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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