdings, Inc. (MARK) delivers to its customers through its AI and computer vision platforms. These aren't abstract promises; they are tied to specific market sizes and contract values we see in their deployments.

Real-time Video Analytics: Providing immediate situational awareness for security and operations.

Remark Holdings, Inc. (MARK) provides real-time control and analysis of video feeds, including through their newly launched Drone Video Analytics (DVA) platform. This technology offers real-time situational awareness using various camera types, including thermal and LiDAR, and supports swarm drone operations.

• Real-time alerts for fire, smoke, and weapons detection.
• Advanced noise-filtering to limit false detections.
• Forensic Investigation capabilities via metadata and similarity search.

The market for the military drone segment, which Remark Holdings, Inc. (MARK) targets with its DVA platform, is currently estimated at over $15 billion, projected to grow to over $33 billion over the next decade.

Public Safety Enhancement: AI-driven threat detection, including weapons and unauthorized attendance.

The Smart Safety Platform (SSP) is deployed for public safety, notably securing a significant contract with the Clark County School District, the fifth-largest in the U.S. This initial one-year weapons detection contract was valued at $5 million, carrying nine one-year extension options, suggesting a potential total value of up to $45 million over nine years.

Key threat and safety detection features include:

• Weapon detection technology deployment in large school districts.
• Behavior Analysis for Disorderly Conduct, Running, Slip, trips, and falls.
• Site Violation detection for Intrusion, Loitering, and Unattended Baggage Detection.

Retail Intelligence: Deep insights on consumer behavior to improve shopping experiences.

Remark Vision delivers retail intelligence solutions across food stores, supermarkets, convenience stores, and fast-food chains, primarily across China and Southeast Asia. The value here is translating complex data into actionable insights for store operators.

The stated benefits for retail clients include:

• Delivering deep insights on consumer behavior.
• Helping create better shopping experiences.
• Achieving higher conversion rates.

Custom AI Solutions: Tailored computer vision products for specific industry needs.

Remark Holdings, Inc. (MARK) builds and deploys custom AI solutions, working with major technology partners to enhance delivery. They completed their migration to the Microsoft Azure Platform, preparing their Smart Safety Platform (SSP) to be Marketplace ready, allowing Microsoft's global salesforce to sell their SSP. Furthermore, they announced a collaboration in May 2025 with Google Public Sector for New York State projects.

Here's a quick look at the ecosystem supporting these custom solutions:

Cost Reduction: Streamlining operations for clients at a much lower cost.

The value proposition explicitly includes delivering large cost savings for their target markets. For retail clients, the deployment of Remark Vision is intended to allow store operators to manage operations at a much lower cost compared to previous methods. This operational streamlining is a direct financial benefit derived from the efficiency of their AI-powered alerts and analysis.

Remark Holdings, Inc. (MARK) - Canvas Business Model: Customer Relationships

You're looking at how Remark Holdings, Inc. (MARK) manages the people and entities that buy and use their AI software. For a company with trailing twelve-month revenue around $4.63 million as of September 30, 2024, securing large, multi-year government contracts is absolutely central to their customer relationship strategy.

Dedicated Account Management: High-touch service for custom enterprise and government deployments.

The relationship with major public sector clients demands a high-touch approach. Consider the weapons detection contract with the Clark County School District in Nevada, which is the fifth largest school district in the U.S.. This initial one-year contract, valued at $5 million, included nine one-year extension options, each valued at $5 million annually. That structure signals a commitment to deep, ongoing service and account management to ensure successful renewal and expansion of the deployed AI platform.

Direct Sales Team: Managing complex B2B sales cycles for AI software.

Landing deals of this magnitude-especially in government-requires a specialized direct sales function capable of navigating long, complex procurement cycles. The successful award of the Clark County contract, and the subsequent collaboration with Google Public Sector, shows the team can close deals where the value proposition is tied to critical safety and operational improvements, not just software features. These sales aren't transactional; they are consultative engagements.

Technical Support: Providing maintenance and updates for deployed AI platforms.

Remark Holdings supports its deployed solutions through flexible implementation models. Their Remark Vision platform offers both Cloud-based or on-premise deployments. This flexibility is a key part of the post-sale relationship, allowing clients to choose the infrastructure that best meets their security and data governance needs. Furthermore, the company maintains relationships with major financial institutions, having secured partnerships with several of the largest banks in China, which implies a robust, localized support structure for those international enterprise clients.

Partner-Driven: Leveraging Google Public Sector's relationship with state agencies.

The relationship with Google Public Sector is a prime example of leveraging a partner's established trust and reach. In May 2025, Remark announced a collaboration with Google Public Sector to deploy its computer vision AI across New York State public sector projects. This is not a direct sale to the state agency; it's an integration via a major cloud provider, which lends significant external validation to Remark's technology.

Contractual: Long-term service agreements for recurring revenue.

