Roadzen Reports its Best Fiscal First Quarter Results in Q1 2025 Buoyed By Strong Year-Over-Year Revenue Growth and Addition of Several Marquee Clients
Roadzen Inc. (Nasdaq: RDZN) reported strong Q1 2025 results, with revenue increasing 59% year-over-year to $8.9 million. The company's growth was primarily driven by the U.S. and India markets. Despite a net loss of $48.4 million, impacted by non-cash and extraordinary items, Adjusted EBITDA loss was $2.9 million. Key highlights include:
- Brokerage solutions revenue up 186% YoY
- IaaS revenue up 29% YoY
- 99,695 policies sold, a 267% YoY increase
- 547,233 AI-powered claims and vehicle inspections, up 56% YoY
Roadzen secured new partnerships, including a contract with Oriental Insurance Company and a commercial auto-focused agency network expected to add $10+ million in annual revenue. The company is also working on strengthening its balance sheet through debt conversions and restructuring.
Roadzen Inc. (Nasdaq: RDZN) ha riportato risultati solidi per il primo trimestre del 2025, con un incremento del 59% dei ricavi su base annua, arrivando a 8,9 milioni di dollari. La crescita dell'azienda è stata principalmente guidata dai mercati statunitense e indiano. Nonostante una perdita netta di 48,4 milioni di dollari, influenzata da voci straordinarie e non monetarie, la perdita di EBITDA rettificato è stata di 2,9 milioni di dollari. I punti salienti includono:
- Ricavi delle soluzioni di intermediazione in aumento del 186% rispetto all'anno precedente
- Ricavi IaaS in aumento del 29% rispetto all'anno precedente
- 99.695 polizze vendute, un incremento del 267% su base annua
- 547.233 richieste e ispezioni veicolari supportate dall'IA, in crescita del 56% rispetto all'anno precedente
Roadzen ha assicurato nuove partnership, incluso un contratto con Oriental Insurance Company e una rete di agenzie focalizzate sull'auto commerciale, che si prevede porterà oltre 10 milioni di dollari di ricavi annuali. L'azienda sta anche lavorando per rafforzare il proprio bilancio attraverso conversioni di debito e ristrutturazioni.
Roadzen Inc. (Nasdaq: RDZN) reportó resultados sólidos para el primer trimestre de 2025, con un incremento del 59% en los ingresos interanuales, alcanzando 8,9 millones de dólares. El crecimiento de la empresa fue impulsado principalmente por los mercados de EE. UU. e India. A pesar de una pérdida neta de 48,4 millones de dólares, afectada por partidas extraordinarias y no monetarias, la pérdida de EBITDA ajustado fue de 2,9 millones de dólares. Los aspectos destacados incluyen:
- Ingresos de soluciones de corretaje aumentaron un 186% interanual
- Ingresos de IaaS aumentaron un 29% interanual
- 99.695 pólizas vendidas, un aumento del 267% interanual
- 547.233 reclamaciones e inspecciones de vehículos impulsadas por IA, un aumento del 56% interanual
Roadzen aseguró nuevas asociaciones, incluido un contrato con la Compañía de Seguros Oriental y una red de agencias enfocadas en automóviles comerciales que se espera genere más de 10 millones de dólares en ingresos anuales. La empresa también está trabajando en fortalecer su balance a través de conversiones de deuda y reestructuraciones.
로드젠 주식회사(Roadzen Inc., Nasdaq: RDZN)는 2025년 1분기 실적을 발표하며 연간 59% 증가한 890만 달러의 수익을 기록했다고 보고했습니다. 회사의 성장은 주로 미국과 인도 시장에 의해 주도되었습니다. 비화폐적 및 특별 항목의 영향을 받으며 4840만 달러의 순손실이 발생했지만, 조정된 EBITDA 손실은 290만 달러입니다. 주요 하이라이트는 다음과 같습니다:
- 중개 솔루션 수익이 전년 대비 186% 증가
- IaaS 수익이 전년 대비 29% 증가
- 판매된 보험 증서 수 99,695건, 연간 267% 증가
- AI 기반의 클레임 및 차량 점검 547,233건, 연간 56% 증가
로드젠은 Oriental Insurance Company와의 계약 및 연간 1천만 달러 이상의 수익을 더할 상업용 자동차 중심의 에이전시 네트워크와 같은 새로운 파트너십을 체결했습니다. 또한, 요금 전환 및 재구성을 통해 재무 상태를 강화하는 작업을 하고 있습니다.
