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 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 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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