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Ideanomics, Inc. Reports Full Year 2021 Financial Results

·8 min read

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

NEW YORK, Sept. 2, 2022 /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 2021 operating results for the period ended December 31, 2021.

(PRNewsfoto/Ideanomics)
(PRNewsfoto/Ideanomics)

"In 2021, Ideanomics transformed through several acquisitions, and this enabled us to pursue our vision of becoming the first integrated provider of commercial electrification solutions, which is what the customer is searching for," said Alf Poor, CEO of Ideanomics.

"We know our investors have been eager to read our earnings reports and we greatly appreciate everyone's patience through these past few months. As the global transition to electric vehicles accelerates, Ideanomics' differentiated value proposition of vehicles, charging and energy systems, and financial services all under one roof uniquely positions us to capture market share and generate value. We look forward to sharing more information regarding our earnings for the first and second quarters of this year shortly."

Ideanomics Full Year 2021 Operating Results 

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

Gross Profit 

Gross profit for 2021 was $23.2 million which represented a Gross Margin of 20.4%. Gross profit for 2020 was $2.1 million.

Selected Business Updates and Highlights

  • Acquired wireless charging provider WAVE

  • Expanded product offering by acquiring US Hybrid and Solectrac

  • Announced and progressed on acquisition of VIA Motors

  • Announced facility expansion across the broader company

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 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 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 Annual Report on Form 10-K and Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission (the "SEC"), 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
E-mail: ir@ideanomics.com

Theodore Rolfvondenbaumen
Communications Director
E-mail: trolfvondenbaumen@ideanomics.com

 

CONSOLIDATED BALANCE SHEETS (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 due from related parties


266


240

Notes receivable from third parties


54,907


Notes receivable from 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

Goodwill


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 REDEEMABLE PREFERRED STOCK , REDEEMABLE NON-CONTROLLING INTEREST 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

Accrued salaries


8,957


1,750

Amount due to related parties


1,102


882

Other current liabilities


7,137


2,235

Current portion of operating lease liabilities


3,086


115

Current contingent consideration


648


1,325

Promissory note-short term


312


568

Convertible promissory note due to third-parties


57,809


Total current liabilities


91,117


13,061

Operating lease liability-long term


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 liabilities


106,807


37,688

Commitments and contingencies (Note 21)





Convertible redeemable preferred stock 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

Redeemable non-controlling interest



7,485

Equity:





Common stock - $0.001 par value; 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


497


345

 Additional paid-in capital


968,066


531,866

 Accumulated deficit


(605,758)


(349,747)

 Accumulated other comprehensive loss


222


1,231

Total Ideanomics, Inc. shareholder's equity


363,027


183,695

Non-controlling interest


2,341


3,739

Total equity


365,368


187,434

Total liabilities, convertible redeemable preferred stock, redeemable non-controlling interest and equity


$              473,437


$              233,869

 

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


For the years ended December 31,


2021


2020


2019

Revenue from sales 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 sales 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 revenue


1,305



Total revenue


114,080


26,759


44,566

Cost of revenue from sales of products (including from a 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 sales of services  (including from a 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 revenue


1,445



Total cost of revenue


90,852


24,702


1,458

Gross profit


23,228


2,057


43,108








Operating expenses:







Selling, general and administrative expenses


72,825


32,399


24,862

Research and development expense


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

Litigation settlements


5,432



Depreciation and amortization


6,118


5,310


2,229

Total operating expenses


282,785


97,701


111,682








Loss from operations


(259,557)


(95,644)


(68,574)








Interest and other income (expense):







Interest income


1,502


108


68

Interest expense


(2,139)


(16,078)


(5,684)

Expense 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 remeasurement of investment


2,915



(3,179)

Other income (expense), 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 of and equity in loss of equity method investees


(11,529)


(16,780)


(13,718)








Net loss


(256,725)


(111,581)


(96,829)








Deemed dividend related to warrant repricing



(184)


(827)








Net loss attributable to common shareholders


(256,725)


(111,765)


(97,656)








Net (income) loss attributable to non-controlling interest


714


10,501


(852)








Net loss attributable to Ideanomics, Inc. common shareholders


$            (256,011)


$             (101,264)


$             (98,508)








Basic and diluted loss per share


$                 (0.57)


$                 (0.47)


$                 (0.82)








Weighted average shares outstanding:














Basic and diluted


447,829,204


213,490,535


119,766,859

 

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD in thousands)


For the years ended December 31,


2021


2020


2019








Net loss


$        (256,725)


$        (111,581)


$          (96,829)

Other comprehensive loss, net of nil tax







Foreign currency translation adjustments


(1,385)


3,158


407

Comprehensive loss


(258,110)


(108,423)


(96,422)

Deemed dividend related to warrant repricing



(184)


(827)

Comprehensive loss attributable to non-controlling interest


2,020


9,238


(844)

Comprehensive loss attributable to Ideanomics, Inc. common shareholders


$        (256,090)


$          (99,369)


$          (98,093)

 

Cision
Cision

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SOURCE Ideanomics