Ideanomics, Inc. (NASDAQ: IDEX)

Summary

Ideanomics (Nasdaq: IDEX) is 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.

Stock Chart

Share Structure

As of August 4, 2020
Market Cap $389,177,181
Outstanding Shares 237,303,159
Restricted Shares 73,424,144
Unrestricted Shares 163,531,862
52 Week Hi-lo $3.98-$0.27

Investment Highlights

  • Leadership position and strong order pipeline in a large addressable market. China – IDEX’s first target market – will be home to 143 million electric vehicles (~57% of global stock) by 2030. This is ~62x the present stock of electric vehicles (2.3 million units) in China, suggesting that the market is poised for huge growth. IDEX also plans to grow outside China, first in ASEAN nations (starting with Malaysia) and then globally. The company has a strong position in the market.
  • End-to-end service offering and value chain presence: IDEX is not only engaged in facilitating the procurement of commercial electric vehicles but also facilitates their financing, which is one of the hurdles for its target clients who lack financing options for EVs. IDEX will also offer energy solutions to fleet operators by providing them pre-paid and fast charging solutions for EVs. This service not only boosts IDEX’s topline but also creates a recurring revenue stream for the company.
  • Strong industry partnerships: IDEX has strategic partnership agreements with leading Chinese fleet operators such as iUnicorn, Yunnan Energy Investment Group, Golden Concord (GCL Group), Jiangsu Linghao Network Technology Co., Sichuan Shenwu Yunli Transportation Services Co., and Beijing Silk Road Rainbow Car Rental Group Co. These agreements provide IDEX a presence across key EV hubs in China and are the source of its order pipeline. The company has also partnered with leading EV manufacturers and financing solutions providers to enable smooth order fulfilment, and with PetroChina to provide energy solutions to fleet operators. These partnerships strengthen IDEX’s execution capabilities and establish its presence across multiple segments, a key competitive advantage.
  • Scale: IDEX has started operations in select provinces in China including Chengdu, Yunnan, Guanxi etc. This still leaves it with significant room for expansion within China. The company has also established its presence in Malaysia and has plans to gradually expand to other ASEAN markets and countries around the globe to set up the first-of-its kind financing and sourcing platform for commercial EVs.

Products

The company is 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.

Management Profiles

Board of Directors

Dr. Bruno Wu Chairman
Shane McMahon Vice Chairman
Alf Poor CEO
Yang Chao Independent Director
Jim Cassano Independent Director
Steven Fadem Independent Director
John Wallace Director
Harry Edelson Independent Director
Jian Ren (Jerry) Fan Independent Director

Management

Alf Poor CEO
Conor McCarthy CFO
Carla Qiong Zhou CRO
Avis Zhu President China Operations
Drew Colvin VP of Corporate Development
Kate Lam Managing Director of Digital Financial Products
Tony Sklar VP of Communications
Matt Fogel Senior Product Advisor
Cecilia Xu Corporate Controller