- Ideanomics recently reported $32.7 million in revenue and $10.8 million in gross profit for the three months ending March 31, 2021
- These Q1 2021 results represented a sharp increase compared to Q1 2020 results
- Ideanomics announced it has reached a definitive agreement to purchase 100% of US Hybrid
- The acquisition is set to bring synergistic benefits to both US Hybrid and Ideanomics Mobility companies
- Established in 1999, US Hybrid designs, manufactures, and markets electric powertrain components
On Monday, May 17, Ideanomics (NASDAQ: IDEX) released its Q1 2021 financials for the three months ending March 31, 2021. In what CEO Alf Poor described as an indication that Ideanomics is transforming dramatically quarter over quarter, the company reported impressive operating results compared to Q1 2020 results.
According to a press release (https://ibn.fm/5h2BC) and the accompanying quarterly 10-Q report filing (https://ibn.fm/tuKcQ), Ideanomics reported $32.7 million in revenue for Q1 2021, compared to $378,000 reported in Q1 2020. Further, its gross profit grew from $44,000 in Q1 2020 to $10.8 million in Q1 2021. This robust growth demonstrates the vitality of Ideanomics’ business, as well as its ability to bounce back.
The US accounted for $29.6 million or 90.6% of the total revenue, followed by China with $3.1 million (9.3%), and Malaysia with $7,000.
In terms of revenues from products and services, Timios, Ideanomics’ title and escrow service, generated $27.6 million (84.4%), while WAVE, a company operating in the charging and batteries segment, accounted for 5.7% ($1.8 million). Ideanomics’ electric vehicle segment posted $3.0 million in revenues (9.2%), with the company also generating $197,000 from digital advertising and other services.
“I am both pleased and proud to say that as it stands today, the company is the healthiest it has been in close to three years that I have been on board,” said Alf in the press statement accompanying the announcement.
Later that day, Alf joined the Chief Financial Officer, Conor McCarthy, Chief Revenue Officer, Kristen Helsel, and SVP of Investor Relations, Tony Sklar, in hosting an earnings call. The company is making available a recording of this conference call.
Meanwhile, Ideanomics recently demonstrated its continued commitment to look for new investments and buyouts in revenue-based opportunities when it announced it has reached an agreement to acquire 100% of privately held US Hybrid (https://ibn.fm/CHPHM). The acquisition, set to be paid with cash and stock considerations, will enable Ideanomics to use US Hybrid’s US-built technology in its EVs.
On its part, Ideanomics will help US Hybrid scale its business operations as the soon-to-be wholly owned subsidiary continues to deliver services to its existing customers.
Founded in 1999, US Hybrid designs, manufactures, and sells electric powertrain parts for electric, hybrid, and fuel cell medium and heavy-duty municipality vehicles, buses, specialty cars, and commercial trucks. The various powertrain components it designs and develops include integrated power conversion systems and integrated motor drives, motors and controllers, DC-DC boost converters, and distributed energy management systems.
Being a reputable and reliable manufacturer, US Hybrid’s quality products are used in many trucks and buses developed by original equipment manufacturers (“OEMs”). It further boasts a global customer base drawn from both the private and public sectors; the company has forged long-term commercial relationships and delivered projects to clients in the commercial, defense and aerospace, and transit industries.
US Hybrid’s focus on the medium and heavy-duty EV segment is bound to have synergistic benefits, given, for instance, that Medici Motor Works (“MMW”), one of Ideanomics’ wholly owned subsidiaries, develops electric specialty vehicles, trucks, buses, and vans for the North American market. Ideanomics considers the acquisition a stepping stone towards fulfilling its long-held objective of providing technologies and vehicles wholly made in America.
“With decades of experience and credibility from deployments with reputable customers, US Hybrid will become an innovation engine for Ideanomics and provide strategic opportunities for clean technology applications across the zero-emissions transportation value chain, both now and in the future,” said Alf about the deal.
“This combination of our businesses provides for a bright future in zero-emission transportation, where we continue to innovate for the future, while scaling our commercial products to meet the immediate demands of the industry,” stated US Hybrid CEO Dr. Gordon Abas Goodarzi, PhD, PE. Dr. Gordon hailed the acquisition as an opportunity that will enable the company to unlock the commercialization and sales potential of its products.
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
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