NEW YORK, Aug. 16, 2021 /PRNewswire/ -- 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: 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
|
|
Six Months
Ended
|
|
June 30,
2021
|
|
June 30,
2020
|
|
June 30,
2021
|
|
June 30,
2020
|
Revenue from sales of
products (including from a related party of $1, $7, $2 and $7 for
the three and six months ended June 30, 2021 and 2020,
respectively)
|
$
|
7,410
|
|
|
$
|
4,585
|
|
|
$
|
11,957
|
|
|
$
|
4,588
|
|
Revenue from sales of
services
|
25,807
|
|
|
107
|
|
|
53,969
|
|
|
482
|
|
Total
revenue
|
33,217
|
|
|
4,692
|
|
|
65,926
|
|
|
5,070
|
|
Cost of revenue from
sales of products (including from a related party of $4 ,$2,
$11 and $2 for the three and six months ended June 30,
2021 and 2020, respectively)
|
6,591
|
|
|
4,323
|
|
|
10,945
|
|
|
4,325
|
|
Cost of revenue from
sales of services
|
17,325
|
|
|
114
|
|
|
34,838
|
|
|
446
|
|
Total cost of
revenue
|
23,916
|
|
|
4,437
|
|
|
45,783
|
|
|
4,771
|
|
Gross
profit
|
9,301
|
|
|
255
|
|
|
20,143
|
|
|
299
|
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
13,076
|
|
|
6,725
|
|
|
25,081
|
|
|
12,552
|
|
Research and
development expense
|
235
|
|
|
—
|
|
|
245
|
|
|
—
|
|
Professional
fees
|
7,439
|
|
|
2,372
|
|
|
12,607
|
|
|
4,128
|
|
Impairment
losses
|
—
|
|
|
6,200
|
|
|
—
|
|
|
7,088
|
|
Change in fair value
of contingent consideration, net
|
(2,402)
|
|
|
746
|
|
|
(1,907)
|
|
|
1,279
|
|
Litigation
settlement
|
—
|
|
|
—
|
|
|
5,000
|
|
|
—
|
|
Depreciation and
amortization
|
1,635
|
|
|
481
|
|
|
2,763
|
|
|
957
|
|
Total operating
expenses
|
19,983
|
|
|
16,524
|
|
|
43,789
|
|
|
26,004
|
|
|
|
|
|
|
|
|
|
Loss from
operations
|
(10,682)
|
|
|
(16,269)
|
|
|
(23,646)
|
|
|
(25,705)
|
|
|
|
|
|
|
|
|
|
Interest and other
income (expense):
|
|
|
|
|
|
|
|
Interest expense,
net
|
(563)
|
|
|
(8,890)
|
|
|
(980)
|
|
|
(12,047)
|
|
Equity in loss of
equity method investees
|
(358)
|
|
|
(12)
|
|
|
(417)
|
|
|
(15)
|
|
Loss on disposal of
subsidiaries, net
|
(1,234)
|
|
|
—
|
|
|
(1,446)
|
|
|
—
|
|
Conversion
expense
|
—
|
|
|
(2,266)
|
|
|
—
|
|
|
(2,266)
|
|
Gain on remeasurement
of investment
|
2,915
|
|
|
—
|
|
|
2,915
|
|
|
—
|
|
Other income
(expense, net)
|
990
|
|
|
1,015
|
|
|
988
|
|
|
989
|
|
Loss before income
taxes and non-controlling interest
|
(8,932)
|
|
|
(26,422)
|
|
|
(22,586)
|
|
|
(39,044)
|
|
|
|
|
|
|
|
|
|
Income tax benefit
(expense)
|
(1,061)
|
|
|
—
|
|
|
11,855
|
|
|
—
|
|
|
|
|
|
|
|
|
|
Net
loss
|
(9,993)
|
|
|
(26,422)
|
|
|
(10,731)
|
|
|
(39,044)
|
|
|
|
|
|
|
|
|
|
Deemed dividend
related to warrant repricing
|
—
|
|
|
(184)
|
|
|
—
|
|
|
(184)
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to common shareholders
|
(9,993)
|
|
|
(26,606)
|
|
|
(10,731)
|
|
|
(39,228)
|
|
|
|
|
|
|
|
|
|
Net loss attributable
to non-controlling interest
|
203
|
|
|
28
|
|
|
367
|
|
|
300
|
|
|
|
|
|
|
|
|
|
Net loss
attributable to IDEX common shareholders
|
$
|
(9,790)
|
|
|
$
|
(26,578)
|
|
|
$
|
(10,364)
|
|
|
$
|
(38,928)
|
|
|
|
|
|
|
|
|
|
Earnings (loss)
per share
|
|
|
|
|
|
|
|
Basic
|
$
|
(0.02)
|
|
|
$
|
(0.15)
|
|
|
$
|
(0.03)
|
|
|
$
|
(0.23)
|
|
Diluted
|
$
|
(0.02)
