MODENA, Italy / Boston, MA, May 23, 2024 (GLOBE NEWSWIRE) -- Energica Motor Company, (a majority-owned subsidiary of Ideanomics (NASDAQ: IDEX) a leader in high-performance electric motorcycles and EV system integration, and Electra, an industry leader in applied AI-ML for battery management software solutions, are excited to announce a strategic R&D partnership to revolutionize the electric two-wheeler market.  This collaboration will leverage Electra's AI-powered technology to enhance battery performance, ...

Modena, Italy, Jan. 30, 2024 (GLOBE NEWSWIRE) -- Energica Inside, the business unit of Energica Motor Company (a majority-owned subsidiary of Ideanomics (NASDAQ: IDEX)) dedicated to developing innovative solutions for e-mobility leveraging Energica's unique technical know-how and IP, has signed an agreement to provide technology to help electrify the historic Nimbus Model C motorcycle.  Nimbus is a motorcycle brand with a rich history, having been produced by Fisker and Nielsen of Copenhagen, Denmark, from ...

Salt Lake City, UT, Jan. 18, 2024 (GLOBE NEWSWIRE) -- SALT LAKE CITY, UT (January 18, 2024) – WAVE Charging, a wholly-owned subsidiary of Ideanomics (NASDAQ:IDEX) and developer of high-power, wireless inductive charging solutions for medium- and heavy-duty commercial vehicles has announced the receipt of a purchase order for a new commercial proof of concept project with a major retail and logistics company in the United States. After six months of dedicated efforts, WAVE is excited to embark on this ground ...

Salt Lake, UT, Jan. 16, 2024 (GLOBE NEWSWIRE) -- WAVE Charging, a wholly-owned subsidiary of Ideanomics (NASDAQ:IDEX) and developer of high-power, wireless inductive charging solutions for medium- and heavy-duty commercial vehicles, today provided an update on its 500kW ultra-fast wireless charging system developed in conjunction with Cummins and the US Department of Energy. This first-of-its-kind high-power, ultra-fast wireless charging system fully charged a class 8 electric truck in less than 15 minutes ...

a. Table of Contents Title of each class: Trading Symbol(s) Name of each exchange on which registered: Common stock, $0.001 par value per share IDEX The Nasdaq Capital Market UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the tr ...

Ideanomics, Inc. (NASDAQ:IDEX) Q2 2023 Earnings Conference Call August 25, 2023 4:30 PM ET Company Participants Tony Sklar - SVP, IR Alf Poor - CEO Scott Morrison - CFO Robin Mackie - COO Conference Call Participants Operator Welcome, everyone to the Ideanomics Second Quarter Earnings Conference Call. Joining me today, I am pleased to have Mr. Alfred Poor, Chief Executive Officer; Mr. Scott Morrison, Chief Financial Officer; and Mr. Robin Mackie, our Chief Operating Officer. The recording of today's call wi ...

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, 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 ...

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)

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