Idex Stock Price, News & Analysis

Ideanomics (NASDAQ: IDEX) will participate in the Advanced Clean Transportation (ACT) Expo from August 30 to September 2, 2021, in Long Beach, CA. Chief Revenue Officer Kristen Helsel will join a panel on "Clean Transportation as a Service" on September 1, discussing fleet procurement and clean fuel adoption. Ideanomics will showcase its subsidiaries: Solectrac with its e70N Electric Tractor, WAVE's wireless charging solutions, and US Hybrid's zero-emission powertrains at Booth #1159. Ideanomics aims to lead the transition to zero-emission vehicles in commercial fleets.

Ideanomics (NASDAQ: IDEX) reported a strong performance for Q2 2021, with revenue reaching $33.2 million, marking six consecutive quarters of growth. Notably, revenue from electric vehicles surged to $6.1 million from $0.7 million in Q2 2020. The company's gross profit stood at $9.3 million, yielding a gross margin of 28%, compared to $0.3 million in the same quarter last year. The report also highlights recent acquisitions, including US Hybrid and Solectrac, contributing to Ideanomics' expanding footprint in the EV market.

WAVE, a subsidiary of Ideanomics (NASDAQ: IDEX), has secured a significant cooperative purchasing contract from Sourcewell for wireless inductive charging solutions. Sourcewell, a government organization, offers over 400 competitively solicited contracts to enhance purchasing efficiency for more than 50,000 entities across North America. This contract enables WAVE to streamline access to its innovative charging systems, supporting transitions to zero-emission vehicles. WAVE's technology eliminates battery range limitations, fostering the adoption of electric vehicles in municipalities and fleets.

On August 4, 2021, Solectrac, a subsidiary of Ideanomics (NASDAQ: IDEX), announced the launch of the e70N electric tractor, designed for efficient handling in vineyards and farms. Built for larger agricultural tasks, the e70N features a 70 HP engine, up to eight hours of operation per charge, and swappable battery packs. Pre-orders are open with a $1,000 deposit, while deliveries are set for Spring 2022. This model positions Solectrac favorably against diesel competitors, meeting the growing demand for zero-emission vehicles in agriculture.

Ideanomics (NASDAQ: IDEX) has announced a pledge of $25 million to support minority and underserved communities, aligning with its commitment to environmental, social, and governance (ESG) principles. The funds will go to the Minority Depository Institution (MDI) Keepers Fund, aimed at enhancing financial inclusivity through capital and resources in low- and moderate-income areas. This initiative is part of Ideanomics' strategy to disrupt the financial services sector and improve diversity within its businesses, as stated by CEO Alf Poor.

Ideanomics has announced the appointment of Shane McMahon as the new Executive Chairman of the Board, with Jim Cassano taking the role of Vice Chairman. McMahon, who has been with the company since 2010, emphasized the company's transition into the EV and hydrogen fuel cell sectors, expressing optimism about future growth. Cassano's extensive leadership experience will support Ideanomics' vision as a vertically integrated entity in these industries. This leadership change is seen as part of the company's commitment to scaling its operations and enhancing its business strategy.

Ideanomics (NASDAQ: IDEX) has announced a strategic investment of €7.5M (~$9M) for a 30% ownership stake in Prettl Electronics Automotive (PEA), aiming to enhance its electric vehicle charging infrastructure in North America. Ideanomics will gain exclusive sales rights for PEA's charging products. PEA specializes in high-performance EV charging solutions and expects product availability in 2023. This partnership aligns with Ideanomics' strategy to capture market share in the commercial EV sector and complements its recent acquisition of WAVE for inductive charging systems.

Ideanomics (NASDAQ: IDEX) will release its second-quarter financial results on August 16, 2021, at approximately 4pm ET. Following the release, the management will hold a conference call at 4:30pm ET to discuss the results and answer questions. The call aims to provide insights into the company’s performance and future outlook. Investors can access the call via a webcast link and find supporting materials on the investor relations website.

Ideanomics (NASDAQ: IDEX) has appointed Mani Iyer as CEO of its subsidiary Solectrac, which focuses on electric tractors. With 28 years of experience in the agricultural sector, Iyer aims to drive growth and market share in sustainable farming. Under his leadership, Solectrac plans to reduce costs and expand its dealer network while leveraging financing from Ideanomics Capital. Founded in 2012, Solectrac is North America's first manufacturer of zero-emission electric tractors, led by Steve Heckeroth, who will continue as Chairman.