Ideanomics (NASDAQ: IDEX), a global company focused on accelerating the commercial adoption of electric vehicles, is reporting on its Q3 2022 financial and operating results for the period ended Sept. 30, 2022. Highlights of the report includes revenue for the quarter reaching $24.3 million as well as subsidiaries Energica providing 88 electric motorcycles for the upcoming G20 Summit Indonesia and US Hybrid supplying proprietary electric and hybrid electric propulsion kits for use in 62 zero-emission street sweepers constructed by Global Environments Products (“GEP”). In addition, the company gained 11 new dealer partnerships during the quarter, partnered with Nolan Manufacturing to produce Solectrac’s e25 electric tractors; entered an agreement with ABC Companies, a leading provider of motorcoach, transit and specialty passenger transport equipment in North America, to become a certified reseller of WAVE’s industry-leading wireless inductive charging technology; and successfully tested WAVE’s 500kW wireless charger at the Port of Los Angeles. IDEX also unveiled a product design studio created to build a new generation of high-performance electric mobility and charging solutions and named Stephen Johnston as its new CFO. The company also announced that Energica, through its Energica Inside business unit, and Solectrac are collaborating on a new generation of electric tractors. Energica Inside will provide Solectrac with battery-pack and vehicle-control-unit development as well as prototype assembly and testing. The collaboration should improve run-time, enabling customers to do more with their electric tractors per charge. “In the third quarter, Ideanomics showed the value and strength of our growing EV businesses, highlighted by Energica’s deal to provide motorcycles for the Indonesian National Police, which will be utilized at the upcoming G20 summit,” said Ideanomics CEO Alf Poor in the press release. “Solectrac, like Energica, is also experiencing demand-based growth and has expanded its manufacturing capacity resulting in a significant increase in unit production, while US Hybrid is on track towards profitability by the end of 2023. Furthermore, our WAVE business secured its first fleet customer in Q3. We look forward to continuing to demonstrate how our differentiated products and technologies drive revenue growth across our EV brands.”
About Ideanomics Inc.
Ideanomics is a global group with a simple mission: to accelerate the commercial adoption of electric vehicles. By bringing together vehicles and charging technology with design, implementation, and financial services, we provide the completeness of solutions needed for the commercial world to commit to an EV future. For more information about the company, please visit 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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