Ideanomics(US:IDEX)2020-08-11 14:23Financial Performance - Ideanomics reported its largest revenues to date from MEG in Q2 2020[11] - The company finished Q2 2020 with approximately $36 million in cash[6, 11] - The principal value of convertible debt was reduced by almost $12 million[11] - Q2 2020 revenues were $4692000, a 68% decrease year-over-year compared to $14454000 in Q2 2019[12] - Gross profit for Q2 2020 was $255000, a 98% decrease year-over-year compared to $13738000 in Q2 2019[12] - Operating expenses for Q2 2020 were $16524000, a 106% increase year-over-year compared to $8024000 in Q2 2019, including a $6200000 non-cash impairment charge[12, 13] - Net cash provided by financing activities for the six months ended June 30, 2020, was $45737000, compared to $6087000 for the six months ended June 30, 2019[14] Strategic Initiatives - The company reduced its debt by approximately 50%[6] - Ideanomics removed the Going Concern qualification from its financial statements[11] - The company continued to reduce its operating cost base through rationalization of office leases[11] - The MEG Center in Qingdao was soft opened[6]