Ideanomics Inc (NASDAQ:IDEX) shares are trading lower by 7.29% at $2.67 Tuesday morning despite the company reporting better-than-expected first-quarter sales results. Ideanomics reported quarterly sales of $32.71 million, which beat the analyst consensus estimate of $11.1 million.

Ideanomics is a global company that facilitates the adoption of commercial electric vehicles and supports next-generation financial services and Fintech products. Its electric vehicle division, Mobile Energy Global (MEG) provides group purchasing discounts on commercial electric vehicles, EV batteries and electricity as well as financing and charging solutions.