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Ideanomics InvestorRoom Ideanomics , Inc. Reports Q3 2021 Financial Results -- Launched a voluntary conditional tender offer in concert with the Founders of Energica for shares of Energica Motor Company S.p.A. ( Energica ) -- Entered into an agreement to acquire VIA Motors -- Hired Aaron Gillmore and Mani lyer to lead WAVE and Solectrac respectively -- Revenues for the quarter ended September 30 , 2021 , were $ 27.0 million and gross profit of $ 4.5 million -- $ 256.9 million cash at quarter end providing a deep pool of capital for investment in our Ideanomics Mobility & Capital business units NEW YORK , Nov. 23 , 2021 / PRNewswire / -- Ideanomics ( NASDAQ : IDEX ) ( " Ideanomics " or the " Company " ) , a global company focused on driving the adoption of commercial electric vehicles and associated energy services , announced today its third quarter 2021 operating results for the period ended September 30 , 2021 along with updated results from the first and second quarter of 2021 ( a full copy of the Company's quarterly 10 - Q and 10 - Q / A reports are available at www.sec.gov ) . Conference Call : Ideanomics ' management , including Alf Poor ( Chief Executive Officer ) , Conor McCarthy ( Chief Financial Officer ) , Kristen Helsel ( Chief Revenue Officer ) and Tony Sklar ( SVP of Investor Relations ) , will host live an earnings release conference call at 8:30 am ET , Tuesday , November 23 , 2021. Time permitting , Ideanomics management will answer questions from the Say platform and during the live Q & A session . A replay of the earnings call will be available soon after the conclusion of the event . To join the webcast , please visit the ' Events & Presentations ' section of the Ideanomics corporate website ( http://www.ideanomics.com/ ) , or copy / paste this link : https://78449.themediaframe.com/dataconf/productusers/ssc/mediaframe/47453/indexl.html " This quarter was highlighted by two very important strategic planned acquisitions of VIA Motors and Energica both scheduled to close in the first quarter , " said Alf Poor , CEO of Ideanomics . " The integration of these two companies provides Ideanomics with full OEM capabilities across vehicle types , and positions Ideanomics as one of the only full service , turnkey , offerings in the market today . " Selected Business Updates and Highlights • People • Aaron Gillmore ( former BYD and Tesla executive ) appointed as CEO of WAVE • Mani lyer ( former CEO of Mahindra Agriculture Americas ) appointed as CEO of Solectrac • Selected Business Unit Deals • WAVE received order from AVTA for vehicle - side charging equipment for 28 buses • US Hybrid delivered EV power electronics components to several OEMs , including CAT , Pratt & Miller , FEV , and Nova Bus , as well as several powertrain kits for battery electric street sweepers deployed nation - wide • Ideanomics China delivered 652 vehicles , with a large order backlog due to supply chain constraints , and entered into agreements to secure first access to thousands of new electric vehicles as they roll off assembly lines • Technology & Manufacturing • WAVE made substantial progress toward final testing of 125kW and 500kW wireless charging systems , which will broaden WAVE's market reach to additional applications • US Hybrid moved to new larger facility to support greater scale of innovation and manufacturing • Treeletrik moved to a new office and assembly plant to support manufacturing and delivery of its orders Ideanomics Third Quarter 2021 Operating Results Revenue for the quarter was $ 27 million . Revenue from our Mobility Unit was $ 11.5 million up from $ 8.7 million in the second quarter of 2021. This is the third consecutive quarter over quarter growth for the Mobility Unit . Gross Profit Gross profit for the third quarter was $ 4.5 million which represented a Gross Margin of 16.7 % . Gross profit for the third quarter of 2020 was $ 0.7 million . Completion of Financial Restatement Ideanomics has completed the restatement of its previously issued financial statements for the fiscal quarters ended March 31 , 2021 and June 30 , 2021 ( the " Restated Periods " ) , and has filed amended Quarterly Reports on Form 10 - Q / A for the Restated Periods with the SEC . As previously disclosed in Ideanomics ' Current Report on Form 8 K ( the " 8 - K " ) , errors in the previously issued financial statements for the Restated Periods were related to revenue reported by Ideanomics ' affiliate Timios Holding Corp. that provides title and agency services . Ideanomics amended the 8 - K on November 16 , 2021 disclosing certain errors relating to purchase price allocations with respect to certain acquisitions completed by Ideanomics during 2021 , and several additional immaterial revisions to the previously issued financial statements for the Restated Periods . The correction of these errors resulted in a restatement of the previously issued financial statements and financial data for the Restated Periods . The restatements had an impact on the financial statements for the Restated Periods , with changes reflected in the relevant financial statements , due to changes in accounting treatment of revenues . No changes due to the restatement had any impact on our gross profit because revenues in the title and agency business will be lower by approximately $ 5.1 million with an offsetting reduction in cost of goods sold . The aggregate amount of the restatement in connection with the purchase price allocations resulted in an increase in goodwill of approximately $ 17.4 million and a corresponding reduction in definite - lived intangibles with a net tax impact of $ 1.2 million . About Ideanomics Ideanomics is a global company focused on the convergence of financial services and industries experiencing technological disruption . The Ideanomics Mobility division is a service provider which facilitates the adoption of electric vehicles by commercial fleet operators through offering vehicle procurement , finance and leasing , and energy management solutions under an innovative sales to financing to charging ( S2F2C ) business model . Ideanomics Capital is focused on disruptive fintech solutions for the financial services industry . Together , Ideanomics Mobility and Ideanomics Capital provide global customers and partners with leading technologies and services designed to improve transparency , efficiency , and accountability , and offer shareholders the opportunity to participate in high - potential growth industries . Safe Harbor Statement This press release contains certain statements that may include " forward looking statements " . All statements other than statements of historical fact included herein are " forward - looking statements . " These forward - looking statements are often identified by the use of forward - looking terminology such as " believes , " " expects " or similar expressions , involve known and unknown risks and uncertainties , and include statements regarding our intention to transition our business model to become a next generation financial technology company , our business strategy and planned product offerings , our intention to phase out our oil trading and consumer electronics businesses , and potential future financial results . Although the Company believes that the expectations reflected in such forward - looking statements are reasonable , they do involve assumptions , risks and uncertainties , and these expectations may prove to be incorrect . You should not place undue reliance on these forward - looking statements , which speak only as of the date of this press release . The Company's actual results could differ materially from those anticipated in these forward - looking statements as a result of a variety of risks and uncertainties , such as risks related to : our ability to continue as a going concern ; our ability to raise additional financing to meet our business requirements ; the transformation of our business model ; fluctuations in our operating results ; strain to our personnel management , financial systems and other resources as we grow our business ; our ability to attract and retain key employees and senior management ; competitive pressure ; our international operations ; and other risks and uncertainties disclosed under the sections entitled " Risk Factors " and " Management's Discussion and Analysis of Financial Condition and Results of Operations " in our most recent Form 10 - K and Form 10 - Q filed with the Securities and Exchange Commission , and similar disclosures in subsequent reports filed with the SEC , which are available on the SEC website at www.sec.gov .. All forward - looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these risk factors . Other than as required under the securities laws , the Company does not assume a duty to update these forward - looking statements . Investor Relations and Media Contact Ideanomics , Inc. Tony Sklar , SVP of Investor Relations 1441 Broadway , Suite 5116 New York , NY 10018 . Email : ir@ideanomics.com Jeremy Ertl Skyya for Ideanomics 507-458-9404