EDITOR: | May 17th, 2021

Ideanomics, Inc. Reports Q1 2021 Financial Results

| May 17, 2021 | No Comments
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May 17, 2021 (Source) —

  • Revenue for the quarter ended March 31, 2021, was $32.7 million and gross profit of $10.8 million
  • First revenues from WAVE – Ideanomics’ inductive charging business and from Timios, our Title and escrow services company – both businesses were acquired in January 2021
  • $356 million cash at quarter end providing a deep pool of capital for investment in our Ideanomics Mobility & Capital business units

Ideanomics (NASDAQ: IDEX) (“Ideanomics” or the “Company”), a global company focused on driving the adoption of commercial electric vehicles and associated energy consumption, announced today its first quarter 2021 operating results for the period ended March 31, 2021 (a full copy of the Company’s quarterly 10-Q report is available at www.sec.gov).

Conference Call: Ideanomics’ management, including Alf Poor (Chief Executive Officer), Conor McCarthy (Chief Financial Officer), Kristen Helsel (Chief Revenue Officer) and Tony Sklar (SVP of Investor Relations) will host live an earnings release conference call at 4:30 pm ETMonday, May 17, 2021. Time permitting, Ideanomics management will answer questions during the live Q&A session. A replay of the earnings call will be available soon after the conclusion of the event.

To join the webcast, please visit the ‘Events & Presentations’ section of the Ideanomics corporate website (http://www.ideanomics.com/), or copy/paste this link: https://78449.themediaframe.com/dataconf/productusers/ssc/mediaframe/44733/indexl.html

“Ideanomics is transforming dramatically quarter over quarter,” said Alf Poor, CEO of Ideanomics. “I am both pleased and proud to say that as is stands today the company is the healthiest it has been in close to three years that I have been on board.”

Ideanomics First Quarter 2021 Operating Results

Revenue for the quarter was $32.7 million which represents the fifth consecutive quarter of growth demonstrating the increasing strength of Ideanomics’ business.  Timios, our title & escrow business generated revenues of $27.6 million and WAVE revenues of $1.8 million, reported in the charging & batteries line in the revenue table.  Both of these businesses were acquired in the first quarter and consequently their financial results are only included from the date of acquisition. Revenue from Electric Vehicles was $3.0 million up from just $55,000 in the first quarter of 2020.

Gross Profit

Gross profit for first quarter 2021 was $10.8 million which represented a Gross Margin of 33.1%. Gross profit for first quarter 2020 was $44,000.

Selected Business Updates and Highlights

  • Acquired Wireless Charging Provider WAVE
  • Acquired title & escrow services company Timios
  • Announced Sponsorship in NACFE and membership in CALSTART
  • Timios Expands retail purchasing business
  • Solectrac expands Tractor reservation campaign
  • Invests in Italian Electric Motorcycle Company Energica
  • Timios generates record high revenue for the quarter
  • Bolstered Cash position to $356 million as of March 31, 2021

About Ideanomics

Ideanomics is a catalyst for disruption to those industries where improvements in sustainability, transparency, and freedom of choice would have profound benefits on a global scale. The Ideanomics Mobility division is a service provider which facilitates the adoption of electric vehicles by commercial fleet operators through offering vehicle procurement, finance and leasing, and energy management solutions under our innovative sales to financing to charging (S2F2C) business model. Ideanomics Capital is focused on disruptive fintech solutions for the financial services industry. Together, Ideanomics Mobility & Capital provide our global customers and partners with leading technologies and services designed to improve transparency, efficiency, and accountability, and our shareholders with the opportunity to participate in high-potential, growth industries.

The company is headquartered in New York, NY, with operations in the U.S., ChinaUkraine, and Malaysia.

Safe Harbor Statement

This press release contains certain statements that may include “forward looking statements.” All statements other than statements of historical fact included herein are “forward-looking statements.” These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions, involve known and unknown risks and uncertainties, and include statements regarding our intention to transition our business model to become a next-generation financial technology company, our business strategy and planned product offerings, our intention to phase out our oil trading and consumer electronics businesses, and potential future financial results. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of risks and uncertainties, such as risks related to: our ability to continue as a going concern; our ability to raise additional financing to meet our business requirements; the transformation of our business model; fluctuations in our operating results; strain to our personnel management, financial systems and other resources as we grow our business; our ability to attract and retain key employees and senior management; competitive pressure; our international operations; and other risks and uncertainties disclosed under the sections entitled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, and similar disclosures in subsequent reports filed with the SEC, which are available on the SEC website at www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.

