Ideanomics Q2 Highlights - Revenues Increase - 50% Debt Reduction - $36 M Cash
- Revenues for the three months ended June 30, 2020, was $4.7 million.
- The company strengthened its cash position, finished the quarter with $36 million cash in bank.
- Ideanomics continued progress with its Mobile Energy Global EV activities as the value of its Sales to Financing to Charging (S2F2C) business model gains traction in the EV industry.
"We are very pleased with the pace of our sales growth in the new energy vehicle industry," said Alf Poor, CEO of Ideanomics. "As the rate of global electric vehicle (EV) adoption continues to rise and technology advancements make EVs more accessible, our Sales to Financing to Charging (S2F2C) business model is positioned to add value for commercial fleet operators in all areas of their business."
Ideanomics is a global company focused on facilitating the adoption of commercial electric vehicles and developing next generation financial services and Fintech products. Its 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. Ideanomics Capital includes DBOT ATS and Intelligenta which provide innovative financial services solutions powered by AI and blockchain. MEG and Ideanomics Capital provide our global customers and partners with better efficiencies and technologies and greater access to global markets.
The company is headquartered in New York, NY, and has offices in Beijing and Qingdao, China.