Ideanomics, Inc. Reports Q4 and Full Year 2022 Financial Results
Company achieves consecutive revenue growth from the sale of EV and Charging Solutions for the third year in a row
NEW YORK, March 30, 2023 /PRNewswire/ -- Ideanomics (NASDAQ: IDEX) ("Ideanomics" or the "Company"), a global company focused on accelerating the commercial adoption of electric vehicles, announced today its Full Year 2022 operating results for the period ended December 31, 2022.
"Last year was challenging for the entire EV industry. Despite the headwinds, Ideanomics generated approximately 70% more revenue from the sale of EVs and charging solutions compared to 2021, We achieved this by reducing costs, and through smart, targeted investments to increase production capacity, enhancing our sales and distribution channels, and strengthening our management team. This demonstrates that we are on the right track, and are ready to meet growing demand for our EV and charging solutions as the transition to zero-emission transportation accelerates," said Alf Poor, CEO of Ideanomics.
Highlights
- VIA Motors secured a $170 million order with Pegasus Specialty Vehicles and established a partnership with EAVX (part of JB Poindexter) to develop an electric class 2b delivery van.
- Combined, Solectrac and Energica sold more than 850 branded electric vehicles. Solectrac established a U.S. coast-to-coast certified dealer network, and Energica reached 140 certified dealerships across five continents.
- Announced high-value commercial deals including the delivery of 88 Energica motorcycles to the Indonesia National Police, US Hybrid supplying power train solutions for 62 zero-emission street sweepers, and a WAVE inductive wireless charging project with a major e-commerce company.
Ideanomics Full Year 2022 Operating Results
Revenue for the Full Year was $100.9 million, 11 percent lower compared to 2021. Revenue from the sale of electric vehicles and charging products and services in 2022 was $68.3 million versus $39.9 million in 2021, representing continued year-on-year growth.
Gross Profit
Gross profit for the Full Year was negative $0.8 million compared to $23.2 million for the Full Year of 2021.
Conference Call Information
Ideanomics' management, including Alf Poor (Chief Executive Officer), Stephen Johnston (Chief Financial Officer), Robin Mackie (Chief Operating Officer) and Tony Sklar (SVP of Investor Relations), will host live an earnings release conference call at 8:30 am ET, Thursday, March 30, 2023. 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 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: [email protected]
Theodore Rolfvondenbaumen
Communications Director
Email: [email protected]
IDEANOMICS, INC. CONSOLIDATED BALANCE SHEETS (USD in thousands) |
||||
As of December 31, |
2022 |
2021 |
||
ASSETS |
||||
Current assets: |
||||
Cash and cash equivalents |
$21,929 |
$269,863 |
||
Accounts receivable, net |
5,855 |
3,338 |
||
Contract assets |
3,579 |
2,772 |
||
Amount due from related parties |
899 |
266 |
||
Notes receivable from third parties, net |
31,653 |
54,907 |
||
Notes receivable from related party |
— |
697 |
||
Inventory |
28,246 |
6,159 |
||
Prepaid expenses |
13,341 |
20,015 |
||
Other current assets |
8,536 |
4,490 |
||
Total current assets |
114,038 |
362,507 |
||
Property and equipment, net |
9,072 |
2,905 |
||
Intangible assets, net |
52,768 |
42,546 |
||
Goodwill |
37,775 |
16,161 |
||
Operating lease right of use assets |
15,979 |
12,827 |
||
Financing lease right of use assets |
1,565 |
— |
||
Long-term investments |
10,284 |
35,588 |
||
Other non-current assets |
1,320 |
903 |
||
Total assets |
$242,801 |
$473,437 |
||
LIABILITIES, CONVERTIBLE REDEEMABLE PREFERRED STOCK AND EQUITY |
||||
Current liabilities |
||||
Accounts payable |
$29,699 |
$6,674 |
||
Deferred revenue (including customer deposits of $2,280 and $3,163 as of December 31, 2022 and 2021, respectively) |
2,749 |
5,392 |
||
Accrued salaries |
9,848 |
8,957 |
||
Amount due to related parties |
2,376 |
1,102 |
||
Other current liabilities |
13,676 |
7,137 |
||
Current portion of operating lease liabilities |
4,082 |
3,086 |
||
Current portion of financing lease liabilities |
345 |
— |
||
Current contingent consideration |
867 |
648 |
||
Promissory note due to related party-short term |
2,021 |
— |
||
Promissory note due to third parties-short term |
7,270 |
312 |
||
