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- 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
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 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 10018Email: ir@ideanomics.com
Theodore RolfvondenbaumenCommunications DirectorEmail: 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
