Here is why Ideanomics Inc. (IDEX) stock plummeted on Monday?

Ideanomics Inc. (IDEX) shares declined 7.17% in after-hours on Monday, August 17, 2021, and closed the daily trading at $2.07. In the regular trading session of Monday, IDEX’s stock lost 2.19%. IDEX shares have risen 67.67% over the last 12 months, and they have moved down 11.16% in the past week. Over the past three months, the stock has lost 22.57%, while over the past six months, it has declined 50.11%.

Let’s see why did it face negativity on the first day of the week?

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IDEX recent financial results announcement

On August 16, 2021, Ideanomics (IDEX) released its second-quarter 2021 operating results for the period ended June 30, 2021.

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Q2 2021 financial highlights

  • Revenue for the quarter was $33.2 million in Q2 2021 compared to $4.62 million in Q2 2020.
  • In Q2 2021, gross profit was $9.3 million, compared to $0.3 million for Q2 2020.
  • Total operating expenses were approximately $20 million in Q2 2021 compared to $16.5 million in Q2 2020.
  • It suffered an et loss of approximately $10 million in Q2 2021 compared to $26.5 million in Q2 2020.

IDEX new e70N electric tractor

On August 4, 2021, Solectrac, a subsidiary of Ideanomics (IDEX) launched the all-new e70N electric tractor, a specially designed, narrow model purpose-built for easy handling and maneuverability on vineyards and farm operations.

The Solectrac e70N electric tractor is a 4WD, 70 HP vehicle designed for larger agricultural applications including farms, vineyards, and orchards, with up to eight hours of operation from a single charge and the ability to extend that time via swappable battery packs.

IDEX new appointment

On August 2, 2021, Ideanomics (IDEX) appointed Shane McMahon as Executive Chairman of the Board. Jim Cassano will become the new Vice-Chairman. McMahon has been involved with the company since 2010, and previously served as Vice Chairman.

On July 1, 2021, Ideanomics (IDEX) announced that its subsidiary, Solectrac, appointed Mani Iyer as CEO, positioning the company for the manufacturing and distribution scale of its innovative electric tractors.

IDEX strategic investment in Prettl Electronics

On August 2, 2021, Ideanomics made a strategic investment in Prettl Electronics Automotive. IDEX did a strategic investment of €7.5M (~$9M) for a 30% ownership stake. Ideanomics will receive exclusive sales and distribution rights for PEA charging infrastructure products and solutions in North America and CEO Alf Poor will join PEA’s Board of Directors.

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The recent financial results were the reason behind its poor performance on Monday and it may continue to slide down in the coming days.

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