Roadzen (RDZN) Q3 2026 earnings summary

Executive summary

• Quarterly revenue for the period ended December 31, 2025, increased 19% year-over-year to $14.4 million, marking the strongest quarter in two years and driven by China VIE consolidation and new clients in India.

• Net loss attributable to ordinary shareholders was $9.1 million for the quarter, or $0.12 per share, primarily due to $5.2 million in non-cash fair value adjustments.

• The company operates a capital-light Insurtech model, generating revenue from both Insurance as a Service (IaaS) and brokerage solutions, with IaaS accounting for 56% of quarterly revenue.

• Strategic acquisitions, including a majority stake in EliteCover Insurance Solutions and consolidation of Daokang (Beijing) Data Science Company, expanded global presence and capabilities.

• AI platform processes over 3 million insurance claims annually, leveraging billions of driving data points for high-precision underwriting and claims automation.

Financial highlights

• Quarterly revenue rose to $14.4 million from $12.1 million year-over-year; nine-month revenue increased 18% to $38.9 million.

• Gross margin for the quarter was approximately 64%, up from 55.7% in Q2; nine-month gross margin improved to 59.5% from 54.6% prior year.

• Net loss for Q3 was $9.1 million, or $0.12 per share; nine-month net loss was $15.3 million, a significant improvement from $72.7 million in the prior year.

• Adjusted EBITDA for the quarter was negative $0.59 million, a 67.1% improvement year-over-year.

• Brokerage business sold 149,810 policies in Q3, generating $17.1 million in Gross Written Premium, up from 77,326 policies and $13.2 million GWP YoY.

Outlook and guidance

• Management expects continued operating losses and negative cash flows in the near term due to ongoing investments in technology and business expansion.

• Operations are nearing positive Adjusted EBITDA, with prudent capital management supporting sustainable growth and long-term shareholder value.

• VehicleCare acquisition expected to add $10 million of high-margin revenue over the next twelve months.

• The company is actively pursuing additional capital through equity and debt to support growth and liquidity.