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Zoomcar Holdings Inc. (ZCAR) has submitted its Form 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing a net loss of $7,922,063, compared to a net income of $14,425,439 in the same quarter of the previous year. The loss is attributed to various factors, including increased finance costs and reduced revenue.
Revenue for the quarter was $2,449,368, slightly up from $2,421,438 in the previous year. The increase is attributed to a rise in booking days and bookings, despite a decline in gross booking value.
Cost of revenue decreased to $1,499,282 from $2,093,057, driven by reductions in personnel costs and depreciation expenses.
Technology and development expenses were reduced to $749,287 from $1,261,101, due to a decrease in employee benefit costs.
Sales and marketing expenses fell to $191,090 from $962,652, primarily due to reductions in performance marketing and brand marketing expenses.
General and administrative expenses decreased to $3,247,389 from $9,782,855, largely due to the elimination of SPAC-related expenses.
Finance costs were $4,050,856, down from $8,392,470, due to the absence of non-cash expenses related to preferred stock warrant valuation changes.
The company reported a gain of $124,299 from troubled debt restructuring during the quarter.
Cash and cash equivalents as of December 31, 2024, were $4,397,373, compared to $1,496,144 at the end of March 2024.
Zoomcar Holdings Inc. continues to face challenges, including the need for additional capital to sustain operations and meet financial obligations.
The company is also addressing material weaknesses in its internal control over financial reporting, with plans to improve financial reporting processes and controls.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Zoomcar Holdings Inc. quarterly 10-Q report dated February 14, 2025. To report an error, please email earnings@qz.com.