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Zoomcar Reports its Fiscal Third Quarter Financial 2024 Results

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Contribution Profit continues to increase in FQ3, reaching all time high

Bookings growth of 19% vs prior year

Achieved record Repeat User Rates and High Quality Host Retention Rates

Debt restructuring under way

BANGALORE, India, Feb. 14, 2025 /PRNewswire/ — Zoomcar Holdings, Inc. (Nasdaq: ZCAR) (“Zoomcar,” or “we,” or “our”), the leading marketplace for car sharing in India, today announced results for its fiscal third quarter ended December 31, 2024.

Hiroshi Nishijima, CEO of Zoomcar stated,. “We’re seeing the improvements we’ve made in the customer experience bearing fruit, with repeat users doubling this quarter, high quality Host retention rates continuing to rise, and contribution profit reaching an all time high in FQ3. Combining a greater customer experience and our efforts to increase supply, the number of Hosts on our platform continues to increase along with high quality Host retention. These improvements enable us to continue optimizing our marketing spend, and, in addition to other cost reduction projects, have led to achieving record contribution profit this quarter, making this the fifth consecutive quarter of positive contribution profit.”

Key Highlights:

Contribution profit reached a record high of $1.28 million (52% of revenue), a significant improvement from $0.21 million (9% of revenue) in the same quarter last year, and was $1.21 million (54% of revenue) in the previous quarter.  This is the fifth consecutive quarter of positive contribution profit. On a per booking basis, our Contribution profit increased to $12.39 during the three months ended December 31, 2024 as compared to $2.40 per booking during the three months ended December 31, 2023.The number of bookings rose by 19%, from 86,917 in the prior year period to 103,599, during  the three months ended December 31, 2024, driven by 2.0x increase in the repeat user booking rate.Cost optimization efforts resulted in a 28% reduction in Cost of Revenue, a 41% reduction in technology expenses (such as cloud services and tech vendor related expenses), and an 80% decrease in marketing costs. All reductions are a comparison of the three months ended December 31, 2024 vs the same period last year.Adjusted EBITDA loss decreased significantly from $10.17 million during the three months ended December 31, 2023 to $3.15 million during the three months ended December 31, 2024.Average Guest trip ratings saw a significant improvement, rising from 4.16 (out of 5) on March 31, 2024, to 4.70 on December 31, 2024, reflecting our ongoing commitment to enhancing the customer experience.Active high quality cars (with an average rating of more than 4.5 out of 5) increased by 24% from 5,830 cars at the end of September 30, 2024  to 7,247 cars  as on  December 31, 2024, signaling the improvement of Host retention rate.

We will dive deeper into the results during our FQ3 2024 Earnings call:
We would like to invite all shareholders to our FQ3 2024 Earnings Call, scheduled for February 14, 2025, at 8:00 AM Eastern Time. Please register through this link – https://us06web.zoom.us/meeting/register/usrVrgzlTjCS72sQkjwV8w 

For more details, you may access the Q3 earnings presentation and other materials found on our Investor Relations website at https://investor-relations.zoomcar.com/in/.

About Zoomcar:

Founded in 2013 and headquartered in Bengaluru, India, Zoomcar is a leading marketplace for car sharing focused in India. The Zoomcar community connects Hosts with Guests, who choose from a selection of cars for use at affordable prices, promoting sustainable, smart transportation solutions in India.

Forward Looking Statement:

Certain statements contained in this press release are not historical facts and may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “plans,” “expects,” “believes,” “anticipates,” and similar words are intended to identify forward-looking statements. These forward-looking statements include, but are not limited to, statements concerning our expected revenue growth and improved profitability, and our financial forecasts. Forward-looking statements are based on our current expectations and beliefs, and involve a number of risks and uncertainties that are difficult to predict and that could cause actual results to differ materially from those stated or implied by the forward-looking statements. A description of certain of these risks, uncertainties and other matters can be found in filings we make with the U.S. Securities and Exchange Commission, all of which are available at www.sec.gov. Because forward-looking statements involve risks and uncertainties, actual results and events may differ materially from results and events currently expected by us, readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. We undertake no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in its expectations with regard to these forward-looking statements or the occurrence of unanticipated events.

