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Ideanomics, Inc. Reports Q1 2022 Financial Results
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Ideanomics, Inc. Reports Q1 2022 Financial Results

–    Revenues for the quarter ended March 31, 2022, were $25.4 million

NEW YORK, Sept. 9, 2022 /PRNewswire/ — Ideanomics (NASDAQ: IDEX) (“Ideanomics” or the “Company”), a global company focused on accelerating the commercial adoption of electric vehicles, announced today its first quarter 2022 operating results for the period ended March 31, 2022.

“In the first quarter, Ideanomics strengthened our product offerings and synergies across our subsidiaries  highlighted by our closing of the Energica transaction,” said Alf Poor, CEO of Ideanomics.

“We look forward to discussing how this and our other strategic investments will complement and accelerate our other businesses in addition to some of the exciting things that Ideanomics has planned for the rest of 2022 at our upcoming conference call.”

Ideanomics First Quarter 2022 Operating Results  

Revenue for the first quarter of 2022 was $25.4 million compared to $29.9 million in the first quarter of 2021, a decrease of $4.5m or (15.2%). Revenue from the US in the first quarter of 2022 was $11.8 million versus $26.9 million in the first quarter of 2021, a decrease of $15.1 million. This was mainly due to a decrease in revenue from Timios due to their previously disclosed cybersecurity issue. 

Gross Profit 

Gross profit for the first quarter of 2022 was $0.02 million which represented a Gross Margin of 0.08%. Gross profit for the first quarter of 2021 was $10.7 million.   

Selected Business Updates and Highlights

  • Acquired approximately 70% of Italian electric motorbike producer Energica
  • Announced strategic investment with battery manufacturer InoBat
  • Solectrac announced development of a North American dealer network
  • Strengthened subsidiaries’ management teams by hiring key leaders

Conference Call Information

As a reminder, the upcoming Conference Call will cover the fourth quarter and full-year 2021, in addition to the first quarter and second quarter 2022 results. Details are as follows: Ideanomics’ management, including Alf Poor (Chief Executive Officer), Conor McCarthy (Chief Financial Officer), Robin Mackie (President of Ideanomics Mobility) and Tony Sklar (SVP of Investor Relations), will host a live conference call at 8:30 a.m. ET, Friday, September 9, 2022, to discuss the preliminary results. Time permitting, Ideanomics management will answer questions from the Say platform and 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://event.choruscall.com/mediaframe/webcast.html?webcastid=7uvVDWR3

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 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.

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

Theodore Rolfvondenbaumen

Communications Director

Email: trolfvondenbaumen@ideanomics.com 

 

IDEANOMICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD in thousands)



Three Months Ended


March 31, 2022


March 31, 2021

Revenue from sales of products (including from a related party of $— and $1 for the three months ended March 31, 2022 and 2021, respectively)

$            14,877


$              4,515

Revenue from sales of services

10,460


25,210

Other revenue

54


214

Total revenue

25,391


29,939

Cost of revenue from sales of products (including from a related party of $— and $4 for the three months ended March 31, 2022 and 2021, respectively)

15,738


4,318

Cost of revenue from sales of services 

9,583


14,748

Cost of other revenue

50


160

Total cost of revenue

25,371


19,226

Gross profit

$                  20


$            10,713





Operating expenses:




Selling, general and administrative expenses

37,095


16,889

Research and development expense

1,014


10

Asset  impairments

81


Change in fair value of contingent consideration, net

(131)


494

Litigation settlement


5,000

Depreciation and amortization

1,285


1,328

Total operating expenses

39,344


23,721





Loss from operations

(39,324)


(13,008)





Interest and other income (expense):




Interest income

763


157

Interest expense

(579)


(574)

Loss on disposal of subsidiaries, net

(148)


(30)

Gain on remeasurement of investment

10,965


Other income (expense), net

191


(338)

Loss before income taxes and non-controlling interest

(28,132)


(13,793)





Income tax benefit

378


7,345

Equity in loss of equity method investees

(1,338)


(154)





Net loss

(29,092)


(6,602)





Net loss attributable to common shareholders

(29,092)


(6,602)





Net loss attributable to non-controlling interest

580


120





Net loss attributable to Ideanomics, Inc. common shareholders

$           (28,512)


$            (6,482)





Earnings (loss) per share




Basic

$              (0.06)


$              (0.02)

Diluted

$              (0.06)


$              (0.02)





Weighted average shares outstanding:




Basic

497,359,747


391,125,134

Diluted

497,359,747


391,125,134

 

 

 

IDEANOMICS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD in thousands)



March 31, 2022


December 31, 2021

ASSETS




Current assets:




Cash and cash equivalents

$            170,757


$            269,863

Accounts receivable, net

3,393


3,338

Contract assets

2,649


2,772

Amount due from related parties

290


266

Available-for-sale securities

3,917


Notes receivable from related party


697

Notes receivable from third parties

56,212


54,907

Inventory

21,855


6,159

Prepaid expenses

26,068


20,015

Other current assets

4,703


4,490

Total current assets

289,844


362,507

Property and equipment, net

5,547


2,905

Intangible assets, net

89,583


42,546

Goodwill

75,754


16,161

Operating lease right of use assets

18,833


12,827

Long-term investments

23,073


35,588

Other non-current assets

1,537


903

Total assets

$            504,171


$            473,437





LIABILITIES, CONVERTIBLE REDEEMABLE PREFERRED STOCK, REDEEMABLE NON-CONTROLLING INTEREST AND EQUITY




Current liabilities




Accounts payable

$              16,181


$               6,674

Deferred revenue (including customer deposits of $5,623 and $3,163 as of March 31, 2022 and December 31, 2021, respectively)

8,370


5,392

Accrued salaries

6,473


8,957

Amount due to related parties

2,512


1,102

Other current liabilities

10,557


7,137

Current portion of operating lease liabilities

3,855


3,086

Current contingent consideration

722


648

Promissory note-short term

3,945


312

Convertible promissory note due to third-parties-short term

58,376


57,809

Total current liabilities

110,991


91,117

Promissory note-long term

1,850


Operating lease liability-long term

14,646


9,647

Non-current contingent consideration

145


350

Deferred tax liabilities

9,845


5,073

Other long-term liabilities

632


620

Total liabilities

138,109


106,807

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, 2022 and December 31, 2021

1,262


1,262

Equity:




Common stock – $0.001 par value; 1,500,000,000 shares authorized, 497,747,525 shares and 497,272,525 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively

498


497

Additional paid-in capital

970,838


968,066

Accumulated deficit

(634,270)


(605,758)

Accumulated other comprehensive income

1,147


222

Total Ideanomics, Inc. shareholders’ equity

338,213


363,027

Non-controlling interest

26,587


2,341

Total equity

364,800


365,368

Total liabilities, convertible redeemable preferred stock, redeemable non-controlling interest and equity

$            504,171


$            473,437

 

 

 

IDEANOMICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) (USD in thousands)



Three Months Ended


March 31, 2022


March 31, 2021

Net loss

$        (29,092)


$          (6,602)

Other comprehensive loss, net of nil tax:




Foreign currency translation adjustments

1,209


(693)

Comprehensive loss

(27,883)


(7,295)

Comprehensive loss attributable to non-controlling interest

296


433

Comprehensive loss attributable to Ideanomics, Inc. common shareholders

$        (27,587)


$          (6,862)

 

 

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/ideanomics-inc-reports-q1-2022-financial-results-301621112.html

SOURCE Ideanomics

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