– Turnover for the year ended December 31, 2021were $114 million
– Gross profit for 2021 was $23.2 million
NEW YORK, September 2, 2022 /PRNewswire/ — ideonomic (NASDAQ:IDEX) (“Ideanomics” or the “Company”), a global company focused on accelerating the commercial adoption of electric vehicles, today announced operating results for the entire year 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 undertakes no obligation 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) |
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SOURCE Ideonomy
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