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Roadzen Inc. (RDZN-1.79%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing reports a decrease in revenue to $12,086,286 for the quarter, down from $15,641,441 in the same period the previous year. This decline is attributed to the suspension of the GAP product in the U.K.
Cost of services for the quarter decreased to $4,275,787 from $6,816,794, reflecting a reduction in revenue. Research and development expenses also decreased significantly to $249,635 from $1,876,839.
Sales and marketing expenses were reduced to $7,659,408 from $11,137,159, while general and administrative expenses fell sharply to $2,770,320 from $26,676,170, primarily due to a decrease in non-cash compensation expenses.
The company reported a net loss of $2,517,690 for the quarter, compared to a net loss of $30,569,619 in the previous year.
Interest expense increased to $1,085,326 from $723,561 due to higher borrowings. Fair value gains on financial instruments amounted to $1,722,864, up from $1,220,362.
Adjusted EBITDA for the quarter was reported at a loss of $1,867,730, compared to a loss of $3,098,230 in the previous year.
Cash used in operating activities for the nine months ended December 31, 2024, was $14,431,244, slightly less than the $14,581,391 used in the same period the previous year.
Cash generated from financing activities was $7,232,897, driven by proceeds from the issuance of ordinary shares and loans.
The filing highlights the company's ongoing efforts to manage risk, comply with regulatory changes, and focus on expanding its customer base and technology investments.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Roadzen Inc. quarterly 10-Q report dated February 12, 2025. To report an error, please email earnings@qz.com.