PR Newswire
-
Revenues for the quarter ended
September 30, 2022
, were
$24.3 million
-
Energica provided 88 motorcycles for the upcoming G20 Summit in
Bali, Indonesia
.
-
US Hybrid supplying technology for 62 zero emission street sweepers to GEP
NEW YORK
,
Nov. 9, 2022
/PRNewswire/ —
Ideanomics
(NASDAQ: IDEX) (“Ideanomics” or the “Company”), a global company focused on accelerating the commercial adoption of electric vehicles, announced today its third quarter 2022 operating results for the period ended
September 30, 2022
.
“In the third quarter Ideanomics showed the value and strength of our growing EV businesses, highlighted by Energica’s deal to provide motorcycles for the Indonesian National Police, which will be utilized at the upcoming G20 summit. Solectrac, like Energica, is also experiencing demand based growth and has expanded its manufacturing capacity resulting in a significant increase in unit production, while US Hybrid is on track towards profitability by the end of 2023. Furthermore, our WAVE business secured its first fleet customer in Q3. We look forward to continuing to demonstrate how our differentiated products and technologies drive revenue growth across our EV brands,” said
Alf Poor
, CEO of Ideanomics.
Selected Business Updates and Highlights
-
Energica announced that it will provide 88 motorcycles for the upcoming G20 Summit in
Bali, Indonesia
. -
US Hybrid
announced it is supplying
Global Environmental Products
with its proprietary electric and hybrid electric propulsion kits for use in the construction of 62 zero emission street sweepers -
Ideanomics announced eleven new dealer partnerships to enhance the availability of Solectrac electric tractors across
the United States
- Solectrac partners with Nolan Manufacturing to produce Solectrac’s e25 electric tractors with additional models slated for future production
-
Ideanomics announced an agreement with ABC Companies, a leading provider of motorcoach, transit and specialty passenger transport equipment in the
USA
and
Canada
allowing them to become a certified reseller of WAVE’s industry-leading wireless inductive charging technology in
North America
. -
WAVE successfully tested its 500kW wireless charger at the Port of
Los Angeles
- Ideanomics launched a product design studio to create a new generation of high-performance electric mobility and charging solutions
-
Ideanomics welcomed new Chief Financial Officer
Stephen Johnston
Ideanomics Third quarter 2022 Operating Results
Revenue for the third quarter was
$24.3 million
, demonstrating strong year-over-year in Ideanomics’ growing EV business. Revenue from electric vehicle and charging product and services in the third quarter of 2022 was
$16.2 million
versus
$10.5 million
in the third quarter of 2021, an increase of 54.7%. Revenue from the US in the third quarter of 2022 was
$12.7 million
versus
$18.0 million
in the third quarter of 2021, a decrease of
$5.3 million
. EV, charging and battery revenue from the U.S. and
Europe
was
$8.8 million
, four times higher than Q3 of last year. We expect EV revenues from the US and
Europe
to continue to grow as we shift spending to focus on increasing operating capacity and fulfilling market demand.
Gross Profit
Gross profit for the third quarter was
$(0.7) million
, which represented a Gross Margin of (2.7%). Gross profit for the third quarter of 2021 was
$4.0 million
.
Conference Call Information
Ideanomics’ management, including
Alf Poor
(Chief Executive Officer),
Stephen Johnston
(Chief Financial Officer),
Robin Mackie
(President, Ideanomics Mobility) and
Tony Sklar
(SVP of Investor Relations), will host live an earnings release conference call at
4:30 pm ET
,
Wednesday, November 9, 2022
. 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 (
), 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
.
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 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]
|
|
|||||||
|
|
|
||||||
|
|
|
|
|
||||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
|
|||||||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
|
|||||||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
|
|||||||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
|
|||||||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
|
|||
|
|
|
||
|
|
|||
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|||
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
||||||
|
|
|
|
|
||||
|
|
|
|
|
|
|||
|
|
|||||||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
|
|
|
|
|
|
|||
View original content to download multimedia:
https://www.prnewswire.com/news-releases/ideanomics-inc-reports-q3-2022-financial-results-301673442.html
SOURCE Ideanomics
Featured image: Megapixl © Dudau