- Revenues for the quarter ended
June 30, 2022, were $34.2 million
-
Launched Ideanomics Energy increasing our services and
offerings
- Energica launched new bike
Experia in addition to Energica Inside
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 second quarter 2022
operating results for the periods ended June
30, 2022.
"In the second quarter Ideanomics was able to demonstrate
our growing EV businesses, highlighted by our strong revenue growth
at both Energica and Solectrac. Their new facility in Sonoma will
allow us to produce more tractors in response to demand.
Additionally, Energica announced its newest bike, the 'Experia', in
addition to Energica Inside. These developments will enable us to
continue to drive the revenue growth these businesses are
experiencing," said Alf Poor, CEO of
Ideanomics.
Selected Business Updates and Highlights
- Solectrac opened new CA facility, ramping out production
capacity
- Energica Day at Nasdaq in Times Square, NY
- Energica expanded their lineup by revealing 'Experia' a new
green tourer electric motorcycle
- US Hybrid announced near-zero emission natural gas-powered
hybrid powertrain for drayage and long-haul trucks
- Energica Launched Energica Inside to help accelerate industry
shift to EV
- Introduced Ideanomics Energy; signed first customer agreement
with Coast Counties Peterbilt
- InoBat and Ideanomics announced plans to build R&D and
battery production facility in Indiana
Ideanomics Second Quarter 2022 Operating
Results
Revenue for the second quarter was $34.2
million, demonstrating strong year-over-year growth
highlighted by Ideanomics' growing EV business. Revenue from
the US in the second quarter of 2022 was $14.4 million versus $25.0
million in the second quarter of 2021, a decrease of
$10.6 million due to lower revenues
at Timios, but was offset with significant growth in revenues at
both our Energica and Solectrac brands. We expect global revenues
from EV to continue to grow as we incorporate Energica into our
product offerings and our worldwide customer base expands.
Gross Profit
Gross profit for the second quarter was $1.5 million, which represented a Gross Margin of
4.4%. Gross profit for the second quarter of 2021
was $9.0
million.
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 the completeness
of 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
|
|
Six Months
Ended
|
|
June 30,
2022
|
|
June 30,
2021
|
|
June 30,
2022
|
|
June 30,
2021
|
Revenue from sales of
products (including from a related party of $—, $— and
$- , $1, for the three and six months ended June 30, 2022 and
2021, respectively)
|
$
24,534
|
|
$
6,957
|
|
$
39,411
|
|
$
11,472
|
Revenue from sales of
services
|
9,589
|
|
22,794
|
|
20,049
|
|
48,004
|
Other
revenue
|
79
|
|
$
376
|
|
133
|
|
$
590
|
Total
revenue
|
34,202
|
|
30,127
|
|
59,593
|
|
60,066
|
Cost of revenue from
sales of products (including from a related party of
$4 and $0, $8 for the three and six
months ended June 30, 2022 and 2021, respectively)
|
25,027
|
|
6,060
|
|
40,765
|
|
10,512
|
Cost of revenue from
sales of services
|
7,605
|
|
14,663
|
|
17,188
|
|
29,277
|
Cost of other
revenue
|
81
|
|
373
|
|
131
|
|
533
|
Total cost of
revenue
|
32,713
|
|
21,096
|
|
58,084
|
|
40,322
|
Gross
profit
|
1,489
|
|
9,031
|
|
1,509
|
|
19,744
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
38,750
|
|
19,780
|
|
75,845
|
|
36,669
|
Research and
development expense
|
680
|
|
235
|
|
1,694
|
|
245
|
Asset
impairment
|
572
|
|
—
|
|
653
|
|
—
|
Change in fair value of
contingent consideration, net
|
—
|
|
(2,401)
|
|
(131)
|
|
(1,907)
|
Litigation
settlement
|
42
|
|
—
|
|
42
|
|
5,000
|
Depreciation and
amortization
|
2,282
|
|
1,441
|
|
3,567
|
|
2,769
|
Total operating
expenses
|
42,326
|
|
19,055
|
|
81,670
|
|
42,776
|
|
|
|
|
|
|
|
|
Loss from
operations
|
(40,837)
|
|
(10,023)
|
|
(80,161)
|
|
(23,032)
|
|
|
|
|
|
|
|
|
Interest and other
income (expense):
|
|
|
|
|
|
|
|
Interest
income
|
840
|
|
238
|
|
1,603
|
|
395
|
Interest
expense
|
(488)
|
|
(801)
|
|
(1,067)
|
|
(1,375)
|
Loss on disposal of
subsidiaries, net
|
(42)
|
|
(1,234)
|
|
(188)
|
|
(1,264)
|
Gain on remeasurement
of investment
|
—
|
|
2,915
|
|
10,965
|
|
2,915
|
Other income,
net
|
1,696
|
|
837
|
|
1,887
|
|
499
|
Loss before income
taxes and non-controlling interest
|
(38,831)
|
|
(8,068)
|
|
(66,961)
|
|
(21,862)
|
|
|
|
|
|
|
|
|
Income tax
benefit
|
147
|
|
1,682
|
|
525
|
|
9,027
|
Equity in gain (loss)
of equity method investees
|
(589)
|
|
(461)
|
|
(1,928)
|
|
(615)
|
|
|
|
|
