Ideanomics (IDEX) stock is on an upswing as it emerges from the COVID-19 pandemic, reporting quarterly revenue.
The company announced today its first quarter 2021 operating results for the period ended March 31, 2021.
Ideanomics First Quarter 2021 Operating Results
Revenue for the quarter was $32.7 million which represents the fifth consecutive quarter of growth demonstrating the increasing strength of Ideanomics’ business. Timios, our title & escrow business generated revenues of $27.6 million and WAVE revenues of $1.8 million, reported in the charging & batteries line in the revenue table. Both of these businesses were acquired in the first quarter and consequently their financial results are only included from the date of acquisition. Revenue from Electric Vehicles was $3.0 million up from just $55,000 in the first quarter of 2020.
Gross Profit Q1 2021.
Gross profit for first quarter 2021 was $10.8 million which represented a Gross Margin of 33.1%. Gross profit for first quarter 2020 was $44,000.
Selected Business Updates and Highlights
Acquired Wireless Charging Provider WAVE
Acquired title & escrow services company Timios
Announced Sponsorship in NACFE and membership in CALSTART
Timios Expands retail purchasing business
Solectrac expands Tractor reservation campaign
Invests in Italian Electric Motorcycle Company Energica
Timios generates record high revenue for the quarter
Bolstered Cash position to $356 million as of March 31, 2021
IDEX shares were up 17.07% at $2.88 on Monday but lost some steam during pre-market trading on Tuesday. Ideanomics shares are still at 50% discount compared to the February highs.