Zoomcar Reports Robust Performance in its First Quarter 2024 Results
Zoomcar Holdings, Inc. (NASDAQ: ZCAR) reported robust performance in Q1 2024, ending June 30, 2024. The company achieved record non-GAAP gross profit and contribution profit, marking the third consecutive quarter of contribution profit. Key highlights include:
- 9% increase in total bookings to 112,944
- Improvement in contribution margin from -45% to 20% profit
- 58% reduction in cost of revenue to $1.5 million
- Narrowed adjusted EBITDA loss from $6.8 million to $3.3 million
- All-time high guest trip rating of 4.71
CEO Hiroshi Nishijima anticipates meaningful growth and enhanced profitability by the end of FY 2025, supported by streamlined operations and strong demand.
Zoomcar Holdings, Inc. (NASDAQ: ZCAR) ha registrato prestazioni robuste nel primo trimestre del 2024, terminato il 30 giugno 2024. L'azienda ha raggiunto un profitto lordo non-GAAP record e un profitto di contribuzione, segnando il terzo trimestre consecutivo di profitto di contribuzione. I punti salienti includono:
- Aumento del 9% delle prenotazioni totali a 112.944
- Miglioramento del margine di contribuzione dal -45% al 20% di profitto
- Riduzione del 58% del costo delle entrate a 1,5 milioni di dollari
- Perdita rettificata di EBITDA ridotta da 6,8 milioni a 3,3 milioni
- Valutazione record dei viaggi degli ospiti di 4.71
Il CEO Hiroshi Nishijima prevede una crescita significativa e una maggiore redditività entro la fine dell'anno fiscale 2025, supportato da operazioni snodate e una domanda forte.
Zoomcar Holdings, Inc. (NASDAQ: ZCAR) reportó un rendimiento robusto en el primer trimestre de 2024, que finalizó el 30 de junio de 2024. La empresa logró un beneficio bruto non-GAAP récord y un beneficio de contribución, marcando el tercer trimestre consecutivo de beneficio de contribución. Los aspectos destacados incluyen:
- Aumento del 9% en las reservas totales a 112,944
- Mejora del margen de contribución del -45% al 20% de beneficio
- Reducción del 58% en el costo de ingresos a 1.5 millones de dólares
- Pérdida de EBITDA ajustada reducida de 6.8 millones a 3.3 millones
- Calificación de viaje de invitado más alta de todos los tiempos de 4.71
El CEO Hiroshi Nishijima anticipa un crecimiento significativo y una mayor rentabilidad para finales del año fiscal 2025, apoyado por operaciones optimizadas y una fuerte demanda.
Zoomcar Holdings, Inc. (NASDAQ: ZCAR)는 2024년 첫 분기 성과가 저조하지 않음을 보고했으며, 2024년 6월 30일에 종료되었습니다. 회사는 기록적인 비GAAP 총 이익 및 기여 이익을 달성하였으며 이는 세 번째 연속 분기 기여 이익을 의미합니다. 주요 사항은 다음과 같습니다:
- 총 예약 수 9% 증가하여 112,944
- 기여 마진 -45%에서 20% 이익으로 개선
- 수익 원가 58% 감소하여 150만 달러
- 조정된 EBITDA 손실이 680만 달러에서 330만 달러로 축소됨
- 역사상 최고 손님 여행 평가인 4.71
CEO 히로시 니시지마는 FY 2025년 말까지 운영 최적화와 강한 수요에 힘입어 의미 있는 성장과 향상된 수익성을 예상하고 있습니다.
Zoomcar Holdings, Inc. (NASDAQ: ZCAR) a rapporté un solide rendement au premier trimestre de 2024, se terminant le 30 juin 2024. L'entreprise a atteint un bénéfice brut non-GAAP record et un bénéfice de contribution, marquant le troisième trimestre consécutif de bénéfice de contribution. Les points saillants comprennent :
- Augmentation de 9 % des réservations totales à 112 944
- Amélioration de la marge de contribution de -45 % à 20 % de bénéfice
- Réduction de 58 % du coût des revenus à 1,5 million de dollars
- Perte d'EBITDA ajustée réduite de 6,8 millions à 3,3 millions
- Note de voyage des invités la plus élevée de tous les temps de 4,71
Le PDG Hiroshi Nishijima anticipe une croissance significative et une rentabilité améliorée d'ici la fin de l'exercice 2025, soutenue par des opérations rationalisées et une forte demande.
