Roadzen (RDZN) - 2024 Q4 - Annual Results

Financial Performance - Third quarter 2025 revenue totaled $12.1 million, a sequential increase of 1.8% over the second quarter, but a decrease of$ 3.6 million, or 23%, compared to the same quarter last year[5]. - Net loss for the third quarter fell to $2.5 million, an 88% decrease from a$ 21.8 million net loss in the second fiscal quarter, indicating a clear path to breakeven[5]. - Adjusted EBITDA loss for the fiscal third quarter was $1.87 million, narrowing approximately 13% over the second fiscal quarter[5]. - Revenue for the three months ended December 31, 2024, was$ 12,086,286, a decrease of 22.5% compared to $15,641,441 for the same period in 2023[34]. - Net loss attributable to Roadzen Inc. for the nine months ended December 31, 2024, was$ 72,734,754, compared to a net loss of $65,690,663 for the same period in 2023, indicating an increase in losses of 10.4%[34]. - The net loss for Q3 2024 was$ 2,582,289, a significant improvement compared to a net loss of $30,610,414 in Q3 2023, representing a reduction of approximately 91.6%[38]. - For the nine months ended December 31, 2024, the net loss increased to$ 72,866,038 from $65,798,667 in the same period of 2023, indicating a decline of about 4.9%[38]. - Adjusted EBITDA for Q3 2024 was reported at$ (1,867,730), an improvement from $(3,098,230) in Q3 2023, reflecting a reduction of approximately 39.6%[38]. - For the nine months ended December 31, 2024, Adjusted EBITDA was$ (6,885,794), compared to $(8,228,932) in the same period of 2023, showing an improvement of about 16.4%[38]. Assets and Liabilities - Total current assets decreased from$ 49,842,571 as of March 31, 2024, to $25,993,966 as of December 31, 2024, representing a decline of 47.8%[32]. - Total liabilities decreased from$ 68,636,212 as of March 31, 2024, to $62,476,413 as of December 31, 2024, a reduction of 9.5%[32]. - Cash and cash equivalents at the end of the period (including restricted cash) decreased from$ 11,565,088 to $5,829,991, a decline of 49.5%[35]. - The company reported a total of 71,968,686 shares outstanding as of December 31, 2024, compared to 68,440,829 shares outstanding as of March 31, 2024, an increase of 5.3%[32]. Operational Highlights - Roadzen eliminated approximately$ 12.6 million in short-term liabilities over the last six months, utilizing $1.65 million in cash and approximately 1.2 million new shares[5]. - Gross margin for the third quarter improved to 64.6%, up from 56.1% in the second quarter[6]. - Roadzen sold 77,326 policies during the third quarter, generating approximately$ 13.2 million of Gross Written Premium (GWP), compared to 101,700 policies and $21.4 million GWP in the prior fiscal year third quarter[8]. - As of December 31, 2024, Roadzen had 34 insurance customer agreements and 77 automotive customer agreements, with approximately 3,700 agents and fleet customer agreements[7]. Research and Development - Research and development expenses for the three months ended December 31, 2024, were$ 249,635, significantly lower than $1,876,839 for the same period in 2023, a decrease of 86.7%[34]. Strategic Initiatives - The launch of MixtapeAI aims to transform customer support in insurance and mobility, highlighting Roadzen's leadership in AI applications[5]. - Roadzen signed a contract with Motive to provide 24/7 roadside assistance for over one million vehicles, reflecting significant market expansion[17]. - DrivebuddyAI surpassed one billion kilometers of real-world driving data, enhancing driver safety and monitoring capabilities[15]. Expenses and Losses - Stock-based compensation expense for Q3 2024 was$ 158,163, a significant decrease from $27,253,455 in Q3 2023[38]. - Interest expense for the nine months ended December 31, 2024, increased to$ 2,533,846 from $1,558,985 in the same period of 2023, representing an increase of approximately 62.5%[38]. - Fair value changes in financial instruments for the nine months ended December 31, 2024, were$ 16,526,145, down from $22,369,638 in the same period of 2023, indicating a decrease of about 26.0%[38]. - Non-recurring expenses for the nine months ended December 31, 2024, were$ 953,316, a decrease from $2,277,449 in the same period of 2023, reflecting a reduction of approximately 58.2%[38]. - Depreciation and amortization for Q3 2024 was$ 299,949, down from $451,773 in Q3 2023, indicating a decrease of about 33.5%[38]. - The company recorded fair value losses in financial instruments carried at fair value amounting to$ 16,526,145 for the nine months ended December 31, 2024[35]. - The company reported a net income tax benefit of $(9,068) for Q3 2024, compared to$ (126,732) in Q3 2023, showing a significant improvement in tax expenses[38].