|
|
|
|
Net
loss
|
(39,273)
|
|
(6,847)
|
|
(68,364)
|
|
(13,450)
|
|
|
|
|
|
|
|
|
Deemed dividend related
to warrant repricing
|
—
|
|
—
|
|
—
|
|
—
|
|
|
|
|
|
|
|
|
Net loss
attributable to common shareholders
|
(39,273)
|
|
(6,847)
|
|
(68,364)
|
|
(13,450)
|
|
|
|
|
|
|
|
|
Net loss attributable
to non-controlling interest
|
1,506
|
|
152
|
|
2,086
|
|
272
|
|
|
|
|
|
|
|
|
Net loss
attributable to Ideanomics, Inc. common shareholders
|
$
(37,767)
|
|
$
(6,695)
|
|
$
(66,278)
|
|
$
(13,178)
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share
|
|
|
|
|
|
|
|
Basic
|
$
(0.08)
|
|
$
(0.02)
|
|
$
(0.13)
|
|
$
(0.03)
|
Diluted
|
$
(0.08)
|
|
$
(0.02)
|
|
$
(0.13)
|
|
$
(0.03)
|
|
|
|
|
|
|
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
Basic
|
497,792,525
|
|
433,098,279
|
|
497,577,331
|
|
412,230,966
|
Diluted
|
497,792,525
|
|
433,098,279
|
|
497,577,331
|
|
412,230,966
|
IDEANOMICS, INC. CONDENSED
CONSOLIDATED BALANCE SHEETS (Unaudited) (USD in
thousands)
|
|
|
June 30,
2022
|
|
December 31,
2021
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
85,508
|
|
$
269,863
|
Accounts receivable,
net
|
6,657
|
|
3,338
|
Contract
assets
|
3,115
|
|
2,772
|
Amount due from
related parties
|
303
|
|
266
|
Available-for-sale
securities
|
3,312
|
|
—
|
Notes receivable third
parties
|
69,830
|
|
54,907
|
Notes receivable from
related party
|
1,004
|
|
697
|
Inventory
|
23,770
|
|
6,159
|
Prepaid
expenses
|
23,187
|
|
20,015
|
Other current
assets
|
5,129
|
|
4,490
|
Total current
assets
|
221,815
|
|
362,507
|
Property and
equipment, net
|
8,318
|
|
2,905
|
Intangible assets,
net
|
84,367
|
|
42,546
|
Goodwill
|
72,098
|
|
16,161
|
Operating lease right
of use assets
|
17,740
|
|
12,827
|
Long-term
investments
|
25,518
|
|
35,588
|
Other non-current
assets
|
1,345
|
|
903
|
Total
assets
|
$
431,201
|
|
$
473,437
|
|
|
|
|
LIABILITIES,
CONVERTIBLE REDEEMABLE PREFERRED STOCK, REDEEMABLE NON-CONTROLLING
INTEREST AND EQUITY
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
$
16,310
|
|
$
6,674
|
Deferred revenue
(including customer deposits of $4,407 and $3,163 as of
June 30, 2022 and December 31, 2021,
respectively)
|
6,048
|
|
5,392
|
Accrued
salaries
|
6,269
|
|
8,957
|
Amount due to related
parties
|
2,394
|
|
1,102
|
Other current
liabilities
|
12,792
|
|
7,137
|
Current portion of
operating lease liabilities
|
3,926
|
|
3,086
|
Current contingent
consideration
|
722
|
|
648
|
Promissory note-short
term
|
3,591
|
|
312
|
Convertible promissory
note due to third-parties-short term
|
33,437
|
|
57,809
|
Total current
liabilities
|
85,489
|
|
91,117
|
Promissory note-long
term
|
1,716
|
|
—
|
Operating lease
liability-long term
|
13,638
|
|
9,647
|
Non-current contingent
consideration
|
145
|
|
350
|
Deferred tax
liabilities
|
8,799
|
|
5,073
|
Other long-term
liabilities
|
724
|
|
620
|
Total
liabilities
|
110,511
|
|
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 June 30, 2022 and
December 31, 2021
|
1,262
|
|
1,262
|
Equity:
|
|
|
|
Common stock - $0.001
par value; 1,500,000,000 shares
authorized, 497,272,524 shares and 497,272,525 shares
issued and outstanding as of June 30, 2022 and
December 31, 2021, respectively
|
498
|
|
497
|
Additional paid-in
capital
|
973,701
|
|
968,066
|
Accumulated
deficit
|
(672,037)
|
|
(605,758)
|
Accumulated other
comprehensive income
|
(5,691)
|
|
222
|
Total Ideanomics,
Inc. shareholders' equity
|
296,472
|
|
363,027
|
Non-controlling
interest
|
22,956
|
|
2,341
|
Total
equity
|
319,427
|
|
365,368
|
Total liabilities,
convertible redeemable preferred stock, redeemable non-controlling
interest and equity
|
$
431,201
|
|
$
473,437
|
IDEANOMICS, INC. CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) (USD in
thousands)
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
June 30,
2022
|
|
June 30,
2021
|
|
June 30,
2022
|
|
June 30,
2021
|
Net
loss
|
$
(39,273)
|
|
$
(6,847)
|
|
$
(68,364)
|
|
$
(13,450)
|
Other comprehensive
income (loss), net of nil tax:
|
|
|
|
|
|
|
|
Changes in fair value
of available-for-sale securities
|
—
|
|
(20)
|
|
—
|
|
(20)
|
Foreign currency
translation adjustments
|
(10,220)
|
|
(40)
|
|
(7,803)
|
|
(733)
|
Comprehensive
loss
|
(49,493)
|
|
(6,907)
|
|
(76,167)
|
|
(14,203)
|
Comprehensive loss
(gain) attributable to non-controlling interest
|
3,385
|
|
158
|
|
3,681
|
|
591
|
Comprehensive loss
attributable to Ideanomics, Inc. common shareholders
|
$
(46,108)
|
|
$
(6,750)
|
|
$
(72,486)
|
|
$
(13,612)
|
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SOURCE Ideanomics