Try our mobile app
NEW YORK, Nov. 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 third quarter 2022 operating results for the period ended September 30, 2022.
"In the third quarter Ideanomics showed the value and strength of our growing EV businesses, highlighted by Energica's deal to provide motorcycles for the Indonesian National Police, which will be utilized at the upcoming G20 summit. Solectrac, like Energica, is also experiencing demand based growth and has expanded its manufacturing capacity resulting in a significant increase in unit production, while US Hybrid is on track towards profitability by the end of 2023. Furthermore, our WAVE business secured its first fleet customer in Q3. We look forward to continuing to demonstrate how our differentiated products and technologies drive revenue growth across our EV brands," said Alf Poor, CEO of Ideanomics.
Selected Business Updates and Highlights
Ideanomics Third quarter 2022 Operating Results
Revenue for the third quarter was $24.3 million, demonstrating strong year-over-year in Ideanomics' growing EV business. Revenue from electric vehicle and charging product and services in the third quarter of 2022 was $16.2 million versus $10.5 million in the third quarter of 2021, an increase of 54.7%. Revenue from the US in the third quarter of 2022 was $12.7 million versus $18.0 million in the third quarter of 2021, a decrease of $5.3 million. EV, charging and battery revenue from the U.S. and Europe was $8.8 million, four times higher than Q3 of last year. We expect EV revenues from the US and Europe to continue to grow as we shift spending to focus on increasing operating capacity and fulfilling market demand.
Gross Profit
Gross profit for the third quarter was $(0.7) million, which represented a Gross Margin of (2.7%). Gross profit for the third quarter of 2021 was $4.0 million.
Conference Call Information
Ideanomics' management, including Alf Poor (Chief Executive Officer), Stephen Johnston (Chief Financial Officer), Robin Mackie (President, Ideanomics Mobility) and Tony Sklar (SVP of Investor Relations), will host live an earnings release conference call at 4:30 pm ET, Wednesday, November 9, 2022. 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=UtFdo7X5
About IdeanomicsIdeanomics (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 StatementThis 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 Relations1441 Broadway, Suite 5116 New York, NY 10018.Email: ir@ideanomics.com
Theodore RolfvondenbaumenCommunications DirectorEmail: trolfvondenbaumen@ideanomics.com
IDEANOMICS, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (USD in thousands) | |||||||
Three Months Ended | Nine Months Ended | ||||||
September 30, 2022 | September 30,2021 | September 30, 2022 | September 30, 2021 | ||||
Revenue from sales of products (including from a related party of $10, $0 and $10, $1, for the three and nine months ended September 30, 2022 and 2021, respectively) | $ 15,746 | $ 9,676 | $ 55,157 | $ 21,149 | |||
Revenue from sales of services | 8,412 | 16,336 | 28,461 | 64,339 | |||
Other revenue | 120 | $ 569 | 253 | $ 1,159 | |||
Total revenue | 24,278 | 26,581 | 83,871 | 86,647 | |||
Cost of revenue from sales of products (including from a related party of $0, $4 and $0, $8 for the three and nine months ended September 30, 2022 and 2021, respectively) | 18,198 | 9,934 | 58,963 | 20,445 | |||
Cost of revenue from sales of services | 6,691 | 12,165 | 23,879 | 41,441 | |||
Cost of other revenue | 48 | 531 | 179 | 1,063 | |||
Total cost of revenue | 24,937 | 22,630 | 83,021 | 62,949 | |||
Gross profit | (659) | 3,951 | 850 | 23,698 | |||
Operating expenses: | |||||||
Selling, general and administrative expenses | 37,710 | 37,750 | 113,555 | 74,419 | |||
Research and development expense | 849 | 184 | 2,543 | 429 | |||
Asset impairment | 378 | 15,183 | 1,030 | 15,183 | |||
Goodwill impairment | — | 5,850 | — | 5,850 | |||
Change in fair value of contingent consideration, net | — | (5,099) | (131) | (7,006) | |||
Litigation settlement | 2 | 216 | 44 | 5,216 | |||
Depreciation and amortization | 2,271 | 1,779 | 5,838 | 4,548 | |||
Total operating expenses | 41,210 | 55,863 | 122,879 | 98,639 | |||
Loss from operations | (41,869) | (51,912) | (122,029) | (74,941) | |||
Interest and other income (expense): | |||||||
Interest income | 957 | 417 | 2,560 | 812 | |||
Interest expense | (456) | (308) | (1,523) | (1,683) | |||
Gain on extinguishment of debt | — | 300 | — | 300 | |||
Loss on disposal of subsidiaries, net | (30) | — | (218) | (1,264) | |||
Gain on remeasurement of investment | — | — | 10,965 | 2,915 | |||
Other income, net | 2,574 | 8 | 4,460 | 507 | |||
Loss before income taxes and non-controlling interest | (38,824) | (51,495) | (105,785) | (73,354) | |||
Income tax benefit | 400 | 944 | 925 | 9,971 | |||
