Roadzen Inc. reported its financial results for the three and six months ended September 30, 2024, revealing significant changes in revenue, profitability, and operational costs compared to the previous fiscal period. The company generated revenue of $11.9 million for the three months, a decrease of 23% from $15.5 million in the same period in 2023. For the six months, revenue totaled $20.8 million, down slightly by 1% from $21.1 million year-over-year. The decline in revenue was primarily attributed to the suspension of the Guaranteed Asset Protection (GAP) product in the U.K., which impacted overall sales.

Total costs and expenses for the three months ended September 30, 2024, rose to $35.4 million, an increase of 54% from $23.0 million in the prior year. This rise was driven by a substantial increase in general and administrative expenses, which surged by 266% to $20.4 million, largely due to non-cash expenses related to restricted stock unit (RSU) grants. Research and development costs also saw a significant increase of 149%, reflecting the company's ongoing investment in technology and innovation.

The company reported a loss from operations of $23.5 million for the three months, a stark increase of 212% compared to a loss of $7.5 million in the same period last year. For the six months, the loss from operations reached $53.9 million, up 372% from $11.4 million in the previous year. Despite these losses, the net loss attributable to Roadzen Inc. for the three months ended September 30, 2024, decreased to $21.8 million from $31.1 million in 2023, indicating some improvement in net loss performance.

Roadzen's accumulated deficit increased significantly to $222.3 million as of September 30, 2024, compared to $151.5 million at the end of the previous fiscal year. The company has been actively restructuring its balance sheet, converting $2.5 million of accounts payable and $0.9 million of short-term borrowings into equity to address legacy issues from its public listing.

Strategically, Roadzen has focused on expanding its technology platform and enhancing its product offerings, particularly in the Insurtech space. The company completed acquisitions of Global Insurance Management Ltd. and National Automobile Club in June 2023, which are expected to generate synergies and enhance its market position. Roadzen continues to invest in its core technology and AI capabilities to drive growth and improve operational efficiency.