Shares of Ideanomics (NASDAQ: IDEX) are falling today, down by 7% as of 1:13 p.m. EST, after the company reported third-quarter earnings. Ideanomics also received a notice of delisting from the Nasdaq exchange since the bid price has closed below $1 per share for the last 30 consecutive business days.
Revenue in the third quarter was $10.6 million, largely coming from the company’s Mobile Energy Group (MEG) segment, which distributes electric vehicles to commercial customers. Gross profit was approximately $700,000 and Ideanomics posted an operating loss of $12 million. The company attributed greater losses to lower gross profit. Ideanomics finished the quarter with $27.6 million in cash on hand.
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