Ideanomics (NASDAQ: IDEX), a global company focused on accelerating the commercial adoption of electric vehicles, is reporting financial and operating results for both the first and second quarters of 2022. For the first quarter, or the period ended March 31, 2022, the company showed revenues reaching $25.4 million, a 4.5 million decrease compared to the $29.9 million reported in Q1 2021. Revenue from the United States specifically during the quarter totaled $11.8 million versus $26.9 million in Q1 2021; the company attributed the difference to Timios, due to a previously disclosed cybersecurity issue. Gross profit for Q1 2022 was $0.02 million, which represented a gross margin of 0.08%. Second-quarter numbers came in with revenue at $34.2 million, demonstrating strong year-over-year growth attributed to IDEX’s growing EV business. Q2 revenue from the United States was $14.4 million compared to $25 million for the same period in 2021; the company again pointed to Timios as a key reason for the decrease but also noted that the decline was offset with growth in revenues from both its Energica and Solectrac brands. Gross profit for Q2 2022 was $1.5 million, which represented a gross margin of 4.4%. Operational highlights for the company for both quarters include the 70% acquisition of Italian electric motorbike producer Energica; a strategic investment with battery manufacturer InoBat, and plans to build an R&D and battery production facility in Indiana. In addition, the company’s Solectrac brand is focused on development of a North American dealer network, has opened a new facility in California and, with Energica, unveiled Experia, a new green tourer electric motorcycle. IDEX’s Energica also celebrated Energica Day in Times Square in New York City and announced Energica Inside to support the industry shift to EV. “In the first quarter, Ideanomics strengthened our product offerings and synergies across our subsidiaries highlighted by our closing of the Energica transaction,” said Ideanomics CEO Alf Poor in the press release. “In the second quarter, Ideanomics was able to demonstrate our growing EV businesses, highlighted by our strong revenue growth at both Energica and Solectrac. . . . These developments will enable us to continue to drive the revenue growth these businesses are experiencing.”
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About Ideanomics Inc.
Ideanomics 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, the company provides the solutions needed for the commercial world to commit to an EV future. For more information about the company, please visit www.Ideanomics.com.
NOTE TO INVESTORS: The latest news and updates relating to IDEX are available in the company’s newsroom at https://ibn.fm/IDEX
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