Revenue growth remains highly unstable, oscillating between $2.2 million and $2.4 billion, while gross margins have fluctuated wildly from -2.1% in 2023Q2 to 138.4% in 2025Q2.
| Sales/Revenue | 4.87B | 9.11M | 9.9M | 8.83M | 12.8M | 10.23M |
| Revenue Growth % | 53317.72% | -8% | 12.13% | -31.03% | 25.1% | - |
| Cost of Goods Sold | 2.32B | 5.3M | 10.33M | 20.68M | 25.28M | 19.83M |
| COGS % of Revenue | - | 58.17% | 104.39% | 234.25% | 197.56% | 193.8% |
| Gross Profit | 2.55B | 3.81M | -434.36K | -11.85M | -12.49M | -9.6M |
| Gross Margin % | 52.33% | 41.83% | -4.39% | -134.25% | -97.56% | -93.8% |
| Gross Profit Growth % | - | 976.93% | 96.33% | 5.09% | -30.12% | - |
| Operating Expenses | 2.18B | 14.21M | 31.23M | 24.61M | 24.09M | 11.74M |
| OpEx % of Revenue | - | 156.05% | 315.58% | 278.79% | 188.28% | 114.79% |
| Selling, General & Admin | 4.14B | 11.24M | 23.01M | 19.43M | 19.86M | 8.72M |
| SG&A % of Revenue | - | 123.49% | 232.51% | 220.14% | 155.19% | 85.28% |
| Research & Development | 1.43B | 2.97M | 4.35M | 5.18M | 4.23M | 3.02M |
| R&D % of Revenue | - | 32.57% | 43.91% | 58.65% | 33.08% | 29.5% |
| Other Operating Expenses | -2M | 0 | 3.88M | 0 | 0 | 0 |
| Operating Income | 1.84B | -10.4M | -31.67M | -36.46M | -36.58M | -21.34M |
| Operating Margin % | 37.86% | -114.22% | -319.97% | -413.04% | -285.84% | -208.58% |
| Operating Income Growth % | - | 67.16% | 13.13% | 0.34% | -71.43% | - |
| EBITDA | 1.84B | -9.97M | -30.67M | -35.66M | -33.41M | -14.18M |
| EBITDA Margin % | 37.87% | -109.46% | -309.85% | -404.03% | -261.07% | -138.65% |
| EBITDA Growth % | 15518.51% | 67.5% | 14% | -6.74% | -135.55% | - |
| D&A (Non-Cash Add-back) | 224.04K | 433.91K | 1M | 795.35K | 3.17M | 7.15M |
| EBIT | 577.09M | -20.92M | -33.13M | -60.41M | -28.13M | -18.04M |
| Net Interest Income | -6.71M | -4.66M | -1.1M | -1.6M | -2.77M | -10.55M |
| Interest Income | 69.21K | 40.43K | 47.91K | 28.9K | 142.56K | 203.9K |
| Interest Expense | 6.78M | 4.7M | 1.15M | 1.63M | 2.91M | 9.63M |
| Other Income/Expense | -1.27B | -15.22M | -2.61M | -25.58M | 5.53M | -6.34M |
| Pretax Income | -146M | -25.62M | -34.28M | -62.03M | -31.05M | -27.67M |
| Pretax Margin % | -3% | -281.38% | -346.33% | -702.82% | -242.6% | -270.52% |
| Income Tax | -8.76B | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 5998.04% | 0% | 0% | 0% | 0% | 0% |
| Net Income | 9.33B | -25.62M | -34.28M | -62.03M | -31.05M | -27.67M |
| Net Margin % | 191.61% | -281.38% | -346.33% | -702.82% | -242.6% | -270.52% |
| Net Income Growth % | 376.92% | 25.25% | 44.74% | -99.81% | -12.18% | - |
| Net Income (Continuing) | 9.33B | -25.62M | -34.28M | -62.03M | -31.05M | -27.67M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 25.11M | 25.11M | 25.11M |
| EPS (Diluted) | 762.58 | -51.84 | -1041.10 | -3863.72 | -1933.67 | -1290.93 |
| EPS Growth % | 450.31% | 95.02% | 73.05% | -99.81% | -49.79% | - |
| EPS (Basic) | - | -51.84 | -1041.10 | -3863.72 | -1933.67 | -1290.93 |
| Diluted Shares Outstanding | 12.24M | 494.28K | 32.92K | 16.05K | 16.05K | 21.44K |
| Basic Shares Outstanding | 12.24M | 494.28K | 32.92K | 16.05K | 16.05K | 21.44K |
| Dividend Payout Ratio | - | - | - | - | - | - |
Unsustainable operating cash burn
As reported in recent financial filings, ZCAR's revenue trajectory exhibits extreme volatility, with quarterly figures oscillating between $2.2 million and $2.4 billion, suggesting that the company's underlying marketplace volume remains highly unstable and potentially subject to significant accounting adjustments or non-recurring revenue recognition events.
The massive fluctuations in top-line performance indicate a lack of predictable demand or a fundamental shift in how the company accounts for gross booking value versus net revenue. Investors should monitor whether these swings represent genuine operational scaling or merely the impact of erratic promotional activity and platform incentives.
Based on the provided income statement data, ZCAR's gross margin has fluctuated wildly from a low of -2.1% in 2023Q2 to a peak of 138.4% in 2025Q2, indicating that the company lacks a stable cost-of-goods-sold structure necessary for consistent profitability.
This extreme variance suggests that the company's direct costs are not effectively managed or are heavily influenced by one-time adjustments. The inability to maintain a consistent margin profile implies that the core marketplace model is currently struggling to achieve the economies of scale required to offset its variable insurance and host-related expenses.
According to the company's historical income statements, ZCAR consistently reports negative operating margins, with the most recent periods showing an operating margin of -102.2% in 2024Q4, highlighting a failure to achieve the necessary operating leverage to cover its substantial fixed overhead.
The persistent gap between gross profit and operating income suggests that corporate administrative and technology expenses are disproportionately high relative to the current revenue base. Without a significant increase in transaction volume, the company appears unlikely to achieve the operating efficiency required to reach a sustainable breakeven point.
As evidenced by the persistent net losses and the extreme volatility in quarterly earnings, ZCAR's financial performance warrants deep skepticism regarding its long-term viability, particularly given the reported net loss of $11.8 million in 2024Q4 alone.
Short-sellers would likely focus on the company's inability to convert its marketplace activity into positive net income, as well as the potential for further dilution to fund ongoing operations. The reliance on high-cost customer acquisition and the lack of a clear path to profitability suggest that the current business model may be fundamentally misaligned with the capital requirements of the mobility sector.
Quick answers to the most common questions about buying ZCAR stock.
For fiscal year 2024, Zoomcar Holdings, Inc. (ZCAR) reported total revenue of $9.1M. This represents a 11.0% decline compared to $10.2M in 2020.
Zoomcar Holdings, Inc. (ZCAR) reported a net loss of $25.6M for the fiscal year ending 2024.
Zoomcar Holdings, Inc. (ZCAR) reported an operating income of $-10.4M, resulting in an operating profit margin of -114.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Zoomcar Holdings, Inc. (ZCAR) generated $3.8M in gross profit for the year, representing a gross profit margin of 41.8%. This demonstrates the company's core pricing power and production efficiency.