Ideanomics (NASDAQ: IDEX), a global company focused on accelerating the commercial adoption of electric vehicles, is reporting on its first quarter 2023 operating results for the period ended March 31, 2023. Highlights of the report included the finalization of a VIA transaction in January; key partnerships announced by subsidiary Energica to advance all-electric solutions for aviation, marine, and off-road uses; the expansion of subsidiary Solectrac’s dealer network and subsidy program for all-electric tractors; the partnership between US Hybrid and Mi-Jack to develop hydrogen-powered rubber tire gantry crane; and the collaboration between US Hybrid and Global Environmental Products to make 18 zero-emission street sweepers for Caltrans. In addition, the report noted that Ideanomics has consolidated all energy and charging solutions under one brand: WAVE Charging. Key numbers from the report include revenues of $10.6 million and gross profit for the quarter totaling ($0.6) million. The company reported that revenue was primarily down “due to a decrease in revenue from Timios the title & escrow services business, and a decrease in revenue from the China-based EV resale business.” The report also noted that, during the first quarter, IDEX began executing on its commitment to shareholders to exit noncore businesses, including the sale of Timios and the shutdown of the company’s Justly financial services business.
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About Ideanomics Inc.
Ideanomics 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, the company provides the completeness of solutions needed for the commercial world to commit to an EV future. For more information about the company, please visit 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
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