|
|
|
$
|
(0.15)
|
|
|
(0.03)
|
|
|
$
|
(0.23)
|
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
433,098,279
|
|
|
180,034,278
|
|
|
412,230,966
|
|
|
168,946,960
|
|
Diluted
|
433,098,279
|
|
|
180,034,278
|
|
|
412,230,966
|
|
|
168,946,960
|
|
IDEANOMICS,
INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS (Unaudited) (USD in
thousands)
|
|
|
June 30,
2021
|
|
December 31,
2020
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
395,642
|
|
|
$
|
165,764
|
|
Accounts receivable,
net
|
4,039
|
|
|
7,400
|
|
Available-for-sale
security
|
15,360
|
|
|
—
|
|
Inventory
|
3,573
|
|
|
—
|
|
Prepaid
expenses
|
12,069
|
|
|
2,629
|
|
Amount due from
related parties
|
294
|
|
|
240
|
|
Other current
assets
|
1,291
|
|
|
3,726
|
|
Held for sale assets
(Fintech Village)
|
7,068
|
|
|
—
|
|
Total current
assets
|
439,336
|
|
|
179,759
|
|
Property and
equipment, net
|
1,058
|
|
|
330
|
|
Fintech
Village
|
—
|
|
|
7,250
|
|
Intangible assets,
net
|
107,352
|
|
|
29,705
|
|
Goodwill
|
104,193
|
|
|
1,165
|
|
Long-term
investments
|
32,457
|
|
|
8,570
|
|
Operating lease right
of use assets
|
12,423
|
|
|
7,117
|
|
Other non-current
assets
|
1,232
|
|
|
516
|
|
Total
assets
|
$
|
698,051
|
|
|
$
|
234,412
|
|
|
|
|
|
LIABILITIES,
CONVERTIBLE REDEEMABLE PREFERRED STOCK, REDEEMABLE NON-CONTROLLING
INTEREST AND EQUITY
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
$
|
8,456
|
|
|
$
|
5,057
|
|
Deferred
revenue
|
1,707
|
|
|
1,129
|
|
Accrued
salaries
|
5,710
|
|
|
1,750
|
|
Amount due to related
parties
|
1,111
|
|
|
882
|
|
Other current
liabilities
|
8,210
|
|
|
1,920
|
|
Current portion of
operating lease liabilities
|
1,940
|
|
|
430
|
|
Current contingent
consideration
|
11,712
|
|
|
1,325
|
|
Promissory note-short
term
|
1,228
|
|
|
568
|
|
Convertible
promissory note due to third parties
|
81,244
|
|
|
—
|
|
Asset retirement
obligations
|
4,653
|
|
|
—
|
|
Total current
liabilities
|
125,971
|
|
|
13,061
|
|
Asset retirement
obligations
|
—
|
|
|
4,653
|
|
Deferred tax
liabilities
|
2,971
|
|
|
—
|
|
Operating lease
liability-long term
|
10,530
|
|
|
6,759
|
|
Non-current
contingent consideration
|
4,637
|
|
|
7,635
|
|
Other long-term
liabilities
|
1,284
|
|
|
535
|
|
Total
liabilities
|
145,393
|
|
|
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 June 30, 2021 and December 31,
2020
|
1,262
|
|
|
1,262
|
|
Redeemable
non-controlling interest
|
7,716
|
|
|
7,485
|
|
Equity:
|
|
|
|
Common stock - $0.001
par value; 1,500,000,000 shares authorized, 466,354,487 shares and
344,906,295 shares issued and outstanding as of June 30, 2021 and
December 31, 2020, respectively
|
466
|
|
|
345
|
|
Additional paid-in
capital
|
894,285
|
|
|
531,866
|
|
Accumulated
deficit
|
(357,245)
|
|
|
(346,883)
|
|
Accumulated other
comprehensive income
|
730
|
|
|
1,256
|
|
Total IDEX
shareholder's equity
|
538,236
|
|
|
186,584
|
|
Non-controlling
interest
|
5,444
|
|
|
6,438
|
|
Total
equity
|
543,680
|
|
|
193,022
|
|
Total liabilities,
convertible redeemable preferred stock, redeemable non-controlling
interest and equity
|
$
|
698,051
|
|
|
$
|
234,412
|
|
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SOURCE Ideanomics