{"id":469036,"date":"2021-03-31T16:09:38","date_gmt":"2021-03-31T20:09:38","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=469036"},"modified":"2021-03-31T16:09:38","modified_gmt":"2021-03-31T20:09:38","slug":"ideanomics-inc-reports-full-year-2020-financial-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/ideanomics-inc-reports-full-year-2020-financial-results\/","title":{"rendered":"Ideanomics, Inc. Reports Full Year 2020 Financial Results"},"content":{"rendered":"
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– Revenues for the year ended December 31, 2020, were $26.8 million<\/h2>\n

– Significant Resources Available to Drive Long-Term Growth Plan<\/h2>\n

– Continued strength in the EV industry, progress in our Mobility unit activities as the value of its S2F2C business model gains traction in the EV industry<\/h2>\n

PR Newswire<\/p>\n<\/p><\/div>\n

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\n NEW YORK<\/span>, March 31, 2021<\/span> \/PRNewswire\/ —\u00a0Ideanomics<\/a> (NASDAQ: IDEX) (“Ideanomics” or the “Company”), a global company focused on driving the adoption of commercial electric vehicles and associated energy consumption, announced today its Full Year 2020 operating results for the period ended December 31, 2020<\/span> (a full copy of the Company’s annual 10-K report is available at www.sec.gov<\/a>).\u00a0 <\/p>\n

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\n \"Ideanomics
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Conference Call: Ideanomics’ management, including Alf Poor<\/span> (Chief Executive Officer), Conor McCarthy<\/span> (Chief Financial Officer) and Tony Sklar<\/span> (SVP of Investor Relations), will host live an earnings release conference call at 4:30 pm ET<\/span>, Wednesday, March 31, 2021<\/span>. 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.\u00a0 <\/p>\n

To join the webcast, please visit the ‘Events & Presentations’ section of the Ideanomics corporate website (http:\/\/www.ideanomics.com\/<\/a>), or copy\/paste this link: https:\/\/78449.themediaframe.com\/dataconf\/productusers\/ssc\/mediaframe\/43504\/indexl.html<\/a><\/p>\n

“We are very pleased with the transformation that took place this past year,” said Alf Poor<\/span>, CEO of Ideanomics. “Despite a year highlighted by COVID-19, we were able to build the groundwork for 2021 and beyond for Ideanomics and we are excited for what the future holds with our recent activity across the EV ecosystem and developments in EV charging infrastructure.” <\/p>\n

\n Ideanomics Full Year 2020 Operating Results <\/b>\n <\/p>\n

Revenue for the year was $26.8 million<\/span> with sequential quarter over quarter growth demonstrating the growing strength of Ideanomics’ business.\u00a0 EV revenue in 2020 was $19.5 million<\/span> versus $2.7 million<\/span> in 2019, an increase of $16.8 million<\/span> or more than 600%.\u00a0 The 2020 revenues included our first sales of charging & battery systems, a part of the EV ecosystem that is very important to Ideanomics’ S2F2C (Sales 2 Financing 2 Charging) business model.\u00a0 We expect revenues from charging systems to grow as WAVE, our inductive charging business acquired in January 2021<\/span>, is included in our financial results starting this quarter.\u00a0 Revenues for the full year 2019 were $44.6 million<\/span>, however $40.7 million<\/span> was generated from the Digital Asset Management Services contract that produced no revenues in 2020 and this contract is not expected to produce any revenues for the foreseeable future.\u00a0\u00a0\u00a0 <\/p>\n

\n Gross Profit<\/b>\n <\/p>\n

Gross profit for 2020 was $2.1 million<\/span> which represented a Gross Margin of 7.7%.\u00a0Gross profit\u00a0for\u00a02019 was $43.1<\/span> million\u00a0principally\u00a0from the sale of digital asset management services which had a gross margin of almost 100%.\u00a0 <\/p>\n

\n Selected Business Updates and Highlights<\/b>\n <\/p>\n