Ideanomics, Inc. Reports Q2 2021 Financial Results

August 17, 2021 (Source) —

• Revenues for the quarter ended June 30, 2021, was $33.2 million and gross profit of $9.3 million
• $396 million cash at quarter end providing a deep pool of capital for investment in our Ideanomics Mobility & Capital business units
• Ideanomics has the only made in America EV tractor in the market at this time
• US Hybrid relocates to new, larger, Headquarters to accommodate the expected commercial demand
• Ideanomics Capital and Ideanomics Mobility teams began working together, changing the business model for our customers from the CapEx to OpEx line, including VaaS, CaaS and Energy as a service (EaaS)
• WAVE announces adoption of its inductive wireless charging system by Twin Transit Authority in Washington
• Ideanomics positions to WAVE to become the “Charger of Choice”
• Dr. Abas Goodarzi, Ideanomics Chief Scientist, Receives IEEE PELS Vehicle and Transportation Systems Achievement Award
• Ideanomics is executing on one of the most compelling, vertically integrated, offerings in the EV sector.

Ideanomics (NASDAQ: IDEX) (“Ideanomics” or the “Company”), a global company focused on driving the adoption of commercial electric vehicles and associated energy services, announced today its second quarter 2021 operating results for the period ended June 30, 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 ET, Monday, August 16, 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/45816/indexl.html

“Ideanomics is executing on what we believe is one of the most compelling, vertically integrated, offerings in the EV sector.” said Alf Poor, CEO of Ideanomics. “We have best-in-class, leading technologies, with the talent to leverage our presence in the most significant global markets.”

Selected Business Updates and Highlights

• People
  • Kristen Helsel joins as Chief Revenue Officer
  • Dr. Abas Goodarzi joins as Chief Scientist via US Hybrid acquisition
• Significant Deals
  • WAVE’s inductive chargers to power Twin Transit Authority in WA State
  • Treeletrik signs deal to supply 200,000 E-Motorbikes to Indonesia
• Technology & Product
  • US Hybrid acquisition – Hydrogen Fuel Cells, Vehicle Integration, DC DC and other components
  • Solectrac acquisition – EV tractor with battery swapping

Ideanomics Second Quarter 2021 Operating Results

Revenue for the quarter was $33.2 million which represents the sixth consecutive quarter of growth demonstrating the increasing strength of Ideanomics’ business.  This quarter includes the first revenues from US Hybrid and Solectrac.  Both of these businesses were acquired late in the second quarter and consequently their financial results are only included from the date of acquisition. Revenue from Electric Vehicles was $6.1 million up from $0.7 million in the second quarter of 2020. Revenue from charging, batteries and powertrains was $2.7 million, there were no revenues in this category in the corresponding quarter in 2020.

Gross Profit

Gross profit for the second quarter was $9.3 million which represented a Gross Margin of 28%.  Gross profit for the second quarter of 2020 was $0.3 million.

About Ideanomics
Ideanomics is a global company focused on the convergence of financial services and industries experiencing technological disruption. 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 an 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 and Ideanomics Capital provide global customers and partners with leading technologies and services designed to improve transparency, efficiency, and accountability, and offer shareholders the opportunity to participate in high-potential growth industries.

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: [email protected]

Jeremy Ertl
Skyya for Ideanomics
507-458-9404
[email protected]

SOURCE Ideanomics