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Zoomcar Reports Robust Performance in its First Quarter 2024 Results

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BENGALURU, India, Aug. 16, 2024 /PRNewswire/ — Zoomcar Holdings, Inc. (NASDAQ: ZCAR) (“Zoomcar,” the “Company,” “we,” or “our”), the leading marketplace for car sharing in emerging markets, today reported select financial results for the first fiscal quarter ended June 30, 2024.

Management Commentary

“Our first fiscal quarter results reflect a robust performance in our ongoing efficiency efforts. We achieved record non-GAAP gross profit and contribution profit, while also laying the groundwork for substantial revenue growth in the coming quarters,” stated Hiroshi Nishijima, CEO of Zoomcar. “This period also marked a significant milestone with the third consecutive quarter of contribution profit. As we look ahead to the end of Fiscal year 2025, we anticipate a meaningful return to growth, supported by enhanced profitability due to our streamlined operational infrastructure.”

Zoomcar continues to make significant progress across the company’s strategic priorities:

Number of bookings: Total number of bookings increased by 9% from 103,643 bookings during the three months ended June 30, 2023, to 112,944 for the three months ended June 30, 2024. This is an important milestone as we achieved this marginal growth with lower expenditure on performance marketing and host incentivisation, a reflection of strong demand and brand strength.Contribution Margin: Our contribution margin improved significantly from a contribution loss of 45% or $1.2 million for the three months ended June 30, 2023, to a contribution profit of 20% or $0.5 million for the three months ended June 30, 2024. This is the third consecutive quarter where we have posted a contribution profit.Cost Optimisation Efforts: We successfully reduced our cost of revenue by 58%, from $3.6 million during the three months ended June 30, 2023, to $1.5 million during the three months ended June 30, 2024. This significant reduction was a result of broad-based cost optimization initiatives driven by technology and product. An example is a tighter guest verification process which uses multiple inputs from Aadhar, driving license and selfie authentication. This has led to a healthy reduction in late returns and accidents.Reduction in adjusted EBITDA: Our adjusted EBITDA demonstrated significant improvement, narrowing from a loss of $6.8 million during the three months ending June 30, 2023, to a loss of $3.3 million during the three months ending June 30, 2024. This reduction underscores the effectiveness of our cost management strategies and our unwavering commitment to operational efficiency.Guest trip rating has reached an all-time high: During the three months ending June 30, 2023, the platform’s average guest trip rating was 4.16. By the end of Q1 2024, our product-focused approach to enhancing the customer experience continued to yield dividends. Our commitment to improving in-trip communication between guests and hosts resulted in a significant step function improvement in the overall in-trip experience for both customer groups. The average guest trip rating now stands at an impressive 4.71, the highest to date. Additionally, the number of active vehicles with a platform rating exceeding 4.5 reached 5,648 in the quarter. As we look ahead, we remain dedicated to enhancing the quality of the guest and host experience, expecting further improvements in guest trip ratings and the number of active vehicles with ratings exceeding 4.5.

Together as a team, we are working towards making the fiscal year ending March 31, 2025, a year of sustainable growth and profitability. Under the new leadership team, we are committed to becoming a customer obsessed company for our Hosts and Guests.

For a detailed look at the financials and more insights, you can access the full quarterly report here.

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.

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: Net loss per share, 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.

Forward Looking Statement:

This press release may contain forward-looking statements about our plans, efforts, projections, goals, commitments, expectations, or prospects related to our business. These forward-looking statements reflect our management’s expectations of financial performance and ability to operate the business and execute our anticipated business plans and strategy. These statements entail significant risk and uncertainty. To identify these forward-looking statements, we use terms such as “may,” “will,” “aim,”  “improve,” “estimate,” “efficient”, “intend,” “indicate,” “continue,” “promote,” “believe,” “boosting”, “elevate,” or “enhance,” or the negatives thereof, as well as other variations or comparable terminology. We ask that you read statements that contain these terms carefully because we believe this information is important for our investors and customers. Any forward-looking statement in this press release refers solely to what is accurate as of the day it is issued or based on assumptions that Zoomcar believes to be reasonable. The actual results and outcomes may materially differ due to various factors or events beyond our control which we may not be foreseeable at all times. We cannot guarantee or assure any plan, initiative, projection, goal, commitment, expectation, or prospect set forth in this press release can or will be achieved. We undertake no obligation to alter or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as required by law.

Contact Details:

Akarshit Gulati: akarshitg@avianwe.com
Bhagyashree Rewatkar: bhagyashree.rewatkar@zoomcar.com, +91-9029220123

Reconciliation of GAAP to Non-GAAP Metrics

The following is the reconciliation of adjusted EBITDA to the most comparable GAAP measure, Net Loss.

