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Revenue reached $46.7 million, an increase of 245% over the prior year, due to the incremental revenue from U.S. and U.K. acquisitions, as well as continuing growth in India.
Revenue from brokerage solutions accounted for 65% of our revenue, increasing $21.3 million, or 232% over the prior year, while IaaS revenue accounted for the remaining 35% of revenue, increasing $11.8 million, or 270% over the prior year.
Gross margin continued to show improvement, with a slight increase over the prior year to 61.2% up from 60.1%.
As of March 31, 2024, we had 33 insurance customer agreements (including carriers, self-insureds and other entities processing insurance claims), compared to 26 in the prior year; 68 automotive customer agreements in fiscal 2024 compared to 23 in the prior year; and approximately 3,200 agents and fleet customer agreements in fiscal 2024 compared to approximately 2,000 in the prior year.
In the brokerage segment: 324,293 policies were sold during fiscal 2024 adding up to $61.8 million of Gross Written Premium (“GWP”), compared to 258,546 policies sold in the prior year for $38.0 million of GWP, a 25.5% and 62.6% increase respectively.
For the IaaS segment: 301,120 claims and vehicle inspections were conducted during the fiscal year compared to 220,781 the prior year, representing a 36.4% increase.
Expenses and Net Results
Operating expenses excluding Depreciation and Amortization totaled $104.1 million, an increase of $86.0 million compared to the prior year. This includes $61.2 million of non-cash expenses, comprised of $56.3 million of equity compensation expense related to RSUs granted to employees on September 18, 2023, and $4.9 million in provisions for doubtful accounts that include $2.8 million related to the issuance of preferred stock prior to the Business Combination (as defined in our SEC filings) and $2.1 million in advances made to de-consolidated subsidiaries.
Other expenses totaled $22.2 million, an increase of $19.5 million over the prior year, driven by $19.5 million of non-cash expense related to fair market valuation adjustments of financial instruments, including the Forward Purchase Agreement (“FPA”) and warrants.
In total, net loss for the fiscal year includes $89.4 million of non-cash, non-recurring and other extraordinary items that, when removed, result in an Adjusted EBITDA loss of $10.4 million compared to $9.9 million loss in the prior year. Adjusted EBITDA margin was -22.3% in fiscal 2024 compared to -73.1% in the prior year.
Balance Sheet
Cash on hand as of March 31, 2024 was $11.2 million compared to $0.6 million on March 31, 2023.
Current Assets were $49.8 million, primarily due to the $28.8 million FPA prepayment balance.
Current Liabilities totaled $65.7 million, including $17.4 million in Accounts Payable assumed by Roadzen in connection with the Business Combination, and $13.1 million for Mizuho Securities USA LLC (“Mizuho”) that includes short-term borrowings of $7.5 million and a $5.6 million fair valuation of warrants granted as part of the Mizuho debt agreement.
Long-Term Liabilities totaled $3.0 million, primarily made up of various debt instruments issued by the Company.
Russell Indexes
June 28, 2024 – Roadzen was added to the Russell Indexes, including the Russell 2000®, Russell 3000®, and Russell Microcap®, which will drive awareness from institutional shareholders and improve visibility as a publicly-listed company.
About Roadzen Inc.
Roadzen Inc. (Nasdaq: RDZN) is a global technology company transforming auto insurance using advanced artificial intelligence (AI). Thousands of clients, from the world’s leading insurers, carmakers, and fleets to dealerships and auto insurance agents, use Roadzen’s technology to build new products, sell insurance, process claims, and improve road safety. Roadzen’s pioneering work in telematics, generative AI, and computer vision has earned recognition as a top AI innovator by publications such as Forbes, Fortune, and Financial Express. Roadzen’s mission is to continue advancing AI research at the intersection of mobility and insurance, ushering in a world where accidents are prevented, premiums are fair, and claims are processed within minutes, not weeks. Headquartered in Burlingame, California, the Company has 380+ employees across its global offices in the U.S., India, U.K. and France. To learn more, please visit www.roadzen.ai.
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