Ideanomics, Inc. (IDEX) stock has risen only 4% since it reported its full-year 2020 financial results on March 31. In spite of the company had an increase of more than 600% in 2020 which compared to 2019 in EV revenue, but it is still not profitable.

The company said that the EV revenue in 2020 was $19.5 million versus $2.7 million in 2019, an increase of $16.8 million, but the company also reported a net loss of $106 million for 2020. To know, the company's current market value is $1.28 billion, it seems that the market still needs further price correction.

However, the company acquired WAVE, a market leader in inductive charging systems in January 2021, it will be included in the company's financial results starting this quarter and its revenue is expected to grow.

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