Strategic wins, new contracts and acquisitions, expand Roadzen's U.S. market presence and full-stack operating capabilities, reinforcing its position as a global AI leader at the intersection of insurance and mobility
Year-over-year Sequential Revenue Growth; Record Nine-Month RevenueQ3 revenue increased 18.8% over the prior-year quarter and 4.9% from Q2 to $14.4 million; nine-month revenue rose 18.3% to $38.9 million, marking a record nine months and Roadzen's best quarter in the last two years.
Operating Loss Continue to Materially Decline; Sixth Consecutive Quarter of Adjusted EBITDA1 improvementQ3 operating loss narrowed to $(2.4) million from $(3.2) million in the prior-year quarter, a 25.4% year-over-year improvement. Adjusted EBITDA loss improved 67.1% year-over-year to $(0.59) million from $(1.8) million in the prior-year quarter.
Roadzen India Valued at Approximately $280 Million Following VehicleCare Acquisition and Balance Sheet StrengtheningThe transaction establishes a standalone valuation of Roadzen's India business at approximately $280 million, implying a look-through value of roughly $3.50 per share. In November, Roadzen reached an agreement in principle to extend its $11.5 million senior secured debt facility with Mizuho Securities USA, LLC from December 31, 2025 to June 30, 2027.
Strategic Acquisitions Expand Roadzen into a Global AI leader in Auto InsuranceDuring and subsequent to the quarter, Roadzen identified two highly strategic acquisitions—closing on EliteCover in the United States and signed an agreement to acquire VehicleCare in India—positioning the Company to operate across the full insurance value chain. EliteCover provides Roadzen with direct access to the approximately $80 billion U.S. commercial auto insurance market through its MGU platform, while VehicleCare will transform Roadzen into a full-stack, AI-driven motor claims operating system with direct control over repair execution, cycle times, and cost outcomes at scale.
AI Platform Scale and Precision Continue to Differentiate Roadzen GloballyRoadzen's applied AI platform now processes over 3 million insurance claims annually, leveraging billions of real-world driving data points to deliver high-precision underwriting, claims automation, telematics, and driver monitoring at scale across global insurance and mobility markets.
______________________________1 Adjusted EBITDA is a non-GAAP financial metric. See "Non-GAAP Financial Measures" at the end of this press release for more information, including a reconciliation to the nearest GAAP financial measure.
NEW YORK, Feb. 12, 2026 (GLOBE NEWSWIRE) -- Roadzen Inc. (NASDAQ:RDZN) ("Roadzen" or the "Company"), a global leader in AI at the convergence of insurance and mobility, today announced its financial results for the three and nine-month periods ended December 31, 2025.
Commenting on the quarter financial accomplishment, Rohan Malhotra, founder and CEO of Roadzen, stated, "This quarter reflects the convergence of sustained business growth, expanding global customer adoption, and disciplined execution across Roadzen. We continue to secure new enterprise clients and multi-year contracts across North America, Europe, and India, while scaling existing deployments with insurers, automakers, and fleet operators. These wins underscore strong product-market fit across geographies and are driving both revenue growth and operating leverage.
Strategically, we have built capabilities that are increasingly difficult to replicate. EliteCover provides us with regulated access and distribution into the approximately $80 billion U.S. commercial auto insurance market, while VehicleCare gives us direct, on-the-ground control across repair execution. Importantly, our differentiation is rooted in real-world AI outcomes. Our domain-specific, mathematically rigorous models—trained on billions of real-world data inputs—deliver consistently high-precision decisioning across insurance and mobility workflows. This combination of proven AI accuracy, full-stack operating control, and global execution positions Roadzen as a leader in applied AI at the intersection of insurance and mobility."
Roadzen's CFO, Jean-Noël Gallardo, commented, "Q3 demonstrates the tangible results of disciplined execution. Revenue reached $14.4 million, up nearly 19% year-over-year, and operating losses continue to narrow as Adjusted EBITDA is now virtually at break-even. With operations nearing positive Adjusted EBITDA and capital managed prudently, Roadzen has significantly strengthened its financial position to support sustainable growth and drive long-term shareholder value."
