Ideanomics, Inc. Reports Q4 and Full Year 2022 Financial Results

NEW YORK, March 30, 2023 /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 2022 operating results for the period ended December 31, 2022.

“Last year was challenging for the entire EV industry. Despite the headwinds, Ideanomics generated approximately 70% more revenue from the sale of EVs and charging solutions compared to 2021, We achieved this by reducing costs, and through smart, targeted investments to increase production capacity, enhancing our sales and distribution channels, and strengthening our management team. This demonstrates that we are on the right track, and are ready to meet growing demand for our EV and charging solutions as the transition to zero-emission transportation accelerates,” said Alf Poor, CEO of Ideanomics.

Highlights

  • VIA Motors secured a $170 million order with Pegasus Specialty Vehicles and established a partnership with EAVX (part of JB Poindexter) to develop an electric class 2b delivery van.
  • Combined, Solectrac and Energica sold more than 850 branded electric vehicles. Solectrac established a U.S. coast-to-coast certified dealer network, and Energica reached 140 certified dealerships across five continents.
  • Announced high-value commercial deals including the delivery of 88 Energica motorcycles to the Indonesia National Police, US Hybrid supplying power train solutions for 62 zero-emission street sweepers, and a WAVE inductive wireless charging project with a major e-commerce company.

Ideanomics Full Year 2022 Operating Results  

Revenue for the Full Year was $100.9 million, 11 percent lower compared to 2021.  Revenue from the sale of electric vehicles and charging products and services in 2022 was $68.3 million versus $39.9 million in 2021, representing continued year-on-year growth.

Gross Profit 

Gross profit for the Full Year was negative $0.8 million compared to $23.2 million for the Full Year of 2021.

Conference Call Information

Ideanomics’ management, including Alf Poor (Chief Executive Officer), Stephen Johnston (Chief Financial Officer), Robin Mackie (Chief Operating Officer) and Tony Sklar (SVP of Investor Relations), will host live an earnings release conference call at 8:30 am ET, Thursday, March 30, 2023. Time permitting, Ideanomics management will answer questions from the Say platform and during the live Q&A session. A replay of the earnings call will be available soon after the conclusion of the event.

To join the webcast, please visit the ‘Events & Presentations’ section of the Ideanomics corporate website (http://www.ideanomics.com/), or copy/paste this link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=UtFdo7X5 

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.

Investor Relations and Media Contact

Ideanomics,Inc.
Tony Sklar, SVP of Investor Relations
1441 Broadway, Suite 5116 New York, NY 10018
Email: ir@ideanomics.com

Theodore Rolfvondenbaumen
Communications Director
Email: trolfvondenbaumen@ideanomics.com

EV Evangelist, Passionate About Electric Vehicles/Mobility. Tune in on X : @HDEONEV