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Ideanomics, Inc. Reports Q4 and Full Year 2023 Financial Results

NEW YORK, June 18, 2024 (GLOBE NEWSWIRE) -- Ideanomics (NASDAQ:IDEX) ("Ideanomics" or the "Company"), a global company focused on accelerating the commercial adoption of electric vehicles, announced today its fourth quarter and full year 2023 operating results for the period ended December 31, 2023. Throughout 2023 Ideanomics continued executing its commitment to shareholders to exit non-core businesses and finalize a reorganization of the business to focus on last-mile and local delivery vehicles and associated charging products. Full Year Highlights Energica Inside announced partnerships to develop all-electric solutions for aviation, marine, and off-road uses. Energica selected by police services in France and Barbados to provide electric motorcycles for police fleets. WAVE completes an industry-first OEM-approved installation of wireless charging. WAVE continues its initial projects with major logistics fleet customers. Ideanomics Full Year 2023 Operating Results   Revenue for the Full Year was $15.5 million, 18.7 percent lower compared to 2022. Gross Profit  Gross profit for the Full Year was negative $2.7 million compared to negative $3.4 million for the Full Year of 2022. Conference Call Information Ideanomics' management, including Alf Poor (Chief Executive Officer) and Ryan Jenkins (Chief Financial Officer), recorded an earnings conference call. Please visit and follow the link to listen to the call. About Ideanomics Ideanomics (NASDAQ:IDEX) is a global group with a simple mission: to accelerate the commercial adoption of electric vehicles. By bringing together vehicles and charging technology with design, implementation, and financial services, we provide the completeness of solutions needed for the commercial world to commit to an EV future. To keep up with Ideanomics, please follow the company on social @ideanomicshq or visit  Safe Harbor Statement This press release contains "forward-looking statements" within the meaning of the federal securities laws. All statements other than statements of historical fact included herein are "forward-looking statements." These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," or similar expressions, involve known and unknown risks and uncertainties, and include the statement regarding the completion of the business combination within a certain period of time, if ever. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, they do involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of risks and uncertainties, such as risks related to: our ability to obtain necessary regulatory approvals and other risks and uncertainties disclosed under the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our most recent Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, and similar disclosures in subsequent reports filed with the SEC, which are available on the SEC website at All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements.  Contact: Tony Sklar, SVP of Investor Relations1441 Broadway, Suite 5116, New York, IDEANOMICS, INC. OPERATIONS (USD in thousands, except per share data) For the years ended December 31,   2023     2022   Revenue from sales of products   $13,710     $14,754   Revenue from sales of services   985     3,917   Other revenue   764     344   Total revenue   15,459     19,015   Cost of revenue from sales of products   17,765     20,257   Cost of revenue from sales of services   58     1,742   Cost of other revenue   350     374   Total cost of revenue   18,173     22,373   Gross profit   (2,714 )   (3,358 )           Operating expenses:         Selling, general and administrative expenses   83,780     113,573   Research and development expense   10,191     3,792   Asset impairments   163,984     63,847   Goodwill impairments   13,712     22,662   Change in fair value of contingent consideration, net   (73,768 )   (131 ) Litigation settlements   89     225   Depreciation and amortization   16,752     5,308   Total operating expenses   214,740     209,276             Loss from operations   (217,454 )   (212,634 )           Interest and other income (expense):         Interest income   316     3,449   Interest expense   (4,307 )   (2,909 ) Loss on disposal of subsidiaries, net   (1,152 )   (217 ) Gain on remeasurement of investment   —     10,965   Other income, net