Zoomcar Holdings, Inc. (NASDAQ: ZCAR) berichtete von einer robusten Leistung im ersten Quartal 2024, das am 30. Juni 2024 endete. Das Unternehmen erreichte einen rekordverdächtigen non-GAAP Bruttogewinn und einen Beitragsertrag, was den dritten aufeinanderfolgenden Quartal des Beitragsertrages markiert. Zu den Höhepunkten gehören:
- 9% Anstieg der Gesamtbuchungen auf 112.944
- Verbesserung der Beitragsspanne von -45% auf 20% Gewinn
- 58% Reduzierung der Einnahmenkosten auf 1,5 Millionen Dollar
- Anpassung des EBITDA-Verlusts von 6,8 Millionen auf 3,3 Millionen
- Allzeit höchste Bewertung der Gästereisen von 4.71
CEO Hiroshi Nishijima erwartet bis Ende des Geschäftsjahres 2025 ein signifikantes Wachstum und eine verbesserte Rentabilität, unterstützt durch optimierte Abläufe und starke Nachfrage.
- Record non-GAAP gross profit and contribution profit achieved
- 9% increase in total bookings to 112,944
- Improvement in contribution margin from -45% loss to 20% profit
- 58% reduction in cost of revenue to $1.5 million
- Adjusted EBITDA loss narrowed from $6.8 million to $3.3 million
- All-time high guest trip rating of 4.71
- Adjusted EBITDA still showing a loss of $3.3 million
Zoomcar's Q1 2024 results show promising signs of operational efficiency, but caution is warranted. The 9% increase in bookings to 112,944 is modest, yet achieved with reduced marketing spend. The shift from a
The improvement in Zoomcar's guest trip rating from 4.16 to 4.71 is a important metric for the sharing economy model. This 13% increase in customer satisfaction could drive organic growth and reduce customer acquisition costs. The rise in high-quality listings, with 5,648 vehicles rated above 4.5, suggests a maturing platform. However, the report lacks context on market share and competitive positioning. The focus on India presents both opportunity and risk - it's a vast market, but economic fluctuations and regulatory changes could impact growth. The company's ability to scale while maintaining quality will be key. Investors should monitor user acquisition costs and retention rates in future reports to gauge long-term viability.
Zoomcar's tech-driven approach to cost optimization is noteworthy. The implementation of a tighter guest verification process using Aadhar, driving license and selfie authentication has significantly reduced late returns and accidents. This showcases how AI and data analytics can improve operational efficiency in the sharing economy. The focus on enhancing in-trip communication between guests and hosts through product improvements is a smart move, directly impacting user experience and ratings. However, the report lacks details on tech infrastructure scalability and innovation pipeline. As Zoomcar aims for profitability, its ability to leverage technology for predictive maintenance, dynamic pricing and enhanced fraud detection will be important differentiators in the competitive car-sharing market.
BENGALURU,
Management Commentary
"Our first fiscal quarter results reflect a robust performance in our ongoing efficiency efforts. We achieved record non-GAAP gross profit and contribution profit, while also laying the groundwork for substantial revenue growth in the coming quarters," stated Hiroshi Nishijima, CEO of Zoomcar. "This period also marked a significant milestone with the third consecutive quarter of contribution profit. As we look ahead to the end of Fiscal year 2025, we anticipate a meaningful return to growth, supported by enhanced profitability due to our streamlined operational infrastructure."
Zoomcar continues to make significant progress across the company's strategic priorities:
- Number of bookings: Total number of bookings increased by
9% from 103,643 bookings during the three months ended June 30, 2023, to 112,944 for the three months ended June 30, 2024. This is an important milestone as we achieved this marginal growth with lower expenditure on performance marketing and host incentivisation, a reflection of strong demand and brand strength. - Contribution Margin: Our contribution margin improved significantly from a contribution loss of
45% or for the three months ended June 30, 2023, to a contribution profit of$1.2 million 20% or for the three months ended June 30, 2024. This is the third consecutive quarter where we have posted a contribution profit.$0.5 million - Cost Optimisation Efforts: We successfully reduced our cost of revenue by
58% , from during the three months ended June 30, 2023, to$3.6 million during the three months ended June 30, 2024. This significant reduction was a result of broad-based cost optimization initiatives driven by technology and product. An example is a tighter guest verification process which uses multiple inputs from Aadhar, driving license and selfie authentication. This has led to a healthy reduction in late returns and accidents.$1.5 million - Reduction in adjusted EBITDA: Our adjusted EBITDA demonstrated significant improvement, narrowing from a loss of
during the three months ending June 30, 2023, to a loss of$6.8 million during the three months ending June 30, 2024. This reduction underscores the effectiveness of our cost management strategies and our unwavering commitment to operational efficiency.$3.3 million - Guest trip rating has reached an all-time high: During the three months ending June 30, 2023, the platform's average guest trip rating was 4.16. By the end of Q1 2024, our product-focused approach to enhancing the customer experience continued to yield dividends. Our commitment to improving in-trip communication between guests and hosts resulted in a significant step function improvement in the overall in-trip experience for both customer groups. The average guest trip rating now stands at an impressive 4.71, the highest to date. Additionally, the number of active vehicles with a platform rating exceeding 4.5 reached 5,648 in the quarter. As we look ahead, we remain dedicated to enhancing the quality of the guest and host experience, expecting further improvements in guest trip ratings and the number of active vehicles with ratings exceeding 4.5.