Non-GAAP Financial Measure:

To supplement our financial statements, which are presented on the basis of U.S. generally accepted accounting principles (GAAP), the following non-GAAP measures of financial performance are included in this release: contribution margin, and adjusted EBITDA. A reconciliation of GAAP to adjusted non-GAAP financial measures is included as an attachment to this press release. We believe these non-GAAP financial measures are useful to investors in assessing our operating performance. We use these financial measures internally to evaluate our operating performance and for planning and forecasting of future periods. We also believe it is in the best interests of investors to provide this non-GAAP information. While we believe these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these non-GAAP financial measures. These non-GAAP financial measures may not be reported by competitors, and they may not be directly comparable to similarly titled measures of other companies due to differences in calculation methodologies. The non-GAAP financial measures are not an alternative to GAAP information and are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures. They should be used only as a supplement to GAAP information and should be considered only in conjunction with our consolidated financial statements prepared in accordance with GAAP.

Reconciliation of GAAP to Non-GAAP Metrics

The following is the reconciliation of adjusted EBITDA to the most comparable GAAP measure for three months and nine months ending December 31, Net Loss.

Three months ended December 31,

Nine months ended December 31,

2024

2023

2024

2023

Net (Loss) / Income

$          (6,061,727)

$     14,425,439

$        (11,945,281)

$  (26,757,978)

Add/ (deduct)

Stock-based compensation

1,265,828

1,883,733

Depreciation and amortization

90,522

244,053

305,658

754,660

Finance costs

4,866,242

8,392,470

6,942,547

13,628,832

Finance costs to related parties

12,426

38,203

Other income, net

(1,917,896)

(34,503,014)

(2,705,019)

(10,377,735)

Other income from related parties

(5,548)

(11,224)

Gain on troubled debt restructuring

(124,299)

(476,746)

Adjusted EBITDA

$          (3,147,158)

$   (10,168,346)

$          (7,878,841)

$  (20,841,509)

Adjusted EBITDA is a non-GAAP financial measure that represents our net income or loss adjusted for (i) provision for income taxes; (ii) other income and (expense), net; (iii) depreciation and amortization; (iv) stock-based compensation expense; (v) finance costs; and (vi) Gain on troubled debt restructuring.

Contribution Profit/(Loss)

The following is the calculation of Contribution Profit/(Loss) to the most comparable GAAP measure for three months and nine months ending December 31 Net Revenue.

Three months ended December 31,

Nine months ended December 31,

2024

2023

2024

2023

Net revenue

$           2,449,368

$        2,421,438

$            6,937,250

$       7,717,064

Cost of revenue

1,499,282

2,093,057

4,224,993

8,441,525

Gross Profit/(Loss)

950,086

328,381

2,712,257

(724,461)

Add: Depreciation and amortization in COR

73,683

205,260

222,862

624,630

Add: Stock-based compensation in COR

51,848

134,883

Add: Overhead costs in COR  (rent, software
support, insurance, travel)

286,639

249,651

636,960

988,946

Less: Host Incentives and Marketing costs
(excl. brand marketing)

26,414

626,267

621,158

2,104,360

Less: Host incentives

32,800

73,216

110,664

348,261

Less: Marketing costs (excl. brand marketing)

(6,386)

553,051

510,494

1,756,099

Contribution Profit / (Loss)

$           1,283,994

$           208,873

$           2,950,921

$           (1,080,363)

Contribution margin

52 %

9 %

43 %

-14 %

We define contribution profit (loss) as our gross profit plus (a) depreciation expense included in cost of revenue, (b) stock-based compensation expense included in cost of revenue, (c) other general costs included in cost of revenue (rent, software support, insurance, travel); less (i) Host incentive payments and (ii) marketing and promotional expenses (excluding brand marketing).

Logo – https://mma.prnewswire.com/media/2517562/5014195/Zoomcar_Logo.jpg

Contact: 
Akarshit Gulati: akarshitg@avianwe.com 
Bhagyashree Rewatkar: bhagyashree.rewatkar@zoomcar.com

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As ADA Anniversary Approaches, University of Phoenix Survey Highlights AI’s Potential to Advance Accessibility in Work and Learning

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Survey conducted by The Harris Poll on behalf of University of Phoenix finds among those already using AI in the workplace, 60% say AI has improved their knowledge of and ability to use accessibility standards and guidelines.

PHOENIX, July 24, 2026 /PRNewswire/ — As artificial intelligence becomes part of how people work, learn and solve problems, a new University of Phoenix survey conducted by The Harris Poll finds that recent working learners see meaningful opportunities for AI to support accessibility. The survey was designed to understand the impact of AI in the workplace and learning environments on accessibility, defined as ensuring digital content, tools and resources, including AI tools and output, are usable by people with different abilities through inclusive design, use of assistive technology or conformance with accessibility standards, such as the Web Content Accessibility Guidelines (WCAG). The findings are being released ahead of the 36th anniversary of the Americans with Disabilities Act (ADA) on July 26.

