Ideanomics 3Q in the red amid higher expenses
PHOTO | HBJ File
During the third quarter, Ideanomics completed its $5.2 million purchase of UConn's former West Hartford campus on Trout Brook Drive, where it plans to build a headquarters for technology and innovation.
Ideanomics, the fintech building a $283 million tech hub in West Hartford, on Wednesday posted another net loss in the third quarter even though its revenues rose 45 percent.
For the three months ended Sept. 30, Ideanomics recorded a net loss of $7.4 million, or a loss of 10 cents a diluted share, vs. a $3 million loss in the year-ago period.
Total revenues jumped 45 percent to $43.7 million, up from $30.2 million recorded in the third quarter last year. The revenue surge was mainly driven by the company’s expanding consumer electronics business.
But the higher revenues were squandered by rising expenses as the company continues to invest in its operations. Ideanomics’ cost of revenue totaled $42.8 million during the quarter compared to $28.2 million last year.
Ideanomics was busy during the third quarter naming Brett McGonegal, a former investment banking executive, as its co-CEO and appointing other key executives.
Ideanomics also completed its $5.2 million purchase of UConn’s former West Hartford campus on Trout Brook Drive, where the New York-based company plans to build a headquarters for technology and innovation. The 53-acre development, known as Fintech Village, will employ 330.
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