Company: ZCARW
Filing Date: 2025-05-05
Form Type: S-1
Source: 0001213900-25-039778
Chunk: 126

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-05-05
Form: S-1
Chunk 126
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 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:

|                                     |     | Three months ended 
 December 31,       
 2024               |            |   |     | 2023 |             |   |     | Nine months ended 
 December 31,      
 2024              |             |   |     | 2023 |             |   |
|:------------------------------------|:----|:-------------------|-----------:|:--|:----|:-----|------------:|:--|:----|:------------------|------------:|:--|:----|:-----|------------:|:--|
| Net (Loss) / Income                 |     | $                  | (7,922,063 | ) |     | $    |  14,425,439 |   |     | $                 | (13,805,617 | ) |     | $    | (26,757,978 | ) |
| Add/ (deduct)                       |     |                    |            |   |     |      |             |   |     |                   |             |   |     |      |             |   |
| Stock-based compensation            |     |                    |          - |