The survey, conducted among 1,019 U.S. employed adults who completed a professionally presented training or school course in the past 12 months (“recent working learners”), found that, among workers already using AI in the workplace, 3 in 5 (60%) say AI has improved their knowledge of and ability to use accessibility standards and guidelines, including nearly 1 in 5 (19%) who report significant improvement. 

While the findings point to optimism about AI’s accessibility potential, they also reveal an opportunity for clearer organizational guidance: 45% of respondents say accessibility is absent from, unclear in, or they are uncertain whether it is covered by their workplace AI policies.

“The reality is that accessibility benefits everyone,” shares Kelly Hermann, Vice President of Accessibility and Student Affairs at University of Phoenix. “If accessibility is built in from the beginning, organizations are more likely to create AI-enabled environments that are universally usable. Clearer content, better summaries, accurate captions, and multiple formats can help workers and learners with disabilities, but they also help busy adults, multilingual learners, mobile users, and anyone trying to absorb information quickly.”

Key findings from the survey include:

Workers see AI’s accessibility potential: 89% of recent working learners identify workflows that could benefit from AI and accessibility tools, especially creating accessible documents, presentations, websites or learning materials (38%), presenting information in different formats such as plain language, audio, summaries or translations (33%), and training employees or learners on accessibility practices (30%).AI may help build accessibility awareness: Among those already using AI in the workplace, 60% say AI has improved their knowledge of and ability to use accessibility standards and guidelines.Accessibility is not always clear in workplace AI policies: 45% of recent working learners say accessibility is absent from, unclear in, or they are uncertain whether it is covered by their workplace AI policies.AI tools may not yet fully support different access needs: Among those who use workplace AI tools, only about a quarter of survey respondents (27%) say AI tools available through their workplace or professional learning environment support people with disabilities very well.Human oversight remains important: 36% of recent working learners say human review for important decisions or high-impact work should be part of responsible AI use at work or school.Workers also recognize how AI and accessibility can have an impact on their own career journey: 90% of recent working learners identify AI and accessibility skills that would be valuable in their current or desired career field, including 45% who see value in understanding when AI-generated content needs human review.

Why accessibility is essential to responsible AI adoption

As AI tools are used to draft documents, summarize information, generate captions and transcripts, create image descriptions, support learning and assist with workplace tasks, accessibility becomes central to responsible use. Poorly implemented AI can also create or amplify barriers, including inaccessible content, inaccurate summaries, biased outputs and tools that do not work effectively with assistive technologies.

“Responsible AI is not only about productivity,” Hermann said. “It is about whether the technology works for the people who need to use it. AI can help create more accessible materials and more flexible ways to engage with information, but it still requires clear policies, practical training and human judgment to make sure the outputs are accurate, applicable and usable.”

What the findings mean for employers and educators

The survey suggests that organizations have an opportunity to align AI adoption with supportive design, accessibility practices and workforce training. Employers and educators can take immediate steps by:

Naming accessibility directly in AI policies and guidance.Choosing AI tools with accessibility and assistive technology compatibility in mind.Training workers and learners to create, check and improve accessible AI-generated content.Making support pathways clear for people who experience barriers using AI tools.Keeping human review in place for important decisions, high-impact work and accessibility-sensitive outputs.

The survey also found workers want practical AI training. The most helpful resources identified by recent working learners include real-world examples from their field or industry (36%), hands-on practice using realistic workplace scenarios (34%) and step-by-step demonstrations of common tasks (33%).

Accessibility insights from University of Phoenix

Hermann shared the survey findings ahead of the ADA anniversary in recent media interviews. Hermann oversees the University’s accessibility initiative, including evaluation and remediation of curricular resources, the Center for Access, Resources, Engagement and Support Services (CARES), and the Office of Collaborative Learning and Educational Engagement. Her work focuses on fostering accessible and welcoming educational environments for students, faculty and staff.

Hermann’s office at University of Phoenix also convenes accessibility conversations through initiatives such as Access Amplified™, a free, annual virtual event focused on advancing digital accessibility in web development. The event brings together engineers, developers, designers, content authors and digital strategists for practical strategies and human-centered conversations that address the gap between coding practices and how users with assistive technology experience the web.

About the survey

The survey was conducted online within the United States by The Harris Poll on behalf of University of Phoenix from June 22–29, 2026, among 1,019 employed adults ages 18 and older who have taken a professionally presented training or a school course in the past 12 months, referred to as “recent working learners.” Data were weighted where necessary by age, gender, race/ethnicity, region, education, employment, marital status, household size, household income and smoking status to bring them in line with their actual proportions in the population.

