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 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
Ideanomics is a catalyst for disruption to those industries where improvements in sustainability, transparency, and freedom of choice would have profound benefits on a global scale. The Ideanomics Mobility division is a service provider which facilitates the adoption of electric vehicles by commercial fleet operators through offering vehicle procurement, finance and leasing, and energy management solutions under our innovative sales to financing to charging (S2F2C) business model. Ideanomics Capital is focused on disruptive fintech solutions for the financial services industry. Together, Ideanomics Mobility & Capital provide our global customers and partners with leading technologies and services designed to improve transparency, efficiency, and accountability, and our shareholders with the opportunity to participate in high-potential, growth industries.
The company is headquartered in New York, NY, with operations in the U.S., China, Ukraine, and Malaysia.