Convertible promissory note due to third-parties |
3,928 |
57,809 |
||
Total current liabilities |
76,861 |
91,117 |
||
Promissory note-long term |
1,957 |
— |
||
Operating lease liability-long term |
12,273 |
9,647 |
||
Financing lease liabilities-long term |
1,188 |
— |
||
Non-current contingent liabilities |
— |
350 |
||
Deferred tax liabilities |
3,000 |
5,073 |
||
Other long-term liabilities |
959 |
620 |
||
Total liabilities |
96,238 |
106,807 |
||
Commitments and contingencies (Note 19) |
||||
Convertible redeemable preferred stock: |
||||
Series A - 7,000,000 shares issued and outstanding, liquidation and deemed liquidation preference of $3,500,000 as of December 31, 2022 and 2021, respectively |
1,262 |
1,262 |
||
Series B - 5,000,000 shares issued and outstanding |
8,850 |
— |
||
Equity: |
||||
Common stock - $0.001 par value; 1,500,000,000 shares authorized, 598,286,221 and 497,272,525 shares issued and outstanding as of December 31, 2022 and 2021, respectively |
597 |
497 |
||
Additional paid-in capital |
1,004,082 |
968,066 |
||
Accumulated deficit |
(866,450) |
(605,758) |
||
Accumulated other comprehensive (income) loss |
(6,104) |
222 |
||
Total Ideanomics, Inc. shareholder's equity |
132,125 |
363,027 |
||
Non-controlling interest |
4,326 |
2,341 |
||
Total equity |
136,451 |
365,368 |
||
Total liabilities, convertible redeemable preferred stock and equity |
$242,801 |
$473,437 |
||
The accompanying notes are an integral part of these consolidated financial statements. |
IDEANOMICS, INC. OPERATIONS (USD in thousands, except per share data) |
||||||
For the years ended December 31, |
2022 |
2021 |
2020 |
|||
Revenue from sales of products (including from a related party of $10, $1 and $10 for the years ended December 31, 2022, 2021 and 2020, respectively) |
$64,452 |
$37,009 |
$25,128 |
|||
Revenue from sales of services |
36,070 |
75,766 |
1,631 |
|||
Other revenue |
414 |
1,305 |
— |
|||
Total revenue |
100,936 |
114,080 |
26,759 |
|||
Cost of revenue from sales of products (including from a related party of $0, $36 and $13 for the years ended December 30, 2022, 2021 and 2020, respectively) |
72,047 |
37,845 |
23,644 |
|||
Cost of revenue from sales of services |
29,330 |
51,562 |
1,058 |
|||
Cost of other revenue |
374 |
1,445 |
— |
|||
Total cost of revenue |
101,751 |
90,852 |
24,702 |
|||
Gross profit |
(815) |
23,228 |
2,057 |
|||
Operating expenses: |
||||||
Selling, general and administrative expenses |
148,678 |
107,535 |
44,940 |
|||
Research and development expense |
3,888 |
760 |
1,635 |
|||
Asset impairments |
91,333 |
71,070 |
33,230 |
|||
Goodwill impairments |
38,868 |
101,470 |
18,089 |
|||
Change in fair value of contingent consideration, net |
(131) |
(9,600) |
(5,503) |
|||
Litigation settlements |
1,362 |
5,432 |
— |
|||
Depreciation and amortization |
7,717 |
6,118 |
5,310 |
|||
Total operating expenses |
291,715 |
282,785 |
97,701 |
|||
Loss from operations |
(292,530) |
(259,557) |
(95,644) |
|||
Interest and other income (expense): |
||||||
Interest income |
3,504 |
1,502 |
108 |
|||
Interest expense |
(2,950) |
(2,139) |
(16,078) |
|||
Expense due to conversion of notes |
— |
— |
(2,266) |
|||
Gain on extinguishment of debt |
— |
300 |
8,891 |
|||
(Loss) Gain on disposal of subsidiaries, net |
(276) |
(1,264) |
276 |
|||
Gain on remeasurement of investment |
10,965 |
2,915 |
— |
|||
Other income, net |
6,478 |
1,261 |
6,604 |
|||
Loss before income taxes and non-controlling interest |
(274,809) |
(256,982) |
(98,109) |
|||
Income tax benefit |
7,711 |
11,786 |
3,308 |
|||
Impairment of and equity in loss of equity method investees |
(15,018) |
(11,529) |
(16,780) |
|||
Net loss |
(282,116) |
(256,725) |
(111,581) |
|||
Deemed dividend related to warrant repricing |
— |
— |
(184) |
|||
Net loss attributable to common shareholders |
(282,116) |
(256,725) |
(111,765) |
|||
Net loss attributable to non-controlling interest |
21,424 |
716 |
10,501 |
|||
Net loss attributable to Ideanomics, Inc. common shareholders |
$(260,692) |
$(256,009) |
$(101,264) |
|||
Basic and diluted loss per share |
$(0.51) |
$(0.57) |
$(0.47) |
|||
Weighted average shares outstanding: |
||||||
Basic and diluted |
512,702,986 |
447,829,204 |
213,490,535 |
|||
The accompanying notes are an integral part of these consolidated financial statements. |
SOURCE Ideanomics
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