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). 

(PRNewsfoto/Ideanomics)

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

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