Ideanomics, Inc. Reports Full Year 2021 Financial Results

– Revenues for the year ended December 31, 2021, were $114 million- Gross profit for 2021 was $23.2 million

NEW YORK, Sept. 2, 2022 /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 2021 operating results for the period ended December 31, 2021.

“In 2021, Ideanomics transformed through several acquisitions, and this enabled us to pursue our vision of becoming the first integrated provider of commercial electrification solutions, which is what the customer is searching for,” said Alf Poor, CEO of Ideanomics.

“We know our investors have been eager to read our earnings reports and we greatly appreciate everyone’s patience through these past few months. As the global transition to electric vehicles accelerates, Ideanomics’ differentiated value proposition of vehicles, charging and energy systems, and financial services all under one roof uniquely positions us to capture market share and generate value. We look forward to sharing more information regarding our earnings for the first and second quarters of this year shortly.”

Ideanomics Full Year 2021 Operating Results  

Revenue for the year was $114.1 million with strong year-over-year growth demonstrating the growing strength of Ideanomics’ business. Revenue from the US in 2021 was $84.3 million versus $1.6 million in 2020, an increase of $82.7 million. We expect revenues from EV to continue to grow as we consolidate our recent acquisitions and subsidiaries for our financial results for the full year of 2022 moving forward. 

Gross Profit 

Gross profit for 2021 was $23.2 million which represented a Gross Margin of 20.4%. Gross profit for 2020 was $2.1 million.   

Selected Business Updates and Highlights

Acquired wireless charging provider WAVE
Expanded product offering by acquiring US Hybrid and Solectrac
Announced and progressed on acquisition of VIA Motors
Announced facility expansion across the broader company

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 Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission (the “SEC”), 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
E-mail: [email protected]

Theodore Rolfvondenbaumen
Communications Director
E-mail: [email protected] 

CONSOLIDATED BALANCE SHEETS (USD in thousands)

As of December 31,

2021

2020

ASSETS

Current assets:

Cash and cash equivalents

$              269,863

$              165,764

Accounts receivable, net

3,338

7,400

Contract assets

2,772

Amount due from related parties

266

240

Notes receivable from third parties

54,907

Notes receivable from related party

697

Inventory

6,159

Prepaid expenses

20,015

2,629

Other current assets

4,490

3,726

Total current assets

362,507

179,759

Property and equipment, net

2,905

330

Fintech Village

7,250

Intangible assets, net

42,546

29,705

Goodwill

16,161

705

Operating lease right of use assets

12,827

155

Long-term investments

35,588

8,487

Other non-current assets

903

7,478

Total assets

$              473,437

$              233,869

LIABILITIES, CONVERTIBLE REDEEMABLE PREFERRED STOCK , REDEEMABLE NON-CONTROLLING INTEREST AND EQUITY

Current liabilities

Accounts payable

$                 6,674

$                 5,057

Deferred revenue (including customer deposits of $3,163 and $31 as of December 31, 2021 and 2020, respectively)

5,392

1,129

Accrued salaries

8,957

1,750

Amount due to related parties

1,102

882

Other current liabilities

7,137

2,235

Current portion of operating lease liabilities

3,086

115

Current contingent consideration

648

1,325

Promissory note-short term

312

568

Convertible promissory note due to third-parties

57,809

Total current liabilities

91,117

13,061

Operating lease liability-long term

9,647

19

Non-current contingent liabilities

350

7,635

Deferred tax liabilities

5,073

5,045

Other long-term liabilities

620

7,275

Asset retirement obligations

4,653

Total liabilities

106,807

37,688

Commitments and contingencies (Note 21)

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 December 31, 2021 and 2020, respectively

1,262

1,262

Redeemable non-controlling interest

7,485

Equity:

Common stock – $0.001 par value; 1,500,000,000 shares authorized, 497,272,525 and 344,861,295 shares issued and outstanding as of December 31, 2021 and 2020, respectively