The contractual backbone of these relationships is designed for longevity. The New York State initiative is structured under a landmark two-year Enterprise Cloud Services Agreement with the New York State Office of Information Technology Services (ITS) via Google Public Sector. This two-year term provides a more predictable revenue stream compared to one-off projects. You can see the focus on recurring potential in the structure of their government contracts:

• New York State: A two-year agreement for AI deployment modernization.
• Clark County School District: A one-year contract with nine potential one-year extensions.
• China Financial Services: Existing partnerships with several of the largest banks suggest ongoing service contracts.

Here's a quick look at how these key contractual relationships compare to the company's overall revenue scale as of late 2024/early 2025:

The fact that the base value of the Clark County contract alone is close to the entire TTM revenue reported in Q3 2024 shows the outsized importance of these few, large, complex customer relationships. Finance: review the cash flow impact of the NY State agreement milestones by next Tuesday.

Remark Holdings, Inc. (MARK) - Canvas Business Model: Channels

You're looking at how Remark Holdings, Inc. gets its AI and data intelligence solutions into the hands of customers as of late 2025. The reality is that the channel strategy is heavily influenced by the company's current financial footing, with a trailing twelve-month (TTM) revenue of $4.63 Million USD as of September 30, 2024.

Direct Sales Force

The direct sales effort targets large organizations for custom AI deployments. This channel secured a notable win recently, as the revenue for the quarter ending September 30, 2024, which was $320.00K, was attributed in part to a new project with a large school district in the U.S.. The company's overall TTM revenue of $4.63 Million USD as of September 30, 2024, is the pool from which these direct sales contribute.

The operational reality for the direct sales team is constrained by capital; cash used in operating activities for the nine months ended September 30, 2024, totaled $7,034,000.

Cloud Partner Ecosystems

Distributing through major cloud platforms is a stated strategic goal, though concrete 2025 revenue attribution isn't public. You should know that in prior periods, the CEO highlighted advancing negotiations with a leading cloud provider to distribute AI solutions. The core technology, Remark Vision, is explicitly designed to support Cloud-based deployments.

The company's focus on AI solutions means its channel strategy aligns with broader industry trends; for instance, 83% of sales teams using AI saw revenue growth versus 66% not using AI (State of Sales).

Online Presence

The corporate website, www.remarkholdings.com, serves as the central hub for product information, investor relations, and general corporate overview. This digital front is crucial given the company's market capitalization was reported at $4.71M as of January 8, 2025.

The online presence supports the entire business, which operates through its Technology and Data Intelligence segment.

Strategic Partnerships

Remark Holdings leverages strategic alliances to penetrate specific verticals and geographies. Remark Vision has secured partnerships with several of the largest banks in China for its AI assets aimed at financial services risk analysis. Furthermore, the company deploys its retail intelligence solutions across food stores, supermarkets, and fast food chains in China and Southeast Asia through client collaborations.

The reliance on these channels is set against a backdrop where the company has a stockholders' deficit of $55.6 million as of September 30, 2024, underscoring the need for successful partnership scaling.

On-Premise Deployment

For clients preferring local control or facing specific security requirements, the company offers physical installation of its AI hardware and software. Remark Vision specifically lists on-premise deployments as an available option alongside cloud services. This flexibility is key for sectors like Workplace & Public Safety, where solutions are integrated into a Central Command Center for all sites and zones.

The following table summarizes the known operational scope related to these channels, using the latest available financial context:

The company's ability to service these channels is tied to its overall financial health; its stock trades on the OTC market, with a reported price of $0.0050 as of December 3, 2025.

Remark Holdings, Inc. (MARK) - Canvas Business Model: Customer Segments

You're looking at the customer base for Remark Holdings, Inc. (MARK) as we approach late 2025. This company segments its AI and computer vision deployment across several distinct areas, each with specific contract structures or deployment scales.

The company operates through its Technology and Data Intelligence segment, providing AI-based vision products and software-as-a-service (SaaS) solutions to these groups.

Here is a breakdown of the primary Customer Segments Remark Holdings, Inc. serves:

• US Public Sector: State agencies and school districts.
• Retail and Commercial: Large retail chains in Asia.
• Financial Services: Banks for risk analysis and lead generation.
• Workplace Safety: Monitoring for construction and campus environments.
• Software Developers: Users of the global AI platform.

The overall Trailing Twelve Month (TTM) revenue as of November 2025 stands at $4.63 Million USD.

The following table summarizes the key customer segments and associated real-life figures we have on record:

You can see the public sector work is translating into near-term revenue; for instance, Q3 2024 revenue of $320,000 was up from $183,000 the prior year, directly linked to a new U.S. school district project. Still, the company reported a net loss of $9,614,000 for that same quarter, partly due to a $6.5 million impairment related to deferred costs in China.

