Zoomcar Reports Significant Profitability Improvement in its Second Quarter Financial 2024 Results
Zoomcar (NASDAQ: ZCAR) reported improved Q2 2024 financial results, with contribution profit reaching $1.21 million (54% of revenue), up from a loss of $0.12 million in Q2 2023. Bookings increased 7% to 105,160, driven by a 1.5x increase in guest repeat booking rate. The company achieved significant cost reductions: 81% in marketing, 55% in repairs, and 52% in technology expenses. Net loss per share decreased to $4.43 from $2,568.82 year-over-year, while Adjusted EBITDA loss reduced to $1.47 million from $3.87 million. Active high-quality cars increased 6% to 5,830, with guest trip ratings improving to 4.63.
Zoomcar (NASDAQ: ZCAR) ha riportato risultati finanziari migliorati nel secondo trimestre del 2024, con un profitto operativo che ha raggiunto 1,21 milioni di dollari (54% dei ricavi), in aumento rispetto a una perdita di 0,12 milioni di dollari nel secondo trimestre del 2023. Le prenotazioni sono aumentate del 7%, raggiungendo 105.160, sostenute da un incremento di 1,5 volte nel tasso di prenotazione ripetuta degli ospiti. L'azienda ha ottenuto significative riduzioni dei costi: 81% nel marketing, 55% nelle riparazioni e 52% nelle spese tecnologiche. La perdita netta per azione è diminuita a 4,43 dollari rispetto a 2.568,82 dollari anno su anno, mentre la perdita dell'EBITDA rettificato si è ridotta a 1,47 milioni di dollari da 3,87 milioni. Il numero di auto di alta qualità attive è aumentato del 6% a 5.830, con le valutazioni dei viaggi degli ospiti che migliorano a 4,63.
Zoomcar (NASDAQ: ZCAR) reportó resultados financieros mejorados en el segundo trimestre de 2024, con una ganancia de contribución que alcanzó 1,21 millones de dólares (54% de los ingresos), en comparación con una pérdida de 0,12 millones de dólares en el segundo trimestre de 2023. Las reservas aumentaron un 7% hasta 105,160, impulsadas por un incremento de 1.5 veces en la tasa de repetición de reservas de los huéspedes. La compañía logró reducciones significativas de costos: 81% en marketing, 55% en reparaciones y 52% en gastos tecnológicos. La pérdida neta por acción disminuyó a 4,43 dólares desde 2,568.82 dólares interanualmente, mientras que la pérdida del EBITDA ajustado se redujo a 1,47 millones de dólares desde 3,87 millones. El número de autos de alta calidad activos aumentó un 6% a 5,830, con las calificaciones de los viajes de los huéspedes mejorando a 4,63.
Zoomcar (NASDAQ: ZCAR)는 2024년 2분기 개선된 재무 결과를 보고했으며, 기여 이익이 121만 달러(수익의 54%)에 달해 2023년 2분기의 12만 달러 손실에서 증가했습니다. 예약이 7% 증가했습니다, 105,160건에 달하며, 손님 재예약 비율이 1.5배 증가한 데 힘입었습니다. 회사는 마케팅에서 81%, 수리에서 55%, 기술 비용에서 52%의 비용 절감을 이루었습니다. 주당 순손실은 연간 2,568.82달러에서 4.43달러로 감소하였고, 조정된 EBITDA 손실은 387만 달러에서 147만 달러로 줄어들었습니다. 고품질 자동차의 활성 수는 6% 증가하여 5,830대에 달했으며 손님 여행 평점은 4.63으로 향상되었습니다.
Zoomcar (NASDAQ: ZCAR) a annoncé des résultats financiers améliorés pour le deuxième trimestre de 2024, avec un bénéfice de contribution atteignant 1,21 million de dollars (54% des revenus), contre une perte de 0,12 million de dollars au deuxième trimestre de 2023. Les réservations ont augmenté de 7% pour atteindre 105 160, soutenues par une augmentation de 1,5 fois du taux de réservation répétée des clients. L'entreprise a réalisé des réductions de coûts significatives : 81% en marketing, 55% en réparations et 52% en dépenses technologiques. La perte nette par action a diminué à 4,43 dollars contre 2 568,82 dollars d'une année sur l'autre, tandis que la perte d'EBITDA ajusté a été réduite à 1,47 million de dollars contre 3,87 millions de dollars. Le nombre de voitures de haute qualité actives a augmenté de 6% pour atteindre 5 830, les évaluations des voyages des clients s'améliorant à 4,63.
