Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 2014

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 7
Chunk 2014
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 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 Years Ended 
March 31, 

    2025  
    2024 
  
    Net (Loss) 
    $(25,622,302) 
    $(34,277,252)
  
    Add/ (deduct) 

    SPAC transaction closing costs 
     -  
     7,061,350 
  
    Stock-based compensation 
     52,461  
     1,883,733 
  
    Depreciation and amortization 
     433,906  
     1,001,621 
  
    Finance costs 
     8,607,173  
     13,898,735 
  
    Finance costs to related parties 
     -  
     38,203 
  
    Other expense/(income), net 
     7,785,291  
     (11,316,471)
  
    Other income from related parties 
     -  
     (11,224)
  
    Gain on troubled debt restructuring 
     (1,171,161) 
     - 
  
    Impairment of balances with government authorities 
     -  
     3,875,767 
  
    Adjusted EBITDA 
    $(9,914,632) 
    $(17,845,538)

Liquidity and Capital Resources

During the year ended March 31, 2025, and 2024 respectively, we generated
negative cash flows from operations of $9.08 million and $22.20 million, respectively, reflecting greater operating cost efficiencies
and reduced overhead expenditures in 2025. The Company incurred a net loss of $25.62 million and $34.28 million during the year ended
March 31, 2025, and 2024, respectively, and the accumulated deficit amounts to $333.17 million and $307.55 million as of March 31, 2025,
and 202