NEW YORK, May 17, 2021 /PRNewswire/ -- 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 ET, Monday, 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., China, Ukraine, 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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SOURCE Ideanomics