Zoomcar (NASDAQ: ZCAR) meldete verbesserte Finanzzahlen für das zweite Quartal 2024, wobei der Beitraggewinn 1,21 Millionen Dollar (54% des Umsatzes) erreichte, im Vergleich zu einem Verlust von 0,12 Millionen Dollar im zweiten Quartal 2023. Die Buchungen stiegen um 7% auf 105.160, angetrieben durch einen 1,5-mal höheren Wiederbuchungsrate der Gäste. Das Unternehmen erzielte erhebliche Kostensenkungen: 81% im Marketing, 55% bei Reparaturen und 52% bei Technologiekosten. Der Nettoverlust pro Aktie verringerte sich im Jahresvergleich auf 4,43 Dollar von 2.568,82 Dollar, während der Verlust des bereinigten EBITDA auf 1,47 Millionen Dollar von 3,87 Millionen Dollar sank. Die Anzahl der aktiven hochwertigen Autos stieg um 6% auf 5.830, wobei die Reisebewertungen der Gäste auf 4,63 verbessert wurden.
- Contribution profit reached record $1.21M (54% of revenue) vs -$0.12M loss year-over-year
- Significant cost reductions: marketing (81%), repairs (55%), technology (52%)
- Bookings increased 7% to 105,160
- Net loss per share decreased substantially from $2,568.82 to $4.43
- Adjusted EBITDA loss reduced by 62% to $1.47M
- Active high-quality cars increased 6% to 5,830
- Company still operating at a loss with -$1.47M Adjusted EBITDA
- Net loss per share remains negative at -$4.43
Insights
The Q2 FY24 results demonstrate significant operational improvements for Zoomcar. The standout metric is the contribution profit reaching
While the
Hiroshi Nishijima, CEO of Zoomcar stated, "By making customer experience our top priority, we've been able to organically boost guest repeat bookings and improve host retention. This focus has allowed us to optimize costs, particularly in marketing spend, cash incentives, and discounts, driving a significant improvement in our contribution profit. With a stronger contribution margin, our primary goal is now to grow the number of bookings by bringing in more Guests and achieving more frequent repeat usage. Despite shorter average booking durations, our contribution margin remains robust, making the total number of bookings our most critical metric."
Key Highlights:
- Net loss per share significantly declined for the quarter ended September 30, 2024 to
per share as compared to$4.43 per share during the same quarter last year.$2,568.82 - Contribution profit reached a record high of
($1.21 million 54% of revenue), a significant improvement from a loss of (-$0.12 million 5% ) in the same quarter last year and ($0.46 million 20% ) in the previous quarter. - The number of bookings rose by
7% , from 97,970 in the previous quarter to 105,160, in the quarter ended September 30, 2024, driven by 1.5x increase in the guest repeat booking rate. - Cost optimization efforts resulted in a
55% reduction in repair and maintenance costs, a52% reduction in technology expenses (such as cloud services), and an81% decrease in marketing costs. All reductions are a comparison of the quarter ended September 30, 2024 vs the same quarter last year. - Adjusted EBITDA loss decreased significantly to
in the quarter ended September 30, 2024 as compared to$1.47 million for the same quarter last year.$3.87 million - Average Guest trip ratings saw a significant improvement, rising from 4.16 (out of 5) on March 31, 2024, to 4.70 on June 30, 2024. We are maintaining the improved ratings at 4.63 on September 30, 2024, reflecting our ongoing commitment to enhancing the customer experience.
- Active high quality cars (with an average rating of more than 4.5 out of 5) increased by
6% from 5,516 cars for the previous quarter to 5,830 cars for the quarter ended September 30, 2024, signaling the improvement of Host retention rate.
