- Revenues for the quarter ended June 30, 2023, were $8.2
million
NEW
YORK, Aug. 25, 2023 /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 2023 operating results
for the period ended June 30,
2023.
During the second quarter Ideanomics continued executing its
commitment to shareholders to exit non-core businesses and finalize
a reorganization of the business to focus on last-mile and local
delivery vehicles and associated charging products.
Second Quarter Highlights
- Solectrac debuted their new tractor the E25H, while launching a
tractor rental program.
- Energica and Plenitude partner together to provide new
innovative solutions for electric mobility.
- Ideanomics finalizes divestments of Timios and JUSTLY.
Ideanomics Second Quarter 2023 Operating
Results
Revenue for continuing operations in the quarter was
8.2 million dollars, 13 percent lower
than the same time last year. Revenue for continuing operations for
the first half of 2023 was 13.8 million
dollars, 19 percent higher than the same period last
year.
Gross Profit
Gross Profit for continuing operations in the second quarter was
$0.7 million, which represented a
Gross Margin of 8.4%. Gross Profit for continuing operations for
the second quarter of 2022 was ($0.5)
million.
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.
Contact:
Tony Sklar,
SVP of Investor Relations
1441 Broadway, Suite 5116, New York, NY 10018
ir@ideanomics.com
IDEANOMICS, INC. AND
SUBSIDIARIES
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
|
|
(in thousands, except per share
data)
|
Three Months Ended June 30,
|
|
Six Months Ended June 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Revenue from sales of
products (including from a related party of $0, $0 and $4, $0, for
the three and six months ended months ended June 30, 2023 and
2022, respectively)
|
$
7,828
|
|
$
8,888
|
|
$
12,964
|
|
$
10,529
|
Revenue from sales of
services
|
349
|
|
418
|
|
429
|
|
953
|
Other
revenue
|
6
|
|
79
|
|
444
|
|
133
|
Total
revenue
|
8,183
|
|
9,385
|
|
13,837
|
|
11,615
|
Cost of revenue from
sales of products (including from a related party of $0, $0 and
$37, $0 for the three and six months ended months ended
June 30, 2023 and 2022, respectively)
|
6,298
|
|
9,438
|
|
11,979
|
|
12,005
|
Cost of revenue from
sales of services
|
577
|
|
356
|
|
465
|
|
832
|
Cost of other
revenue
|
619
|
|
81
|
|
823
|
|
131
|
Total cost of
revenue
|
7,494
|
|
9,875
|
|
13,267
|
|
12,968
|
Gross (loss) profit
|
689
|
|
(490)
|
|
570
|
|
(1,353)
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
Selling, general and
administrative expenses
|
23,626
|
|
33,783
|
|
65,736
|
|
64,817
|
Research and
development expense
|
3,408
|
|
680
|
|
8,033
|
|
1,694
|
Asset
impairments
|
3,197
|
|
320
|
|
37,984
|
|
402
|
Depreciation and
amortization
|
5,651
|
|
1,773
|
|
9,889
|
|
2,548
|
Other general
expenses
|
—
|
|
—
|
|
(12,596)
|
|
(131)
|
Total operating expenses
|
35,882
|
|
36,556
|
|
109,046
|
|
69,330
|
|
|
|
|
|
|
|
|
Loss from operations
|
(35,193)
|
|
(37,046)
|
|
(108,476)
|
|
(70,683)
|
|
|
|
|
|
|
|
|
Interest and other
income (expense):
|
|
|
|
|
|
|
|
Interest
income
|
151
|
|
827
|
|
479
|
|
1,583
|
Interest
expense
|
(942)
|
|
(488)
|
|
(2,265)
|
|
(1,067)
|
Gain on remeasurement
of investment
|
—
|
|
—
|
|
—
|
|
10,965
|
Loss on disposal of
investment
|
—
|
|
(41)
|
|
—
|
|
(188)
|
Other income,
net
|
1,184
|
|
431
|
|
2,067
|
|
585
|
Loss before income taxes
|
(34,800)
|
|
(36,317)
|
|
(108,195)
|
|
(58,805)
|
|
|
|
|
|
|
|
|
Income tax
benefit
|
467
|
|
124
|
|
3,382
|
|
339
|
Impairment of and
equity in loss of equity method investees
|
—
|
|
(589)
|
|
—
|
|
(1,928)
|
|
|
|
|
|
|
|
|
Net loss from continuing
operations
|
(34,333)
|
|
(36,782)
|
|
(104,813)
|
|
(60,394)
|
Net loss from
discontinued operations, net of tax
|
(2,756)
|
|
(2,491)
|
|
(18,168)
|
|
(7,970)
|
Net loss
|
(37,089)
|
|
(39,273)
|
|
(122,981)
|
|
(68,364)
|
|
|
|
|
|
|
|
|
Net loss attributable
to non-controlling interest
|
1,592
|
|
1,506
|
|
3,167
|
|
2,086
|
|
|
|
|
|
|
|
|
Net loss attributable to Ideanomics, Inc. common
