Ideanomics(US:IDEX)2022-09-09 16:50Financial 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]