Ideanomics(IDEX)

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Ideanomics(IDEX) - 2023 Q2 - Earnings Call Transcript
2023-08-27 16:56
Financial Data and Key Metrics Changes - Revenue for continuing operations in Q2 2023 was $8.2 million, a decrease of 13% compared to the same period last year [9] - Revenue for the first half of 2023 was $13.8 million, reflecting a 19% increase year-over-year [9] - Gross profit from continuing operations was $0.7 million, with a gross margin of 8.4%, an improvement of approximately $1.2 million compared to a loss of $0.5 million last year [9] - Operating expenses for the quarter were $32.7 million, down 15% from $38.4 million in Q1 2023 [9] Business Line Data and Key Metrics Changes - The company has exited the Timios title and escrow business and the China market, with the majority of revenue now coming from EV-related and charging-related products and services in North America and Europe [9][8] - The focus is now on last-mile delivery vehicles and associated charging products, particularly through VIA Motors [5][6] Market Data and Key Metrics Changes - The company is concentrating on the North American and European markets for its EV-related products, following the divestiture of non-core operations [9][8] Company Strategy and Development Direction - The company is finalizing a reorganization to focus on last-mile delivery vehicles and associated charging products, emphasizing VIA Motors [5][6] - There are ongoing discussions and agreements with multiple customers and partners in the identified market segments [7] - The company is seeking to divest non-core businesses like Energica and Solectrac to return value to shareholders [12] Management Comments on Operating Environment and Future Outlook - Management acknowledges that 2023 has been a challenging year for the commercial EV industry but believes the company is now leaner and more efficient, positioning itself for future success [13] - The management team is focused on improving efficiency and product development despite capital constraints [11] Other Important Information - The company has classified its discontinued operations separately in its financial statements, reflecting the exit from Timios and China operations [8] - The management is exploring strategic investments to support growth in aligned businesses like WAVE charging and U.S. Hybrid [12] Q&A Session Summary - No specific questions or answers were provided in the transcript, indicating that the Q&A session may not have been included in the provided content [16]
Ideanomics(IDEX) - 2023 Q2 - Quarterly Report
2023-08-24 16:00
Revenue and Profitability - For the three months ended June 30, 2023, revenue decreased to $8.183 million, down 12.8% from $9.385 million in the same period of 2022[209] - Gross profit improved to $689,000 compared to a loss of $490,000 in the prior year, indicating a significant turnaround[209] - Revenue for the six months ended June 30, 2023, was $13.8 million, an increase of $2.2 million or 19.1% compared to $11.6 million for the same period in 2022[211] - The company reported a gross profit of $570,000 for the six months ended June 30, 2023, compared to a gross loss of $1.35 million for the same period in 2022, an improvement of $1.92 million[211] - Gross profit for the three months ended June 30, 2023 was $689,000, compared to a loss of $490,000 for the same period in 2022, representing a change of $1,179,000[220] - The gross profit ratio for the three months ended June 30, 2023 was 8.4%, an increase from (5.2)% in the same period of 2022[222] Operating Expenses - Operating expenses decreased by 1.9% to $35.882 million from $36.556 million in the previous year, primarily due to a reduction in selling, general, and administrative expenses[209] - Total operating expenses for the six months ended June 30, 2023, were $109.0 million, an increase of $39.7 million or 57.3% compared to $69.3 million for the same period in 2022[211] - Selling, general and administrative expenses decreased to $23.6 million for the three months ended June 30, 2023, down from $33.8 million in the same period of 2022, a decrease of $10.2 million[224] - Research and development expenses increased to $3.4 million for the three