Roadzen Inc. (Nasdaq: RDZN) a annoncé de solides résultats pour le premier trimestre 2025, avec une augmentation des revenus de 59 % par rapport à l'année précédente, atteignant 8,9 millions de dollars. La croissance de l'entreprise a été principalement soutenue par les marchés américain et indien. Malgré une perte nette de 48,4 millions de dollars, affectée par des éléments extraordinaires et non monétaires, la perte d'EBITDA ajusté s'est élevée à 2,9 millions de dollars. Les points clés incluent :
- Revenus des solutions de courtage en hausse de 186 % par rapport à l'année précédente
- Revenus d'IaaS en hausse de 29 % par rapport à l'année précédente
- 99.695 polices vendues, soit une augmentation de 267 % par rapport à l'année précédente
- 547.233 réclamations et inspections de véhicules alimentées par l'IA, en hausse de 56 % par rapport à l'année précédente
Roadzen a signé de nouveaux partenariats, notamment un contrat avec Oriental Insurance Company et un réseau d'agences axées sur l'automobile commerciale, qui devrait générer plus de 10 millions de dollars de revenus annuels. L'entreprise travaille également à renforcer son bilan par le biais de conversions d'emprunts et de restructurations.
Roadzen Inc. (Nasdaq: RDZN) hat starke Ergebnisse für das erste Quartal 2025 berichtet, mit einem Umsatzanstieg von 59 % im Jahresvergleich auf 8,9 Millionen US-Dollar. Das Wachstum des Unternehmens wurde hauptsächlich durch die Märkte in den USA und Indien getrieben. Trotz eines Nettoverlusts von 48,4 Millionen US-Dollar, der durch außerordentliche und nicht zahlungswirksame Posten beeinträchtigt wurde, betrug der Verlust beim bereinigten EBITDA 2,9 Millionen US-Dollar. Die wichtigsten Punkte sind:
- Umsatz aus Brokerage-Lösungen stieg um 186 % im Jahresvergleich
- IaaS-Umsatz stieg um 29 % im Jahresvergleich
- 99.695 verkaufte Policen, ein Anstieg um 267 % im Jahresvergleich
- 547.233 KI-gestützte Schadens- und Fahrzeuginspektionen, ein Anstieg um 56 % im Jahresvergleich
Roadzen sicherte sich neue Partnerschaften, einschließlich eines Vertrags mit der Oriental Insurance Company und einem auf gewerbliche Fahrzeuge ausgerichteten Agenturnetzwerk, von dem erwartet wird, dass es über 10 Millionen US-Dollar an jährlichem Umsatz hinzufügt. Das Unternehmen arbeitet auch daran, seine Bilanz durch Schuldenumwandlungen und Umstrukturierungen zu stärken.
- Revenue increased 59% year-over-year to $8.9 million
- Brokerage solutions revenue up 186% YoY
- IaaS revenue up 29% YoY
- Policies sold increased 267% YoY to 99,695
- AI-powered claims and vehicle inspections up 56% YoY to 547,233
- Secured contract with Oriental Insurance Company , potentially processing 50,000+ claims annually
- Partnership with commercial auto agency network expected to add $10+ million in annual revenue
- Net loss of $48.4 million in Q1 2025
- Adjusted EBITDA loss of $2.9 million
- UK business impacted by countrywide halt of automotive GAP insurance sales
- Operating expenses increased by $26.6 million compared to the same period last year
Insights
Roadzen's Q1 2025 results show strong revenue growth of
Key positives include significant growth in brokerage solutions (
The balance sheet reconstitution program, including debt conversion and maturity extension, is a positive step towards financial stability. Despite strong revenue growth, investors should closely monitor the path to profitability and the impact of non-cash expenses on future earnings.
