Roadzen (RDZN) Q1 2026 earnings summary

Executive summary

• Revenue rose 22% year-over-year to $10.9 million for the quarter ended June 30, 2025, driven by expansion in distribution network, strong commission income, and growth in India, the U.S., and renewed U.K. business.

• Net loss narrowed significantly to $4.0 million from $48.4 million year-over-year, reflecting lower non-cash expenses and improved cost discipline.

• Adjusted EBITDA loss improved to $1.4 million from $2.8 million in the prior year quarter, marking the fourth consecutive quarter of improvement.

• Strengthened balance sheet with $4.5 million capital raised at a premium post-Q1, led by major shareholders.

• CEO and leadership deferred RSU vesting to September 2026, aligning with shareholders.

Financial highlights

• Brokerage solutions revenue grew 86% to account for 53% of total revenue; IaaS revenue declined 12% to 47% of total.

• Gross margin rose to 58.9% from 39.2% year-over-year as cost of services fell 18%.

• Operating expenses (excluding cost of service and D&A) fell 74% to $8.8 million, mainly due to reduced non-cash RSU expenses.

• Net loss per share improved to $(0.05) from $(0.71) year-over-year; weighted average shares outstanding: 74.3 million.

• Cash used in operating activities was $2.9 million, down from $5.6 million in the prior year.

Outlook and guidance

• Management expects continued investment in technology, sales, and marketing to drive growth, with operating losses and negative cash flows anticipated in the near term.

• Path to Adjusted EBITDA breakeven within the fiscal year remains a key focus.

• Anticipates regulatory tailwinds in India and new partnerships to drive further growth.