Impairment of and equity in gain (loss) of equity method investees | (429) | (1,447) | (2,357) | (2,062) | |||
Net loss | (38,853) | (51,998) | (107,217) | (65,445) | |||
Net loss attributable to common shareholders | (38,853) | (51,998) | (107,217) | (65,445) | |||
Net loss attributable to non-controlling interest | 1,439 | 187 | 3,525 | 459 | |||
Net loss attributable to Ideanomics, Inc. common shareholders | $ (37,414) | $ (51,811) | $ (103,692) | $ (64,986) | |||
Earnings (loss) per share | |||||||
Basic | $ (0.08) | $ (0.11) | $ (0.21) | $ (0.15) | |||
Diluted | $ (0.08) | $ (0.11) | $ (0.21) | $ (0.15) | |||
Weighted average shares outstanding: | |||||||
Basic | 494,061,205 | 473,829,962 | 496,392,410 | 432,989,602 | |||
Diluted | 494,061,205 | 473,829,962 | 496,392,410 | 432,989,602 | |||
IDEANOMICS, INC.CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD in thousands) | |||
September 30, 2022 | December 31, 2021 | ||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 25,186 | $ 269,863 | |
Accounts receivable, net | 6,000 | 3,338 | |
Contract assets | 3,767 | 2,772 | |
Amount due from related parties | 534 | 266 | |
Notes receivable from third parties | 83,863 | 54,907 | |
Notes receivable from related party | 400 | 697 | |
Inventory | 29,530 | 6,159 | |
Prepaid expenses | 15,075 | 20,015 | |
Other current assets | 5,673 | 4,490 | |
Total current assets | 170,028 | 362,507 | |
Property and equipment, net | 10,170 | 2,905 | |
Intangible assets, net | 78,645 | 42,546 | |
Goodwill | 68,711 | 16,161 | |
Operating lease right of use assets | 16,835 | 12,827 | |
Financing lease right of use assets | 1,376 | — | |
Long-term investments | 23,319 | 35,588 | |
Other non-current assets | 1,235 | 903 | |
Total assets | $ 370,319 | $ 473,437 | |
LIABILITIES, CONVERTIBLE REDEEMABLE PREFERRED STOCK, REDEEMABLE NON-CONTROLLING INTEREST AND EQUITY | |||
Current liabilities | |||
Accounts payable | $ 22,782 | $ 6,674 | |
Deferred revenue (including customer deposits of $2,681 and $3,163 as of September 30, 2022 and December 31, 2021, respectively) | 3,540 | 5,392 | |
Accrued salaries | 7,916 | 8,957 | |
Amount due to related parties | 2,223 | 1,102 | |
Other current liabilities | 8,831 | 7,137 | |
Current portion of operating lease liabilities | 3,878 | 3,086 | |
Current portion of financing lease liabilities | 348 | — | |
Current contingent consideration | 767 | 648 | |
Promissory note-short term | 2,424 | 312 | |
Convertible promissory note due to third-parties-short term | 9,250 | 57,809 | |
Total current liabilities | 61,959 | 91,117 | |
Promissory note-long term | 1,559 | — | |
Operating lease liability-long term | 12,808 | 9,647 | |
Financing lease liability-long term | 1,253 | — | |
Non-current contingent consideration | 100 | 350 | |
Deferred tax liabilities | 7,972 | 5,073 | |
Other long-term liabilities | 770 | 620 | |
Total liabilities | 86,421 | 106,807 | |
Commitments and contingencies (Note 19) | |||
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 September 30, 2022 and December 31, 2021 | 1,262 | 1,262 | |
Equity: | |||
Common stock - $0.001 par value; 1,500,000,000 shares authorized, 517,134,223 shares issued and outstanding as of September 30, 2022 and 497,272,525 and 344,861,295 shares issued and outstanding as of December 31, 2021, | 517 | 497 | |
Treasury Stock | 4,639 | — | |
Additional paid-in capital | 980,232 | 968,066 | |
Accumulated deficit | (709,451) | (605,758) | |
Accumulated other comprehensive income | (13,162) | 222 | |
Total Ideanomics, Inc. shareholders' equity | 262,775 | 363,027 | |
Non-controlling interest | 19,861 | 2,341 | |
Total equity | 282,636 | 365,368 | |
Total liabilities, convertible redeemable preferred stock, redeemable non-controlling interest and equity | $ 370,319 | $ 473,437 | |
IDEANOMICS, INC.CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) (USD in thousands) | |||||||
Three Months Ended | Nine Months Ended | ||||||
September 30, 2022 | September 30, 2021 | September 30, 2022 | September 30, 2021 | ||||
Net loss | $ (38,853) | $ (51,998) | $ (107,217) | $ (65,445) | |||
Other comprehensive income (loss), net of nil tax: | |||||||
Changes in fair value of available-for-sale securities | — | 4 | — | (16) | |||
Foreign currency translation adjustments | (8,127) | (951) | (15,930) | (1,683) | |||
Comprehensive loss | (46,980) | (52,945) | (123,147) | (67,144) | |||
Comprehensive loss (gain) attributable to non-controlling interest | 3,075 | 273 | 6,756 | 864 | |||
Comprehensive loss attributable to Ideanomics, Inc. commonshareholders | $ (43,905) | $ (52,672) | $ (116,391) | $ (66,280) | |||
View original content to download multimedia:https://www.prnewswire.com/news-releases/ideanomics-inc-reports-q3-2022-financial-results-301673442.html
SOURCE Ideanomics