months ended June 30, 2023, compared to $0.7 million for the same period in 2022, an increase of $2.7 million[225] Net Loss and Financial Position - The net loss from continuing operations was $34.333 million, a 6.7% improvement from a loss of $36.782 million in the same quarter of 2022[209] - Net loss for the six months ended June 30, 2023, was $122.98 million, an increase of $54.62 million or 79.9% compared to a net loss of $68.36 million for the same period in 2022[211] - Net loss from discontinued operations was $2.8 million for the three months ended June 30, 2023, compared to a net loss of $2.5 million for the same period in 2022[237] - Net loss attributable to non-controlling interests was $3.2 million for the six months ended June 30, 2023, compared to a net loss of $2.1 million for the same period in 2022[238] Interest Income and Expense - Interest income decreased significantly by 69.6% to $151,000, while interest expense increased by 72.5% to $942,000, reflecting rising interest rates[209] - Interest income decreased from $1.6 million in Q2 2022 to $0.5 million in Q2 2023, a decrease of $1.1 million or 69.7%[211] - Interest expense increased to $0.9 million for the three months ended June 30, 2023, up from $0.5 million in the same period of 2022, an increase of $0.4 million[230] Business Operations and Strategy - The company is focused on expanding its EV business through Ideanomics Mobility and Ideanomics Capital, with a strategic emphasis on financing EV sales and infrastructure[194] - The Ideanomics Mobility business unit aims to accelerate the commercial adoption of electric vehicles, focusing on local and last-mile delivery vehicles[252] - The company is actively considering divestitures of subsidiaries, including Energica and Wave Technologies, to raise capital and strengthen its financial position[247] - The company has classified several business components as discontinued operations, including Timios and China, impacting the overall financial presentation[197] Cash Flow and Financing - Cash used in operating activities decreased to $38.8 million for the six months ended June 30, 2023, from $82.4 million in the same period of 2022[244] - Cash used in investing activities was $2.3 million for the six months ended June 30, 2023, significantly lower than $76.3 million for the same period in 2022[245] - The company received $31.0 million from financing activities in the six months ended June 30, 2023, compared to a repayment of $24.4 million in the same period of 2022[246] - As of June 30, 2023, the company had cash of $11.8 million, with $2.9 million in continuing operations and $8.9 million in discontinued operations[241] Market Conditions - The rate of EV adoption has been negatively impacted by supply chain constraints and rising interest rates, affecting demand for the company's products[201] - The company expects to face challenges from macroeconomic conditions and global supply chain slowdowns affecting its operations[254] Other Financial Metrics - Impairment losses for the six months ended June 30, 2023 totaled $27.4 million, primarily related to VIA notes receivable and SAFE[226] - Other income, net increased to $1.2 million for the three months ended June 30, 2023, from $0.4 million in the same period of 2022, an increase of $0.8 million[232] - The company recorded foreign currency exchange losses of $0.2 million for the six months ended June 30, 2023, compared to $3.1 million for the same period in 2022[259] - The company had $6.2 million of fixed rate 4.0% convertible debt outstanding as of June 30, 2023, which is not currently subject to fluctuations in interest rates[257]
Ideanomics(IDEX) - 2023 Q1 - Earnings Call Transcript
2023-08-04 23:29
Ideanomics, Inc. (NASDAQ:IDEX) Q1 2023 Earnings Conference Call August 4, 2023 4:30 PM ET Company Participants Tony Sklar - Senior Vice President, Investor Relations Alf Poor - Chief Executive Officer Scott Morrison - Chief Financial Officer Robin Mackie - Chief Operating Officer Conference Call Participants Tony Sklar Welcome, everyone, to the Ideanomics First Quarter Earnings Conference Call. Joining me today, I am pleased to have Mr. Alf Poor, Chief Executive Officer; Mr. Scott Morrison, our Chief Financ ...
