SRIVARU Holding Limited reported fiscal year 2024 revenue of $42,538, down 62.27% from $112,409 in FY2023, primarily due to raw material shipment delays. The company recorded a net loss of $11.48 million compared to a $674,948 loss in the previous year. Gross margin was negatively impacted by a $263,000 inventory write-down related to compliance with revised EV battery regulations.General and administrative expenses increased significantly to $10.92 million from $405,078, driven by higher headcount, professional services costs, and technology investments. The company maintained a cash position of $175,041 as of March 31, 2024. Operating expenses rose substantially as the company invested in scaling operations and transitioning to a public company structure.Looking ahead, SRIVARU secured a $25 million equity financing facility in July 2024 to support operations and growth initiatives. Management believes current cash resources and financing arrangements are sufficient to fund operations for the next twelve months as the company focuses on expanding manufacturing capacity and developing its premium electric two-wheeler product line.

SRIVARU Holding Limited reported fiscal year 2024 revenue of $42,538, down 62.27% from $112,409 in FY2023, primarily due to raw material shipment delays. The company recorded a net loss of $11.48 million compared to a $674,948 loss in the previous year. Gross margin was negatively impacted by a $263,000 inventory write-down related to compliance with revised EV battery regulations.General and administrative expenses increased significantly to $10.92 million from $405,078, driven by higher headcount, professional services costs, and technology investments. The company maintained a cash position of $175,041 as of March 31, 2024. Operating expenses rose substantially as the company invested in scaling operations and transitioning to a public company structure.Looking ahead, SRIVARU secured a $25 million equity financing facility in July 2024 to support operations and growth initiatives. Management believes current cash resources and financing arrangements are sufficient to fund operations for the next twelve months as the company focuses on expanding manufacturing capacity and developing its premium electric two-wheeler product line.