Roadzen's performance in Q1 2025 demonstrates its growing foothold in the insurtech space. The significant increase in insurance customer agreements (from 26 to 34) and automotive customer agreements (from 33 to 71) indicates strong market penetration. The
The partnership with Oriental Insurance Company , India's 6th largest insurer, is a major win, potentially processing 50,000+ claims annually. This, coupled with the commercial auto-focused agency network deal, could significantly boost Roadzen's market position and revenues.
However, the UK's FCA-mandated pause on GAP insurance sales is a concern, impacting a
Roadzen's Q1 2025 results highlight its strong position at the intersection of AI, insurance and mobility. The
The rapid onboarding of a 1,200-person salesforce within 36 hours showcases the scalability and efficiency of Roadzen's AI platform. The contract with Dalmia Transport & Logistics to implement DrivebuddyAI across their fleet further validates the company's technology in real-world applications.
While Roadzen's AI capabilities are driving growth, the company needs to demonstrate how these technologies translate into improved operational efficiency and profitability. The focus on AI-driven risk solutions positions Roadzen well in the evolving insurtech landscape, but monetization and margin improvement will be key factors to watch.
- First quarter 2025 revenue increased
59% year-over-year to$8.9 million from$5.6 million in the corresponding quarter last year. - Net loss of
$48.4 million is impacted by non-cash, non-recurring and extraordinary items, resulting in an Adjusted EBITDA1 loss of$2.9 million . - Strong customer wins with leading global insurers, carmakers and fleets choosing Roadzen’s risk solutions and AI products over the past quarter.
NEW YORK, Aug. 13, 2024 (GLOBE NEWSWIRE) -- Roadzen Inc. (Nasdaq: RDZN) ("Roadzen" or the "Company”), a global leader in AI at the convergence of insurance and mobility, today announced its first quarter financial results for the three-months ended June 30, 2024.
“We closed another solid quarter of year-over-year revenue growth, primarily driven by our U.S. and India markets. This momentum positions us for continued growth in FY25, even as we navigate challenges including the UK’s Financial Conduct Authority’s (“FCA”) temporary, industry-wide pause on automotive GAP insurance product sales in the UK, which had been tracking above
Mr. Malhotra continued, “Looking ahead, I believe that with our leadership in AI, enterprise-focused business model, and operating presence in three of the largest auto insurance markets in the world – the U.S., India, and the U.K./E.U. – Roadzen has the potential to be one of the most exciting insurance technology companies in the public markets.”
Jean-Noël Gallardo, Roadzen’s CFO added, “We have clear goals for our company this year: to simplify and right-size our balance sheet, grow revenues and cut costs, and we have made significant progress this current quarter on achieving these goals. We are emerging from the legacy overhang inherited from the going-public process and are encouraged by the support received from all parties involved. We’re also pleased to have extended the maturity and increased the amount of our senior secured debt with Mizuho through the end of the calendar year, as they remain supportive partners for our growth.”
_________________________
1 Adjusted EBITDA is a non-GAAP financial metric. See “Non-GAAP Financial Measures” at the end of this press release for more information, including a reconciliation to the nearest GAAP financial measure.
First Quarter 2024 Financial Highlights:
Revenue and Key Performance Indicators
- Revenue reached
$8.9 million , an increase of59% over the same period in the prior year, reflecting incremental revenue from the U.S. market and continuing growth in India. Revenue from brokerage solutions accounted for35% of revenue, increasing$2.0 million , or186% over the prior year’s first quarter, while IaaS revenue accounted for the remaining65% of revenue, increasing$1.3 million , or29% over the prior year period. - The Company’s U.K. business was impacted by a countrywide halt of automotive GAP insurance sales by the FCA for all insurance carriers in the U.K. The FCA issued guidance for the resumption of online sales of GAP insurance in July, and for embedded sales to be resumed within the next quarter.
