Idex Stock Price, News & Analysis

VIA Motors has secured a significant purchase order for 2,000 Class 3 electric chassis cabs from Pegasus Specialty Vehicles, with deliveries set to begin in 2024. These vehicles will be utilized for Type A school buses, electric shuttles, and paratransit buses, leveraging Pegasus's extensive dealership network across the U.S. and Canada. VIA's electric chassis features impressive specifications, including a GVWR of 12,500 to 14,000 pounds and a range of 180 miles. This order is positioned to bolster electrification efforts in school transportation, with more than $500 million in EPA funds available for clean school buses.

Ideanomics (Nasdaq: IDEX) has launched Ideanomics Design, an in-house product design studio aimed at enhancing its electric vehicle (EV) and charging solutions. This initiative is expected to streamline design processes, boost efficiency, and strengthen the company's balance sheet. The new design philosophy focuses on customizable and modular solutions, with plans for three new electric tractors to be introduced in 2023. Ideanomics Design will also generate revenue through consulting services, while integrating its Mobility, Energy, and Capital verticals to simplify fleet electrification.

Ideanomics (NASDAQ: IDEX) has achieved a significant milestone with WAVE's 500kW ultra-fast wireless charging system, successfully tested at the Port of Los Angeles, charging a class 8 electric truck in under 15 minutes. This innovation aims to minimize downtime for fleet operators, allowing for 24/7 vehicle operation. Construction for the charger is ongoing, with expected service in 2023, supported by an $8.4 million grant from the U.S. Department of Energy. The Inflation Reduction Act offers over $75 billion in electrification incentives, accelerating fleet electrification efforts.

Ideanomics (NASDAQ: IDEX) announced the appointment of Stephen Johnston as the new Chief Financial Officer, effective immediately. With 30 years of global finance experience, Johnston will oversee the company's financial strategy, including accounting, reporting, and treasury matters. Prior to this role, he served as CFO at Dura Automotive Systems. CEO Alf Poor expressed confidence in Johnston's ability to maintain financial discipline while advancing the company's strategy in electric vehicle adoption. Ideanomics focuses on commercial electrification solutions through its three verticals: Mobility, Energy, and Capital.

Ideanomics (NASDAQ: IDEX) has announced the expansion of its subsidiary Solectrac's dealer network, with new dealers in Hawaii, Maine, North Carolina, Pennsylvania, Tennessee, Texas, and West Virginia. This marks a significant step forward, with Solectrac's climate-smart tractors now available at 38 locations nationwide. Sales of Solectrac tractors have surpassed total sales from the previous year within just six months. The company has also introduced the SolecSave online calculator to assist customers in understanding the ownership costs of electric tractors.

Ideanomics (Nasdaq: IDEX) has announced a partnership with ABC Companies to expand the distribution of WAVE's wireless inductive charging technology across North America. This partnership aims to support fleet operators in transitioning to electric vehicles by addressing charging concerns. The WAVE system offers charging pads that align with vehicle undercarriages and promises to enhance operational efficiency. The move positions ABC Companies to meet the growing demand for electrification and fleet management solutions in private charter fleets.

Ideanomics (NASDAQ: IDEX) announced a partnership with Global Environmental Products (GEP) to supply 62 zero-emission street sweepers, aimed at enhancing EV adoption across major U.S. cities including New York and California. This collaboration builds on a long-standing relationship since 2009, emphasizing the environmental benefits of these vehicles. GEP plans to deploy 17 sweepers for California's Department of Transportation, alongside additional units for New York City and other locations. Ideanomics appointed Macy Neshati as CEO of US Hybrid to spearhead growth in the electric vehicle sector.

Ideanomics (IDEX) reported second quarter 2022 revenues of $34.2 million, driven by growth in its electric vehicle (EV) businesses, particularly Energica and Solectrac. The company experienced a year-over-year revenue decline of $10.6 million in US revenues, primarily due to lower sales at Timios. However, gross profit fell to $1.5 million, reflecting a gross margin of 4.4%, down from $9.0 million in the same quarter last year. Recent launches, including the Experia electric motorcycle and the establishment of Ideanomics Energy, are expected to support ongoing revenue growth.

Ideanomics reported first-quarter 2022 revenues of $25.4 million, down 15.2% from $29.9 million in Q1 2021. US revenue fell significantly to $11.8 million from $26.9 million, largely due to a cybersecurity issue at Timios. The company recorded a gross profit of $0.02 million, leading to a marginal gross margin of 0.08%, compared to $10.7 million in Q1 2021. Key highlights included the acquisition of 70% of Energica and a strategic investment with InoBat. Management aims to enhance synergies across subsidiaries and will discuss future strategies in an upcoming conference call.