Company: ZCARW
Filing Date: 2025-03-04
Form Type: S-1
Source: 0001213900-25-020176
Chunk: 124

Company: Zoomcar Holdings, Inc.
Filing Date: 2025-03-04
Form: S-1
Chunk 124
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 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. 67 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                   |     |              |          - |   |     |      |   1,265,828 |   |     |              |           - |   |     |      |   1,883,733 |