Ideanomics Reports $26.8M in Revenues and EV Sales Growth for 2020
NEW YORK, March 31, 2021 – Ideanomics Inc. (NASDAQ:IDEX) reported its full-year 2020 earnings results with $26.8M in overall revenue and $19.5M in EV revenue, up more than 600% on the prior year.
The 2020 revenue includes the company's first sales of charging and battery systems. IDEX expects charging system revenues to grow as the WAVE inductive charging business acquired in January starts showing up in financials this quarter.
"We are very pleased with the transformation that took place this past year," says CEO Alf Poor. "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."
Selected Business Updates and Highlights
•§MEG Announces Purchase Agreement for 2,000 Units of D1, BYD's Custom Electric Ride-hailing Vehicle in December 2020
•§Acquired cash flow positive Timios Holding Corp. in January 2021
•§Invested in leading electric tractor company Solectrac in October 2020
•§Bolstered Cash position to $166M as of December 31, 2020
Ideanomics is a global company focused on the convergence of financial services and industries experiencing technological disruption. Our Ideanomics Mobility division is a service provider which facilitates the adoption of electric vehicles by commercial fleet operators through offering vehicle procurement, finance and leasing, and energy management solutions under our innovative sales to financing to charging (S2F2C) business model. Ideanomics Capital is focused on disruptive fintech solutions for the financial services industry. Together, Ideanomics Mobility and Ideanomics Capital provide our global customers and partners with leading technologies and services designed to improve transparency, efficiency, and accountability, and our shareholders with the opportunity to participate in high-potential, growth industries.
The company is headquartered in New York, NY, with offices in Beijing, Hangzhou, and Qingdao, and operations in the U.S., China, Ukraine, and Malaysia.