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Sep 30, 2020
Ideanomics Q3 2020 Earnings Report
Reported third consecutive quarter of MEG revenue growth.
Key Takeaways
Ideanomics reported Q3 2020 financial results with revenue of $10.6 million, primarily driven by the MEG business unit. The company experienced an operating loss of $12.0 million, attributed to lower gross profit compared to the same period in 2019.
Revenue for Q3 2020 was $10.6 million, with $10.1 million from the MEG business unit.
MEG achieved its largest revenues since the Company commenced business.
Gross profit for Q3 2020 was $0.7 million, compared to $2.9 million in the same period in 2019.
Operating loss was $12.0 million, compared to $9.4 million in the prior period.
Forward Guidance
Ideanomics anticipates maintaining revenue momentum through its product and service offerings and global footprint. The MEG division in China, Treeletrik in Malaysia, and Medici Motor Works and Solectrac in the U.S. are all progressing towards objectives for the remainder of 2020, and into 2021 and beyond.
Positive Outlook
- MEG division in China progressing towards objectives.
- Treeletrik in Malaysia progressing towards objectives.
- Medici Motor Works in the U.S. progressing towards objectives.
- Solectrac in the U.S. progressing towards objectives.
- Strong growth in taxi and ridesharing business is continuing.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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