Ideanomics (NASDAQ: IDEX) deals with international facilitation of Electric vehicles and specializes in developing various next generation Fin-tech products, reports its full year operating results in 2020. Revenue for 2020 was a staggering $26.8 million with a substantial quarter after quarter increment. Revenue generated from solely electric vehicles in 2020 closed at $19.5 million against $2.7 million in 2019, a whopping increase of more then 600% or $16.8M.
2019 Net revenues produced $44.6 million, due to a contractual agreement of a Media Asset management service which produced an incredible amount of $40.7M, yet failed to produce any capital in year 2020. Gross profit produced in 2020 was $2.1M due to an extremely low margin of 7.7%, keeping in mind the competitive nature of the business however Gross profit in 2019 was a staggering $43.1M as the gross margin increased to 100%
Ideanomics (IDEX) Acquires 20% equity In Italian Electric Motorcycle Company, Energica Motor Company
IDEX has also acquired a 20% stake in Energica motors, which plays a leading role in the lucrative market of high performance electric bikes. The $13.2M deal further diversifies IDEX’s electric vehicle portfolio and helps their aim to commercialize electric vehicles under their business model.
Energica Motor Company is one of the global leaders in producing high performance electric motorcycles and the only company responsible for assembling bikes at the FIM Enel MotoE™ World Cup. Energica motorcycles presently sell via their distribution network and importer.
IDEX has been a pioneer for electric vehicle awareness and is keen on its mission for expansion. Furthermore, considerable equity in Energica Motor company has further diversified their Electric vehicle portfolio and has given them competitive advantage over their peers, making them a serious contender in the EV world.