On a quarter-on-quarter basis, Zoomcar’s consolidated net loss widened 32.4% from $2.53 Mn in Q1 FY25

Revenue from services declined 16.7% YoY to $2.23 Mn in Q2 FY25

In a filing with the SEC, Zoomcar said that it expects to continue to incur a loss for at least the next 12 months and also expressed concern about its ability to continue operations

Nasdaq-listed self-driving car marketplace Zoomcar trimmed its consolidated net loss by 72.9% to $3.35 Mn in the September quarter of the financial year 2024-25 (Q2 FY25) from $12.40 Mn in the year-ago period, mainly on the account of a sharp reduction in overall expenses.

However, net loss widened 32.4% from $2.53 Mn on a quarter-on-quarter basis.

Revenue from services declined 16.7% to $2.23 Mn in the reported quarter from $2.68 Mn in the September quarter last year. Sequentially, it rose marginally from $2.20 Mn in Q1 FY25.

Total income also fell to $2.24 Mn during the quarter under review from $2.68 Mn in the same quarter last year.

Total expenses declined significantly to $3.81 Mn in the quarter ended September 30, 2024, down 45.3% from $6.97 Mn in the corresponding quarter last year.

In a filing with the SEC, Zoomcar said that it expects to continue to incur a loss for at least the next 12 months. Further, it said that the company’s management has expressed concern about its ability to continue operations without additional funding.

“The company’s cash position is critically deficient and critical payments to the operational and financial creditors of the company are not being made in the ordinary course of business, all of which raises substantial doubt about the company’s ability to continue as a going concern,” Zoomcar added.

 Founded by Greg Moran and David Back in 2013, Zoomcar is a marketplace for renting self-driving cars. The startup connects hosts with guests, who choose from a selection of cars for use at affordable prices. 

It listed on Nasdaq in December last year, following a SPAC merger with Cayman Islands-registered Innovative International Acquisition Corp. 

(The story will be updated shortly)

On a quarter-on-quarter basis, Zoomcar’s consolidated net loss widened 32.4% from $2.53 Mn in Q1 FY25

Revenue from services declined 16.7% YoY to $2.23 Mn in Q2 FY25

In a filing with the SEC, Zoomcar said that it expects to continue to incur a loss for at least the next 12 months and also expressed concern about its ability to continue operations

Nasdaq-listed self-driving car marketplace Zoomcar trimmed its consolidated net loss by 72.9% to $3.35 Mn in the September quarter of the financial year 2024-25 (Q2 FY25) from $12.40 Mn in the year-ago period, mainly on the account of a sharp reduction in overall expenses.

However, net loss widened 32.4% from $2.53 Mn on a quarter-on-quarter basis.

Revenue from services declined 16.7% to $2.23 Mn in the reported quarter from $2.68 Mn in the September quarter last year. Sequentially, it rose marginally from $2.20 Mn in Q1 FY25.

Total income also fell to $2.24 Mn during the quarter under review from $2.68 Mn in the same quarter last year.

Total expenses declined significantly to $3.81 Mn in the quarter ended September 30, 2024, down 45.3% from $6.97 Mn in the corresponding quarter last year.

In a filing with the SEC, Zoomcar said that it expects to continue to incur a loss for at least the next 12 months. Further, it said that the company’s management has expressed concern about its ability to continue operations without additional funding.

“The company’s cash position is critically deficient and critical payments to the operational and financial creditors of the company are not being made in the ordinary course of business, all of which raises substantial doubt about the company’s ability to continue as a going concern,” Zoomcar added.

 Founded by Greg Moran and David Back in 2013, Zoomcar is a marketplace for renting self-driving cars. The startup connects hosts with guests, who choose from a selection of cars for use at affordable prices. 

It listed on Nasdaq in December last year, following a SPAC merger with Cayman Islands-registered Innovative International Acquisition Corp. 

(The story will be updated shortly)