497

345

 Additional paid-in capital

968,066

531,866

 Accumulated deficit

(605,758)

(349,747)

 Accumulated other comprehensive loss

222

1,231

Total Ideanomics, Inc. shareholder’s equity

363,027

183,695

Non-controlling interest

2,341

3,739

Total equity

365,368

187,434

Total liabilities, convertible redeemable preferred stock, redeemable non-controlling interest and equity

$              473,437

$              233,869

CONSOLIDATED STATEMENTS OF OPERATIONS (USD in thousands, except per share data)

For the years ended December 31,

2021

2020

2019

Revenue from sales of products (including from a related party of $1, $10 and $0 for the years ended December 31, 2021, 2020 and 2019, respectively)

$               37,009

$               25,128

$                    —

Revenue from sales of services (including from a related party of $0, $0 and $43,271 for the years ended December 31, 2021, 2020 and 2019, respectively)

75,766

1,631

44,566

Other revenue

1,305

Total revenue

114,080

26,759

44,566

Cost of revenue from sales of products (including from a related party of $36, $13 and $0 for the years ended December 30, 2021, 2020 and 2019, respectively)

37,845

23,644

Cost of revenue from sales of services  (including from a related party of $0, $0 and $467 for the years ended December 30, 2021, 2020 and 2019, respectively)

51,562

1,058

1,458

Cost of other revenue

1,445

Total cost of revenue

90,852

24,702

1,458

Gross profit

23,228

2,057

43,108

Operating expenses:

Selling, general and administrative expenses

72,825

32,399

24,862

Research and development expense

760

1,635

Professional fees

34,710

12,541

5,828

Asset impairments

71,070

33,230

73,669

Goodwill impairments

101,470

18,089

Change in fair value of contingent consideration, net

(9,600)

(5,503)

5,094

Litigation settlements

5,432

Depreciation and amortization

6,118

5,310

2,229

Total operating expenses

282,785

97,701

111,682

Loss from operations

(259,557)

(95,644)

(68,574)

Interest and other income (expense):

Interest income

1,502

108

68

Interest expense

(2,139)

(16,078)

(5,684)

Expense due to conversion of notes

(2,266)

Gain (loss) on extinguishment of debt

300

8,891

(3,940)

(Loss) gain on disposal of subsidiaries, net

(1,264)

276

(952)

Gain (loss) on remeasurement of investment

2,915

(3,179)

Other income (expense), net

1,261

6,604

(433)

Loss before income taxes and non-controlling interest

(256,982)

(98,109)

(82,694)

Income tax benefit (expense)

11,786

3,308

(417)

Impairment of and equity in loss of equity method investees

(11,529)

(16,780)

(13,718)

Net loss

(256,725)

(111,581)

(96,829)

Deemed dividend related to warrant repricing

(184)

(827)

Net loss attributable to common shareholders

(256,725)

(111,765)

(97,656)

Net (income) loss attributable to non-controlling interest

714

10,501

(852)

Net loss attributable to Ideanomics, Inc. common shareholders

$            (256,011)

$             (101,264)

$             (98,508)

Basic and diluted loss per share

$                 (0.57)

$                 (0.47)

$                 (0.82)

Weighted average shares outstanding:

Basic and diluted

447,829,204

213,490,535

119,766,859

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD in thousands)

For the years ended December 31,

2021

2020

2019

Net loss

$        (256,725)

$        (111,581)

$          (96,829)

Other comprehensive loss, net of nil tax

Foreign currency translation adjustments

(1,385)

3,158

407

Comprehensive loss

(258,110)

(108,423)

(96,422)

Deemed dividend related to warrant repricing

(184)

(827)

Comprehensive loss attributable to non-controlling interest

2,020

9,238

(844)

Comprehensive loss attributable to Ideanomics, Inc. common shareholders

$        (256,090)

$          (99,369)

$          (98,093)

SOURCE Ideanomics

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