Remark AI Solution Pockets $6M, 30-Month Recurring Revenue Subscription Contract

Remark Holdings, Inc. MARK has secured the first phase of a rollout by the Rio De Janeiro police department to equip the existing police car fleet with license plate and facial recognition capabilities.
The deployment, expected to be completed within 120 days, is a 30-month recurring revenue subscription deal worth more than $6 million.
The current technical due diligence period, when passed, will immediately grant additional revenue opportunities for Phase 2 and Phase 3.
Remark AI collaborated with iProp.Tech, a local Brazilian system integrator, to execute and implement the Rio de Janeiro police department's requirements.
"Winning this contract establishes the credibility to bid for the $130 million opportunity solicited by the Sao Paulo City Government to provide license plate and facial recognition solutions throughout the city," commented Eduardo Ventura, CEO of iProp.Tech.
Price Action: MARK shares are trading lower by 5.6% at $1.2550 on the last check Wednesday.