Together as a team, we are working towards making the fiscal year ending March 31, 2025, a year of sustainable growth and profitability. Under the new leadership team, we are committed to becoming a customer obsessed company for our Hosts and Guests.
For a detailed look at the financials and more insights, you can access the full quarterly report here.
About Zoomcar:
Founded in 2013 and headquartered in Bengaluru,
Non-GAAP Financial Measure:
To supplement our financial statements, which are presented on the basis of
Forward Looking Statement:
This press release may contain forward-looking statements about our plans, efforts, projections, goals, commitments, expectations, or prospects related to our business. These forward-looking statements reflect our management's expectations of financial performance and ability to operate the business and execute our anticipated business plans and strategy. These statements entail significant risk and uncertainty. To identify these forward-looking statements, we use terms such as "may," "will," "aim," "improve," "estimate," "efficient", "intend," "indicate," "continue," "promote," "believe," "boosting", "elevate," or "enhance," or the negatives thereof, as well as other variations or comparable terminology. We ask that you read statements that contain these terms carefully because we believe this information is important for our investors and customers. Any forward-looking statement in this press release refers solely to what is accurate as of the day it is issued or based on assumptions that Zoomcar believes to be reasonable. The actual results and outcomes may materially differ due to various factors or events beyond our control which we may not be foreseeable at all times. We cannot guarantee or assure any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this press release can or will be achieved. We undertake no obligation to alter or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as required by law.
Contact Details:
Akarshit Gulati: akarshitg@avianwe.com
Bhagyashree Rewatkar: bhagyashree.rewatkar@zoomcar.com, +91-9029220123
Reconciliation of GAAP to Non-GAAP Metrics
The following is the reconciliation of adjusted EBITDA to the most comparable GAAP measure, Net Loss.
For the Three Months Ended June 30, | ||
2024 | 2023 | |
Net Loss | $ (2,531,579) | $ (28,781,134) |
Add/ (deduct) | ||
Stock-based compensation | - | 444,212 |
Depreciation and amortization | 113,327 | 255,481 |
Finance costs | 551,003 | 21,520,558 |
Finance costs to related parties | - | 12,861 |
Other income, net | (1,393,992) | (251,219) |
Other income from related parties | - | (4,050) |
Adjusted EBITDA | $ (3,261,241) | $ (6,803,291) |
Adjusted EBITDA is a non-GAAP financial measure that represents our net income or loss adjusted for (i) provision for income taxes; (ii) other income and (expense), net; (iii) depreciation and amortization; (iv) stock-based compensation expense; and (v) finance costs.
Contribution Profit/(Loss)
For the Three Months Ended June 30, | ||
2024 | 2023 | |
Net revenue | $ 2,240,985 | $ 2,614,618 |
Cost of revenue | 1,512,289 | 3,610,982 |
Gross Profit/(Loss) | 728,696 | (996,364) |
Add: Depreciation and amortization in COR | 74,873 | 208,935 |
Add: Stock-based compensation in COR | - | 67,509 |
Add: Overhead costs in COR (rent, software support, insurance, travel) | 204,975 | 432,892 |
Less: Host Incentives and Marketing costs (excl. brand marketing) | 549,383 | 879,421 |
Less: Host incentives | 47,621 | 95,796 |
Less: Marketing costs (excl. brand marketing) | 501,761 | 783,625 |
Contribution Profit / (Loss) | $ 459,161 | $ (1,166,449) |
Contribution margin | 20 % | -45 % |
We define contribution profit (loss) as our gross profit plus (a) depreciation expense included in cost of revenue, (b) stock-based compensation expense included in cost of revenue, (c) other general costs included in cost of revenue (rent, software support, insurance, travel); less (i) Host incentive payments and (ii) marketing and promotional expenses (excluding brand marketing).
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SOURCE Zoomcar Holdings, Inc.
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