Ideanomics Reports Revenues $10.6 million in Q3, an increase of 230%

Strong cash position, finished the quarter with $27.6 million

NEW YORK - Nov. 10, 2020 - PRLog -- NEW YORK, -- Ideanomics Inc. a global company focused on monetizing the adoption of commercial electric vehicles and associated energy consumption, as well as enabling the next generation of financial services and fintech products, announced today its third quarter 2020 operating results for the period ended September 30, 2020.

Revenues $10.6 million, an increase of 230% compared to Q2 2020 and 340% compared to Q3 2019

Strong cash position, finished the quarter with $27.6 million

Q3 revenues were supported by strong growth in the Taxi and Ridesharing segment

Strategic Investment into California e-tractor company, Solectrac, which services agricultural and specialty vehicle market

"We reported our third consecutive quarter of MEG revenue growth, and our pipeline gives us confidence that we can maintain this momentum through our product and service offerings and global footprint," said Alf Poor, CEO of Ideanomics. "The MEG division in China, Treeletrik in Malaysia, and Medici Motor Works and Solectrac in the U.S. are all progressing towards our objectives for the remainder of 2020, and into 2021 and beyond. Strong growth in our taxi and ridesharing business is continuing and we are beginning to bring other revenues online in Q4, including activity in the bus segment of our business."

About Ideanomics

Ideanomics 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 fintech services that include intelligent and innovative solutions powered by AI and blockchain. Together, MEG and Ideanomics Capital provide our global customers and partners with more efficient solutions for a greener economy.

The company is headquartered in New York, NY, with offices in Beijing, Guangzhou, and Qingdao, and operations in the U.S., China, Ukraine, and Malaysia.

An American Company with a Global Footprint

https://ideanomics.com/divisions/mobile-energy-global/

To learn more please visit www.ideanomics.com

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