Ideanomics, Inc. Reports Q2 2020 Financial Results
NEW YORK, Aug. 10, 2020 /PRNewswire/ -- Ideanomics (NASDAQ: IDEX) ("Ideanomics" or the "Company"), a global company focused on monetizing the adoption of commercial electric vehicles and associated energy consumption, as well as enabling the next generation of financial services and fintech products, announced today its second quarter 2020 operating results for the period ended June 30, 2020 (a full copy of the Company's 10-Q report is available at www.sec.gov).
Conference Call: Ideanomics' management, including Alf Poor (Chief Executive Officer), Conor McCarthy (Chief Financial Officer) and Tony Sklar (VP of Communications and Head of Investor Relations), will host live an earnings release conference call at 4:30 pm ET, Monday, August 10, 2020. http://investors.ideanomics.com. Time permitting, Ideanomics management will answer questions during the live Q&A session. A replay of the earnings call will be available soon after the conclusion of the event.
To join the webcast, please visit the 'Events & Presentations' section of the Ideanomics corporate website (http://www.ideanomics.com/), or copy/paste this link:
"We are very pleased with the pace of our sales growth in the new energy vehicle industry," said Alf Poor, CEO of Ideanomics. "As the rate of global electric vehicle (EV) adoption continues to rise and technology advancements make EVs more accessible, our Sales to Financing to Charging (S2F2C) business model is positioned to add value for commercial fleet operators in all areas of their business."
Ideanomics Second Quarter 2020 Operating Results
Revenue for the three months ended June 30, 2020, was $4.7 million. The second quarter revenues are the largest revenues from MEG since the Company commenced EV sales demonstrating the underlying strength of MEG's business, particularly as these revenues were earned during a period when China's economy was still returning to normal after the Covid-19 lockdown.
Performance on a sequential basis, revenues saw improvement in the second quarter of $4.7 million versus $378,000 in the first quarter ending March 31, 2020.
Gross profit for second quarter was $255,000 which represented a gross margin of 4.9%. Second quarter operating expense was $16.5 million as compared to $8.0 million in the same period in 2019. The increase was due principally to a one-time non-cash impairment charge of $6.2 million related to the decision to terminate our office lease at 55 Broadway. Excluding the impairment charge, operating expenses for the second quarter was $10.3 million versus $8.0 million in the prior year.
The loss from operations was $16.3 million, however, excluding the one-time impairment charge, the loss would have been $10.1 million as compared to $5.7 million in the prior period. Management continues to look for ways to reduce costs and allocate spending to the projects with the highest rate of return. Expenses for the current period include $17.4 million of non-cash expense related to impairment charges, interest expense, and debt conversion.
The company is headquartered in New York, NY, and has offices in Beijing and Qingdao, China.
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