Ideanomics more than doubles revenue in 2018 thanks to crude-oil trading

The financial tech company Ideanomics Inc (NASDAQ:IDEX) saw its revenue more than double last year thanks to the trading of crude oil and consumer electronics.

The company’s sales for 2018 came in at $377.7 million, up from $144.4 million in 2017.

Despite the New York company’s success in the trading of crude oil and consumer electronics, it says it doesn’t intend to remain in these businesses.

“We decided to gradually start contracting our crude oil trading business and consumer electronics business starting in the third quarter of 2018 so that we can work towards enabling the application of our Fintech Ecosystem for other useful and more lucrative cases that we have identified,” according to its release.

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Looking ahead, the company is focusing on generating revenue from offering products and services based on blockchain and artificial intelligence technologies to an array of sectors.

Over the past year, Ideanomics has continued to transform itself from its legacy business into a player for fintech services and asset digitization. Recently, the company has signed several deals in the areas of CleanTech, EV bus sales and asset-backed securitization.

“The investments we have made over the past 18 months have been essential for building a strong foundation and future for both Ideanomics and our shareholders,” said Dr. Bruno Wu, chairman of Ideanomics, in a statement. 

Year-end results

The company’s net loss came to $27.4 million, or $0.35, in 2018, up from a loss of $10.5 million, or $0.17, in 2017.

As of December, the company had cash of $3.1 million, assets of $94.2 million and equity of $43.2 million.

Formerly known as Seven Stars Cloud, Ideanomics is a tech company focused on digital asset production and distribution that maintains partnerships and ownership stakes in artificial intelligence and blockchain companies.

The New York company has offices in Beijing and plans to open a campus in West Hartford, Connecticut.

Ideanomics shares nudged up 1% to $1.92 in afternoon trade Tuesday.

Contact Ellen Kelleher at [email protected]

Story by ProactiveInvestors