Respondents for this survey were selected from among those who have agreed to participate in surveys. The sampling precision of Harris online polls is measured by using a Bayesian credible interval. For this study, the sample data is accurate to within +/- 3.8 percentage points using a 95% confidence level. This credible interval will be wider among subsets of the surveyed population of interest.

Review the complete survey at phoenix.edu/aiaccessibility.

About University of Phoenix

University of Phoenix is Built for Real Life. 50 Years Strong. The University innovates to help working adults enhance their careers and develop skills in a rapidly changing world through flexible online learning, relevant courses, academic AI pillars, and skills-mapped curriculum for associate, bachelor’s and master’s degree programs. Active students and alumni have access to Career Services for Life® resources including career guidance and tools. For more information, visit phoenix.edu. 

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Mastech Digital to Announce Second Quarter 2026 Financial Results; Participate in Upcoming Investor Conference

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PITTSBURGH, July 24, 2026 /PRNewswire/ — Mastech Digital, Inc. (NYSE American: MHH) (“Mastech Digital”), a leading provider of Digital Transformation IT Services, today announced the date for the release of its financial results for the second quarter ended June 30, 2026, and its participation in an upcoming investor conference.

Second Quarter 2026 Earnings:

Mastech Digital will report its financial results for the second quarter 2026 before the market opens on Thursday, August 6, 2026. Management will host a live conference call and webcast at 9:00 a.m. Eastern Time on that day to discuss the Company’s financial performance and operating results.  The conference call will be hosted by Nirav Patel, President and CEO, and Kannan Sugantharaman, Chief Financial and Operations Officer.

Those wishing to participate via webcast should access the call through Mastech Digital’s Investor Relations website at https://investors.mastechdigital.com. Those wishing to participate via telephone may dial in at 1-800-715-9871 (USA) or 1-646-307-1963 (International) with the passcode 7506988. The replay will be available via webcast through Mastech Digital’s Investor Relations website.

Upcoming Investor Conference:

Mr. Sugantharaman will host a fireside chat at the Sidoti Micro-Cap Investor Conference on Wednesday, August 19, 2026, at 9:15 a.m. Eastern Time.

Mastech Digital management is scheduled to host virtual one-on-one and small group meetings with investors during the conference on August 19-20, 2026. Investors interested in arranging a meeting should contact their Sidoti representative or reach out to the Mastech Digital investor relations team at investors@mastechdigital.com.

About Mastech Digital, Inc.

Mastech Digital (NYSE American: MHH) is a leading provider of Digital Transformation IT Services. The Company offers Data Management, Analytics & AI Solutions, and IT Staffing Services with a digital-first approach. A minority-owned enterprise, Mastech Digital is headquartered in Pittsburgh, PA, with offices across the U.S., Canada, Europe, and India. Visit us at www.mastechdigital.com.

Investor Relations Contact:
investors@mastechdigital.com 

 

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SOLAI Limited Announces Extraordinary General Meeting

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AKRON, Ohio, July 24, 2026 /PRNewswire/ — SOLAI Limited (NYSE: SLAI) (“SOLAI” or the “Company”) (previously known as “BIT Mining Limited”), a technology-driven personal AI and digital infrastructure provider, today announced that it will hold its extraordinary general meeting of shareholders at 428 South Seiberling Street, Akron, Ohio, US on August 14, 2026 at 10:00 a.m., New York time.

Holders of record of ordinary shares and preference shares of the Company at the close of business on July 20, 2026, New York time (the “Record Date”) are entitled to receive notice of, and to attend and vote at, the extraordinary general meeting or any adjournment thereof. Holders of the Company’s American Depositary Shares (“ADSs”) who wish to exercise their voting rights for the underlying ordinary shares must act through the depositary of the Company’s ADS program, Deutsche Bank Trust Company Americas.

The notice of the extraordinary general meeting, which sets forth the resolutions to be submitted to shareholder approval at the extraordinary general meeting is available on the Investor Relations section of the Company’s website at https://ir.solai.com

About SOLAI Limited

SOLAI Limited (previously known as “BIT Mining Limited”) (NYSE: SLAI) (previously traded under “BTCM”) is a technology-driven personal AI and digital infrastructure provider. Building upon its historical legacy in digital asset mining and blockchain network operations, the Company is leveraging extensive experience in large-scale hardware deployment, data center operations, and high-performance computing to build the foundational infrastructure for personal AI computing and digital asset ecosystems globally.

For more information:

SOLAI Limited
ir@solai.com
ir.solai.com
www.solai.com 

Christensen Advisory
Jason Ng
Tel: +852-2117-0861
Email: solai@christensencomms.com 

 

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