Remark Holdings, Inc. Releases Version 1.0 of its AI-powered Video Analytics System for Aircraft Engine Inspections And Safety

Rhea-AI Summary

Remark Holdings, Inc. (Nasdaq: MARK) announced the release of version 1.0 of its Airline Engine Safety Inspection System (AESIS). AESIS is intended for use by airlines, airline maintenance teams, engine manufacturers, airplane manufacturers, aircraft leasing companies, insurance companies, regulators, etc. The system can reduce the engine turbine blades inspection time from an average of 40 hours down to 2 hours, representing a 2000% improvement; it also lowers the damage mis-detection rate from an average of 5% to less than 1%, representing a 500% improvement. Major U.S. airlines spent approximately $2.0 billion on maintenance costs in 2022, a figure that has increased on average 20% year over year. AESIS 1.0 can provide a practical solution to cut significant cost and time for airliners, who can repurpose their resources to provide more valuable services to their customers.

Positive

• AESIS 1.0 can significantly reduce engine turbine blades inspection time and lower damage mis-detection rate, leading to substantial cost and time savings for airlines.
• The system is intended for use by a wide range of industry stakeholders, including airlines, aircraft manufacturers, regulators, and insurance companies.
• The announcement coincides with the plan to demonstrate the Aircraft Engine Inspection System at major aviation events in 2024, indicating the company's commitment to showcasing its technology to industry leaders and potential clients.

Negative

• None.

LAS VEGAS, Nov. 30, 2023 /PRNewswire/ -- Remark Holdings, Inc. (Nasdaq: MARK), a diversified global technology company with leading artificial intelligence ("AI") powered computer vision solutions, today announced the release of version 1.0 of its Airline Engine Safety Inspection System (AESIS). Remark's AESIS is intended for use by airlines, airline maintenance teams, engine manufacturers, airplane manufacturers, aircraft leasing companies, insurance companies, regulators, etc.

Aircraft engines require complex and continuous engineering and maintenance. All components must be manufactured, maintained, and regularly inspected according to rigorous specification. Any deviations or defects from these specifications can lead to performance, efficiency, and most importantly, safety issues.  

Remark's AESIS 1.0 detects in real-time critical defects or damage in all types of aircraft engine turbine blades that have the potential for ablation, cracks, or other forms of damage. It gives warning prompts in real time to the engineers when it detects damages or defects, along with the size and depth of the damage or defects with suggested severity level for engineers to make a further determination on whether the engine is suitable for the next flight or needs to be sent to shop for repair. AESIS 1.0 can reduce the engine turbine blades inspection time from an average of 40 hours down to 2 hours, representing a 2000% improvement; it also lower the damage mis-detection rate from an average of 5% to less than 1%, representing a 500% improvement. Some of the damage, such as ablation, is common due to wear and tear, but when unattended, ablation damage gets to a certain severity that not only affects the engine safety but also increases maintenance cost, as a new blade can cost five times more than a fixable blade. Remark's AESIS 1.0 supports the inspection of both assembled and disassembled engines from the most popular airplane models.

Based on a recent release by the Aviation Week, major U.S. airlines each spent approximately $2.0 billions on maintenance costs in 2022, a figure that has increased on average 20% year over year. AESIS 1.0 can provide a practical solution to cut significant cost and time for airliners, who can repurpose their resources to provide more valuable services to their customers.

Remark intends to demonstrate its Aircraft Engine Inspection System at the MRO (i.e. Maintenance, Repair, and Overhaul) Americas Aviation Week at the McCormick Center in Chicago and the Farnborough International Airshow in Farnborough, UK in 2024. The Americas Aviation Week and the Farnborough International Airshow are annual preeminent airshows with exhibitors and purchases from the aerospace, aviation, and defense industries. Past conferences have been attended by aerospace giants such as Boeing, Airbus, AirLease, GE Aviation, Pratt & Whitney, Rolls-Royce, and others. Representatives from the top twenty airlines in the world including American Airlines, British Airways, Delta Airlines, Japan Airlines, Qatar Airways, and United Airlines, as well as major defense contractors, generally attend these airshows.

About Remark Holdings, Inc.

Remark Holdings, Inc. (Nasdaq: MARK) is the AI-powered analytics platform that brings valuable insights to the video feeds provided by current cameras and computer vision solutions through its integrated suite of AI tools that help organizations understand their customer behavior and demographics while providing real-time alerts to predetermined inspection and security parameters. Remark's international team of sector-experienced professionals has created award-winning GDPR-compliant and CCPA-compliant video analytics solutions that service the government agencies, hospitality, public safety, retail, and transportation sectors. The company's headquarters are in Las Vegas, Nevada, USA, with operational offices in New York and international offices in London, England. For more information, please visit our home page at  www.remarkholdings.com

Forward-Looking Statements

This press release may contain forward-looking statements, including information relating to future events, future financial performance, strategies, expectations, competitive environment, and regulations. 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 the 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 concerning future events, are based on assumptions, and are subject to risks and uncertainties. Given such uncertainties, you should not rely 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. 

Company Contact

Fay Tian
Vice President of Investor Relations
F.Tian@remarkholdings.com
(+1) 626-623-2000
(+65) 8715-8007

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SOURCE Remark Holdings, Inc.

FAQ

What is the purpose of Remark Holdings, Inc.'s (Nasdaq: MARK) Airline Engine Safety Inspection System (AESIS) 1.0?

AESIS 1.0 is intended for use by airlines, airline maintenance teams, engine manufacturers, airplane manufacturers, aircraft leasing companies, insurance companies, and regulators to detect critical defects or damage in all types of aircraft engine turbine blades in real-time.

How much can AESIS 1.0 reduce the engine turbine blades inspection time by?

The system can reduce the engine turbine blades inspection time from an average of 40 hours down to 2 hours, representing a 2000% improvement.

What is the potential impact of AESIS 1.0 on cost and time savings for airlines?

AESIS 1.0 can provide a practical solution to cut significant cost and time for airliners, who can repurpose their resources to provide more valuable services to their customers.

Where does Remark Holdings, Inc. intend to demonstrate its Aircraft Engine Inspection System in 2024?

Remark intends to demonstrate its Aircraft Engine Inspection System at the MRO Americas Aviation Week at the McCormick Center in Chicago and the Farnborough International Airshow in Farnborough, UK in 2024.