IDEANOMICS Announces FY2023 Q1 Earnings Results for Period Ending March 31, 2023
August 13, 2023
🌥️Earnings Overview
On August 4 2023, IDEANOMICS ($NASDAQ:IDEX) released their Q1 FY2023 financial results for the period concluding March 31 2023. Revenue for the quarter amounted to USD 10.6 million, a decline of 58.4% compared to the same period in the prior year. Net income reported was USD -84.3 million, representing a decrease from the -28.5 million reported in the prior year.
Share Price
On Friday, IDEANOMICS announced its FY2023 Q1 earnings results for the period ending March 31, 2023. The stock opened at $0.1 and closed at the same price, signifying a 1.2% decline from its last closing price of $0.1. Overall, IDEANOMICS’ FY2023 Q1 earnings results were weaker than expected, resulting in a 1.2% decline in its stock price on Friday.
The company is continuing to focus on reducing expenses and improving operational efficiency in order to offset the decline in revenue and profits. With the right strategy and cost reductions, IDEANOMICS is confident that it can turn its performance around and return to profitability. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Ideanomics. IDEANOMICS_Announces_FY2023_Q1_Earnings_Results_for_Period_Ending_March_31_2023″>More…
| Total Revenues | Net Income | Net Margin |
| 86.11 | -316.5 | -152.4% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Ideanomics. IDEANOMICS_Announces_FY2023_Q1_Earnings_Results_for_Period_Ending_March_31_2023″>More…
| Operations | Investing | Financing |
| -109.32 | -39.77 | -0.53 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Ideanomics. IDEANOMICS_Announces_FY2023_Q1_Earnings_Results_for_Period_Ending_March_31_2023″>More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 316.99 | 217.1 | 0.12 |
Key Ratios Snapshot
Some of the financial key ratios for Ideanomics are shown below. IDEANOMICS_Announces_FY2023_Q1_Earnings_Results_for_Period_Ending_March_31_2023″>More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 68.5% | – | -382.1% |
| FCF Margin | ROE | ROA |
| -134.8% | -172.0% | -64.9% |
Analysis
At GoodWhale, we have conducted a thorough analysis of IDEANOMICS‘ financials and have assigned it a high risk rating. This means that in terms of both financial and business aspects, IDEANOMICS is a high risk investment. In our analysis, we have detected 3 risk warnings in the income sheet, balance sheet, and cashflow statement. To access these warnings, simply become a registered user on our site. You can then thoroughly review the potential risks associated with investing in IDEANOMICS. We strive to provide our users with the most up-to-date and accurate information about potential investments. Our analysis of IDEANOMICS should be used as a starting point for your own research into the company and its financials. More…
Peers
Its competitors are The Lion Electric Co, Nikola Corp, and Xos Inc.
– The Lion Electric Co ($TSX:LEV)
The Lion Electric Co has a market cap of 731.51M as of 2022, a Return on Equity of 30.94%. The company is engaged in the manufacturing of electric vehicles, batteries, and charging stations. The company has a strong focus on sustainable and green technologies, which has helped it to gain a loyal customer base. The company’s products are popular among consumers who are looking for alternatives to traditional petrol and diesel-powered vehicles. The company’s share price has been on a steady rise in recent years, as investors have become more confident in the company’s long-term prospects.
– Nikola Corp ($NASDAQ:NKLA)
Nikola Corporation is an American electric vehicle manufacturer based in Phoenix, Arizona. Founded in 2014, the company produces electric vehicles, electric vehicle powertrains, and batteries. Nikola also plans to offer a hydrogen fuel-cell semi-truck, called the Nikola One, in 2019. Nikola has a market cap of 1.73B as of 2022 and a Return on Equity of -76.12%.
– Xos Inc ($NASDAQ:XOS)
The company’s market cap is $179.37 million and its ROE is -37.57%. The company is a provider of cloud-based software solutions for businesses. The company’s products include a cloud-based customer Relationship Management (CRM) solution, a cloud-based human resources (HR) solution, and a cloud-based e-commerce platform. The company was founded in 2001 and is headquartered in San Francisco, California.
Summary
IDEANOMICS reported their Q1 FY2023 earnings results for the period ending March 31 2023, with total revenue of USD 10.6 million, a 58.4% decrease from the prior year. Net income was reported at USD -84.3 million, a decrease from the prior year’s figure of -28.5 million. This shows a significant decline in earnings for IDEANOMICS, which may cause investors to reconsider their position in the company. Investors should analyze the company’s performance and financials before investing in IDEANOMICS, as it may not be a great investment opportunity at this time.
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