Company: ZCARW
Filing Date: 2025-03-28
Form Type: DRS
Source: 0001013762-25-003498
Chunk: 153

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-28
Form: DRS
Chunk 153
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 2023. This improvement is a result of broad-based cost reduction and optimization initiatives that reduced our cost
of revenue, technology and development costs, sales and marketing costs, and general and administrative costs (as described above) during
the year ended March 31, 2024, as compared to the year ended March 31, 2023.

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, 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                     |     |