Company: ZCARW
Filing Date: 2025-03-04
Form Type: S-1
Source: 0001213900-25-020176
Chunk: 135

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-04
Form: S-1
Chunk 135
---
 these are non-cash 
 charges, the assets being depreciated and amortized may need to be replaced in the future, impairment on balances with government authorities 
 and adjusted EBITDA does not reflect all cash requirements for such replacements or for new capital expenditure requirements;                 |

| ● | Adjusted EBITDA excludes gains on                                 
 restructuring transactions, as these are non-recurring in nature; |

| ● | 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                                                                                                         |

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 Year Ended 
 March 31,      
 2024           |             |   |     | 2023 |             |   |
|:---------------------------------------|:----|:---------------|------------:|:--|:----|:-----|------------:|:--|
| Net Loss                               |     | $              | (34,277,251 | ) |     | $    | (62,032,076 | ) |
| Add/ (deduct)                          |     |                |             |   |     |      |             |   |
| SPAC transaction closing costs         |     |                |   7,061,350 |   |     |      |           - |   |
| Stock-based compensation               |     |                |   1,883,733 |   |     |      |   3,610,097 |   |
| Depreciation and amortization          |     |                |   1,001,621 |   |     |      |     740,422 |   |
| Finance costs                          |     |                |  13,898,735 |   |     |      |  27,570,752 |   |
| Finance costs to related parties       |     |                |      38,203 |   |     |      |      64,844 |   |
| Other income, net                      |     |                | (11,316,472 | ) |     |      |  (2,043,556 | ) |
| Other income from related parties