Zoomcar Holdings Inc

are the largest peer-to-peer car sharing marketplace. Over 100 cities, more than 10 million registered guests, over 42,000 cars put on the marketplace by hosts who trust us with their most valuable asset after their homes. But there are two numbers on this slide I really want you to hold on to. First, 90% brand awareness and number one in search and brand recall for car rentals in India. In a country of a billion plus people, we are the name that comes to mind. This is a testimony to the brand and business that has been built over a decade and cannot be just bought into. Second, a close to a million monthly rental sessions with no performance marketing spends. Let me repeat that because it's the single most important fact about this business. A million people come looking for Zoom card every month and we're not paying to put ourselves in front of them. Our organic traffic converts at twice the rate of a paid traffic. At 51% of our monthly trips come from repeat users. Thus a strong creating demand coming purely on its own core value proposition. on an asset-like technology platform, surrounded by a brand that cannot be replicated easily. And this is the core to what Roomkar is, and a lot of what our Chief Financial Officer will talk about in due course flows from this. Now for the year itself. Fiscal year 2000 to 25, 26 was the year Zoom car stopped proving that it could be a profitable business and started behaving like one, like a profitable business. Our contribution profit of $5.07 million for the year is our 10th consecutive quarter of positive contribution profit, 10 quarters. That is not just one good season. That's the structural characteristics of a business now. Contribution profit per booking went from $9.96 to $12.94, up by 30%. Our adjusted EBITDA losses cut by 47% year over year. and the loss attributable to shareholders came down from $25.6 million to $14.6 million, a 43% improvement. On the slide, some of you would have probably noticed that bookings have been down by 8% year over year and our revenue has been roughly flat. Let me address this. had on first, because it's one of the most important things that we will talk about today. This was a choice. We deliberately stopped buying growth. We reduced performance marketing. We cut discounting. We stopped chasing bookings that didn't pay for themselves. And what happened is exactly what we hoped to happen. We served 8% fewer bookings. but generated the same revenue and the same gross booking value and made 19% more contribution profit doing it. We didn't shrink, we concentrated. We traded volume we were paying for for the value we were keeping. And the quality signals confirm this. Posts with high ratings of 4.5 plus grew 7% year on year. Repeat users held at 51% of the bookings with no meaningful incentives or discounts for more than six quarters running now. People are coming back because the product and the value proposition is good and not because we paid them to come back. That is a healthier company and signs of a healthier company that the one stood a year before you. So why does this matter now? Because we've spent last many quarters fixing the engine. We are standing now at the start of a runway to take off. India's self-driving car sharing market is expanding from almost 18 million users today to over projected 70 million, 65 million users by 2031, a $28.6 billion opportunity. That is not incremental. That is a market being created in real time. And the structural conditions are all pointing the same way. India has 0.01 registered cars per household against 1.8 in the United States. That gap is not going to close through ownership. It is going to close through access. A generation that has grown up with everything on demand does not see a USD 15,000 depreciating asset in its driveway as a milestone. It sees it as a liability and thus the need to access is far more important than the ownership of a car. over a billion internet users, one of the youngest demographics in the world with 65% of the population joining the working age by 2031, the digital rails are already laid. And here's the piece only Zoom card can put on the slide. Our contribution margins per booking have gone from a negative $2.5 in September 23 to a positive $12.94 in March 26, a $15 swing per booking in 30 months. The macro is ready, the infrastructure is ready, and unlike anyone else in the category, our model is already validated. The question is no longer, does this work? The question is how fast we can scale it. And that's a capital question, which brings me to Sachin, who is our chief financial officer, to take you through the financial review in the next slide. Sachin, over to you.