- As of June 30, 2024, we had 34 insurance customer agreements (including carriers, self-insureds and other entities processing insurance claims), compared to 26 last June. There were 71 automotive customer agreements at the end of the quarter, compared to 33 last June. We had approximately 3,400 agents and fleet customer agreements compared to 2,000 last June.
- In the brokerage business, 99,695 policies were sold during the first quarter, equating to
$11.5 million in Gross Written Premium (“GWP”), compared to 27,168 sold in the same quarter last year, totaling$3.5 million of GWP, a267% and229% year-over-year increase, respectively. - In our IaaS business, 547,233 claims and vehicle inspections were conducted using our AI solutions during the first quarter compared to 350,107 the prior year first quarter, representing a
56% increase.
Expenses and Net Results
- Operating expenses excluding depreciation and amortization totaled approximately
$33.4 million in the first quarter of fiscal 2025, an increase of$26.6 million compared to the same period in the prior year. Included in this fiscal year operating expenses was$26.2 million of non-cash equity compensation expense related to RSUs granted to employees on September 18, 2023. - Other expenses totaled approximately
$18.0 million in the first quarter, which includes$17.2 million of non-cash expense related to fair market valuation adjustments of financial instruments, including the Forward Purchase Agreement and warrants. - In total, net loss for the first quarter of fiscal 2025 includes
$44.2 million of non-cash, non-recurring and other extraordinary items that, when excluded, result in an Adjusted EBITDA loss of$2.9 million . This compares to an Adjusted EBITDA loss of$1.7 million in the prior year’s first quarter.
First Quarter 2025 Operational Highlights
- In July, the Company announced it was kicking off a balance sheet reconstitution program aimed at strengthening and simplifying its balance sheet, while addressing the legacy overhang inherited through the going-public process. To start this program, the Company agreed to convert nearly
$3.5 million of short-term liabilities due to entities affiliated with our Chairman and CEO into equity, followed by an agreement with Mizuho to extend its$7.5 million note through December 31, 2024 while increasing the total principal to$11.5 million . Roadzen is committed to restructuring its balance sheet by seeking to convert other short-term liabilities into equity or long-term notes. - On June 25, 2024, Roadzen announced that it has been chosen to provide AI-powered claims processing for India’s government-owned Oriental Insurance Company Ltd., the 6th largest insurer in India. It is estimated that Roadzen will be processing a minimum of 50,000 claims annually with significant upside potential upon the successful demonstration of faster processing speed, lower loss ratio and enhanced customer experience.
- On June 12, 2024, Roadzen announced a significant partnership with a leading commercial auto-focused agency network that is expected to add
$10 + million to Roadzen’s annual revenue. Roadzen completed the onboarding process within 36 hours of a 1,200-person salesforce that is presently generating revenues for Roadzen at a run rate of approximately$1 million per month which is expected to grow to full monthly output by the end of the calendar year. - On April 29, 2024, the Company announced that it received a 5-year contract from Dalmia Transport & Logistics, one of India’s largest logistics fleet operators, to install Roadzen’s DrivebuddyAI technology across its entire fleet.
For more information about Roadzen Inc., please visit https://roadzen.ai
About Roadzen Inc.
Roadzen Inc. (Nasdaq: RDZN) is a global technology company transforming auto insurance using advanced artificial intelligence (AI). Thousands of clients, from the world’s leading insurers, carmakers, and fleets to dealerships and auto insurance agents, use Roadzen’s technology to build new products, sell insurance, process claims, and improve road safety. Roadzen’s pioneering work in telematics, generative AI, and computer vision has earned recognition as a top AI innovator by publications such as Forbes, Fortune, and Financial Express. Roadzen’s mission is to continue advancing AI research at the intersection of mobility and insurance, ushering in a world where accidents are prevented, premiums are fair, and claims are processed within minutes, not weeks. Headquartered in Burlingame, California, the Company has 380+ employees across its global offices in the U.S., India, U.K. and France. To learn more, please visit www.roadzen.ai.
