Ideanomics Inc. Reported Q2 $4.7 M Revenues $36M Cash and 50% Debt Reduction

NEW YORK --- Ideanomics Inc. (Nasdaq-IDEX) a global company focused on monetizing the adoption of commercial electric vehicles and associated energy consumption, as well as enabling the next generation of financial services and fintech products, announced its second quarter 2020 operating results for the period ended June 30, 2020 (a full copy of the Company's 10-Q report is available at www.sec.gov).

"We are very pleased with the pace of our sales growth in the new energy vehicle industry," said Alf Poor, CEO of Ideanomics. "As the rate of global electric vehicle (EV) adoption continues to rise and technology advancements make EVs more accessible, our Sales to Financing to Charging (S2F2C) business model is positioned to add value for commercial fleet operators in all areas of their business."

Ideanomics Second Quarter 2020 Operating Results

Revenue for the three months ended June 30, 2020, was $4.7 million. The second quarter revenues are the largest revenues from MEG since the Company commenced EV sales demonstrating the underlying strength of MEG's business, particularly as these revenues were earned during a period when China's economy was still returning to normal after the Covid-19 lockdown.

Performance on a sequential basis, revenues saw improvement in the second quarter of $4.7 million versus $378,000 in the first quarter ending March 31, 2020.

Gross Profit

Gross profit for second quarter was $255,000 which represented a gross margin of 4.9%. Second quarter operating expense was $16.5 million as compared to $8.0 million in the same period in 2019. The increase was due principally to a one-time non-cash impairment charge of $6.2 million related to the decision to terminate our office lease at 55 Broadway. Excluding the impairment charge, operating expenses for the second quarter was $10.3 million versus $8.0 million in the prior year.

Operating Loss

The loss from operations was $16.3 million, however, excluding the one-time impairment charge, the loss would have been $10.1 million as compared to $5.7 million in the prior period. Management continues to look for ways to reduce costs and allocate spending to the projects with the highest rate of return. Expenses for the current period include $17.4 million of non-cash expense related to impairment charges, interest expense, and debt conversion.

Headquarters / New York City
55 Broadway, 19th Floor
New York, NY 10006
212-206-1216

About Ideanomics

Ideanomics is a global company focused on facilitating the adoption of commercial electric vehicles and developing next generation financial services and Fintech products. Its electric vehicle division, Mobile Energy Global (MEG) provides group purchasing discounts on commercial electric vehicles, EV batteries and electricity as well as financing and charging solutions. Ideanomics Capital includes DBOT ATS and Intelligenta which provide innovative financial services solutions powered by AI and blockchain. MEG and Ideanomics Capital provide our global customers and partners with better efficiencies and technologies and greater access to global markets.

The company is headquartered in New York, NY, and has offices in Beijing and Qingdao, China.

https://ideanomics.com/

This release was published on openPR.