Ideanomics, Inc. Reports Q2 2023 Financial Results

– Revenues for the quarter ended June 30, 2023, were $8.2 million

NEW YORK, Aug. 25, 2023 /PRNewswire/ — Ideanomics (NASDAQ: IDEX) (“Ideanomics” or the “Company”), a global company focused on accelerating the commercial adoption of electric vehicles, announced today its second quarter 2023 operating results for the period ended June 30, 2023.

During the second quarter Ideanomics continued executing its commitment to shareholders to exit non-core businesses and finalize a reorganization of the business to focus on last-mile and local delivery vehicles and associated charging products. 

Second Quarter Highlights

  • Solectrac debuted their new tractor the E25H, while launching a tractor rental program.
  • Energica and Plenitude partner together to provide new innovative solutions for electric mobility.
  • Ideanomics finalizes divestments of Timios and JUSTLY.

Ideanomics Second Quarter 2023 Operating Results  

Revenue for continuing operations in the quarter was 8.2 million dollars, 13 percent lower than the same time last year. Revenue for continuing operations for the first half of 2023 was 13.8 million dollars, 19 percent higher than the same period last year.

Gross Profit 

Gross Profit for continuing operations in the second quarter was $0.7 million, which represented a Gross Margin of 8.4%. Gross Profit for continuing operations for the second quarter of 2022 was ($0.5) million.   

About Ideanomics

Ideanomics (NASDAQ: IDEX) is a global group with a simple mission: to accelerate the commercial adoption of electric vehicles. By bringing together vehicles and charging technology with design, implementation, and financial services, we provide the completeness of solutions needed for the commercial world to commit to an EV future. To keep up with Ideanomics, please follow the company on social @ideanomicshq or visit https://ideanomics.com

Safe Harbor Statement

This press release contains “forward-looking statements” within the meaning of the federal securities laws. 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 the statement regarding the completion of the business combination within a certain period of time, if ever. 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 obtain necessary regulatory approvals 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. 

Contact:

Tony Sklar, SVP of Investor Relations

1441 Broadway, Suite 5116, New York, NY 10018

[email protected]

 

IDEANOMICS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)


(in thousands, except per share data)

Three Months Ended June 30,


Six Months Ended June 30,


2023


2022


2023


2022

Revenue from sales of products (including from a related party of $0, $0 and $4, $0, for the three and six months ended months ended June 30, 2023 and 2022, respectively)

$            7,828


$            8,888


$            12,964


$            10,529

Revenue from sales of services

349


418


429


953

Other revenue

6


79


444


133

Total revenue

8,183


9,385


13,837


11,615

Cost of revenue from sales of products (including from a related party of $0, $0 and $37, $0 for the three and six months ended months ended June 30, 2023 and 2022, respectively)

6,298


9,438


11,979


12,005

Cost of revenue from sales of services

577


356


465


832

Cost of other revenue

619


81


823


131

Total cost of revenue

7,494


9,875


13,267


12,968

Gross (loss) profit

689


(490)


570


(1,353)









Operating expenses:








Selling, general and administrative expenses

23,626


33,783


65,736


64,817

Research and development expense

3,408


680


8,033


1,694

Asset impairments

3,197


320


37,984


402

Depreciation and amortization

5,651


1,773


9,889


2,548

Other general expenses



(12,596)


(131)

Total operating expenses

35,882


36,556


109,046


69,330









Loss from operations

(35,193)


(37,046)


(108,476)


(70,683)









Interest and other income (expense):








Interest income

151


827


479


1,583

Interest expense

(942)


(488)


(2,265)


(1,067)

Gain on remeasurement of investment




10,965

Loss on disposal of investment


(41)



(188)

Other income, net

1,184


431


2,067


585

Loss before income taxes

(34,800)


(36,317)


(108,195)


(58,805)









Income tax benefit

467


124


3,382


339

Impairment of and equity in loss of equity method investees


(589)



(1,928)









Net loss from continuing operations

(34,333)


(36,782)


(104,813)


(60,394)

Net loss from discontinued operations, net of tax

(2,756)


(2,491)


(18,168)


(7,970)