Cautionary Statement Regarding Forward-Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “expected,” “committed,” “plan,” “anticipate,” “believe,” “pipeline,” “leads,” “estimate,” and “continue,” or the negative of such terms or other similar expressions. Such statements include, but are not limited to, statements regarding our strategy, demand for our products, expansion plans, future operations, future operating results, planned balance sheet restructuring, estimated revenues (including from new contracts and joint ventures), losses, projected costs, prospects, plans and objectives of management, as well as all other statements other than statements of historical fact included in this press release. Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described in “Risk Factors” in our Securities and Exchange Commission (“SEC”) filings, including the Annual Report on form 10-K we filed with the SEC on July 1, 2024. We urge you to consider these factors, risks and uncertainties carefully in evaluating the forward-looking statements contained in this press release. All subsequent written or oral forward-looking statements attributable to our company or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements included in this press release are made only as of the date of this release. Except as expressly required by applicable securities law, we disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
| Roadzen Inc. | |||||
| Condensed Consolidated Balance Sheets (Unaudited) | |||||
| (in $, except per share data and share count) | |||||
| Particulars | As of June 30, 2024 | As of March 31, 2024 | |||
| Assets | |||||
| Current assets: | |||||
| Cash and cash equivalents | 7,777,413 | 11,186,095 | |||
| Accounts receivable, net | 2,669,058 | 3,652,380 | |||
| Inventories | 77,399 | 70,667 | |||
| Prepayments and other current assets | 15,905,725 | 34,426,335 | |||
| Investments | 313,488 | 507,094 | |||
| Total current assets | 26,743,083 | 49,842,571 | |||
| Restricted cash | 376,981 | 378,993 | |||
| Non marketable securities | 1,513,995 | 1,514,796 | |||
| Property and equipment, net | 245,062 | 454,589 | |||
| Goodwill | 2,061,292 | 2,061,553 | |||
| Operating lease right-of-use assets | 981,108 | 822,327 | |||
| Intangible assets, net | 2,176,671 | 2,989,604 | |||
| Other long-term assets | 44,840 | 71,913 | |||
| Total assets | 34,143,032 | 58,136,346 | |||
| Liabilities and stockholders' deficit | |||||
| Current liabilities | |||||
| Current portion of long-term borrowings | 2,225,255 | 2,228,471 | |||
| Short-term borrowings | 16,956,691 | 15,754,829 | |||
| Due to insurer | 6,637,826 | 8,918,849 | |||
| Accounts payable and accrued expenses | 31,545,371 | 29,573,638 | |||
| Derivative warrant liabilities | 3,178,756 | 5,585,955 | |||
| Short-term operating lease liabilities | 314,675 | 358,802 | |||
| Other current liabilities | 3,522,285 | 3,231,962 | |||
| Total current liabilities | 64,380,859 | 65,652,506 | |||
| Long-term borrowings | 1,366,308 | 1,472,933 | |||
| Long-term operating lease liabilities | 508,143 | 268,856 | |||
| Other long-term liabilities | 897,207 | 1,241,917 | |||
| Total liabilities | 67,152,517 | 68,636,212 | |||
| Commitments and contingencies (refer note 21) | |||||
| Shareholders' deficit | |||||
| Ordinary Shares and additional paid in capital, | 84,974,378 | 84,974,378 | |||
| Accumulated deficit | (199,415,444 | ) | (151,008,419 | ) | |
| Accumulated other comprehensive income/(loss) | (885,099 | ) | (600,501 | ) | |
| Other components of equity | 82,791,695 | 56,560,706 | |||
| Total shareholders’ deficit | (32,534,470 | ) | (10,073,836 | ) | |
| Non-controlling interest | (475,015 | ) | (426,030 | ) | |
| Total deficit | (33,009,485 | ) | (10,499,866 | ) | |
| Total liabilities and Shareholders’ deficit, Non-controlling interest | 34,143,032 | 58,136,346 | |||
| Roadzen Inc. | |||||
