Ideanomics, Inc. Reports Q4 and Full Year 2023 Financial Results
18 Junio 2024 - 4:05PM
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
Relations1441 Broadway, Suite 5116, New York,
NY 10018ir@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 |
|
Ideanomics (NASDAQ:IDEX)
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