Zoomcar Holdings Reports $9.16M Revenue and $14.62M Net Loss for Fiscal Year Ended March 31, 2026

Zoomcar Holdings, Inc. reported a net revenue of $9.16 million for the fiscal year ended March 31, 2026, a slight increase of 1% from $9.11 million in the prior fiscal year. The company's cost of revenue decreased by 16% to $4.43 million, primarily due to operational efficiencies, including reduced depreciation on tracking devices and savings in software support and maintenance following a cloud infrastructure migration. Technology and development expenses also saw a 10% reduction, totaling $2.66 million, attributed to decreased employee benefit expenses and optimized IT platform costs.

Significant cost reductions were also observed in sales and marketing, which decreased by 55% to $0.66 million, driven by lower marketing expenses and reduced host incentivization. General and administrative expenses were reduced by 16% to $8.18 million, largely due to cost rationalization efforts, including a decrease in professional fees and rental expenses related to the sale of assets and closure of regional offices. These combined efforts contributed to a decrease in total costs and expenses to $15.92 million from $19.51 million in the previous year.

Despite the revenue growth and cost reductions, Zoomcar Holdings, Inc. reported a net loss of $14.62 million for the fiscal year ended March 31, 2026, an improvement from a net loss of $25.62 million in the prior year. This reduction in net loss was influenced by a decrease in finance costs, which fell by 63% to $3.18 million, primarily due to the absence of significant non-cash expenses related to warrant issuance and debt discount amortization that were present in the prior year. The company also recorded a gain on troubled debt restructuring of $72,912, compared to a gain of $1.17 million in the prior year.

The company's cash and cash equivalents stood at $0.33 million as of March 31, 2026, a decrease from $1.08 million in the prior year. Net cash used in operating activities was $1.36 million, an improvement from $8.53 million in the previous year, reflecting enhanced operating cost efficiencies. However, the company's current cash position and ongoing operational expenditures raise substantial doubt about its ability to continue as a going concern without additional funding.

Zoomcar Holdings, Inc. continues to focus on its core operations in India, having ceased operations in Vietnam, Indonesia, and Egypt. The company is actively pursuing various financing arrangements, including debt and equity offerings, to support its ongoing operations and future growth. Management is implementing cost reduction measures and exploring strategic initiatives to improve financial performance and address liquidity concerns.