Zoomcar Q1 Net Loss Rises 28% YoY To $5.4 Mn; Revenue Flat At $2.4 Mn

Zoomcar, the rental car platform that was listed on Nasdaq, reported a sharp rise in its net loss to $5.4 million in the first quarter of 2026, up 28% from $4.2 million in the same period last year. However, revenue remained flat at $2.4 million, with a 10% year-on-year decline in gross booking value to $5.8 million. The company explained that the lower booking count was intentional, as they shifted their focus to longer, high-value trips rather than a high volume of short trips.

Zoomcar's value per booking rose by approximately 7% to $66. While the net loss increased, the adjusted EBITDA loss was reduced by about 65% to $611,000. The cost of revenue fell 38% to $0.81 million due to reduced losses from accidental damage and theft. However, higher non-operating expenses like finance costs and other net expenses continued to impact the bottom line.

The company is still grappling with financial strain. For the entire fiscal year 2026, Zoomcar managed to reduce its net loss by 43% to $14.6 million from $25.6 million in the previous year, while net revenue stayed flat at $9.2 million. The company is actively seeking fresh capital through a private placement bridge financing round and had raised about $1.8 million so far.

Zoomcar has been heavily reliant on bridge financings, discounted notes, and warrant-linked deals since 2025 to stay afloat. The company, which was delisted from Nasdaq in May 2025 due to non-compliance with listing requirements, now offers a broader range of services including self-drive rides and motorcycle rentals in Bengaluru, with plans to expand to other cities.