Ideanomics (NASDAQ:IDEX) stock is getting a boost on Thursday after the electric vehicle (EV) charging company released results for the full year of 2020.
The Ideanomics earnings report highlights the company’s switch to being an EV charging play. That includes its revenue for the year coming in at $26.8 million. This is lower than the $44.6 million reported in 2019. However, IDEX notes that $40.7 million of that revenue came from a Digital Asset Management Services contract that produced no revenue in 2020. It’s also not expected to generate revenue in the foreseeable future.
Instead, the company notes that the majority of its revenue, $19.5 million to be exact, came from its EV charging business. For comparison, EV revenue in 2019 was $2.7 million. That shows a year-over-year increase of more than 600% for Ideanomics EV revenue.
Gross profit for 2020 also came in lower at $2.1 million as compared to $43.1 million in 2019. Yet again, the company attributes this to the sale of digital asset management services, which had a gross margin of nearly 100%.
The positive earnings news from IDEX today is catching the eyes of investors. As of this writing, more than 29 million shares of the stock have changed hands. That has it quickly approaching its daily average trading volume of 43.5 million shares.
The recent earnings news may have some investors looking to pick up shares of IDEX stock, but that might not be the best idea. InvestorPlace’s own Dana Blankenhorn has this to say about the company.
“If you’re a young speculator, willing to read tea leaves every day, getting in and out of shares on a hunch, you can play IDEX. If you’re an investor you’re better off elsewhere, even if the latest play turns out to be a good one.”
IDEX stock was up 7.9% as of Thursday morning.
IDEX is among several other companies on the move after reporting earnings.
The list of companies reporting earnings lately includes Jaguar Health (NASDAQ:JAGX), Activision Blizzard (NASDAQ:ATVI), and GameStop (NYSE:GME). Investos can catch up on earnings news for those companies at the links below.
More Earnings News
- JAGX Stock: 15 Things Giving Jaguar Health Shares a Jolt Today
- Strong Revenues Offset Staff-Cutting Concerns at Activision Blizzard
- Is GameStop Stock a Buy After Earnings?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.