Zoomcar Holdings, Inc.
0.2890-0.01 (-3.34%)
Oct 29, 4:00:00 PM EDT · OTC Markets OTCQX · ZCAR · USD
Key Stats
Market Cap
1.84MP/E (TTM)
0.01Basic EPS (TTM)
21.56Dividend Yield
0%Recent Filings
10-Q
Q2 FY2026 results
Zoomcar's Q2 FY2026 results show revenue edging up 3% y/y to $2.3M, driven by facilitation fees from its peer-to-peer car-sharing platform in India, while gross margins improved to 43% from 33% thanks to lower personnel and depreciation costs. Operating losses narrowed to $1.8M from $3.4M y/y, reflecting sharp cuts in sales and marketing (down 78%) and general expenses (down 22%), though net loss widened to $4.2M from $2.5M due to $2.5M in liquidated damages to investors and a $0.1M fair-value hit on the Atalaya note. Cash dipped to $0.4M from $1.1M q/q amid $0.9M finance lease repayments, with $2.6M in current debt (mostly vehicle loans) and $6.1M in unsecured convertible notes; free cash flow turned positive at $0.09M from operating activities minus negligible capex. No M&A or non-GAAP metrics disclosed in the 10-Q. Yet liquidity strains persist. Competition from ride-sharing apps remains a key risk.
8-K
OTCQX delisting risk for Zoomcar
Zoomcar Holdings received an OTCQX notice on August 5, 2025, for failing to maintain a $5 million global market cap over 30 days, risking delisting. The company has until November 3 to cure by hitting that threshold for 10 straight trading days. It's now weighing options to comply. Low valuation signals tough market pressures.
8-K
Auditor switch amid control weaknesses
Zoomcar Holdings dismissed Grant Thornton Bharat LLP as its independent auditor on July 29, 2025, and immediately engaged Bansal & Co LLP for the fiscal year ending March 31, 2026. The move follows unremedied material weaknesses in internal controls, including inadequate reviews of third-party reports, deficient financial policies, and weak IT general controls. No audit disagreements occurred. This switch underscores ongoing reporting challenges.
8-K
Zoomcar secures $350K bridge notes
Zoomcar Holdings closed a private placement of convertible bridge notes totaling $513,760 in principal on June 24, 2025, netting $350,000 after discounts and fees from lenders 1800 Diagonal Lending and Boot Capital. The notes carry 12% interest, mature March 30, 2026, and convert at a 25% discount to recent trading prices upon default, while proceeds fund general working capital. Yet defaults could balloon obligations to 150% or more. This bolsters short-term liquidity amid cash needs.
10-K
FY2025 results show a $25.6 million net loss, improved from $34.3 million in FY2024, with revenue at $9.1 million (down 8%) and positive gross profit of $3.8 million. Booking days rose 1% to 679,000, but GBV fell 5% to $25.3 million. Adjusted EBITDA loss narrowed to $9.9 million from $17.8 million, driven by cost efficiencies. Liquidity remains critical at $1.1 million cash, with $25.4 million liabilities, necessitating further funding beyond July 2025. Operations focused on India after exiting other markets; ongoing challenges include debt restructurings and legal settlements.
Zoomcar Holdings, Inc. reported a net loss of $25.6 million for FY2025, an improvement from $34.3 million in FY2024, amid ongoing liquidity challenges. Revenue declined 8% to $9.1 million from $9.9 million, driven by reduced GBV despite a 1% increase in booking days to 679,000. Gross profit turned positive at $3.8 million (42% margin) from a $0.4 million loss, reflecting cost reductions in repairs, personnel, and operations. Adjusted EBITDA loss narrowed to $9.9 million from $17.8 million, aided by lower marketing and administrative expenses. Cash and equivalents stood at $1.1 million, with $25.4 million in liabilities exceeding $5.4 million in assets, raising going concern doubts. The company raised $9.15 million in November 2024 and additional funds in December 2024 and February 2025, but requires imminent capital to sustain operations through July 2025. Key risks include debt defaults, litigation, and cybersecurity incidents affecting 8.4 million users.
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