Executive Summary

Q1 2023 financials and an 8‑K 2.02 for the quarter were not filed or furnished; management stated they would hold the Q1 earnings call in May, but no Q1 results press release or transcript is available in the period, limiting quantitative comparison for Q1 .
2022 context: Total revenue was $100.9M; EV/charging revenue grew to $68.3M (+71% YoY vs 2021), while gross profit turned negative due to mix shift and unabsorbed fixed costs; management emphasized continued demand and capacity expansion into 2023 .
Liquidity and capital needs are central: management outlined ~$90M for Energica/Solectrac/US Hybrid/WAVE and >$100M for VIA Motors; they are negotiating nondilutive debt facilities with term sheets totaling “more than $100M,” targeting ~$125M, alongside government grants/incentives .
Cost discipline: targeting an incremental ~30% cost reduction via divestitures, headcount/cost actions, and consolidation (e.g., WAVE Charging as the unified energy brand) .
Catalysts near term: potential closing of debt financing, progress on grants, and VIA milestones (alpha/beta models, manufacturing site), plus actions to address NASDAQ minimum bid compliance; these were emphasized as drivers of narrative and stock sentiment .

What Went Well and What Went Wrong

What Went Well

EV/charging revenue traction: “our EV and charging businesses generated approximately $68 million in revenue in 2022” vs ~$40M in 2021, underscoring demand across Solectrac/Energica/U.S. Hybrid .
Commercial wins and capacity: VIA’s $170M Pegasus order; Energica + Solectrac sold “more than 850” branded EVs; Solectrac expanded US assembly capacity by ~300% to support E75 launch later in 2023 .
Strategic consolidation and customer alignment: WAVE Charging introduced as unified commercial fleet energy brand integrating inductive, DC fast, AC L2, and platform solutions; positioned as preferred partner for VIA’s work trucks .

What Went Wrong

Profitability headwinds: FY 2022 gross profit was negative ($0.8M), down from $23.2M in 2021, reflecting Timios (interest-rate driven volume decline) and unabsorbed fixed costs amid capacity expansion .
Balance sheet compression: cash and equivalents fell to $21.9M at 12/31/2022; management flagged significant capital needs for 2023 execution across brands and VIA validation/manufacturing .
Limited disclosure for Q1 2023: company indicated it would hold the Q1 call in May, but no Q1 press release or transcript was furnished in the period, constraining near-term trend analysis versus estimates .

Financial Results

Quarterly comparisons vs prior periods and estimates

Note: Q1 2023 results were not filed or furnished; S&P Global consensus estimates were unavailable due to missing mapping. Q4 2022 quarter-specific figures were not disclosed in the FY 2022 press release; Q3 2022 is shown for trend context.

Metric	Q3 2022	Q4 2022	Q1 2023
Revenue ($USD Millions)	$24.3	Not disclosed in FY release context	Not reported; Q1 call planned for May
Net Income ($USD Millions)	$(38.9)	Not disclosed in FY release context	Not reported; Q1 call planned for May
Basic/Diluted EPS ($USD)	$(0.08)/$(0.08)	Not disclosed in FY release context	Not reported; Q1 call planned for May
Gross Profit ($USD Millions)	$(0.7)	FY 2022 gross profit $(0.8) (annual)	Not reported; Q1 call planned for May
Gross Margin (%)	(2.7%)	Not disclosed for Q4	Not reported
EBITDA ($USD Millions)	Not disclosed	Not disclosed	Not reported
Total Operating Expenses ($USD Millions)	$41.2	FY 2022 $291.7 (annual)	Not reported

Estimates comparison: S&P Global consensus data unavailable due to missing CIQ mapping for IDEX; no comparison to Street for Q1 2023.

Segment/Category breakdown (as available)

Metric	Q3 2022	FY 2022
EV/Charging Products & Services Revenue ($USD Millions)	$16.2	$68.3
Total Revenue ($USD Millions)	$24.3	$100.9

Selected KPIs (disclosed activity metrics)

KPI	Q3 2022	Q4/FY 2022 Context
Energica motorcycles for G20 (units)	88 (order)	Combined Solectrac + Energica “more than 850” unit sales (FY)
WAVE wireless charger test (power)	500 kW test at Port of LA	WAVE Charging consolidated as unified brand
Solectrac assembly JV initial build	First 44 e25 tractors assembled	Windsor, CA assembly facility, capacity +300%

Guidance Changes

No formal quantitative revenue/EPS guidance was issued. Management disclosed capital plans, cost actions, and timeline items.

