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Ideanomics, Inc.
9/9/2022
Welcome to the Ideanomics Investor Earnings Conference call. At this time, all participants are in a listen-only mode. For opening remarks and introductions, I would like to turn the call over to Tony Sklar, Senior Vice President of Investor Relations at Ideanomics.
Please go ahead, sir. Thank you very much, and thank you, everyone, from many different time zones for joining us today on the Ideanomics Conference call. Joining me today as well, I am pleased to have Mr. Al Fort, the Chief Executive Officer, Mr. Robin Mackey, the President of Ideonomics Mobility, Mr. Connor McCarthy, Chief Financial Officer, and we've got some special guests for you today on today's call, Mr. Bob Purcell, CEO of Via Motors, and of course, the great Lydia Sibillini, the CEO of Energica. A webcast of today's call will be archived and available on the events and presentation section of the corporate website for a minimum of 30 days. As a reminder, this conference call is being recorded. During the call, we will make forward-looking statements such as dialogue regarding our revenue expectations or forecast for the remaining quarters and the full fiscal year for 2022 and 2023. These statements are based off of our current expectations and information available as of today and are subject to a variety of risks, uncertainties, and assumptions. Actual results may differ materially and as a result of various risk factors that have been described in our periodic violence with the SEC. As a result, we caution you against placing undue reliance on the forward-looking statements. We assume no obligation to make any updates to the forward-looking statement as a result of any new information or future events, except as required by law. In addition, other risks are more fully described in the IDN on public violence with the U.S. Securities and Exchange Commission, and which can be found at www.sec.gov. Today, September 9th, 2022, the company has filed with the SEC its Form 10Qs for Q1 and Q2 2022, which was a follow-on from the company's filing of its Form 10K reporting its Q4 and full year 2021 results on September 2nd, 2022. Afterwards, the company has issued press releases announcing those financial results. So participants on this call who may not have already done so may wish to look at those documents as we provide a summary of those results on this call. The format for today's call will be as follows. Mr. Alpour will begin our comments today and speak to the company's progress and strategic developments. Mr. Robin Mackey will speak to the company's operating activities in mobility and the progress made since our last earnings call, including remarks from our special guest today on the call, which is Mr. Lydia Civellini of Energica and, of course, Mr. Bob Purcell, CEO of Via Motors. Mr. Connor McCarthy will speak to the company's operating and financial results for 2021 and the first two quarters of 2022. And then once again, Mr. Alford will make management's closing remarks, which will be followed by our Q&A. It is now my pleasure to hand over the floor to Mr. Alford, Ideanomics CEO.
Thank you, Tony. Good morning, everyone, and thank you for joining our earnings call. It's been a long time since we were able to properly address our investor community. And I'd like to thank all of our shareholders for their patience this year. We were put in an unfortunate position where we had to take decisive measures to appoint a new audit firm in July of this year. We did this to ensure we could conclude our audit in a timeframe that protects the company and its shareholders. Our thanks to Grassi and thanks to our other accounting advisors and our finance team for their support and dedication in what was an enormous effort for all involved, covering not just the working week, but also many nights and weekends to help us restore our ability to make our timely filings going forward. Putting that behind us, I am delighted to welcome you all to this very important results presentation. Ideanomics is at the forefront of EV, with mature products, technologies, and the talent to stand out in a crowded industry. In the coming weeks, we're going to be asking our shareholders to support us in completing the BM Motors transaction that will expand the Ideanomics family further. This deal brings full OEM capabilities to our group in new vehicle classes, and partnering with the VIA management opens up the market further for Ideonomics and its shareholders. Over the last two years, we have moved aggressively to transform our business, and as a result, we have maturing onshore revenues to reflect the successful changes we made through both organic and acquisition-led growth. Our story today and into the future continues to be one of growth. growth in terms of products with strong market fit, growth in terms of revenues, and growth in terms of all the pipeline across our businesses. We have reached this point thanks to the efforts of the entire Ideanomics team, and I thank them for that. I would particularly like to mention at this time our team members in Ukraine. They have been under an immense amount of duress over these past few months, and we are grateful for all that they do for Ideanomics. As you will hear from Robin Mackey shortly, Some of our key brands, such as Selectrac and Energica, are already experiencing growth, and currently every vehicle that they can produce is already sold. So we're seeing strong demand for our products. Via Motors is finalizing its plans for selecting a home for its production facilities, with class-leading vehicles that are going to be in high demand in the fast-growing local delivery sector. Our energy and charging products are seeing demand across the board as fleets begin investing in the infrastructure they'll need to keep their vehicles on the road. And Ideanomics is supporting the financing of our vehicle and charging products with a range of leasing and pioneering as a service programs through Ideanomics Capital. On the accounting side, you'll see a number of impairments in our 10K numbers, which Connor will take you through shortly. These are a reflection of the general pullback in the EV sector. and the resulting valuation adjustments we have taken primarily against goodwill and intangible assets. I want to emphasize that these are non-cash gap accounting adjustments that management considered appropriate, given EV valuations in the public markets. Despite those valuation adjustments, which we consider part of the ebb and flow of economic cycles, we continue to invest in our businesses and the underlying technologies that we consider differentiate our products and deliver value to our customer audience. Ultimately, Ideonomics' future is based on its customers' wants and needs. We have frequent customer validations on the benefit of bringing vehicles, charging, and financing solutions under one roof. They are excited to work with us because we are the only one-stop partner to reduce the complexity they have to navigate around the commercial adoption of electric vehicles. Thanks to our customer-centric business model, I expect only growth as our operations mature and the industry expands from the Inflation Reduction Act and infrastructure bill. I'll hand you over to Robin now for further remarks on the progress we're seeing within our EV businesses.
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