Ideanomics Inc (NASDAQ:IDEX) down 7% in premarket after reporting its Q2 2021 financial and operating results in which the company reported revenues of $33.2 million and a gross profit of $9.3 million.
Revenue for EVs was $6.1 million in Q2 2021, with powertrains and charging batteries revenues being $2.7 million. The company has the only electric tractor currently available in the market. At the end of the quarter, Ideanomics had $396 million in cash, a deep capital pool for investment in the Ideanomics Mobility & Capital segment.
The revenue posted in Q2 2021 included first revenue from Soletrac and US hybrid, which are business that was acquired in late Q2, and their revenues have been included from the time they were acquired. CEO Alf Poor stated that the company is executing vertically integrated, compelling and offerings in the electric vehicle industry. Poor added that the company has leading and best in class tech and talent to leverage Ideanomics’s presence on global markets. IDEX is worth watching in the coming weeks.
Market Reaction:
On Monday, IDEX stock fell 2.20% at $2.23 with more than 17.54 million shares, compared to its average volume of 16.56 million shares. The stock has moved within a range of $2.1600 – 2.2900 after opening the trade at $2.28.
