Zoomcar (ZCAR) Q3 24/25 earnings summary

Executive summary

• Achieved record contribution profit of $1.28 million (52% margin) in Q3 FY2024, up from $0.21 million (9%) year-over-year, marking the fifth consecutive quarter of positive contribution profit.

• Bookings grew 19% year-over-year to 103,599, with repeat user rates doubling to 12% quarter-over-quarter and improved host retention.

• Platform scale includes over 10 million guests, 25,000+ cars, and 90% brand awareness among car sharing users in India.

• Average guest trip ratings improved from 4.16 to 4.70 over the past three quarters.

• Significant cost reductions in all major expense categories, but the company remains unprofitable with a net loss of $7.92 million for Q3 FY2024.

Financial highlights

• Revenue for Q3 FY2024 was $2.45 million, nearly flat year-over-year; nine-month revenue was $6.94 million, down 10%.

• Contribution margin improved to 52% in Q3 FY2024 from 9% a year ago.

• Adjusted EBITDA loss narrowed to $3.15 million in Q3 FY2024 from $10.17 million year-over-year.

• Net loss for Q3 FY2024 was $7.92 million, compared to $14.43 million in Q3 FY2023; accumulated deficit reached $321.4 million.

• Gross profit for Q3 FY2024 was $0.95 million (39% margin), up from $0.33 million year-over-year.

Outlook and guidance

• Focus remains on growing repeat guest bookings, improving customer experience, and cost optimization to drive long-term value.

• Management expects continued net losses and significant cash outflows for at least the next 12 months; additional capital is required imminently to meet obligations and continue as a going concern.

• Plans to add over 20,000 cars by end of FY2025 and launch a unified app for guests and hosts.