shareholders
|
$
(35,497)
|
|
$
(37,767)
|
|
$
(119,814)
|
|
$
(66,278)
|
|
|
|
|
|
|
|
|
Basic and diluted loss per share from continuing
operations
|
$
(3.19)
|
|
$
(8.86)
|
|
$
(12.59)
|
|
$
(14.65)
|
Basic and diluted loss per share from discontinued
operations
|
$
(0.27)
|
|
$
(0.63)
|
|
$
(2.25)
|
|
$
(2.00)
|
Basic and diluted loss per
share
|
$
(3.46)
|
|
$
(9.49)
|
|
$
(14.84)
|
|
$
(16.65)
|
Weighted average shares
outstanding:
|
|
|
|
|
|
|
|
Basic and diluted
|
10,271,290
|
|
3,982,340
|
|
8,071,870
|
|
3,980,619
|
IDEANOMICS, INC. AND
SUBSIDIARIES
CONDENSED
CONSOLIDATED BALANCE SHEETS (Unaudited)
|
|
(in thousands,
except share and per share data)
|
June 30, 2023
|
|
December 31, 2022
|
|
(Unaudited)
|
|
|
ASSETS
|
|
|
|
Current
assets
|
|
|
|
Cash and cash
equivalents
|
$
2,895
|
|
$
3,759
|
Accounts receivable,
net
|
6,556
|
|
5,783
|
Contract
assets
|
373
|
|
3,579
|
Amount due from
related parties
|
108
|
|
386
|
Notes receivable from
third parties, net
|
42
|
|
31,653
|
Inventory,
net
|
22,925
|
|
27,600
|
Prepaid
expenses
|
9,535
|
|
10,382
|
Other current
assets
|
3,237
|
|
5,592
|
Current assets of
discontinued operations
|
15,089
|
|
25,304
|
Total current assets
|
60,760
|
|
114,038
|
Property and equipment,
net
|
11,029
|
|
8,650
|
Intangible assets,
net
|
150,652
|
|
43,624
|
Goodwill
|
51,237
|
|
37,775
|
Operating lease right
of use assets
|
14,702
|
|
14,385
|
Long-term
investments
|
—
|
|
7,500
|
Other non-current
assets
|
3,147
|
|
2,825
|
Non-current assets of
discontinued operations
|
1,110
|
|
14,004
|
Total assets
|
$
292,637
|
|
$
242,801
|
|
|
|
|
LIABILITIES, CONVERTIBLE REDEEMABLE PREFERRED STOCK,
AND EQUITY
|
|
|
|
Current
liabilities
|
|
|
|
Accounts
payable
|
$
57,737
|
|
$
28,022
|
Accrued
salaries
|
9,663
|
|
7,328
|
Accrued
expenses
|
3,381
|
|
2,842
|
Deferred
revenue
|
2,759
|
|
2,110
|
Amount due to related
parties
|
2,279
|
|
2,152
|
Current portion of
operating lease liabilities
|
3,383
|
|
3,189
|
Promissory note due to
related party
|
2,123
|
|
2,021
|
Promissory note due to
third parties
|
7,003
|
|
5,814
|
Convertible note due
to third party
|
6,212
|
|
3,928
|
Current contingent
consideration
|
827
|
|
867
|
Other current
liabilities
|
13,266
|
|
9,824
|
Current liabilities of
discontinued operations
|
10,886
|
|
8,764
|
Total current liabilities
|
119,519
|
|
76,861
|
Promissory note due to
third parties
|
1,819
|
|
1,957
|
Operating lease
liabilities - long term
|
14,093
|
|
11,347
|
Non-current contingent
liabilities
|
60,721
|
|
—
|
Deferred tax
liabilities
|
3,677
|
|
2,511
|
Other long-term
liabilities
|
1,457
|
|
1,634
|
Non-current liabilities
of discontinued operations
|
828
|
|
1,928
|
Total liabilities
|
202,114
|
|
96,238
|
Commitments and
contingencies (Note 15)
|
|
|
|
Convertible redeemable
preferred stock
|
|
|
|
Series A - 7,000,000
shares issued and outstanding, liquidation and deemed liquidation
preference of $3,500,000 as of June 30, 2023 and
December 31, 2022
|
1,262
|
|
1,262
|
Series B -
50,000,000.00 shares authorized, 20,000,000 and 10,000,000 shares
issued and 6,000,000 and 10,000,000 shares outstanding as of
June 30, 2023 and December 31, 2022,
respectively
|
5,310
|
|
8,850
|
Series C - 2,000,000
shares authorized, 1,159,276 and 0 shares issued and 1,159,276 and
0 shares outstanding as of June 30, 2023 and December 31,
2022, respectively
|
4,825
|
|
—
|
Equity
|
|
|
|
Common stock - $0.001
par value; 12,000,000 shares authorized, 11,264,709 and 4,786,290
shares issued and 10,976,787 and 4,786,289.768 shares outstanding
as of June 30, 2023 and December 31, 2022,
respectively
|
1,408
|
|
597
|
Additional paid-in
capital
|
1,068,697
|
|
1,004,082
|
Accumulated
deficit
|
(986,596)
|
|
(866,450)
|
Accumulated other
comprehensive loss
|
(5,185)
|
|
(6,104)
|
Total Ideanomics, Inc. stockholders'
equity
|
78,324
|
|
132,125
|
Non-controlling
interest
|
802
|
|
4,326
|
Total equity
|
79,126
|
|
136,451
|
Total liabilities, convertible redeemable preferred
stock, and equity
|
$
292,637
|
|
$
242,801
|
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SOURCE Ideanomics