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: [email protected]
Theodore Rolfvondenbaumen
Communications Director
Email: [email protected]
IDEANOMICS, INC. |
|||
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. |
|||
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. |
|||
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) |
|
SOURCE Ideanomics
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