Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 149

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 149
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77</div>

Non-GAAP Financial Measures

In addition to our results
determined in accordance with GAAP, we believe the following non-GAAP financial measures help us to evaluate our business, identify trends
affecting our business, formulate business plans, and make strategic decisions. We use the following non-GAAP financial measures, collectively,
to evaluate our ongoing operations and for internal planning and forecasting purposes.

We believe that these
non-GAAP financial measures, when taken collectively, may be helpful to investors because they provide consistency and comparability with
past financial performance and assist in comparisons with other companies, some of which use similar non-GAAP financial measures to supplement
their GAAP results. The non-GAAP financial measures are presented for supplemental informational purposes only, should not be considered
as a substitute for financial information presented in accordance with GAAP, and may be different from similarly titled non-GAAP financial
measures used by other companies. Because of these limitations, we consider, and you should consider, our non-GAAP financial measures
alongside other financial performance measures presented in accordance with GAAP. A reconciliation of each non-GAAP financial measure
to the most directly comparable financial measure stated in accordance with GAAP is provided below. Investors are encouraged to review
the related GAAP financial measures and the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP
financial measures.

The following table summarizes
our non-GAAP financial measures, along with the most directly comparable GAAP measure, for each period presented below.

|                     |     | For the Years Ended 
 March 31,           |        2024 |   |     |   |        2023 |   |
|:--------------------|:----|:--------------------|------------:|:--|:----|:--|------------:|:--|
| Gross loss          |     | $                   |    (434,362 | ) |     | $ | (11,849,405 | ) |
| Gross margin        |     |                     |          -4 | % |     |   |        -134 | % |
| Contribution loss   |     |                     |    (979,154 | ) |     |   | (14,227,150 | ) |
| Contribution margin |     |                     |         -10 | % |     |   |        -161 | % |
| Net loss            |     |                     | (34,277,251 | ) |     |   | (62,032,