Third Quarter and First Nine-Months Financial Highlights:
Revenue and Key Performance Indicators:
Revenue for the third quarter totaled $14.4 million, a $2.3 million, or 18.8% increase over the same quarter last year and a sequential increase of approximately $0.7 million, or 4.9% over the second quarter.
Revenue for the nine months ending December 31, 2025, was $38.9 million, an increase of $6.0 million, or 18.3% over the same period last year.
Gross margin for the third quarter was 63.7% compared to 55.7% in the second quarter. For the nine-month period, gross margin improved nearly five points to 59.5% compared to 54.6% in the prior year.
As of December 31, 2025, Roadzen had 61 insurance customer agreements (including carriers, self-insureds and other entities processing insurance claims), 87 automotive customer agreements, and approximately 4,100 agents and fleet customer agreements. This compares to 34 insurance, 77 automotive and 3,700 agent and fleet customers as of December 31, 2024.
Roadzen brokerage business sold 149,810 policies during the third quarter for approximately $17.1 million of Gross Written Premium ("GWP"), compared to 77,326 policies in the prior fiscal year third quarter, producing $13.2 million of GWP.
In our IaaS business, 1,397,535 claims, roadside assistance and vehicle inspections were conducted during the three months ending December 31, 2025, an increase of approximately 100% compared to 698,657 for the same quarter last year.
Net Results:
Total operating expenses for the third quarter totaled approximately $16.7 million, primarily reflecting consolidation of the China joint venture.
Other expense totaled approximately $(7.1) million, including $5.2 million of non-cash fair value adjustments related to share price movements.
Net loss for the quarter totaled $(9.1) million, or $(0.12) per share, driven by non-cash fair value adjustments of $(0.07) per share.
Adjusted EBITDA loss for the quarter was $(0.59) million, compared to $(1.8) million in the prior-year quarter, marking Roadzen's sixth consecutive quarter of sequential improvement.
Third Quarter Financial Developments
On October 6, 2025, the Company completed the final closing of its India subsidiary financing, raising an additional $2.5 million.
On November 4, 2025, Roadzen reached an agreement in principle with Mizuho Securities USA LLC, to extend the maturity of its $11.5 million senior secured debt facility to June 30, 2027.
Third Quarter Operational Highlights
DrivebuddyAI Developments:
Achieved EU GSR 2144 Driver Monitoring System validation by Applus IDIADA, expanding regulatory compliance beyond India AIS-184.
Surpassed 3.9 billion kilometers of real-world driving data, demonstrating over 70% accident reduction.
Secured five-year contracts with six Indian trucking fleets covering more than 1,500 vehicles, with deployment beginning March 2026.
Acquisitions:
EliteCover Acquisition, Entry into the $80 Billion U.S. Commercial Auto Insurance MarketOn December 3, 2025, Roadzen acquired majority control of EliteCover, a U.S.-based licensed commercial auto insurance broker and Managing General Underwriter operating in California, Texas, Illinois, and New Jersey, with Lloyd's of London Coverholder status. The acquisition provides Roadzen with a regulated underwriting and distribution platform to participate directly in the approximately $80 billion U.S. commercial auto insurance market. Combined with Roadzen's AI-powered underwriting, telematics-driven risk management, automated claims, and integrated roadside assistance through National Auto Club, EliteCover enables an end-to-end commercial auto insurance offering operating on a commission- and fee-based model with no underwriting risk, generating 15-20% of premiums per policy plus fee income and profit share.
Subsequent Events
VehicleCare Acquisition, Full-Stack Motor Claims ControlSubsequent to quarter-end, Roadzen signed an agreement to acquire VehicleCare, an AI-powered vehicle repair and workshop aggregation platform. VehicleCare's software-enabled network of over 350 workshops across India enables Roadzen to directly manage repair timelines, quality, and cost outcomes, delivering over 30% loss cost reduction versus OEM garages while materially improving cycle times, transparency, and fraud control.The transaction values Roadzen's India subsidiary at approximately $280 million, implying a look-through value of roughly $3.50 per Roadzen share. Roadzen expects to retain approximately 91% ownership of the India subsidiary and anticipates the acquisition will add approximately $10 million of high-margin revenue over the next twelve months.
