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Ideanomics
Ideanomics (IDEX) investor relations material
Ideanomics has been delisted
Ideanomics Q4 2023 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2023 earnings summary18 Jun, 2024
Executive summary
Ideanomics focuses on accelerating commercial EV adoption, targeting last-mile delivery and charging solutions.
2023 saw continued restructuring, divestitures, and a shift away from China to the US market.
The company completed the acquisition of VIA Motors and continued to invest in WAVE Charging, Energica, and Solectrac.
Management believes the intrinsic value of subsidiaries exceeds current market capitalization and is exploring strategic investments and divestitures.
Substantial doubt exists about the company's ability to continue as a going concern due to recurring losses and limited liquidity.
Financial highlights
2023 revenue was $15.5M, down 19% from $19.0M in 2022, mainly due to capital constraints and market challenges.
Net loss from continuing operations was $204.9M in 2023, compared to $213.6M in 2022.
Gross profit was negative at $(2.7)M, with a gross margin of (17.6)%.
Operating expenses increased 3% to $214.7M, driven by higher R&D and asset impairments.
Asset and goodwill impairments totaled $177.7M in 2023, mainly related to VIA Motors and Energica.
Outlook and guidance
The company expects continued focus on last-mile delivery EVs and charging, with legislative trends supporting demand.
Restructuring and divestitures are intended to strengthen the financial position and focus on core growth areas.
Management continues to seek additional capital through equity and debt financing.
What is Ideanomics' mission?
What is WAVE Charging's competitive advantage?
What factors influence EV fleet conversion rates?
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Frequently asked questions
Ideanomics Inc is a global company focused on driving the adoption of commercial electric vehicles and providing fintech services. Its operations include electric vehicle sales, charging infrastructure, and financing solutions aimed at fleet operators and commercial enterprises. The company serves the transportation, energy, and financial services sectors. Ideanomics Inc is headquartered in New York, New York, and its shares are listed on the NASDAQ.
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