Investor Relations and Media Contact

Ideanomics,Inc.
Tony Sklar, SVP of Investor Relations
1441 Broadway, Suite 5116 New York, NY 10018
Email: ir@ideanomics.com

Jeremy Ertl
Skyya for Ideanomics
507-458-9404
jeremy@skyya.com

IDEANOMICS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD in thousands)

Three Months Ended

March 31, 2021

March 31, 2020

Revenue from sales of products (including revenue from related party of $1 and $0 for the three months ended March 31, 2021 and 2020, respectively)

$

4,547

$

3

Revenue from sales of services

28,162

375

Total revenue

32,709

378

Cost of revenue from sales of products (including cost of revenue from related party of $7 and $0 for the three months ended March 31, 2021 and 2020, respectively)

4,354

2

Cost of revenue from sales of services

17,513

332

Total cost of revenue

21,867

334

Gross profit

10,842

44

Operating expenses:

Selling, general and administrative expenses

12,005

5,827

Research and development expense

10

Professional fees

5,168

1,757

Impairment losses

887

Change in fair value of contingent consideration, net

494

532

Litigation settlement

5,000

Depreciation and amortization

1,128

476

Total operating expenses

23,805

9,479

Loss from operations

(12,963)

(9,435)

Interest and other income (expense):

Interest expense, net

(417)

(3,156)

Equity in loss of equity method investees

(59)

(3)

Loss on disposal of subsidiaries, net

(212)

Other expense

(2)

(26)

Loss before income taxes and non-controlling interest

(13,653)

(12,620)

Income tax benefit

12,916

Net loss

(737)

(12,620)

Net loss attributable to non-controlling interest

164

272

Net loss attributable to IDEX common shareholders

$

(573)

$

(12,348)

Earnings (loss) per share

Basic

$

(0.00)

$

(0.08)

Diluted

$

(0.00)

$

(0.08)

Weighted average shares outstanding:

Basic

391,131,793

157,859,642

Diluted

391,131,793

157,859,642

IDEANOMICS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD in thousands)

March 31, 2021

December 31, 2020

ASSETS

Current assets:

Cash and cash equivalents

$

355,856

$

165,764

Accounts receivable, net

5,409

7,400

Available-for-sale security

15,155

Inventory

960

Prepaid expenses

6,400

2,629

Amount due from related parties

245

240

Other current assets

479

3,726

Held for sale assets (Fintech Village)

7,068

Total current assets

391,572

179,759

Property and equipment, net

631

330

Fintech Village

7,250

Intangible assets, net

92,525

29,705

Goodwill

51,084

1,165

Long-term investments

24,179

8,570

Operating lease right of use assets

9,338

7,117

Other non-current assets

569

516

Total assets

$

569,898

$

234,412

LIABILITIES, CONVERTIBLE REDEEMABLE PREFERRED STOCK , REDEMABLE NON-CONTROLLING INTEREST AND EQUITY

Current liabilities

  Accounts payable

$

9,978

$

5,057

  Deferred revenue

2,225

1,129

  Accrued salaries

4,831

1,750

  Amount due to related parties

1,235

882

  Other current liabilities

7,112

1,920

  Current portion of operating lease liabilities

955

430

  Current contingent consideration

8,481

1,325

  Promissory note-short term

869

568

  Convertible promissory note due to third parties

80,446

  Asset retirement obligations

4,653

Total current liabilities

120,785

13,061

Asset retirement obligations

4,653

Deferred tax liabilities

1,290

Operating lease liability-long term

8,485

6,759

Non-current contingent consideration

8,630

7,635

Other long-term liabilities

1,175

535

Total liabilities

140,365

32,643

Commitments and contingencies (Note 18)

Convertible redeemable preferred stock and Redeemable non-controlling interest:

  Series A – 7,000,000 shares issued and outstanding, liquidation and deemed liquidation preference of $3,500,000 as of March 31, 2021 and December 31, 2020

1,262

1,262

  Redeemable non-controlling interest

7,600

7,485

Equity:

  Common stock – $0.001 par value; 1,500,000,000 shares authorized, 419,469,800 shares and 344,906,295 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively

419

345

Additional paid-in capital

761,155

531,866

Accumulated deficit

(347,457)

(346,883)

Accumulated other comprehensive loss

784

1,256

Total IDEX shareholder’s equity

414,901

186,584

Non-controlling interest

5,770

6,438

Total equity

420,671

193,022

Total liabilities, convertible redeemable preferred stock, redeemable non-controlling interest and equity

$

569,898

$

234,412


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