Thank you, Deepankar. Good morning, everyone, for taking time out for the earnings call today. Let me take you down through this table. Our bookings for the fiscal year ended March 31st, 2026, ended around 391,000 as against 427,000 bookings in the prior fiscal year, which is down by 8%. As Deepankar already explained, that reflects a deliberate withdrawal from paid acquisition and discount-driven volume. Gross booking value ended the year at $25.27 million versus a similar number in the prior fiscal year, which is essentially flat. Now I want you to sit with those two lines together for a moment. We removed 8% of our booking and lost nothing in the gross booking value. The booking we let go were the ones that weren't worth having. Our average guest trip rating increased from 4.69 to 4.77 out of five, which is up while we kept on cutting the spins. And that is unusual and it's not at all accidental, but rather planned. Now the financials. Our revenue, up by about 1%, ended the year at $9.16 million. Contribution profits rose to $5.07 million, up from $4.25 million, which represents a significant 19% improvement year over year. Our contribution profits per booking jumped from $9.96 a year ago to about $12.94 in the current fiscal year, which again is a 30% improvement. Contribution margins as a percentage of revenue increased from 47% to 55%, which is an 800% basis point expansion. Same revenue, materially more of it is retained as a profit. are lost from operations further improved by about 35% from $10.4 million during the fiscal year ended March 31st, 2025 to about $6.77 million during the fiscal year ended March 31st, 2026. and I'd like to draw your attention to the footnote below on the slide. Now, if we exclude about $1.45 million of non-cash cost associated with the RSU issuances to the management employee and the board at large, our loss from operations were about $5.32 million, which represents a significant 49% improvement year over year if we compare apples to apples. Our adjusted EBITDA loss was down 47% from $9.91 million to $5.22 million. Now both adjusted EBITDA and contribution margins are non-GAAP measures and we'll take you through the reconciliation of GAAP to non-GAAP measures at a later stage. And we'll explain you why that is important to consider when we are trying to understand the business performance at large. and a loss attributable to shareholders also declined significantly from about $25.62 million to about $14.62 million, which is a 43% decline in losses year over year. $11 million of loss removed from this business in just one year. Now, December 2023 was the first quarter we started generating contribution profits. We were losing almost $2.5 per booking prior to that. Contribution margins during the December 2023 quarters were $0.21 million. March 2024, we ended at $0.1 million, which is barely above the line. everyone to see 0.46 million dollar to about 1.21 million dollar and gradually we ended the previous quarter at about 1.38 million dollar and the last quarter ended march 31st 2026 at about 1.35 million dollar in the quarter now 10 consecutive quarters of positive contribution profits two and a half years through seasonality through macro noise through a deliberate marketing pullback I would note the last four quarters in particular. That's a business generating consistent, dependable, roughly 1.3 million a quarter of contribution profits and doing it while we were reducing the spends and not burning at all. Consistency is a form of proof and this is a business with a floor under it. Here is where the contribution profit is all landing up. March 2024, our adjusted EBITDA loss was about $4.03 million in a single quarter. 12 months later, March 2025, we ended the quarter at about $2.03 million. And in the most recent quarter, March 31, 2026, we ended with $1.4 million losses. The trend line is unmistakable and it has one direction to go. We've taken the quarterly burn down by roughly two thirds from where it was two years ago. For a full year, our adjusted EBITDA loss came in at $5.22 million versus $9.91 million, which represents a 47% reduction. I want to be very clear with you. We're not yet at adjusted EBITDA breakeven, but you can see the slope. You can see the distance that is yet to be covered. And you can see that we've closed most of the distance without needing the revenue growth to do it. What this means is when growth does come, it lands us on a far leaner cost base. We'll take you through our fundraising updates as well just to provide a perspective. We are actively raising growth capital to fund the next phase of expansion. Deepankar showed you the market opportunity and this is how we go and take it. We have launched a private placement bridge round with a minimum $1 million and up to a $10 million including over allotment to be raised. So far, we've raised about $1.8 million in gross proceeds in the ongoing private placement bridge round and aim to raise the rest of the bridge over the next few weeks. We've launched a warrant exchange tender offer as well, which was aimed to simplify our capital structure, which we believe will make this company more legible and more investable going forward. We have engaged an investment banker to support with the uplisting process to a premier national US stock exchange. And we are continuing with our debt restructuring to reduce the balance sheet burden and work towards positive net worth and minimum cash fund. Together, when you consider all of these efforts that the management has been putting consistently over the past few quarters, a company These are four things a company does when it has finished proving its model and is preparing to scale it. A cleaner cap table, a stronger balance sheet, a better listing venue, and a growth capital behind an engine that we now have demonstrated works. Now full detail on all of these details on all of these can be found in the SEC filings or the 10k that will be filed later in the day today and I would urge you guys to look into the specifics there. The appendix contains a full gap to non-gap reconciliation. I would walk you through the reconciliations in brief over the next 30 seconds so that you know exactly how we get to the numbers that we have quoted. So on the contribution profits, we start with net revenue and adjust the cost of revenue from it to arrive at a gross profit of about 4.73 million, which is up from 3.81 million a year ago. We add back depreciation and amortization. overhead costs and stock-based compensation carried in the cost of revenue. We then deduct the host incentives and marketing costs, excluding brand marketing, which, if you note, fell from about $742,000 to about $312,000 year-over-year. That's a 58% reduction in our incentive and performance spend itself. Contribution profits rose from 47% to about 55% and ended at $5.07 million for the fiscal year ended March 31, 2026. and for the adjusted EBITDA, starting from a net loss of about 14.62 million, we add back stock-based compensation of $1.45 million, depreciation and amortization, finance cost of $3.18 million, which is again a significant reduction from $8.6 million finance cost that we recorded in the books, A year ago, mainly attributed to our debt restructuring effort that we have carried out and other net expenses less the gain on trouble debt restructuring. Now that gives us an adjusted EBITDA loss of $5.22 million against an adjusted EBITDA loss of $9.91 million a year ago. I would particularly highlight finance cost which is down $5.4 million year over year. As I said previously, that's the debt restructuring showing up in the cash terms and there is more of that to come over the next few quarters. With that, I would hand over the mic to Deepankar to summarize the five key wins for our organization during the recently concluded fiscal year ended March 31st, 2026. Over to you, Deepankar.

Thank you, Sachin. So let me bring this back to five critical numbers. One gross booking value, today at $25.7 million, held flat with no paid marketing. A repeat user contribution, 51%, unchanged, unbought, and remarkably sticky. We did not give any incentives for them to come back. Contribution per booking, almost $10 to $12.13 of $5.07 million in absolute terms, roughly 55% of the net gap revenue. Our adjusted EBITDA, a 47% improvement. Our loss attributable to shareholders, a 43% improvement. So what do these five numbers put together, these lines say? They say that this is a company that has learned how to make money on every transaction it processes, that has cut its losses nearly in half, and that has done so without buying a single dollar of growth. Most turnaround stories are about cutting. This one and this story is about discipline. And what's left standing after the discipline is a marketplace with a category-defining brand, structurally profitable unit economics, and a $28.6 billion market opening opportunity in front of it. We have built the engine. This year we proved it runs consistently quarter after quarter and now we intend to fuel it. Thank you for your continued belief in the company.

Thank you Deepankar and Sachin and thank you everyone for joining us on the call. With this we conclude the call. Thank you.