Ideanomics Accomplishes Revenue Growth In Q2 Driven By EV Momentum

Ideanomics, Inc IDEX reported the first and second quarter results simultaneously.
Ideanomics reported a first-quarter revenue decline of 15.2% year-on-year to $25.4 million, missing the consensus of $52.2 million.
Revenue from the U.S. was $11.8 million, down from $26.9 million a year ago, due to a decrease in revenue from Timios over cybersecurity issues.
The gross margin plunged to 0.1% from 35.8%. Costs surged 32% Y/Y.
EPS loss of $(0.06) was in line with the consensus.
Ideanomics reported second-quarter revenue growth of 13.5% year-on-year to $34.2 million, missing the consensus of $74.5 million.
Revenue from the U.S. was $14.4 million, down from $25 million a year ago, due to lower revenues at Timios, offset by Energica and Solectrac brands.
The gross margin plunged to 4.4% from 30%. Costs surged 55% Y/Y.
EPS loss of $(0.08) missed the consensus loss of $(0.06).
Ideanomics held $85.5 million in cash and equivalents.
"In the second quarter, Ideanomics was able to demonstrate our growing EV businesses, highlighted by our strong revenue growth at both Energica and Solectrac. Their new facility in Sonoma will allow us to produce more tractors in response to demand. Additionally, Energica announced its newest bike, the 'Experia', in addition to Energica Inside."
Price Action: IDEX shares traded lower by 7.95% at $0.52 in the premarket on the last check Friday.

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