Ideanomics(IDEX) - 2023 Q1 - Quarterly Report
2023-08-03 16:00
PART I - FINANCIAL INFORMATION [Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) Unaudited financial statements show significant revenue decline and increased net loss, raising substantial doubt about the company's going concern ability Condensed Consolidated Statements of Operations Highlights (Unaudited) | Financial Metric | Three Months Ended March 31, 2023 (in thousands) | Three Months Ended March 31, 2022 (in thousands) | | :--- | :--- | :--- | | **Total Revenue** | $10,562 | $25,391 | | **Gross (Loss) Profit** | $(569) | $20 | | **Loss from Operations** | $(87,466) | $(39,324) | | **Net Loss Attributable to Ideanomics, Inc.** | $(84,317) | $(28,512) | | **Basic and Diluted Loss Per Share** | $(0.12) | $(0.06) | Condensed Consolidated Balance Sheet Highlights (Unaudited) | Account | March 31, 2023 (in thousands) | December 31, 2022 (in thousands) | | :--- | :--- | :--- | | **Total Current Assets** | $75,513 | $114,038 | | **Total Assets** | $316,988 | $242,801 | | **Total Current Liabilities** | $128,143 | $76,861 | | **Total Liabilities** | $212,271 | $96,238 | | **Total Equity** | $89,780 | $136,451 | - The company has concluded that **substantial doubt** exists about its ability to continue as a going concern for the next twelve months, lacking **adequate cash** and with additional financing not yet probable[51](index=51&type=chunk)[54](index=54&type=chunk) - The acquisition of VIA Motors International, Inc. on January 31, 2023, involved issuing **$125.7 million** in common shares, **$1.2 million** in convertible preferred shares, and settling **$5.7 million** in loans, adding **$13.0 million** in goodwill and **$115.6 million** in intangible assets[69](index=69&type=chunk)[71](index=71&type=chunk) - Post-quarter, the company initiated divestment of several operating companies, including Timios, Energica, Wave, Solectrac, and US Hybrid, which generated **$10.4 million** in revenue and a **$16.6 million** loss from operations in Q1 2023[175](index=175&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=42&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses significant revenue decline and widened net loss, driven by China operations restructuring and reduced title services, outlining strategic divestitures and core business focus Revenue by Source (in thousands) | Revenue Source | Q1 2023 | Q1 2022 | Change | | :--- | :--- | :--- | :--- | | EV products | $2,723 | $14,244 | $(11,521) | | Electric motorcycle products and services | $2,773 | $379 | $2,394 | | Title and escrow services | $4,246 | $9,925 | $(5,679) | | **Total Revenue** | **$10,562** | **$25,391** | **$(14,829)** | - Revenue decreased primarily due to an **$11.5 million** reduction in EV product sales from China operations restructuring and a **$5.7 million** decrease in title and escrow services revenue[196](index=196&type=chunk) - Selling, general and administrative (SG&A) expenses increased by **$9.2 million** to **$46.2 million**, primarily due to consulting fees for the VIA acquisition[203](index=203&type=chunk) - Asset impairment losses totaled **$44.1 million** in Q1 2023, mainly from VIA notes receivable (**$27.4 million**), VIA SAFE investment (**$6.9 million**), and Timios intangible assets (**$8.9 million**)[205](index=205&type=chunk) - As of March 31, 2023, cash totaled **$18.9 million**, with **$16.2 million** held in the PRC and unavailable for non-China operations due to regulations[217](index=217&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=51&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risks are interest rate and foreign currency, with a hypothetical 10% currency change potentially impacting the income statement by **$7.4 million** - Interest rate risk is low due to short-term, low-risk cash equivalents and **$1.7 million** in fixed-rate convertible debt[236](index=236&type=chunk) - Foreign currency risk from international operations could lead to an approximate **$7.4 million** income statement adjustment from a hypothetical **10%** currency rate change[237](index=237&type=chunk) [Controls and Procedures](index=51&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were ineffective as of March 31, 2023, with no material changes to internal controls during the quarter - Management concluded that the company's disclosure controls and procedures were **not effective** as of March 31, 2023[240](index=240&type=chunk) - **No material changes** were made to the company's internal control over financial reporting during Q1 2023[241](index=241&type=chunk) PART II - OTHER INFORMATION [Legal Proceedings](index=53&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in various legal proceedings, including merger-related litigation, an ongoing SEC investigation, and breach of contract lawsuits, while a shareholder class action was dismissed - The company is subject to an **ongoing investigation** by the SEC's Division of Enforcement regarding transactions and disclosures since 2017, with an unpredictable outcome[145](index=145&type=chunk) - A shareholder class action lawsuit alleging misstatements regarding the Ideanomics China division was **dismissed** by the court on February 8, 