Ideanomics (NASDAQ:IDEX) – Ideanomics Delivers Second Quarter Revenue Growth on Electric Vehicle Momentum

  • Ideanomics, Inc. IDEX simultaneously published the results of the first and second quarters.
  • Ideanomics reported a 15.2% year-over-year revenue decline in the first quarter to $25.4 million, missing the consensus of $52.2 million.
  • US revenue was $11.8 million, compared to $26.9 million a year ago, due to lower revenue from Timios due to cybersecurity concerns.
  • Gross margin dipped to 0.1% from 35.8%. Costs jumped 32% year-on-year.
  • The EPS loss of $(0.06) was in line with consensus.
  • Ideanomics reported 13.5% year-over-year revenue growth in the second quarter to $34.2 million, missing the consensus of $74.5 million.
  • Revenue from the United States was $14.4 million, compared to $25 million a year ago, due to lower revenue from Timios, offset by the Energica and Solectrac brands.
  • Gross margin plunged to 4.4% from 30%. Costs jumped 55% year-on-year.
  • The EPS loss of ($0.08) missed the consensus loss of ($0.06).
  • Ideanomics held $85.5 million in cash and cash equivalents.
  • “In the second quarter, Ideanomics was able to demonstrate growth in our electric vehicle business, highlighted by strong revenue growth at Energica and Solectrac. Their new factory in Sonoma will allow us to produce more tractors in response to demand. Additionally, Energica has announced its newest bike, the ‘Experia’, in addition to Energica Inside.”
  • Price Action: IDEX shares traded down 7.95% to $0.52 pre-market when last checked on Friday.