Q4 2023 Ideanomics Inc Earnings Call - Pre-Recorded
And Mr. Brian Jenkins, Chief Financial Officer.
Speaker Change: A recording of today's call will be archived and available in the events and presentations section or other section of the corporate website for a minimum of 30 days.
Speaker Change: During the call we will make forward looking statements such as dialogue regarding our revenue expectations or forecasts for 2024. These statements are based on our current expectations and information available as of today and are subject to a variety of risks and uncertainties and assumptions actual results may differ materially as a result of very.
Speaker Change: Risk factors that are described in our periodic filings with the SEC.
Speaker Change: As a result, we caution you against placing undue reliance on these forward looking statements. We assume no obligation to update any forward looking statement as a result of new information or future events, except as required by law.
Speaker Change: And it is in other risks are more fully described in the audience <unk> public filings with the U S Securities and Exchange Commission and can be viewed at www Dot FCC Dot Gov.
Speaker Change: Today June 18th the company filed with the SEC its Form 10-K.
Speaker Change: 2023, and afterwards issued a press release announcing those financial results. So participants who are listening to this call who have not already done. So may wish to look at those documents as we provide a summary of the results on this call.
Speaker Change: Format of today's call will be as followed Mr. Output will begin our comments today and speak to the Companys progress and strategic developments, Mr. Brian Jenkins will speak to the company's operating and financial results for the fourth quarter and full year 2023, and then finally, Mr. Paul will make some closing remarks.
Speaker Change: I will now hand, the floor over to Mr. Alf poor.
Speaker Change: The Anomic C E O.
Speaker Change: Thank you Tony and thank you all for joining us today for <unk> Q4, and full year 2023 earnings call.
Speaker Change: I'd like to start off by saying, Thank you to our investors for their patience and getting these results to you.
Speaker Change: We are likely aware, we have divested from several businesses and investments from Q1 of 2023 through Q1 of this year.
Significant workload to the annual audit.
Speaker Change: 2023 was an interesting and challenging year for all companies in the commercial sector.
Speaker Change: <unk> was no exception.
Speaker Change: In addition to the operational adjustments made throughout the year to manage our costs, we focus on winning customers that could provide us with the potential for scalable future revenues.
Genomics representative: I'm happy to report that we closed the initial deals with our boys business with two fortune 50 customers and these give us genomics the opportunity to be successful in 2024 and beyond.
Speaker Change: To expand on that we continue to believe our largest opportunity lies middle mile and last mile delivery vehicles, along with the associated charging infrastructure.
Speaker Change: Our products are tailor made for round the clock fleet operations and deliver our customers the confidence that the evs can affordably and reliably meet that business requirements.
The local delivery market continues growing rapidly as more retailers enhance customer convenience through faster fulfillment options and our products are an important part delivery.
Speaker Change: Delivery industry needs to service customer demand.
Speaker Change: Our conviction around our businesses and our focus on commercial fleets has proven to be the correct decision Friday Nomex business is at this time.
Speaker Change: Our customers are choosing to work with us as we have proprietary and differentiated technologies, but certainly its the guy.
Speaker Change: But also just as importantly are designed to meet the challenges and technological change of tomorrow.
Speaker Change: Despite the difficult environment, we have made progress on the significant investments in the design and engineering of our products and as a result, we believe we are ready to scale to meet our customer needs.
Speaker Change: I'll speak more in a few minutes, but for now I'll turn it over to Ryan to review our financial performance for the period.
Speaker Change: Brian.
Ryan: Thank you Alf and Hello, everyone.
Ryan: Revenue for 2023 was $15 $5 million.
Ryan: A decrease of 18, 7% from $19 million of revenue in 2022.
Ryan: 2023, gross profit was a loss of $2 $7 million.
Speaker Change: Renting a gross margin of negative 19, 2%.
Alf: This is an increase of roughly zero point $6 million compared to a loss of $3 4 million in 2022.
Alf: 2023, operating expenses were $214 $7 million, an increase of two 6% from operating expenses of $209 $3 million in 2022.
Speaker Change: The majority of the 2023 operating expenses were due to one time noncash impairment charges.
Speaker Change: In 2023, we reduced costs and effectively managed resources, enabling us to navigate the current challenges that Alf discussed and has positioned the company to use our capital more effectively to benefit both <unk> and our shareholders in 2024 and beyond now.
Alf: Now back to al <unk> for closing remarks.
Thank you Ryan I'd like to touch on a few last items before we close the call today. Firstly, thank you to our salmon Shane and his family office the supporting the business in recent weeks and for believing in the opportunity we have in front of us.
Alf: Secondly.
Speaker Change: On a core focus for the remainder of 2024 is to demonstrate confidence to investors.
Speaker Change: We plan to achieve this through increased communications and activities such as providing key insights into our successful customer deployments and partnerships.
Speaker Change: We believe this much needed transparency will showcase how and why.
Speaker Change: Our products are important to fleet operators.
Speaker Change: These types of activities will help restore investor confidence and in turn we would expect to see positive guidance and our respective share price.
Speaker Change: The share price has beaten down along with many of our peers and as a result, we believe our enterprise is significantly undervalued.
Speaker Change: Finally, a big thank you to our investors for our remaining with us through the difficult times. The industry has enjoyed for the past two to three years.
Speaker Change: We built some amazing products that customers can rely on for that transition to zero emission transportation.
Speaker Change: And we'd like you all to come on the next stage of the journey with us as we mature our business lines and strive to profitably grow our business.
Speaker Change: Please be sure to tune into our Q1 2024 earnings call, which will be coming up shortly now that our annual report has been completed and filed.
Speaker Change: I'll be providing you some additional insight into the progress and development of our business at that time.
Speaker Change: Thank you all for Chilean today and from everyone at <unk>. Thank you for your continued interest and support.
Speaker Change: Okay.
This is all the time, we have for today and this concludes the <unk> fourth quarter.
Operator: This is all the time we have for today, and this concludes the Ideanomics 4th quarter and full year 2023 investors conference call. We encourage our community to continue to reach out to us, and we can answer any questions that you may have individually. You can send your questions into us at iratideanomics.com.
Speaker Change: And full year 2023, Investor Conference call, we encourage our community to continue to reach out to us and we can answer any questions that you may have individually you can send your questions into us at IR at <unk> Dot com wed like to thank all of our listeners shareholders analysts and others who have taken.
Operator: We'd like to thank all of our listeners, shareholders, analysts, and others who have taken the time to listen to our earnings call. We urge you to refer to our latest SEC filings for any information that you need.
Speaker Change: The time to listen to our earnings call. We urge you to refer to our latest SEC filings for any information that you need this call will be available from our website.
Operator: This call will be available from our website, and you can find the link on the front page or in the investors and presentation section. To be alerted to news events and other information in a timely manner, we recommend you follow us on social media, channels, and sign up for our newsletter and explore our website at www.ideanomics.com. Thank you, everyone, for participating and listening in today's call.
Speaker Change: And you can find the link on the front page or in the investors and presentation of infection.
Speaker Change: To be alerted to news events and other information in a timely manner. We recommend you following us on social media channels and sign up for our newsletter and explore our website at www Dot <unk> Dot com.
Speaker Change: Thank you everyone for participating and listening into today's call.
Speaker Change: Okay.
Yes.
Speaker Change: Yes.