IDEANOMICS INC - IDEX STOCK NEWS

Ideanomics (NASDAQ: IDEX) reports strong sales from its Mobile Energy Global (MEG) division for September and Q3 2020. In September, MEG delivered 423 units, totaling 626 units for Q3. Additionally, 440 units were invoiced in Q3, pending delivery. CEO Alf Poor expressed satisfaction with the sequential growth achieved, attributing it to previous and new deals, as well as improved operational efficiency. This performance positions MEG for a promising start to Q4 2020, aligning with the company's growth strategy heading into 2021.

On Sept. 23, 2020, Ideanomics (NASDAQ: IDEX) announced the appointment of Dr. Liqing Hu as Chief Scientist for Medici Motor Works, based in China. Dr. Hu, noted for his contributions to hydrogen energy, will lead the establishment of the Medici Research Institute, focusing on fuel cell technology. The institute aims to innovate core components such as membrane electrodes and hydrogen supply systems, with the potential to support various vehicle applications. This move is viewed as a strategic step in positioning Ideanomics at the forefront of hydrogen fuel cell and battery electric vehicle innovation.

Ideanomics (NASDAQ: IDEX) has reported its Mobile Energy Global (MEG) division's performance from July 1 to August 31, 2020. During this period, MEG invoiced a total of 557 units, including 557 taxis/ride-hailing vehicles, while delivering 203 vehicles to customers, comprising 25 heavy trucks and 178 taxis/ride-hailing vehicles. The company notes that revenue recognition is pending completion of transaction processes, indicating potential future adjustments in earnings. Ideanomics aims to accelerate the adoption of commercial electric vehicles through collaborative purchasing and financing solutions.

Ideanomics (NASDAQ:IDEX) is set to present at the LD 500 Investor Conference on September 3, 2020, at 11:40 AM PST / 2:40 PM EST. CEO Alf Poor will address a live virtual audience, marking the first LD Micro event accessible to all. The conference runs from September 1-4. Ideanomics focuses on promoting the adoption of commercial electric vehicles through its Mobile Energy Global division, offering group purchasing discounts and financing solutions for EVs, batteries, and charging.

Ideanomics (NASDAQ: IDEX) reported a revenue of $4.7 million for Q2 2020, marking a significant increase from $378,000 in Q1 2020.

This revenue is the highest from its mobility business since the start of EV sales, despite challenges from the Covid-19 pandemic. Gross profit stood at $255,000 with a gross margin of 4.9%. However, operating expenses rose to $16.5 million, largely due to a one-time impairment charge of $6.2 million. This led to an operating loss of $16.3 million, or $10.1 million when excluding the impairment. Management is focused on cost reduction and prioritizing high-return projects.

Ideanomics (IDEX) has announced a revised date for its second-quarter financial results, moving the release to August 10, 2020, one day earlier than initially planned. A press release will be distributed at approximately 4 PM EDT, followed by a conference call at 4:30 PM EDT, where senior management will provide remarks and answer questions. The company offers electric vehicle solutions and financial services through its divisions, focusing on enhancing efficiencies and market access for customers.

Ideanomics (NASDAQ: IDEX) announced that Harvest Global Investments (HGI) will serve as an advisor, focusing on its Mobile Energy Global (MEG) division and Medici Motor Works. Dr. Henry XueJun Zhao will join as an advisor and board member to enhance shareholder value. HGI aims to provide capital raising, M&A, and investment banking support. With over 25 years of experience, HGI's senior management will assist in business strategy and scaling operations, leveraging the growing interest in clean energy and electric vehicles.

Ideanomics (NASDAQ: IDEX) announced the release of its Q2 2020 financial results on August 11, 2020, at 4 PM EDT, followed by a conference call at 4:30 PM EDT. Management will give remarks and a Q&A session will follow. Investors can submit questions in advance to ir@ideanomics.com. The company focuses on facilitating commercial electric vehicle adoption and developing Fintech products.

Ideanomics (NASDAQ: IDEX) issued a joint press release with Zhongsen Tower to clarify its relationship with China Tower Group's provincial divisions. The company corrected previous references to China Tower Holdings, which was inaccurately linked to the Hong Kong publicly listed company. Zhongsen Tower, 70% owned by Zhongsen Hongyun Industrial Development, is focused on 5G-related new energy services and plans to jointly invest in municipal infrastructure with provincial divisions of China Tower Group and China State Power Corporation. Ideanomics continues to promote electric vehicle adoption through its Mobile Energy Global subsidiary.