Net loss

(37,089)


(39,273)


(122,981)


(68,364)









Net loss attributable to non-controlling interest

1,592


1,506


3,167


2,086









Net loss attributable to Ideanomics, Inc. common shareholders

$         (35,497)


$         (37,767)


$        (119,814)


$          (66,278)









Basic and diluted loss per share from continuing operations

$            (3.19)


$            (8.86)


$            (12.59)


$            (14.65)

Basic and diluted loss per share from discontinued operations

$            (0.27)


$            (0.63)


$              (2.25)


$              (2.00)

Basic and diluted loss per share

$            (3.46)


$            (9.49)


$            (14.84)


$            (16.65)

Weighted average shares outstanding:








Basic and diluted

10,271,290


3,982,340


8,071,870


3,980,619

 

IDEANOMICS, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)


 (in thousands, except share and per share data)

June 30, 2023


December 31, 2022


(Unaudited)



ASSETS




Current assets




Cash and cash equivalents

$                       2,895


$                       3,759

Accounts receivable, net

6,556


5,783

Contract assets

373


3,579

Amount due from related parties

108


386

Notes receivable from third parties, net

42


31,653

Inventory, net

22,925


27,600

Prepaid expenses

9,535


10,382

Other current assets

3,237


5,592

Current assets of discontinued operations

15,089


25,304

Total current assets

60,760


114,038

Property and equipment, net

11,029


8,650

Intangible assets, net

150,652


43,624

Goodwill

51,237


37,775

Operating lease right of use assets

14,702


14,385

Long-term investments


7,500

Other non-current assets

3,147


2,825

Non-current assets of discontinued operations

1,110


14,004

Total assets

$                   292,637


$                   242,801





LIABILITIES, CONVERTIBLE REDEEMABLE PREFERRED STOCK, AND EQUITY




Current liabilities




Accounts payable

$                     57,737


$                     28,022

Accrued salaries

9,663


7,328

Accrued expenses

3,381


2,842

Deferred revenue

2,759


2,110

Amount due to related parties

2,279


2,152

Current portion of operating lease liabilities

3,383


3,189

Promissory note due to related party

2,123


2,021

Promissory note due to third parties

7,003


5,814

Convertible note due to third party

6,212


3,928

Current contingent consideration

827


867

Other current liabilities

13,266


9,824

Current liabilities of discontinued operations

10,886


8,764

Total current liabilities

119,519


76,861

Promissory note due to third parties

1,819


1,957

Operating lease liabilities – long term

14,093


11,347

Non-current contingent liabilities

60,721


Deferred tax liabilities

3,677


2,511

Other long-term liabilities

1,457


1,634

Non-current liabilities of discontinued operations

828


1,928

Total liabilities

202,114


96,238

Commitments and contingencies (Note 15)




Convertible redeemable preferred stock




Series A – 7,000,000 shares issued and outstanding, liquidation and deemed liquidation preference of $3,500,000 as of June 30, 2023 and December 31, 2022

1,262


1,262

Series B – 50,000,000.00 shares authorized, 20,000,000 and 10,000,000 shares issued and 6,000,000 and 10,000,000 shares outstanding as of  June 30, 2023 and December 31, 2022, respectively

5,310


8,850

Series C – 2,000,000 shares authorized, 1,159,276 and 0 shares issued and 1,159,276 and 0 shares outstanding as of June 30, 2023 and December 31, 2022, respectively

4,825


Equity




Common stock – $0.001 par value; 12,000,000 shares authorized, 11,264,709 and 4,786,290 shares issued and 10,976,787 and 4,786,289.768 shares outstanding as of June 30, 2023 and December 31, 2022, respectively

1,408


597

Additional paid-in capital

1,068,697


1,004,082

Accumulated deficit

(986,596)


(866,450)

Accumulated other comprehensive loss

(5,185)


(6,104)

Total Ideanomics, Inc. stockholders’ equity

78,324


132,125

Non-controlling interest

802


4,326

Total equity

79,126


136,451

Total liabilities, convertible redeemable preferred stock, and equity

$                   292,637


$                   242,801

 

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SOURCE Ideanomics


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