2023[143](index=143&type=chunk) - The company faces several **breach of contract** lawsuits for failure to make payments, including actions by Cantor Fitzgerald, Acuitas Capital, and 3i LP[147](index=147&type=chunk)[148](index=148&type=chunk)[149](index=149&type=chunk)[150](index=150&type=chunk) [Risk Factors](index=53&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the company's 2022 Annual Report on Form 10-K - The company states that **no material change** in the risk factors discussed in its 2022 Form 10-K has occurred[244](index=244&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=53&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) No unregistered sales of equity securities occurred during the quarter, beyond those previously disclosed in Form 8-K reports - **No unregistered sales** of equity securities occurred during the period other than those already reported on Form 8-K[245](index=245&type=chunk) [Defaults Upon Senior Securities](index=53&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon senior securities during the period covered by this report - There were **no defaults** upon senior securities during the quarter[245](index=245&type=chunk) [Exhibits](index=54&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including amendments to agreements, corporate governance documents, and Sarbanes-Oxley Act certifications - The report includes **numerous exhibits**, such as amendments to secured convertible promissory notes, the VIA merger agreement, and various corporate governance documents[247](index=247&type=chunk)[248](index=248&type=chunk) - **Certifications** from the Principal Executive Officer and Principal Financial Officer pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are filed with the report[248](index=248&type=chunk)
Ideanomics(IDEX) - 2022 Q4 - Earnings Call Transcript
2023-03-30 15:40
Ideanomics, Inc. (NASDAQ:IDEX) Q4 2022 Earnings Conference Call March 30, 2023 8:30 AM ET Company Participants Tony Sklar - Senior Vice President, Investor Relations Alfred Poor - Chief Executive Officer Stephen Johnston - Chief Financial Officer Robin Mackie - Chief Operating Officer Conference Call Participants Andres Sheppard - Cantor Fitzgerald Dorien Nunez - OMNIResearch Operator Greetings. And welcome to the Ideanomics Fourth Quarter and Full Year 2022 Earnings Call. At this time, all participants are ...
Ideanomics(IDEX) - 2022 Q4 - Annual Report
2023-03-29 16:00
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 or ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-35561 IDEANOMICS, INC. (Exact name of registrant as specified in its charter) Nevada 20-1778374 (State or other juri ...
Ideanomics(IDEX) - 2022 Q3 - Earnings Call Transcript
2022-11-09 23:16
Ideanomics, Inc. (OTC:IDEX) Q3 2022 Earnings Conference Call November 9, 2022 4:30 PM ET Company Participants Tony Sklar - Vice President, Investor Relations Alf Poor - Chief Executive Officer Stephen Johnston - Chief Financial Officer Robin Mackie - President, Ideanomics Mobility Conference Call Participants Andres Sheppard - Cantor Fitzgerald Operator Greetings, and welcome to the Ideanomics Third Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-an ...
Ideanomics(IDEX) - 2022 Q3 - Quarterly Report
2022-11-08 16:00
[PART I - FINANCIAL INFORMATION](index=5&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) This section details the company's unaudited condensed consolidated financial statements, management's analysis, market risk disclosures, and internal controls [Item 1. Financial Statements](index=5&type=section&id=Item%201.%20Financial%20Statements) The unaudited condensed consolidated financial statements for the period ended September 30, 2022, show decreased cash and assets, an increased accumulated deficit, and a significant net loss, leading to a going concern warning [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet as of September 30, 2022, reflects a significant reduction in cash and total assets, alongside a widened accumulated deficit Condensed Consolidated Balance Sheet Highlights (USD in thousands) | Account | Sep 30, 2022 | Dec 31, 2021 | | :--- | :--- | :--- | | **Cash and cash equivalents** | **$25,186** | **$269,863** | | Total current assets | $170,028 | $362,507 | | **Total assets** | **$370,319** | **$473,437** | | Total current liabilities | $61,959 | $91,117 | | **Total liabilities** | **$86,421** | **$106,807** | | **Accumulated deficit** | **($709,451)** | **($605,758)** | | Total equity | $282,636 | $365,368 | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The statements of operations show a net loss of **$107.2 million** for the nine-month period ended September 30, 2022, a significant increase from the prior year Operating Results (USD in thousands, except per share data) | Metric | Q3 2022 | Q3 2021 | Nine Months 2022 | Nine Months 2021 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $24,278 | $26,581 | $83,871 | $86,647 | | Gross Profit (Loss) | ($659) | $3,951 | $850 | $23,698 | | Loss from Operations | ($41,869) | ($51,912) | ($122,029) | ($74,941) | | **Net Loss** | **($38,853)** | **($51,998)** | **($107,217)** | **($65,445)** | | Net Loss Attributable to Ideanomics | ($37,414) | ($51,811) | ($103,692) | ($64,986) | | **EPS (Basic & Diluted)** | **($0.08)** | **($0.11)** | **($0.21)** | **($0.15)** | [Condensed Consolidated Statements of Cash Flows](index=11&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash flow statements for the nine months ended September 30, 2022, indicate a substantial increase in cash used in operations and a significant net decrease in overall cash Cash Flow Summary (Nine Months Ended Sep 30, USD in thousands) | Cash Flow Activity | 2022 | 2021 | | :--- | :--- | :--- | | Net cash used in operating activities | ($109,286) | ($42,601) | | Net cash used in investing activities | ($90,848) | ($191,787) | | Net cash (used in) provided by financing activities | ($42,788) | $325,291 | | **Net (decrease) increase in cash** | **($244,677)** | **$91,165** | [Notes to Financial Statements](index=13&type=section&id=Notes%20to%20Financial%20Statements) The notes detail the company's operations, accounting policies, and significant events, notably expressing substantial doubt about its ability to continue as a going concern - The company operates in one segment with two business units: Ideanomics Mobility (focused on EV adoption) and Ideanomics Capital (fintech)[33](index=33&type=chunk) - On September 12, 2022, the Board authorized a plan to restructure operations in China, which generated **$36.2 million** in revenue in the first nine months of 2022[36](index=36&type=chunk) - Management has concluded that substantial doubt exists about the Company's ability to continue as a going concern for the next twelve months, as it does not have adequate cash to meet its short or long-term needs without additional financing[66](index=66&type=chunk)[67](index=67&type=chunk) - Subsequent to the quarter end, on October 25, 2022, the company entered into a Secured Debenture Purchase Agreement with YA II PN for **$6.5 million** in principal, receiving net proceeds of **$4.875 million**, which includes a commitment to spin out its ownership of Timios and Justly within twelve months[275](index=275&type=chunk)[277](index=277&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=56&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's performance, noting a revenue decrease, a significant drop in gross profit, increased operating expenses, and reiterating going concern doubts Revenue by Product/Service (Nine Months Ended Sep 30, USD in thousands) | Product / Service | 2022 | 2021 | Change | | :--- | :--- | :--- | :--- | | Electric vehicles products | $52,913 | $17,041 | $35,872 | | Title and escrow services | $26,971 | $62,428 | ($35,457) | | Charging, batteries and powertrains products | $2,244 | $4,108 | ($1,864) | | **Total Revenue** | **$83,871** | **$86,647** | **($2,776)** | Gross Profit (Loss) by Product/Service (Nine Months Ended Sep 30, USD in thousands) | Product / Service | 2022 | 2021 | Change | | :--- | :--- | :--- | :--- | | Title and escrow services | $4,089 | $22,632 | ($18,543) | | Charging, batteries and powertrains | ($4,116) | $504 | ($4,620) | | Electric vehicles products | $308 | $200 | $108 | | **Total Gross Profit** | **$850** | **$23,698** | **($22,848)** | - Selling, general and administrative expenses increased by **$39.2 million** to **$113.6 million** for the nine months ended Sep 30, 2022, due to increased staff, a full year of costs from 2021 acquisitions, and higher professional fees related to regulatory filings and transactions[321](index=321&type=chunk) - The company's cash position is critical, with only **$25.2 million** as of September 30, 2022, of which **$16.2 million** is held outside the U.S (primarily PRC) and **$2.8 million** is restricted for regulatory purposes, severely limiting available liquidity[342](index=342&type=chunk)[343](index=343&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=73&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company identifies interest rate, inflation, and foreign currency as primary market risks, with foreign currency fluctuations potentially impacting the income statement by **$7.4 million** - The company is exposed to foreign currency risk from its international operations, where a hypothetical 10% change in currency rates could result in an income statement adjustment of approximately **$7.4 million**[362](index=362&type=chunk) - Inflation is identified as a risk that may adversely affect business through increased material costs (e.g., semiconductor chips) and overhead[361](index=361&type=chunk) [Controls and Procedures](index=74&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were not effective as of September 30, 2022, due to previously identified material weaknesses - The CEO and CFO concluded that as of September 30, 2022, the company's disclosure controls and procedures were not effective[364](index=364&type=chunk) - The ineffectiveness is due to previously identified material weaknesses, and remediation is not expected to be complete by the end of fiscal year 2022[368](index=368&type=chunk) [PART II - OTHER INFORMATION](index=75&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) This section provides details on legal proceedings, updated risk factors, equity sales, and other miscellaneous information and exhibits [Legal Proceedings](index=75&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 19 of the financial statements for a detailed description of the company's legal proceedings, including an ongoing SEC investigation - For details on legal proceedings, the report refers to Note 19 in the financial statements[370](index=370&type=chunk) [Risk Factors](index=75&type=section&id=Item%201A.