Ideanomics, Inc. Reports Q1 2021
Financial Results
- Revenue for the quarter ended March 31, 2021, was $32.7
million and gross profit of $10.8 million
- First revenues from WAVE - Ideanomics' inductive charging
business and from Timios, our Title and escrow services company -
both businesses were acquired in January 2021
- $356 million cash at quarter end providing a deep pool of
capital for investment in our Ideanomics Mobility & Capital
business units
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
(https://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
|
SOURCE Ideanomics
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