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Ideanomics Reports $26.8M in Revenues and EV Sales Growth for 2020

04-10-2021 06:39 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Ideanomics Inc.

Ideanomics Inc (NASDAQ:IDEX ) announced revenues for the year ended December 31, 2020, were US$26.8 million. EV related revenue in 2020 was US$19.5 million versus US$2.7 million in 2019, an increase of US$16.8 million or more than 600%. Ideanomics is very well financed and as of April 1, 2021 had a cash position of US$330 million.

The 2020 revenue includes the company's first sales of charging and battery systems. IDEX expects charging system revenues to grow as the WAVE inductive charging business acquired in January starts showing up in financials this quarter.

"We are very pleased with the transformation that took place this past year," says CEO Alf Poor. "Despite a year highlighted by COVID-19, we were able to build the groundwork for 2021 and beyond for Ideanomics and we are excited for what the future holds with our recent activity across the EV ecosystem and developments in EV charging infrastructure."

Investor Relations and Media Contact

Tony Sklar, SVP of Investor Relations
1441 Broadway, Suite 5116 New York, NY 10018.

Valerie Christopherson / Lora Wilson
Global Results Communications (GRC)
+1 949 306 6476

Ideanomics is a global company focused on the convergence of financial services and industries experiencing technological disruption. Our Ideanomics Mobility division is a service provider which facilitates the adoption of electric vehicles by commercial fleet operators through offering vehicle procurement, finance and leasing, and energy management solutions under our innovative sales to financing to charging (S2F2C) business model. Ideanomics Capital is focused on disruptive fintech solutions for the financial services industry. Together, Ideanomics Mobility and Ideanomics Capital provide our global customers and partners with leading technologies and services designed to improve transparency, efficiency, and accountability, and our shareholders with the opportunity to participate in high-potential, growth industries.

The company is headquartered in New York, NY, with offices in Beijing, Hangzhou, and Qingdao, and operations in the U.S., China, Ukraine, and Malaysia.

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