Company: ZCARW
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001213900-25-110391
Chunk: 310

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 310
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 sales and marketing costs, and general and
administrative costs (as detailed in the preceding section). It is also notable that this reduction occurred despite incurring an RSU
cost of $0.69 million during the six-month period ended September 30, 2025, compared to $ nil expenses during the same period in 2024.

62

Adjusted EBITDA has limitations
as a financial measure, should be considered as supplemental in nature, and is not meant as a substitute for the related financial information
prepared in accordance with GAAP. These limitations include the following:

    ●
    Adjusted EBITDA does not reflect other (income)/expense, net, which includes interest income on cash, cash equivalents, restricted cash and investments, net of interest expense, and gains and losses on foreign currency transactions and balances;

    ●
    Adjusted EBITDA excludes certain recurring non-cash charges, such as depreciation of property and equipment and amortization of intangible assets; although these are non-cash charges, the assets being depreciated and amortized may need to be replaced in the future, and adjusted EBITDA does not reflect all cash requirements for such replacements or for new capital expenditure requirements;

    ●
    Adjusted EBITDA excludes stock-based compensation expense, which has been, and will continue to be for the foreseeable future, a recurring expense in our business and an important part of our compensation strategy: and

    ●
    Adjusted EBITDA excludes all finance charges.

Because of these limitations,
you should consider adjusted EBITDA alongside other financial performance measures, including net loss and our other GAAP results.

The following is a reconciliation
of adjusted EBITDA to the most comparable GAAP measure, Net (Loss) / Income:

    For the Three Months Ended Sep 30,  
    For the Six Months Ended Sep 30, 

    2025  
    2024  
    2025  
    2024 
  
    Net (Loss)/Income 
    $(794,149) 
    $(3,351,975) 
    $(4,999,462) 
    $(5,883,554)
  
    Add/(deduct) 

    Stock-based compensation 
     685,053  
     -  
     685,053  
     - 
  
    Depreciation and amortization 
     35,052  
     101,809