%20Risk%20Factors) The company highlights new and updated risk factors, including the potential adverse effects of inflation and the restructuring of operations in China - A new risk factor is the potential adverse effect of inflation, stagflation, or economic recession on the company's liquidity, costs, and product demand[372](index=372&type=chunk) - The plan to restructure operations in China is identified as a risk that may negatively impact revenue, net loss, and the market price of the company's common stock[373](index=373&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=75&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reports no unregistered sales of equity securities during the period, except as previously disclosed - No unregistered sales of equity securities were made during the quarter, except as previously reported on Form 8-K[373](index=373&type=chunk) [Defaults Upon Senior Securities](index=75&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reports no defaults upon senior securities during the period covered by this report - There were no defaults upon senior securities during the quarter[374](index=374&type=chunk) [Mine Safety Disclosures](index=75&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[374](index=374&type=chunk) [Other Information](index=75&type=section&id=Item%205.%20Other%20Information) This item is not applicable to the company - Not applicable[374](index=374&type=chunk) [Exhibits](index=76&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including amendments to agreements and various officer certifications - Lists exhibits filed with the report, including amendments to the VIA Motors merger agreement and financing agreements with YA II PN, LTD[376](index=376&type=chunk)[377](index=377&type=chunk)
Ideanomics(IDEX) - 2021 Q4 - Earnings Call Transcript
2022-09-09 16:50
Financial Data and Key Metrics Changes - Revenue for 2021 was $114.1 million, an increase of $87.3 million or more than 300% compared to 2020 [38] - Revenue for Q1 2022 was $25.4 million, a decrease of $4.5 million or 15.2% from Q1 2021 [39] - Revenue for Q2 2022 was $34.2 million, an increase of $4.1 million or 13.5% from Q2 2021 [39] - Gross profit for 2021 was $23.2 million, representing a gross margin of 20.4% [40] - Operating expenses for 2021 were $282.8 million, an increase of $185.1 million compared to 2020 [40] Business Line Data and Key Metrics Changes - EV-related revenue grew from just under $20 million in 2020 to $39.9 million in 2021, and surpassed $40 million in the first two quarters of 2022 [15] - Solectrac nearly doubled its full year 2021 revenue in Q1 and Q2 2022, with expectations for continued growth [16] - Energica's revenue nearly doubled in the first half of 2022 compared to the first half of 2021 [28] Market Data and Key Metrics Changes - Revenue from the U.S. increased from $1.6 million in 2020 to $84.3 million in 2021, but decreased in Q1 and Q2 2022 due to lower revenues from Timios [39] - U.S. Hybrid is gaining traction in the specialist vehicle market with increasing sales and interest from cargo handling markets [18] Company Strategy and Development Direction - The company is focused on completing the VIA Motors transaction to expand its capabilities and market reach [8] - Ideanomics is transitioning to a customer-centric business model, integrating vehicle, charging, and financing solutions [12] - The company is investing in production facilities and supply chain to support increased volume and predict future production levels [19] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of government support and subsidies for the transition to electric vehicles [45] - The company expects to see revenue growth from its as-a-Service models, which will provide predictable recurring revenues [20] - Management is optimistic about the future, citing strong demand for products and a growing order pipeline [10] Other Important Information - The company has engaged in rigorous cost control exercises to ensure effective use of capital [27] - Ideanomics is exploring divestment of non-core assets while focusing on its EV activities [63] Q&A Session Summary Question: Outlook for the second half of the year - Management indicated that businesses like WAVE and U.S. Hybrid are expected to unlock revenues in the second half of the year, with consistent revenue from Solectrac and Energica anticipated [52][53] Question: Update on capital needs - Management acknowledged the need for regular access to capital and indicated that they are in discussions with debt and equity partners [59][60] Question: Status of Ideanomics Capital - Management confirmed the commitment to divest non-core assets and migrate capital into financing for EV activities [62] Question: Update on VIA acquisition - Management stated that they are finalizing the S-4 submission for shareholder approval and expect to resubmit shortly [64][65]