Ideanomics, Inc. Reports Q4 and Full Year 2023 Financial Results
NEW YORK, June 18, 2024 (GLOBE NEWSWIRE) -- Ideanomics (NASDAQ: IDEX) ("Ideanomics" or the "Company"), a global company focused on accelerating the commercial adoption of electric vehicles, announced today its fourth quarter and full year 2023 operating results for the period ended December 31, 2023.
Throughout 2023 Ideanomics continued executing its commitment to shareholders to exit non-core businesses and finalize a reorganization of the business to focus on last-mile and local delivery vehicles and associated charging products.
Full Year Highlights
- Energica Inside announced partnerships to develop all-electric solutions for aviation, marine, and off-road uses.
- Energica selected by police services in France and Barbados to provide electric motorcycles for police fleets.
- WAVE completes an industry-first OEM-approved installation of wireless charging.
- WAVE continues its initial projects with major logistics fleet customers.
Ideanomics Full Year 2023 Operating Results
Revenue for the Full Year was $15.5 million, 18.7 percent lower compared to 2022.
Gross Profit
Gross profit for the Full Year was negative $2.7 million compared to negative $3.4 million for the Full Year of 2022.
Conference Call Information
Ideanomics' management, including Alf Poor (Chief Executive Officer) and Ryan Jenkins (Chief Financial Officer), recorded an earnings conference call. Please visit www.ideanomics.com and follow the link to listen to the call.
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 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 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.
Contact:
Tony Sklar, SVP of Investor Relations
1441 Broadway, Suite 5116, New York, NY 10018
ir@ideanomics.com
IDEANOMICS, INC. OPERATIONS (USD in thousands, except per share data)
| For the years ended December 31, | 2023 | 2022 | ||||
| Revenue from sales of products | $13,710 | $14,754 | ||||
| Revenue from sales of services | 985 | 3,917 | ||||
| Other revenue | 764 | 344 | ||||
| Total revenue | 15,459 | 19,015 | ||||
| Cost of revenue from sales of products | 17,765 | 20,257 | ||||
| Cost of revenue from sales of services | 58 | 1,742 | ||||
| Cost of other revenue | 350 | 374 | ||||
| Total cost of revenue | 18,173 | 22,373 | ||||
| Gross profit | (2,714 | ) | (3,358 | ) | ||
| Operating expenses: | ||||||
| Selling, general and administrative expenses | 83,780 | 113,573 | ||||
| Research and development expense | 10,191 | 3,792 | ||||
| Asset impairments | 163,984 | 63,847 | ||||
| Goodwill impairments | 13,712 | 22,662 | ||||
| Change in fair value of contingent consideration, net | (73,768 | ) | (131 | ) | ||
| Litigation settlements | 89 | 225 | ||||
| Depreciation and amortization | 16,752 | 5,308 | ||||
| Total operating expenses | 214,740 | 209,276 | ||||
| Loss from operations | (217,454 | ) | (212,634 | ) | ||
| Interest and other income (expense): | ||||||
| Interest income | 316 | 3,449 | ||||
| Interest expense | (4,307 | ) | (2,909 | ) | ||
| Loss on disposal of subsidiaries, net | (1,152 | ) | (217 | ) | ||
| Gain on remeasurement of investment | — | 10,965 | ||||
| Other income, net | 12,505 | 865 | ||||
| Loss before income taxes and non-controlling interest | (210,092 | ) | (200,481 | ) | ||
| Income tax benefit | 5,242 | 1,574 | ||||
| Impairment of and equity in loss of equity method investees | — | (14,726 | ) | |||
| Net loss from continuing operations | (204,850 | ) | (213,633 | ) | ||
| Net loss from discontinued operations, net of tax | (29,276 | ) | (68,452 | ) | ||
| Net loss | (234,126 | ) | (282,085 | ) | ||
| Net loss attributable to common shareholders | (234,126 | ) | (282,085 | ) | ||
| Net loss attributable to non-controlling interest | 10,297 | 21,425 | ||||
| Net loss attributable to Ideanomics, Inc. common shareholders | $(223,829 | ) | $(260,660 | ) | ||
| Basic and diluted loss per share from continuing operations | $(20.59 | ) | $(52.10 | ) | ||
