What exactly does Ideanomics (NASDAQ:IDEX) stock represent? Is it an electric vehicle (EV) design company? Or a tractor producer? Maybe it’s trying to be a wireless charging provider this week? How about a maker of street sweepers?

Frankly, it’s hard to pin this company down, and IDEX investors are understandably unimpressed with the company’s poor financial results.

Actually, it’s worse than that. You might think you can at least categorize Ideanomics as a clean-energy-focused business. Yet, the company also has a finance/real estate segment called Ideanomics Capital. Clearly, this company is unpredictable and just plain scattershot in its approach to doing business.

Now, this wouldn’t necessarily be the end of the road for Ideanomics if it all led to outstanding financials and consistent share-price gains. However, the company’s shareholders are holding a heavy bag in 2022 and there’s no reason to believe that the capital losses will end anytime soon.

What’s Happening with IDEX Stock?

If you’re thinking about buying IDEX stock now, consider that it has fallen from $1.38 at the beginning of the year. This isn’t just a falling knife; it’s an absolute market machete.

Honestly, it’s hard to even keep track of what this directionless company is up to anymore. One day, Ideanomics fancies itself a designer of “commercial EV solutions,” according to CEO Alf Poor’s fanciful conceit.

“[L]et’s transform bus stops into hubs where people can park and charge their Energica bikes and then hop on an electric bus operating on VIA’s BEV skateboard technology powered by WAVE wireless charging,” Poor said.

Poor almost sounds like a kid fantasizing about multiple ideas at once without stopping to consider the costs. And as we’ll see in a moment, Ideanomics can’t really afford to pursue so many ideas at once.

Ideanomics Is a Money-Losing Business

Along with these already-mentioned ideas, on different days Ideanomics considered itself a tractor builder, a “wireless inductive charging technology” provider and a producer of street sweepers. It’s basically an “everything but the kitchen sink” approach to building a startup business.

Yet, even beyond the scattered strategy, there must be another reason that IDEX stock has lost so much of its value. For a clue on how this happened, just take a glance at Ideanomics’ financial performance.

Ideanomics’ U.S. revenue declined sharply from $25 million in 2021’s second quarter to just $14.4 million in the second quarter of 2022. That’s not even the worst data point to consider, though.

During that same period, Ideanomics’ net earnings loss ballooned from an already worrisome $6.8 million to a downright troubling $39.3 million. Should Ideanomics continue to pursue so many business ideas, then?

Even worse, the company admits that “its current level of cash and cash equivalents are not sufficient to fund continuing operations or the addition of the one planned acquisitions in various stages of completion.”

Furthermore, the company “will need to bring in new capital to support its growth.” Will this mean borrowing money? Or, possibly issuing new shares and thereby diluting the value of the currently circulating shares? Only time will tell, it seems.

What You Can Do Now

It’s fun to idly consider fanciful ideas. This doesn’t necessarily mean that every idea is worth pursuing, not to mention wagering investors’ hard-earned capital on.

So, don’t get trapped into buying the never-ending dip with IDEX stock. Sorry to say it, but so-called Ideanomics is full of ideas but lacking the economics.

On the date of publication, neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article.