For the Three Months Ended June 30,

2024

2023

Net Loss

$         (2,531,579)

$         (28,781,134)

Add/ (deduct)

Stock-based compensation

444,212

Depreciation and amortization

113,327

255,481

Finance costs

551,003

21,520,558

Finance costs to related parties

12,861

Other income, net

(1,393,992)

(251,219)

Other income from related parties

(4,050)

Adjusted EBITDA

$         (3,261,241)

$             (6,803,291)

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; and (v) finance costs.

Contribution Profit/(Loss)

For the Three Months Ended June 30,

2024

2023

Net revenue

$           2,240,985

$              2,614,618

Cost of revenue

1,512,289

3,610,982

Gross Profit/(Loss)

728,696

(996,364)

Add: Depreciation and amortization in COR

74,873

208,935

Add: Stock-based compensation in COR

67,509

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

204,975

432,892

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

549,383

879,421

   Less: Host incentives

47,621

95,796

   Less: Marketing costs (excl. brand marketing)

501,761

783,625

Contribution Profit / (Loss)

$             459,161

$             (1,166,449)

Contribution margin

20 %

-45 %

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).

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SOURCE Zoomcar Holdings, Inc.

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Marvion Inc. Subsidiary Signs Agreement with Engineering Firm for Construction of New State-of-the-Art Warehouse Facility

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HONG KONG, Nov. 14, 2024 /PRNewswire/ — Marvion Inc. (OTC: MVNC) is pleased to announce that its subsidiary United Warehouse Management Limited has officially signed a quotation agreement with Star Warehouse Engineering Limited for the construction of a new, state-of-the-art warehouse facility. The new warehouse will be strategically located to support the company’s growing logistics and storage operations, underscoring MVNC’s commitment to scaling up its infrastructure to meet the increasing market demand.

The new warehouse will feature two floors, each spanning 18,000 square feet, for a total floor area of 36,000 square feet. This expansion is set to enhance MVNC’s storage capabilities, streamline supply chain efficiency, and optimize logistics operations to better serve its expanding customer base.

Strategic Infrastructure Investment to Drive Long-Term Growth

This significant investment marks a crucial step in MVNC’s long-term strategic plan to solidify its position as a leader in the logistics and storage services sector. The new warehouse will not only bolster the company’s existing storage capacity but also enable the integration of advanced logistics and storage technologies. The facility will be equipped with modern automated systems with artificial intelligence engine to support high-volume inventory management and faster turnaround times, further strengthening MVNC’s competitive advantage in the region.

Commenting on this milestone, Mr. Chan Sze Yu, CEO of Marvion Inc., said:
“This new warehouse is a testament to our commitment to expanding our infrastructure to meet the ever-growing demand in the logistics industry. By investing in this state-of-the-art facility, we are positioning Marvion to better serve our clients and seize emerging opportunities in the market. This project will not only enhance our operational efficiency but also increase our capacity to support strategic partners like FedEx, SF Express, and other key clients.”

Supporting Sustainable Growth in the Asia-Pacific Region

Aligned with MVNC’s sustainability goals, the new facility will incorporate environmentally friendly design elements, such as energy-efficient lighting systems and optimized insulation to reduce energy consumption. These initiatives underscore MVNC’s dedication to promoting sustainable business practices while driving growth.

The construction is scheduled to begin in Q4 2024, with completion expected by the end Q2 2025. The new facility is projected to generate significant operational synergies, contributing to the company’s continued revenue growth and profitability.

About Marvion Inc.

Marvion Inc. (OTC: MVNC) is a leading logistics and warehousing solutions provider based in Hong Kong. The company specializes in offering one-stop transport and storage services to business clients, leveraging advanced digital technologies and efficient inventory management systems.

Company Website: www.unitedksk.com

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SOURCE Marvion Inc.

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American Liver Foundation Hosts the 33rd Annual Irwin M. Arias Symposium

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Virtual and in-person event, Bridging Basic Science and Liver Disease, brings together hundreds of leading biomedical scientists and physicians from across the globe 

FAIRFIELD, N.J., Nov. 14, 2024 /PRNewswire/ — American Liver Foundation is excited to host its 33rd annual Irwin M. Arias Symposium, Bridging Basic Science and Liver Disease, on Wednesday, November 20th from 9AM to 5PM ET. Hundreds of leading biomedical scientists and physicians around the world will come together for this prestigious hybrid, in-person and virtual, one-day event. Each presentation highlights remarkable scientific advances in basic biology and engineering while also providing cutting edge research for a better understanding of liver diseases and the best treatment options available today.