| Condensed Consolidated Statements of Operations (Unaudited) | |||||
| (in $, except per share data and share count) | |||||
| For the period ended | |||||
| Particulars | June 30, 2024 | June 30, 2023 | |||
| Revenue | 8,931,517 | 5,610,910 | |||
| Costs and expenses: | |||||
| Cost of services | 5,427,440 | 2,297,809 | |||
| Research and development | 1,789,542 | 573,300 | |||
| Sales and marketing | 5,802,298 | 3,659,341 | |||
| General and administrative | 25,826,188 | 2,601,983 | |||
| Depreciation and amortization | 480,349 | 367,538 | |||
| Total costs and expenses | 39,325,817 | 9,499,971 | |||
| Loss from operations | (30,394,300 | ) | (3,889,061 | ) | |
| Interest income/(expense) | (821,686 | ) | (217,954 | ) | |
| Fair value gains/(losses) in financial instruments carried at fair value | (17,152,060 | ) | - | ||
| Other income/(expense) net | 22,352 | 62,430 | |||
| Total other income/(expense) | (17,951,394 | ) | (155,524 | ) | |
| (Loss)/Income before income tax expense | (48,345,694 | ) | (4,044,585 | ) | |
| Less: income tax (benefit)/expense | 106,650 | 22,411 | |||
| Income tax expense | 12,933 | - | |||
| Deferred tax expense | 93,717 | - | |||
| Net (loss)/income before non-controlling interest | (48,452,344 | ) | (4,066,996 | ) | |
| Net loss attributable to non-controlling interest, net of tax | (45,319 | ) | (27,752 | ) | |
| Net (loss)/income attributable to Roadzen Inc. | (48,407,025 | ) | (4,039,244 | ) | |
| Net (loss)/income attributable to Roadzen Inc. ordinary shareholders | (48,407,025 | ) | (4,039,244 | ) | |
| Basic and diluted | (0.71 | ) | (6.73 | ) | |
| Weighted-average number of shares outstanding used to compute net loss per share attributable to Roadzen Inc. ordinary shareholders | 68,440,829 | 606,425 | |||
| Roadzen Inc. | |||||
| Condensed Consolidated Statements of Cash Flows (Unaudited) | |||||
| (in $) | |||||
| For the period ended | |||||
| Particulars | June 30, 2024 | June 30, 2023 | |||
| Cash flows from operating activities | |||||
| Net loss including non controlling interest | (48,452,344 | ) | (4,066,996 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||
| Depreciation and amortization | 480,349 | 367,538 | |||
| Stock based compensation | 26,230,989 | - | |||
| Deferred income taxes | (37,185 | ) | (26,005 | ) | |
| Unrealised foreign exchange loss/(profit) | (3,398 | ) | 11,413 | ||
| Fair value losses in financial instruments carried at fair value | 17,152,060 | — | |||
| Expected credit loss (net of reversal) | (50,682 | ) | - | ||
| Balances written off/(back) | - | (32,778 | ) | ||
| Changes in assets and liabilities, net of assets acquired and liabilities assumed from acquisitions: | |||||
| Inventories | (6,803 | ) | (18,928 | ) | |
| Income taxes, net | - | 19,362 | |||
| Accounts receivables, net | 1,037,883 | (2,851,128 | ) | ||
| Prepayments and other assets | 1,046,454 | (1,339,900 | ) | ||
| Accounts payable and accrued expenses and other current liabilities | (2,767,021 | ) | 7,951,537 | ||
| Other liabilities | (296,982 | ) | (2,937,334 | ) | |
| Net cash used in operating activities | (5,666,680 | ) | (2,923,219 | ) | |
| Cash flows from investing activities | |||||
| Purchase of property and equipment, intangible assets and goodwill | 32,745 | 204,329 | |||
| Acquisition of businesses | - | (2,720,000 | ) | ||
| Proceeds from sale of mutual fund | 193,606 | - | |||
| Proceeds from forward purchase agreement | 1,000,000 | - | |||
| Net cash used in investing activities | 1,226,351 | (2,515,671 | ) | ||
| Cash flows from financing activities | |||||
| Proceeds from issue of preferred stock | - | 4,445,027 | |||
| Proceeds from long-term borrowings | - | 2,662,590 | |||
| Repayments of long-term borrowings | (121,365 | ) | (29,622 | ) | |
| Net proceeds/(payments) from short-term borrowings | 1,154,519 | 5,298,782 | |||
| Net cash generated from financing activities | 1,033,154 | 12,376,777 | |||
