Company: ZCARW
Filing Date: 2025-06-30
Form Type: 10-K
Source: 0001213900-25-059675
Chunk: 136

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-06-30
Form: 10-K
Item: Item 1
Chunk 136
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 understanding and evaluating the results of our operations, as well as
provides a useful measure for period-to-period comparisons of our business performance. Moreover, we have included adjusted EBITDA because
it is a key measurement used by our management internally to make operating decisions, including those related to analyzing operating
expenses, evaluating performance, and performing strategic planning and annual budgeting.

Our adjusted EBITDA loss
has reduced to $9.91 million during the year ended March 31, 2025, as compared to an adjusted EBITDA loss of $17.85 million during the
year ended March 31, 2024.

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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, 2025, as compared to the
same period in 2025. 

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 Years Ended