For more information about Roadzen Inc., please visit https://www.roadzen.ai.
About Roadzen Inc.
Roadzen Inc. (NASDAQ:RDZN) is a global leader in AI at the convergence of insurance and mobility. Roadzen builds technology that helps insurers, automakers, and fleets better predict and prevent risk, automate claims, and deliver seamless, embedded insurance experiences.
Thousands of clients, from the world's leading insurers, carmakers, and fleets to dealerships and 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 from Forbes, Fortune, and Financial Express as one of the world's top AI innovators.
Headquartered in Burlingame, California, Roadzen employs more than 390 people across offices in the U.S., U.K., India and China. Learn more at www.roadzen.ai.
The Company builds technology that helps insurers, automakers, and fleets predict and prevent risk, automate claims, and deliver seamless, embedded insurance experiences. Thousands of clients, from global insurers and automakers to small fleets and brokers, rely on Roadzen's technology across North America, Europe, and Asia.
Cautionary Statement Regarding Forward Looking StatementsThis press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about us that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "may," "should," "could," "would," "expect," "plan," "anticipate," "believe," "estimate," and "continue," or the negative of such terms or other similar expressions. Such statements include, but are not limited to, statements regarding the anticipated benefits of our products and solutions, our expected revenue growth, strategy, demand for our products, expansion plans, future operations, future operating results, estimated revenues, losses, projected costs, prospects, plans and objectives of management, as well as all other statements other than statements of historical fact included in this press release. Factors that might cause or contribute to such a discrepancy include, but are not limited to, those described in "Risk Factors" in our Securities and Exchange Commission ("SEC") filings, including the annual report on Form 10-K we filed with the SEC on June 26, 2025. We urge you to consider these factors, risks and uncertainties carefully in evaluating the forward-looking statements contained in this press release. All subsequent written or oral forward-looking statements attributable to our company or persons acting on our behalf are expressly qualified in their entirety by these cautionary statements. The forward-looking statements included in this press release are made only as of the date of this release. Except as expressly required by applicable securities law, we disclaim any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
For more information, please contact:Investor Contacts: [email protected]Media Contacts: Sanya Soni [email protected] or [email protected]
Financial Statements Follow
Roadzen Inc.
Unaudited Condensed Consolidated Balance Sheets
(in US $, except share count)
Particulars
As ofDecember 31,2025
As ofMarch 31,2025
Assets
Current assets:
Cash and cash equivalents
5,143,430
4,836,576
Accounts receivable, net
3,714,226
2,625,385
Inventories
176,670
202,535
Prepayments and other current assets
24,894,684
19,092,595
Investments
227,958
197,805
Total current assets
34,156,968
26,954,896
Non current assets
Restricted cash
221,192
217,064
Non marketable securities
269,470
269,470
Property and equipment, net
755,224
602,923
Goodwill
4,133,839
2,061,553
Operating lease right-of-use assets
1,178,658
1,109,219
Intangible assets, net
3,972,183
1,243,253
Other long-term assets
177,612
120,972
Total Non current assets
10,708,178
5,624,454
Total assets
44,865,146
32,579,350
Liabilities and shareholders' Equity/(Deficit)
Current liabilities
Current portion of long-term borrowings
5,757,960
2,904,444
Short-term borrowings
18,551,397
19,865,645
Accounts payable and accrued expenses
29,247,388
30,254,010
Derivative warrant liabilities
3,759,871
1,489,818
Short-term operating lease liabilities
435,630
318,921
Other current liabilities
5,445,033
2,102,466
Total current liabilities
63,197,279
56,935,304
Non current liabilities
Long-term borrowings
4,848,067
139,775
Long-term operating lease liabilities
335,484
628,400
Other long-term liabilities
572,469
566,651
Total Non current liabilities
