Investment reports

Ideanomics, Inc. Reports 2021 Financial Results

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

NEW YORK, September 2, 2022 /PRNewswire/ — Ideanomics (NASDAQ:IDEX) (“Ideanomics” or the “Company”), a global company focused on accelerating the commercial adoption of electric vehicles, today announced operating results for the whole of 2021 for the period ended December 31, 2021.

“In 2021, Ideanomics has transformed through several acquisitions, allowing us to pursue our vision of becoming the premier integrated provider of commercial electrification solutions, which is what the customer is looking for,” said Alf PoorCEO of Ideanomics.

“We know our investors are eager to read our earnings reports and we greatly appreciate everyone’s patience over the past several months. As the global transition to electric vehicles accelerates, the differentiated value proposition of Ideanomics in vehicles, charging systems, energy and financial services all under one roof uniquely positions us to capture market share and drive value. information regarding our earnings for the first and second quarters of this year.”

Ideanomics Full Year 2021 Operating Results

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

Gross profit

Gross profit for 2021 was $23.2 million which represents a gross margin of 20.4%. Gross profit for 2020 was $2.1 million.

Selected company updates and highlights

  • Acquisition of wireless charging provider WAVE
  • Expanded product offering through the acquisition of US Hybrid and Solectrac
  • VIA Motors Acquisition Announcement and Progress
  • Announced expansion of facilities across the company

About Ideonomics

Ideanomics (NASDAQ:IDEX) is a global company with a simple mission: to accelerate the commercial adoption of electric vehicles. By linking vehicles and charging technology with design, implementation and financial services, we provide the solutions needed to engage the commercial world in an electric vehicle future. To keep up to date with Ideanomics, please follow the company on social media @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 facts 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 combination companies in a certain period of time, if ever. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they involve assumptions, risks and uncertainties, and such 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 due to a variety of risks and uncertainties, such as risks relating to: our ability to obtain necessary regulatory approvals and other risks and uncertainties disclosed in the sections entitled “Risk factors” and “Management report and analysis of the financial situation and operating results” in our most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the United States Securities and Exchange Commission (the “SEC”), and similar information in subsequent reports filed with the SEC, which are available on the SEC’s 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. Except as required by securities laws, the Company does not assume a duty to update these forward-looking statements.

Investor relations and media contact

Ideanomics, Inc.
Tony SklerSenior Vice President 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 SHEET (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 owed by related parties


266


240

Notes receivable from third parties


54,907


Notes receivable from a 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

Good will


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 AND REDEEMABLE PREFERRED SHARES, REDEEMABLE NON-CONTROLLING INVESTMENT 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

Accumulated wages


8,957


1,750

Amount due to related parties


1,102


882

Other current liabilities


7,137


2,235

Current portion of operating lease debts


3,086


115

Current contingent consideration


648


1,325

Short term promissory note


312


568

Promissory note convertible by third parties


57,809


Total current liabilities


91 117


13,061

Long-term operating lease liability


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 responsibilities


106,807


37,688

Commitments and contingencies (Note 21)





Convertible redeemable preferred shares 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

Participation not giving refundable control



7,485

Equity:





Common Stock – par value $0.001; 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


four hundred ninety seven


345

Premium


968,066


531,866

Accumulated deficit


(605,758)


(349,747)

Accumulated other comprehensive income


222


1,231

Equity of Total Ideanomics, Inc.


363,027


183,695

Non-controlling interest


2,341


3,739

Total equity


365 368


187,434

Total Liabilities, Redeemable Convertible Preferred Shares, Redeemable Minority Interests and Equity


$473,437


$233,869

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


For the years ended December 31,


2021


2020


2019

Revenue from the sale 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 the sale 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 income


1,305



Total income


114,080


26,759


44,566

Cost of revenue from the sale of products (including 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 the sale of services (including 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 income


1,445



Total revenue cost


90,852


24,702


1,458

Gross profit


23,228


2,057


43 108








Operating costs :







Selling, general and administrative expenses


72,825


32,399


24,862

Research and development costs


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

Dispute settlements


5,432



Depreciation and amortization


6,118


5,310


2,229

Total operating expenses


282,785


97,701


111,682








Operating loss


(259,557)


(95,644)


(68,574)








Interest and other income (expenses):







interest income


1,502


108


68

Interest expense


(2,139)


(16,078)


(5,684)

Charge 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 revaluation of investment


2,915



(3,179)

Other income (expenses), 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 and equity in loss of equity-accounted companies


(11,529)


(16,780)


(13,718)








Net loss


(256,725)


(111,581)


(96,829)








Deemed dividend related to repricing of warrants



(184)


(827)








Net loss attributable to common shareholders


(256,725)


(111,765)


(97,656)








(Income) net loss attributable to non-controlling interests


714


10,501


(852)








Net loss attributable to common shareholders of Ideanomics, Inc.


($256,011)


($101,264)


($98,508)








Basic and diluted loss per share


$(0.57)


$(0.47)


$(0.82)








Weighted average number of shares outstanding:














Basic and diluted


447 829 204


213 490 535


119,766,859

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD in thousands)


For the years ended December 31,


2021


2020


2019








Net loss


($256,725)


($111,581)


($96,829)

Other comprehensive income, net of nil tax







Foreign currency translation adjustments


(1,385)


3,158


407

Overall loss


(258,110)


(108,423)


(96,422)

Deemed dividend related to repricing of warrants



(184)


(827)

Comprehensive loss attributable to non-controlling interests


2020


9,238


(844)

Comprehensive loss attributable to common shareholders of Ideanomics, Inc.


($256,090)


($99,369)


($98,093)

SOURCE Ideonomy