On May 23, 2018, we published revised versions of our Privacy Policy and User Agreements. Please read these updated terms and take some time to understand them. Your use of our services is subject to these revised terms.
Yes, I Agree.

Ideanomics, Inc. (NASDAQ: IDEX) Releases 2020 Financial Results, Appoints Chief Revenue Officer to Help Drive Long-Term Growth

  • EV (electric vehicle) revenues amounted to $19.5 million in 2020, growing 600+ percent from $2.7 million in 2019
  • First sales of battery and charging systems also drove revenue in 2020 and are expected to continue growing this year following the acquisition of WAVE
  • New Chief Revenue Officer Kristen Helsel has a proven track record in growing revenues in the automotive and energy management industries and will play an instrumental role in driving the company’s growth, performance and strategy

Ideanomics (NASDAQ: IDEX), a global company focused on enabling the widespread adoption of commercial electric vehicles and associated energy consumption, finished 2020 with significant resources available to drive long-term growth plans and substantially higher EV revenue than in 2019, in spite of the pandemic.

In an earnings release conference call on March 31, the Ideanomics management revealed the full operating results for the year 2020 and provided selected business highlights and updates, including the company’s progress in its Mobility unit activities as a result of its Sales 2 Financing 2 Charging (S2F2C) business model gaining traction in the EV industry (https://ibn.fm/aXDDW).

According to the official financial results, the company’s total revenue for 2020 amounted to $26.8 million, growing sequentially quarter over quarter, demonstrating the growing strength of the Ideanomics model. Gross profit was $2.1 million, which represented a gross margin of 7.7 percent.

Ideanomics is currently generating revenue from its S2F2C business model, which includes three operating features:

  1. Vehicle and Battery Sales – Medici, Treeletrik, Energica, and Solectrac cover the three market segments for the company
  2. Financing, Leasing, and Insurance – Financial services to fleet customers, commission-based delivery, and origination-fee based revenue
  3. Charging and Energy Services – Charging as a service, battery swap programs, and WAVE wireless charging

Most of the total revenue reported for 2020 came from EV operations – more specifically, $19.5 million compared to $2.7 million in 2019, marking an increase of more than 600 percent. In 2020, revenues also included the company’s first sales of battery and charging systems, a major part of the EV ecosystem and Ideanomics’ S2F2C model. Revenues from charging systems are expected to continue growing following the acquisition of inductive charging business WAVE in January 2021, which will be included in the company’s financial results as of the current quarter.

Other key highlights mentioned during the earnings conference call included the acquisition of cash flow positive Timios Holding Corp. under the company’s Capital division in January 2021, investments in leading electric tractor company Solectrac in October 2020 and a purchase agreement with MEG for 2,000 units of D1, a custom electric ride-hailing vehicle, in December 2020.

“We are very pleased with the transformation that took place this past year,” said CEO Alf Poor said. “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.”

To further drive its long-term growth, performance and strategy plans and align the activity of its revenue-generating departments, Ideanomics has appointed Kristen Helsel, a proven executive with 20+ years of experience, as Chief Revenue Officer. Throughout her career, Helsel has amassed significant experience growing new business around disruptive technologies by identifying new lucrative deals, while also delivering strong P&L results and combining financial and busines strategies with technical execution for short and long-term gains (https://ibn.fm/lYon2).

Helsel has a proven track record for growing revenues in the automotive and energy management industries and building and leading high-performing sales teams. She has extensive experience in the renewable energy and tech fields, as before joining Ideanomics, she was a partner for DKS Investments, acting as a consultant for organizations in markets such as solar energy and storage, EV charging, robotics, drones, and more. She was also named one of the “Electrifying 100: the 100 Most Influential People” in the EV industry by Automotive News.

Helsel voiced excitement for the new position and her future work to help accelerate the growth of Ideanomics and commercial EV adoption. “I was attracted by the company’s global vision and progress as a leader in the fast-growing commercial EV market, and I am looking forward to leading Ideanomics revenue development as the business continues to scale,” she said.

“We are excited to bring someone on board with experience at the intersection between automotive and energy that is essential to successful EV adoption. Kristen joins Ideanomics at an important time when we are poised for growth in all of our markets,” Poor explained.

The Ideanomics Mobility division is part of a global commercial EV market expected to reach $132.73 billion by 2022, growing at an impressive CAGR of 39.9% from the $34.7 billion value reported in 2018 (https://ibn.fm/icXmZ). Grand View Research projects the global EV charging infrastructure is also expected to grow exponentially, at a rate of 33.4%, to reach $144.97 billion in 2028. The growth of the EV industry is expected to be driven by an increasing interest and support from the public, as more people are looking for a clean alternative to fossil fuel-powered vehicles.

For more information, visit the company’s website at www.Ideanomics.com.

NOTE TO INVESTORS: The latest news and updates relating to IDEX are available in the company’s newsroom at https://ibn.fm/IDEX

About QualityStocks

QualityStocks is committed to connecting subscribers with companies that have huge potential to succeed in the short and long-term future. It is part of our mission statement to help the investment community discover emerging companies that offer excellent growth potential. We offer several ways for investors to learn more about investing in these companies as well as find and evaluate them.

QualityStocks (QS)
Scottsdale, Arizona
www.QualityStocks.com
480.374.1336 Office
Editor@QualityStocks.com

Please see full terms of use and disclaimers on the QualityStocks website applicable to all content provided by QS, wherever published or re-republished: http://www.qualitystocks.net/disclaimer.php

Archives

Select A Month
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • September 2009
  • August 2009
  • July 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • February 2009
  • January 2009
  • December 2008
  • November 2008
  • October 2008
  • September 2008
  • August 2008
  • July 2008
  • June 2008
  • May 2008
  • April 2008
  • March 2008
  • February 2008
  • January 2008
  • December 2007
  • November 2007
  • October 2007
  • September 2007
  • August 2007
  • July 2007
  • June 2007
  • May 2007
  • April 2007
  • March 2007
  • February 2007
  • January 2007
  • December 2006
  • November 2006
  • October 2006
  • September 2006
  • August 2006
  • July 2006
  • June 2006
  • May 2006
  • April 2006
  • March 2006
  • January 2006
  • December 2005
  • October 2005
  • September 2005
  • Market Basics

    New to the micro-cap markets?Get answers to your questions about investing in Small-Cap / Micro-Cap Stocks and learn how to protect yourself.

    The Basics

    Newsletter Publishers

    Have an up and coming newsletter and want to be included in our coverage list? Looking to get more coverage and grow subscriptions? Register for coverage.

    Register

    Public Companies

    Are you a Small-Cap / Micro-Cap company looking for coverage? We'd love to hear from you. Fill out our quick contact form or send us a text.

    Get Covered