From GlobeNewswire:

Zoomcar Holdings, Inc. reported its financial results for the third fiscal quarter ended December 31, 2023. The Company achieved record gross profit and non-GAAP contribution profit, and had a successful public listing on Nasdaq. Active vehicle listings hit 10.3K, and Zoomcar hosts earned approximately $4 million. The platform also saw valuable improvements in the core guest experience and made progress in expanding beyond India. Financially, net revenue decreased by 19% to $2.4 million, gross profit increased to $0.3 million, and GAAP net income was $14.4 million due to a one-time deSPAC transaction gain. For the calendar year ended December 31, 2024, the Company projects net revenue to range between $17.0 million and $20.0 million. The company achieved a record average transaction size of over $75 per booking during the quarter and active vehicle listings reached 10.3K. With Zoomcar’s focus on improving internal AI models and technology-driven product innovation, the Company achieved a record quarter in average transaction size, and total booked days and booked guests both showed increased momentum. The Company also achieved a record in active vehicle listings in FQ3 2023. These significant improvements reflect the steady pace at which the platform’s quality continues to improve, with an average guest trip rating of 4.50 on a 5-point scale. Total booked days and booked guests were 163.9K and 68.1K, respectively. Net revenue decreased 19% to $2.4 million, and Zoomcar achieved a record average transaction size of over $75 per booking during the quarter. Gross profit increased to $0.3 million, operating expenses decreased 24%, and GAAP net income was $14.4 million with a one-time deSPAC transaction gain of $28.9 million. The Company projects net revenue to range between $17.0 million and $20.0 million for the calendar year ended December 31, 2024, representing an increase of approximately 70% to 100% from calendar year 2023. Adjusted EBITDA loss was $4.0 million, and the Company had total negative working capital of $26.2 million as of December 31, 2023. Founded in 2013 and headquartered in Bengaluru, India, Zoomcar is a leading marketplace for car sharing focused on emerging markets. The Zoomcar community connects Hosts with guests, who choose from a selection of cars for use at affordable prices, promoting sustainable, smart transportation solutions in growing markets. The Company believes these non-GAAP financial measures are useful to investors in assessing its operating performance, and while acknowledging limitations associated with the use of these measures, the Company presents this information in the best interests of investors.



Read more: Zoomcar Reports Fiscal Third Quarter 2023 Results