We will have a deeper discussion in our Q2 2024 Earnings call:
We would like to invite all shareholders to our Q2 2024 Earnings Call, scheduled for November 14, 2024, at 10:00 AM Eastern Time. Please register in advance through this link - https://us06web.zoom.us/webinar/register/WN_y4xI8uNhTOqMj-fEB8oU4g#/registration
For more details, you can access the full quarterly report here.
Media contact details
Akarshit Gulati: akarshitg@avianwe.com
Bhagyashree Rewatkar: bhagyashree.rewatkar@zoomcar.com
About Zoomcar:
Founded in 2013 and headquartered in Bengaluru,
Forward Looking Statement:
Certain statements contained in this press release are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "plans," "expects," "believes," "anticipates," and similar words are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning our expected revenue growth and improved profitability, and our financial forecasts. Forward-looking statements are based on our current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. A description of certain of these risks, uncertainties and other matters can be found in filings we make with the
Non-GAAP Financial Measure:
To supplement our financial statements, which are presented on the basis of
Reconciliation of GAAP to Non-GAAP Metrics
The following is the reconciliation of adjusted EBITDA to the most comparable GAAP measure for three months and six months ending September 30, Net Loss.
For the Three Months Ended Sep 30, | For the Six Months Ended Sep 30, | |||
2024 | 2023 | 2024 | 2023 | |
Net Loss | $ (3,351,976) | $ (12,402,287) | $ (5,883,554) | $ (41,183,419) |
Add/ (deduct) | ||||
Stock-based compensation | - | 173,693 | - | 617,905 |
Depreciation and amortization | 101,809 | 255,126 | 215,136 | 510,607 |
Finance costs | 2,160,178 | 8,363,800 | 2,320,963 | 29,884,357 |
Finance costs to related parties | - | 12,915 | - | 25,777 |
Other income, net | (28,006) | (271,497) | (1,031,781) | (522,716) |
Other income from related parties | - | (1,626) | - | (5,676) |
Gain on troubled debt restructuring | (352,447) | - | (352,447) | - |
Adjusted EBITDA | $ (1,470,442) | $ (4,731,683) | $ (10,673,165) |
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; (v) finance costs; and (vi) Gain on trouble debt restructuring.
Contribution Profit/(Loss)
The following is the calculation of Contribution Profit/(Loss) to the most comparable GAAP measure for three months and six months ending September 30, Net Revenue.
For the Three Months Ended Sep 30, | For the Six Months Ended Sep 30, | |||
2024 | 2023 | 2024 | 2023 | |
Net revenue | $ 2,246,897 | $ 2,681,008 | $ 4,487,882 | $ 5,295,626 |
Cost of revenue | 1,213,422 | 2,737,486 | 2,725,711 | 6,348,468 |
Gross Profit/(Loss) | 1,033,475 | (56,478) | 1,762,171 | (1,052,842) |
Add: Depreciation and amortization in COR | 74,306 | 210,435 | 149,179 | 419,370 |
Add: Stock-based compensation in COR | - | 15,526 | - | 83,035 |
Add: Overhead costs in COR (rent, software support, insurance, travel) | 145,346 | 306,403 | 350,321 | 739,295 |
Less: Host Incentives and Marketing costs (excl. brand marketing) | 45,361 | 598,578 | 594,744 | 1,478,093 |
Less: Host incentives | 30,242 | 145,210 | 77,864 | 275,025 |
Less: Marketing costs (excl. brand marketing) | 15,119 | 453,368 | 516,880 | 1,203,048 |
Contribution Profit / (Loss) | 1,207,766 | (122,692) | 1,666,927 | (1,289,235) |
Contribution margin | 54 % | -5 % | 37 % | -24 % |
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).
Logo: https://mma.prnewswire.com/media/2517562/5014195/Zoomcar_Logo.jpg
View original content:https://www.prnewswire.com/news-releases/zoomcar-reports-significant-profitability-improvement--in-its-second-quarter-financial-2024-results-302305434.html
SOURCE Zoomcar
FAQ
What was Zoomcar's (ZCAR) contribution profit in Q2 2024?
How much did Zoomcar (ZCAR) reduce its marketing costs in Q2 2024?
What was Zoomcar's (ZCAR) booking growth in Q2 2024?