Ideanomics Inc (NASDAQ: IDEX) closed at $2.86 in the Friday trading session, down 2.05%. The market capitalization of this stock is $1.22 billion. The financial technology company has reported Q1-2021 revenue of $32.71 million, up 8,553.17% on a YoY basis. The company reported a -$573.00K net income, increasing 95% from a year before. The stock appears significantly overvalued.
Subsidiary WAVE completes transit authority deployment
In the meanwhile, in a noteworthy announcement, the company declared that its subsidiary, WAVE, which is known for developing inductive charging solutions meant for heavy-duty and medium vehicles, has added Twin Transit Authority (TTA) in the state of Washington. This marks the completion of WAVE’s additional transit authority deployment along with the increasing number of customers in the transit fleet. Twin Transit Authority (TTA) in Chehalis has completed and adopted the installation of 250-kilowatt charging systems which will ensure zero-emission. As more customers remain inclined towards clean and renewable energy resources, this high-powered wireless system is a crucial addition.
Mass transit agencies explain that one of the crucial barriers they face while evolving towards zero-emission is the matching driving range that diesel buses provide. The cable-free system, which is also automated, will be deployed in these routes to overcome the aforesaid challenge. Two battery-electric buses will get this installation, representing a huge jump towards the agency’s goal of making its entire fleet renewable, carbon-free, and nature-friendly by the year 2030.
Effective and efficient solution
The Executive Director of Twin Transit, Joe Clark, said that this technology from WAVE is a critical component of their electric bus operations goal. Inductive charging has emerged as the most effective and efficient solution so far. Additionally, it is easier for the drivers to operate this technology. WAVE shows an inclination to be Twin Transit’s long-term, strategic partner. The WAVE technology enables the buses to “bump charge” through the day.
Despite the affirmative story, Ideanomics Inc remains overvalued.