Bridging Basic Science & Liver Disease brings together leading biomedical scientists and physicians from across globe

This informative symposium features 10 unique plenary talks from renowned researchers such as Presidential Medal of Freedom recipient and physician-geneticist Francis S. Collins, MD, PhD, who led the Human Genome Project and discovered the genes causing several genetic diseases. He also served under three Presidents as the Director of the U.S. National Institutes of Health (NIH), the largest supporter of biomedical research in the world. He is currently leading a bold effort to eradicate Hepatitis C throughout the United States. Anne Carpenter, PhD, is the Senior Director of the Imaging Platform and an Institute Scientist at the Broad Institute of MIT and Harvard. She was included on the Top 100 list of AI leaders for her team’s open-source CellProfiler software that is used by thousands of biologists worldwide and their Cell Painting assay that has been adopted throughout the pharma industry to accelerate drug discoveries. There will also be a collection of three-minute ‘MicroTalks’ delivered by trainee scientists.

“This unique one-day annual symposium is a must-attend event for scientists interested in exploring innovative, groundbreaking research conducted in labs and the therapeutic treatments eventually delivered in clinics across the country,” said Lorraine Stiehl, CEO, American Liver Foundation. “Over the past 33 years, research presented at this event has led to many advances in the diagnosis and treatment of virtually all liver diseases in children and adults. Dr. Irwin M. Arias, recognized throughout the world, has devoted his life’s work to advancing liver disease research, treatments and cures and we’re so grateful for his expertise. Liver patients everywhere have benefited from his preeminent work.”

Symposium co-chairs include Sangeeta Bhatia, MD, PhD, John J. and Dorothy Wilson Professor, Electrical Engineering and Computer Science and Institute of Medical Engineering and Science Department at MIT, and Wolfram Goessling, MD, PhD, Chief of Gastroenterology at Massachusetts General Hospital, Director of the Harvard-MIT Health Sciences & Technology at Harvard Medical School and a Professor of Medicine at Harvard Medical School. The overall programming has been designed to honor Dr. Arias’ founding commitment to ‘bridging’ the gap between the academic, industrial, and clinical research communities – even across disciplines.

“The burden of chronic liver diseases affects over 100 million people in the United States alone and is rapidly becoming a public health crisis,” said Dr. Goessling, Chief of Gastroenterology at Massachusetts General Hospital. “Unfortunately, we currently lack effective tools for prevention, diagnosis and treatment for many liver conditions, so it’s vitally important to connect basic science research with the ongoing needs prevalent in many clinics and the Arias Symposium provides this opportunity.”

“Significant gaps remain in the understanding of many liver diseases and the fundamental systems involved in normal and pathological liver function,” said Dr. Bhatia, John J. and Dorothy Wilson Professor at MIT’s Institute of Medical Engineering and Science Department. “This scientific conference bridges basic science and liver disease while also nurturing successful careers in basic and translational liver research. The Arias Symposium allows us all to come together to share our research, encourage new trainees to learn more about liver disease and offers everyone one-day to learn what’s new and engaging in the world of liver research and science.”

The symposium is open to researchers at every stage of their careers, and they are encouraged to share perspectives from their academic, industrial, and clinical research settings. In-person attendees will benefit from a poster session and networking opportunities with plenary speakers and other attendees. Breakfast, lunch, and a networking reception will also be provided to in-person attendees. Registration is free for all trainees (postdocs, fellows, grads, students, undergrads, etc.). Registration is $50 for in-person attendees other than trainees. Virtual attendance is free but does require registration. Register here for this informative event.

This one-day virtual program will include topics such as:  

It’s Time to Eliminate Hepatitis C in the U.S. Francis Collins, MD, PhD – National Institutes of Health (VIRTUAL)Post-Transplant Alloimmune Hepatitis – What do we know and What’s New Udeme Ekong, MD, MPH, FAASLD – Georgetown University Detecting Liver Phenotypes and Toxicity Using Cell Image Data Anne Carpenter, PhD – Broad Institute of MIT and HarvardSpatial Clonal Tracing in Solid Tissues Fernando Camargo, PhD – Massachusetts Institute of TechnologyHolistic Multi-Scale Molecular Imaging of Human Organs Kwanghun Chung, PhD – Boston Children’s HospitalCell Identity Conversion – Liver Regeneration and Cell Therapy Lijian Hui, PhD – Shanghai Institutes for Biological SciencesDeveloping Cirrhosis Therapies: The Three Grand Challenges Quin Wills, MD, PhD – Ochre BioPediatric Liver Tumors: Clinical Context and Opportunities for Collaboration Allison O’Neill, MD – Dana-Farber Cancer InstituteUnderstanding How the Organism Monitors Liver Sufficiency to Properly Time RegenerationKristin Knouse, MD, PhD – Massachusetts Institute of TechnologyCellular and Molecular Drivers of Liver Cancer Response to ImmunotherapyMiriam Merad, MD, PhD – Mount Sinai School of Medicine

For the full agenda, list of speakers, and registration, please visit alfevents.org/ariassymposium.  