| Effect of exchange rate changes on cash and cash equivalents | (3,519 | ) | (31,815 | ) | |
| Net (decrease)/increase in cash and cash equivalents (including restricted cash) | (3,410,694 | ) | 6,906,072 | ||
| Cash acquired in business combination | - | 11,180,117 | |||
| Cash and cash equivalents at the beginning of the period (including restricted cash) | 11,565,088 | 1,131,831 | |||
| Cash and cash equivalents at the end of the period (including restricted cash) | 8,154,394 | 19,218,020 | |||
| Reconciliation of cash and cash equivalents | |||||
| Cash and cash equivalents | 7,777,413 | 18,674,424 | |||
| Restricted cash | 376,981 | 543,596 | |||
| Total cash and cash equivalents | 8,154,394 | 19,218,020 | |||
| Supplemental disclosure of cash flow information | |||||
| Cash paid for interest, net of amounts capitalized | 391,829 | 123,180 | |||
| Cash paid for income taxes, net of refunds | - | 84,197 | |||
| Non-cash investing and financing activities | |||||
| Consideration payable in connection with acquisitions | 488,000 | 3,621,531 | |||
| Interest accrued on borrowings | 790,395 | 143,278 | |||
Non-GAAP Financial Measures
This press release includes Adjusted Earnings Before Interest, Tax, Depreciation and Amortization (“Adjusted EBITDA”), a non-GAAP financial measure which excludes the impact of finance costs, taxes, depreciation and amortization and certain other items from reported net profit or loss. We believe that Adjusted EBITDA aids investors by providing an operating profit/loss without the impact of non-cash depreciation and amortization and certain non-recurring and other items to help clarify sustainability and trends affecting the business. For comparability of reporting, management considers non-GAAP measures in conjunction with U.S. GAAP financial results in evaluating business performance. Adjusted EBITDA should not be considered a substitute for, or superior to, the measures of financial performance prepared in accordance with U.S. GAAP. In addition, Adjusted EBITDA does not purport to represent cash flows provided by, or used for, operating activities in accordance with GAAP and should not be used as a measure of liquidity.
Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as substitutes for financial information presented under GAAP. There are a number of limitations related to the use of non-GAAP financial measures versus comparable financial measures determined under GAAP. For example, other companies in our industry may calculate these non-GAAP financial measures differently or may use other measures to evaluate their performance. These limitations could reduce the usefulness of these non-GAAP financial measures as analytical tools. Investors are encouraged to review the related GAAP financial measures and the reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures and to not rely on any single financial measure to evaluate our business.
The following table reconciles our net loss reported in accordance with U.S. GAAP to Adjusted EBITDA:
| For the three months ended June 30, | ||||
| Particulars | 2024 | 2023 | ||
| Net loss | (48,452,344 | ) | (4,066,996 | ) |
| Adjusted for: | ||||
| Other (income)/expense net | (22,352 | ) | (62,430 | ) |
| Interest (income)/expense | 821,686 | 217,954 | ||
| Fair value changes in financial instruments carried at fair value | 17,152,060 | - | ||
| Tax (benefit)/expense | 106,650 | 22,411 | ||
| Depreciation and amortization | 480,349 | 367,538 | ||
| Stock based compensation expense | 26,230,989 | - | ||
| Non-cash expenses | 285,060 | - | ||
| Non-recurring expenses | 524,758 | 1,819,746 | ||
| Adjusted EBITDA | (2,873,144 | ) | (1,701,777 | ) |
For more information, please contact:
Investor Contacts:
IR@roadzen.ai
Media Contacts:
Roadzen: Sanya Soni sanya@roadzen.ai or media@roadzen.ai
Gutenberg: roadzen@thegutenberg.com
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