| Basic and diluted loss per share from discontinued operations | $(2.94 | ) | $(16.69 | ) | ||
| Basic and diluted loss per share | $(23.53 | ) | $(68.79 | ) | ||
| Weighted average shares outstanding: | ||||||
| Basic and diluted | 9,971,038 | 4,101,624 | ||||
IDEANOMICS, INC. CONSOLIDATED BALANCE SHEETS (USD in thousands)
| As of December 31, | 2023 | 2022 | ||||
| ASSETS | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $1,249 | $2,914 | ||||
| Accounts receivable, net | 1,037 | 2,107 | ||||
| Contract assets | 34 | 3,579 | ||||
| Amount due from related parties | — | 90 | ||||
| Notes receivable from third parties, net | 42 | 31,653 | ||||
| Inventory | 19,838 | 29,309 | ||||
| Prepaid expenses | 3,481 | 9,569 | ||||
| Other current assets | 1,882 | 5,096 | ||||
| Current assets of discontinued operations | 5,036 | 33,703 | ||||
| Total current assets | 32,599 | 118,020 | ||||
| Property and equipment, net | 12,904 | 7,845 | ||||
| Intangible assets, net | 23,667 | 43,622 | ||||
| Goodwill | 35,894 | 37,775 | ||||
| Operating lease right of use assets | 6,117 | 10,533 | ||||
| Long-term investments | — | 7,500 | ||||
| Other non-current assets | 2,861 | 2,276 | ||||
| Non-current assets of discontinued operations | 2,842 | 19,212 | ||||
| Total assets | $116,884 | $246,783 | ||||
| LIABILITIES, CONVERTIBLE REDEEMABLE PREFERRED STOCK AND EQUITY | ||||||
| Current liabilities | ||||||
| Accounts payable | $55,208 | $25,224 | ||||
| Deferred revenue (including customer deposits of $1,891 and $1,786 as of December 31, 2023 and 2022, respectively) | 2,537 | 2,186 | ||||
| Accrued salaries | 5,347 | 6,851 | ||||
| Accrued expenses | 3,784 | 2,669 | ||||
| Amount due to related parties | 1,419 | 1,927 | ||||
| Other current liabilities | 13,181 | 9,287 | ||||
| Current portion of operating lease liabilities | 3,222 | 2,031 | ||||
| Current contingent consideration | 727 | 867 | ||||
| Promissory note due to related party-short term | 2,348 | 2,021 | ||||
| Promissory note due to third parties-short term | 14,615 | 9,578 | ||||
| Convertible promissory note due to third-parties | 7,524 | 3,928 | ||||
| Current liabilities of discontinued operations | 7,721 | 14,244 | ||||
| Total current liabilities | 117,633 | 80,813 | ||||
| Promissory note-long term | 3,943 | 1,957 | ||||
| Operating lease liability-long term | 10,890 | 8,566 | ||||
| Deferred tax liabilities | 1,946 | 2,509 | ||||
| Other long-term liabilities | 1,071 | 1,131 | ||||
| Non-current liabilities of discontinued operations | 1,672 | 5,212 | ||||
| Total liabilities | 137,155 | 100,188 | ||||
| Commitments and contingencies (Note 19) | ||||||
| Convertible redeemable preferred stock: | ||||||
| Series A - 7,000,000 shares issued and outstanding, liquidation and deemed liquidation preference of $3,500,000 as of December 31, 2023 and 2022, respectively | 1,262 | 1,262 | ||||
| Series B - 60,000,000 shares authorized, 20,000,000 and 10,000,000 shares issued and 2,105,200 and 10,000,000 shares outstanding as of December 31, 2023 and 2022, respectively | 1,863 | 8,850 | ||||
| Series C - 2,000,000 shares authorized, 1,159,210 and 0 shares issued and 613,039 and 0 shares outstanding as of December 31, 2023 and 2022, respectively | 4,825 | — | ||||
| Equity: | ||||||
| Common stock - $0.001 par value; 1,500,000,000 shares authorized, 11,985,268 and 4,781,930 shares issued and outstanding as of December 31, 2023 and 2022, respectively | 1,499 | 597 | ||||
| Additional paid-in capital | 1,071,520 | 1,004,082 | ||||
| Accumulated deficit | (1,090,579 | ) | (866,418 | ) | ||
| Accumulated other comprehensive (income) loss | (4,553 | ) | (6,104 | ) | ||
| Total Ideanomics, Inc. shareholder's equity | (22,113 | ) | 132,157 | |||
| Non-controlling interest | (6,108 | ) | 4,326 | |||
| Total equity | (28,221 | ) | 136,483 | |||
| Total liabilities, convertible redeemable preferred stock and equity | $116,884 | $246,783 | ||||
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