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Dec 31, 2019
Ideanomics Q4 2019 Earnings Report
Ideanomics's business transformation was finalized, positioning the company to focus on EV and Financial Services.
Key Takeaways
Ideanomics reported a decrease in revenue due to the transition away from oil and electronics trading. The company focused on its Mobile Energy Global (MEG) and Ideanomics Capital divisions. Impairments were taken to clear a path to profitability and growth.
Revenue for the year ended December 31, 2019, was $44.6 million, compared to $377.7 million in 2018.
Cost of revenues was $1.5 million, compared to $374.6 million in 2018.
Gross profit was approximately $43.1 million, compared to $3.2 million in 2018.
Loss per share for 2019 was $0.82, compared to $0.35 in 2018.
Forward Guidance
The company is focusing on core activities in EV and Financial Services from 2020 forward, aiming for profitability and growth through MEG and Ideanomics Capital.
Positive Outlook
- Focus on high-growth industry segment in electric vehicles.
- Opportunity to earn upfront revenues from vehicle procurement.
- Recurring revenues from the consumption of electrical energy.
- Strategic development of Ideanomics Capital.
- Assets within the group are available to be sold or divested.
Challenges Ahead
- Decrease in revenue due to business transition.
- Impairments of holdings of GTB cryptocurrency.
- Impairments related to buildings demolished at Fintech Village.
- Expenses related to the true-up of DBOT selling stockholders.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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