- EV (electric vehicle) revenues amounted to $19.5 million in 2020, growing 600+ percent from $2.7 million in 2019
- First sales of battery and charging systems also drove revenue in 2020 and are expected to continue growing this year following the acquisition of WAVE
- New Chief Revenue Officer Kristen Helsel has a proven track record in growing revenues in the automotive and energy management industries and will play an instrumental role in driving the company’s growth, performance and strategy
Ideanomics (NASDAQ: IDEX), a global company focused on enabling the widespread adoption of commercial electric vehicles and associated energy consumption, finished 2020 with significant resources available to drive long-term growth plans and substantially higher EV revenue than in 2019, in spite of the pandemic.
In an earnings release conference call on March 31, the Ideanomics management revealed the full operating results for the year 2020 and provided selected business highlights and updates, including the company’s progress in its Mobility unit activities as a result of its Sales 2 Financing 2 Charging (S2F2C) business model gaining traction in the EV industry (https://ibn.fm/aXDDW).
According to the official financial results, the company’s total revenue for 2020 amounted to $26.8 million, growing sequentially quarter over quarter, demonstrating the growing strength of the Ideanomics model. Gross profit was $2.1 million, which represented a gross margin of 7.7 percent.
Ideanomics is currently generating revenue from its S2F2C business model, which includes three operating features:
- Vehicle and Battery Sales – Medici, Treeletrik, Energica, and Solectrac cover the three market segments for the company
- Financing, Leasing, and Insurance – Financial services to fleet customers, commission-based delivery, and origination-fee based revenue
- Charging and Energy Services – Charging as a service, battery swap programs, and WAVE wireless charging
Most of the total revenue reported for 2020 came from EV operations – more specifically, $19.5 million compared to $2.7 million in 2019, marking an increase of more than 600 percent. In 2020, revenues also included the company’s first sales of battery and charging systems, a major part of the EV ecosystem and Ideanomics’ S2F2C model. Revenues from charging systems are expected to continue growing following the acquisition of inductive charging business WAVE in January 2021, which will be included in the company’s financial results as of the current quarter.
Other key highlights mentioned during the earnings conference call included the acquisition of cash flow positive Timios Holding Corp. under the company’s Capital division in January 2021, investments in leading electric tractor company Solectrac in October 2020 and a purchase agreement with MEG for 2,000 units of D1, a custom electric ride-hailing vehicle, in December 2020.
“We are very pleased with the transformation that took place this past year,” said CEO Alf Poor said. “Despite a year highlighted by COVID-19, we were able to build the groundwork for 2021 and beyond for Ideanomics and we are excited for what the future holds with our recent activity across the EV ecosystem and developments in EV charging infrastructure.”
To further drive its long-term growth, performance and strategy plans and align the activity of its revenue-generating departments, Ideanomics has appointed Kristen Helsel, a proven executive with 20+ years of experience, as Chief Revenue Officer. Throughout her career, Helsel has amassed significant experience growing new business around disruptive technologies by identifying new lucrative deals, while also delivering strong P&L results and combining financial and busines strategies with technical execution for short and long-term gains (https://ibn.fm/lYon2).
Helsel has a proven track record for growing revenues in the automotive and energy management industries and building and leading high-performing sales teams. She has extensive experience in the renewable energy and tech fields, as before joining Ideanomics, she was a partner for DKS Investments, acting as a consultant for organizations in markets such as solar energy and storage, EV charging, robotics, drones, and more. She was also named one of the “Electrifying 100: the 100 Most Influential People” in the EV industry by Automotive News.
Helsel voiced excitement for the new position and her future work to help accelerate the growth of Ideanomics and commercial EV adoption. “I was attracted by the company’s global vision and progress as a leader in the fast-growing commercial EV market, and I am looking forward to leading Ideanomics revenue development as the business continues to scale,” she said.
“We are excited to bring someone on board with experience at the intersection between automotive and energy that is essential to successful EV adoption. Kristen joins Ideanomics at an important time when we are poised for growth in all of our markets,” Poor explained.
The Ideanomics Mobility division is part of a global commercial EV market expected to reach $132.73 billion by 2022, growing at an impressive CAGR of 39.9% from the $34.7 billion value reported in 2018 (https://ibn.fm/icXmZ). Grand View Research projects the global EV charging infrastructure is also expected to grow exponentially, at a rate of 33.4%, to reach $144.97 billion in 2028. The growth of the EV industry is expected to be driven by an increasing interest and support from the public, as more people are looking for a clean alternative to fossil fuel-powered vehicles.
For more information, visit the company’s website at www.Ideanomics.com.
NOTE TO INVESTORS: The latest news and updates relating to IDEX are available in the company’s newsroom at https://ibn.fm/IDEX
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