Metric	Period	Previous Guidance	Current Guidance/Disclosure	Change
Capital needs (Energica/Solectrac/US Hybrid/WAVE)	Next 12 months	N/A	~$90M required	New disclosure
Capital needs (VIA Motors)	Next 12 months	N/A	>$100M required	New disclosure
Cost reduction target	2023	N/A	~30% incremental cost reduction via divestitures, consolidation	New disclosure
Financing approach	Near term	N/A	Nondilutive debt term sheets totaling >$100M (~$125M target); pursue grants/incentives	New disclosure
NASDAQ minimum bid compliance	2023	N/A	Exploring all pathways; no definitive course set; proxy to be filed early 2023	Update
Q1 2023 reporting	May 2023	N/A	Company said it will hold Q1 earnings call in May	Timeline set

Earnings Call Themes & Trends

Topic	Previous Mentions (Q3 2022)	Current Period (Q4/FY 2022 call on Mar 30, 2023)	Trend
Capital needs & financing	Exploring diverse sources; focus on non‑dilutive financing; capitalization expected in 2022	~$90M for core brands; >$100M for VIA; negotiating nondilutive debt (>$100M; ~ $125M target); grants/incentives strategy	Intensifying; concrete amounts and term sheet progress
Cost reduction / restructuring	Cost saving initiatives underway; supply chain stabilization	Targeting ~30% cost reduction; consolidation (WAVE Charging), divestitures (e.g., Timios)	Accelerated actions
IRA grants/incentives	Customers to apply federal funding for commercial projects; pipeline building	Applications submitted; government incentives as key unlock for fleet demand	From pipeline to active applications
Product performance (Energica/Solectrac/U.S. Hybrid)	Energica +78% YTD sales; first 44 e25 tractors; US Hybrid kits for sweepers	“More than 850” combined EV unit sales; Solectrac capacity +300%; US Hybrid orders continue	Ongoing growth/capacity expansion
VIA Motors milestones	Acquisition progress; technology integration with WAVE	Alpha/beta model development; manufacturing site search; $170M Pegasus order; EAVX partnership	Advancing toward validation/manufacturing
NASDAQ compliance	Reverse split discussion declined; expect extension	“Exploring all possible pathways”; proxy early; maintain listing	Ongoing monitoring
Geographic/segment mix shift	Transition away from non‑core fintech/China; focus US/EU EV	Finalizing transition out of China; EV sales prioritization	Deeper focus on core EV markets

Management Commentary

“Despite those challenges, our EV and charging businesses generated approximately $68 million in revenue in 2022… Solectrac and Energica both grew significantly in 2022.” — CEO Alf Poor .
“Ideanomics estimates $90 million to fund… Energica, Solectrac, U.S. Hybrid and… WAVE… For VIA, we anticipate to need more than $100 million…” — CFO Stephen Johnston .
“We plan to take a number of additional steps to significantly reduce costs… targeting an incremental cost reduction of 30%.” — COO Robin Mackie .
“We continue to explore all possible pathways to meet [NASDAQ minimum bid]… Lastly, in May, we will hold our Q1 earnings call.” — CEO Alf Poor .
“Term sheets total more than $100 million. Somewhere in the $125 million range.” — CEO Alf Poor (financing) .

Q&A Highlights

VIA Motors progress: Focus on alpha/beta models showcasing skateboard and body‑in‑white; manufacturing site search underway .
Revenue/gross profit drivers: Declines attributed to Timios (rate-driven volume drop) and China exit; EV brands (Solectrac/Energica/U.S. Hybrid) filling the gap .
Capital raise timing/structure: Final negotiations on nondilutive debt; government grants expected to backfill capital needs; equity sparingly until share price improves .
Unlocking value/stock: Emphasis on flagship customer orders, technology licensing, and industry “natural selection” to highlight differentiated tech and order book .
Divestitures: Timios process active; potential EV asset transactions if terms reflect value; aim to complete fintech asset divestiture in 1H 2023 .

Estimates Context

S&P Global consensus estimates for Q1 2023 EPS and revenue were not available due to missing CIQ mapping for IDEX. No Street comparison can be made for Q1 2023 at this time.
The company indicated it would hold the Q1 earnings call in May, but no Q1 press release or transcript is present in the period dataset, further limiting estimates vs. actuals assessment .

Key Takeaways for Investors

Near-term narrative hinges on financing: Closing nondilutive debt (~$125M target) and securing grant funding are pivotal for 2023 execution and should be monitored as potential stock catalysts .
Execution focus: Watch VIA alpha/beta and manufacturing site decisions, Solectrac capacity ramp, and US Hybrid/WAVE commercial deployments to validate demand and margin trajectory .
Cost actions and portfolio focus: The ~30% cost-reduction plan and unified WAVE Charging brand suggest tighter operating discipline and clearer commercial go-to-market .
Demand indicators positive: EV/charging revenue growth and unit activity (Energica police bikes; Solectrac dealer expansion) support the thesis of improving core EV revenue mix .
Risk factors: Low cash at year-end and significant funding needs; profitability still pressured; NASDAQ compliance remains a monitoring item .
Data gap for Q1 2023: Absent quarterly results and unavailable Street estimates reduce visibility; subsequent filings/calls will be critical for trend confirmation .

IDEANOMICS, INC. (IDEX)·Q1 2023 Earnings Summary