The Retail segment in China has seen a significant strategic pivot; the cost of revenue decreased year-over-year in Q3 2024 due to reduced operations in China.

For the financial services segment, the value proposition is clear:

• Credit risk analysis.
• Lead acquisition products for consumer loan candidates.

The company's overall TTM revenue as of the end of 2023 was $4.4 Million USD, showing the scale of the current customer base relative to the overall company top line.

Finance: draft 13-week cash view by Friday.

Remark Holdings, Inc. (MARK) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive the operations for Remark Holdings, Inc. as of the latest reported figures, which anchor the cost structure around their AI-focused pivot.

The cost structure is heavily influenced by ongoing operational expenses necessary to support the technology development and the shift in geographic focus away from China. The most recent comprehensive Trailing Twelve Months (TTM) data, ending September 30, 2024, provides a clear picture of these fixed and variable costs.

The key cost components, based on TTM data ending September 30, 2024, are summarized below:

The Cost of Revenue saw a significant reduction in the third quarter of 2024, reported at $107,000, which the company attributed directly to the scale-down of operations in China. This contrasts with the TTM Cost of Revenue ending September 30, 2024, which stood at $3.49 million.

The Selling, General, and Administrative (SG&A) expenses were substantial, totaling $14.7 million for the TTM period ending September 30, 2024. For context, the General and administrative expenses for the single quarter of Q3 2024 were $2.763 million, showing slight sequential decreases due to payroll and legal expense reductions.

The debt burden remains a major cost factor. The TTM Interest Expense ending September 30, 2024, was $3.22 million. This reflects the financial structure following the exchange of non-convertible notes for convertible debentures with Mudrick Capital Management.

Regarding technology infrastructure, Cloud Computing Costs are embedded within operating expenses and capitalized assets. As of March 31, 2025, the balance sheet showed $5.2 million in capitalized costs associated with cloud computing arrangements, up from $5.0 million at the end of 2024. This speaks to the ongoing investment in platforms like Microsoft Azure.

You should note the following specific expense and liability figures that impact the cost structure and financial health:

• TTM Research & Development expense ending September 30, 2024: $1.8 million.
• Q3 2024 net loss was $9,614,000.
• A significant Q3 2024 charge of $6.5 million was an impairment related to deferred costs of revenue in China.
• Cash balance as of September 30, 2024, was only $143,000.
• The company reported a stockholders' deficit of $55.6 million as of September 30, 2024.

Remark Holdings, Inc. (MARK) - Canvas Business Model: Revenue Streams

You're looking at how Remark Holdings, Inc. (MARK) converts its technology into dollars, which is crucial for understanding its near-term viability. The revenue picture as of late 2025 is heavily concentrated, which is a key risk factor you need to watch.

The Total TTM Revenue for Remark Holdings, Inc. (MARK) stands at $4.63 million as of November 2025, which aligns with the reported Trailing Twelve Month revenue of $4.63M as of September 30, 2024. To give you context on recent performance, the revenue for the third quarter ending September 30, 2024, was $320,000, up from $183,000 in the same quarter the previous year. That's a significant sequential jump for a single quarter, driven by specific project deployments.

Here's a quick look at the revenue context:

The streams are clearly dominated by one area. If you're assessing concentration risk, this is where you focus your attention. Honestly, the reliance on a single stream is defintely something to monitor.

AI Software and Services: Primary revenue source, accounting for 98% of recent revenue (9 months ended Sep 30, 2024). This is the core business, representing nearly all recognized sales from their AI-powered analytics and computer vision solutions.

AI Project Implementation Fees: Upfront payments for custom solution deployment. These are lumpy, project-based revenues. For example, the company announced a one-year, $5 million weapons detection contract with the Clark County School District in Q2 2024, which showcases the potential size of these upfront deployment payments, even if the full amount isn't recognized in a single reporting period. You should expect revenue spikes tied to these large contract wins.

Software-as-a-Service (SaaS) Subscriptions: Recurring fees for platform access and analytics. While the 98% figure suggests this is a small component currently, it represents the desired future state for more predictable income. We don't have a specific dollar amount for this stream as of late 2025, but it's the critical element for valuation stability.

Digital Media Services: Residual revenue from its China-focused advertising network. This stream has been shrinking due to geopolitical tensions and reduced operations in China. The cost of revenue decreased in Q3 2024 due to these reduced operations, implying this segment contributes less now than in prior years.

You can see the breakdown of the business model's revenue focus:

• AI Software and Services: 98% of recent revenue.
• AI Project Implementation Fees: Tied to large, non-recurring deployments.
• SaaS Subscriptions: The target for recurring revenue stability.
• Digital Media Services: Diminishing revenue from legacy China operations.

Cash flow from operations gives another angle on the current state; cash used in operating activities was $7,034,000 for the nine months ended September 30, 2024. Finance: draft 13-week cash view by Friday.