Ideanomics (NASDAQ:IDEX) Reports Q3 2020 Financial Results
350Ideanomics (NASDAQ:IDEX) Reports Q3 2020 Financial Results - November 11, 2020 - RICH TV LIVE - Ideanomics Third Quarter 2020 Operating Results
Revenue for the three months ended September 30, 2020 , was $10.6 million , of which $10.1 million were generated by the Company's MEG business unit; this represents the largest revenues earned by MEG since the Company commenced business. #ideanomics #financials #richtvlive
In the third quarter of 2020, the Company continued to develop its MEG business and recognized $10.6 million revenue from the sales of vehicles, which included revenue of $1.3 million from the sale of traditional combustion engine vehicles. In the third quarter of 2020 the Company acted in both a Principal and Agent capacity in relation to vehicle sales. For those contracts in which it acted in a Principal capacity revenues were recorded on a Gross basis and for those contracts where it acted in an Agent capacity the revenues were recorded on a Net basis.
Gross Profit
Gross profit for the three months ended September 30, 2020 was $0.7 million , as compared to gross profit in the amount of $2.9 million during the same period in 2019.
Operating Loss
The Loss from Operations was $12.0 million as compared to $9.4 million in the prior period. The increased Operating Loss is almost entirely due to the lower gross profit in the current quarter.
About Ideanomics Ideanomics is a global company that facilitates the adoption of commercial electric vehicles and supports next-generation financial services and fintech products. Our electric vehicle division, Mobile Energy Global (MEG) provides group purchasing discounts on commercial electric vehicles, EV batteries and electricity, as well as financing and charging solutions; we refer to this business model as sales to financing to charging (S2F2C). Ideanomics Capital provides intelligent and innovative services for the fintech industry. Together, MEG and Ideanomics Capital provide our global customers and partners with more efficient solutions.
The company is headquartered in New York, NY , with offices in Beijing , Hangzhou , and Qingdao , and operations in the U.S., China , Ukraine , and Malaysia .
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