In addition to the Arias Symposium, American Liver Foundation offers a research awards program in three categories, Liver Scholar Award, Postdoctoral Research Fellowship Award, and Pilot Research Awards that recently funded eight highly innovative projects into these rare diseases – PSC, AIH and BA. Since 1979, ALF’s research awards program has provided more than $28 million in research funding. Over 850 qualified scientists and physicians have pursued research careers in liver biology, disease and treatment because they received these grants early in their careers. Learn more at liverfoundation.org/research.

About the American Liver Foundation
American Liver Foundation (ALF) is a national community of patients, caregivers and medical professionals dedicated to helping people improve their liver health. Providing guidance and life-saving resources, we are a beacon for the 100 million Americans affected by liver disease. We advocate for patients and families, fund medical research and educate the public about liver wellness and disease prevention. We bring people together through our educational programs and events and create a network of support that lasts a lifetime. ALF is the largest organization focused on all liver diseases and the trusted voice for patients and families living with liver disease. For more information visit www.liverfoundation.org or call: 1 800 GO LIVER (800-465-4837).

Media Contacts:                   
Julie Kimbrough
JKimbrough@liverfoundation.org              
Direct dial: 646-737-9409   
Karla Thomas     
Direct dial: 773.575.9477        

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SOURCE American Liver Foundation

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Avantor® Opens New Bridgewater Innovation Center Focused on Solving Life Science’s Biggest Challenges

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RADNOR, Pa., Nov. 14, 2024 /PRNewswire/ — Avantor, Inc. (NYSE: AVTR), a leading global provider of mission-critical products and services to customers in the life sciences and advanced technology industries, today announced the opening of its new flagship Bridgewater Innovation Center. The state-of-the-art research and development facility, located in Bridgewater, NJ, is part of Avantor’s network of 13 research and innovation centers across the globe.

Avantor’s new Bridgewater Innovation Center spans 60,000 square feet, doubling its previous laboratory and pilot plant capacity. Purpose-designed for collaborative work, the center houses spaces for upstream and downstream process development, dedicated analytical testing labs, and a viral vector laboratory. An expanded pilot plant supports scale-up simulations, enabling rapid customization across the entire bioprocessing workflow.

“Our new Bridgewater Innovation Center is twice the size of our previous facility and adds capacity, talent and capabilities to support the growing demands for monoclonal antibodies, cell and gene therapy and mRNA workflows,” said Michael Stubblefield, President and CEO of Avantor. “Working side-by-side with customers in our network of innovation centers across the globe enables us to power science at every step to deliver life-changing therapies faster, and more cost effectively.”

The Bridgewater Innovation Center allows Avantor to optimize and accelerate biomanufacturing processes at scale; resulting in faster problem solving, streamlined knowledge exchange, and strategic co-innovation. Staffed with Ph.D. scientists, bioengineers, biologists, and process engineers, this center enhances both capacity and expertise to support customers’ needs. The facility also supports Avantor’s sustainability goals, reinforcing the Company’s commitment to environmental responsibility.

For more information about the Bridgewater Innovation Center, visit: https://www.avantorsciences.com/us/en/about/innovation-in-biopharma/avantor-bridgewater-innovation-center

About Avantor
Avantor® is a leading life science tools company and global provider of mission-critical products and services to the life sciences and advanced technology industries. We work side-by-side with customers at every step of the scientific journey to enable breakthroughs in medicine, healthcare, and technology. Our portfolio is used in virtually every stage of the most important research, development and production activities at more than 300,000 customer locations in 180 countries. For more information, visit avantorsciences.com and find us on LinkedInX (Twitter) and Facebook.

Global Media Contact
Eric Van Zanten
Head of External Communications
Avantor
610-529-6219
Eric.VanZanten@avantorsciences.com

Investor Relations Contact
Christina Jones
Vice President, Investor Relations
Avantor
805-617-5297
Christina.Jones@avantorsciences.com

 

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SOURCE Avantor and Financial News

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