– 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.
“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: [email protected]
Theodore Rolfvondenbaumen
Communications Director
E-mail: [email protected]
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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) |
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SOURCE Ideanomics
