Gogoro Releases Fourth Quarter and Full Year 2024 Financial Results
Gogoro Inc. (Nasdaq: GGR) reported its Q4 and full-year 2024 financial results, showing mixed performance. Q4 revenue decreased 20.2% year-over-year to $73.0 million, while full-year revenue declined 11.2% to $310.5 million. The company's battery swapping service revenue grew 10.2% to $35.9 million in Q4, with subscriber base increasing 9% to 640,000.
Q4 gross margin fell to -8.1% from 11.6% last year, primarily due to battery upgrade costs. The company reported a Q4 net loss of $71.8 million, compared to $26.7 million loss in the same quarter last year. Full-year net loss increased to $123.2 million from $76.0 million in 2023.
Gogoro implemented significant cost reduction measures in Q4, including structural realignment and facility consolidation, resulting in $34.0 million non-cash impairment charges. The company expects approximately $25 million in savings for 2025 and projects revenue between $295-315 million for 2025, with 95% generated from the Taiwan market.
Gogoro Inc. (Nasdaq: GGR) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024, mostrando una performance mista. I ricavi del quarto trimestre sono diminuiti del 20,2% rispetto all'anno precedente, raggiungendo i 73,0 milioni di dollari, mentre i ricavi annuali sono calati dell'11,2% a 310,5 milioni di dollari. I ricavi del servizio di scambio batterie dell'azienda sono aumentati del 10,2% a 35,9 milioni di dollari nel quarto trimestre, con un aumento del numero di abbonati del 9%, arrivando a 640.000.
Il margine lordo del quarto trimestre è sceso a -8,1% rispetto all'11,6% dell'anno scorso, principalmente a causa dei costi di aggiornamento delle batterie. L'azienda ha riportato una perdita netta di 71,8 milioni di dollari nel quarto trimestre, rispetto a una perdita di 26,7 milioni di dollari nello stesso trimestre dell'anno precedente. La perdita netta annuale è aumentata a 123,2 milioni di dollari rispetto ai 76,0 milioni di dollari del 2023.
Gogoro ha implementato misure significative di riduzione dei costi nel quarto trimestre, inclusi riallineamenti strutturali e consolidamento delle strutture, con conseguenti oneri non monetari per svalutazione di 34,0 milioni di dollari. L'azienda si aspetta risparmi di circa 25 milioni di dollari per il 2025 e prevede ricavi compresi tra 295 e 315 milioni di dollari per il 2025, con il 95% generato dal mercato taiwanese.
Gogoro Inc. (Nasdaq: GGR) informó sus resultados financieros del cuarto trimestre y del año completo 2024, mostrando un desempeño mixto. Los ingresos del cuarto trimestre disminuyeron un 20.2% interanual a 73.0 millones de dólares, mientras que los ingresos anuales cayeron un 11.2% a 310.5 millones de dólares. Los ingresos del servicio de intercambio de baterías de la compañía crecieron un 10.2% a 35.9 millones de dólares en el cuarto trimestre, con un aumento del 9% en la base de suscriptores, alcanzando los 640,000.
El margen bruto del cuarto trimestre cayó a -8.1% desde el 11.6% del año pasado, principalmente debido a los costos de actualización de baterías. La compañía reportó una pérdida neta de 71.8 millones de dólares en el cuarto trimestre, en comparación con una pérdida de 26.7 millones de dólares en el mismo trimestre del año pasado. La pérdida neta del año completo aumentó a 123.2 millones de dólares desde los 76.0 millones de dólares en 2023.
Gogoro implementó medidas significativas de reducción de costos en el cuarto trimestre, incluyendo reestructuración y consolidación de instalaciones, resultando en cargos por deterioro no monetarios de 34.0 millones de dólares. La compañía espera aproximadamente 25 millones de dólares en ahorros para 2025 y proyecta ingresos entre 295 y 315 millones de dólares para 2025, con el 95% generado en el mercado de Taiwán.
Gogoro Inc. (Nasdaq: GGR)는 2024년 4분기 및 연간 재무 실적을 발표하며 혼합된 성과를 보였습니다. 4분기 수익은 전년 대비 20.2% 감소한 7300만 달러였고, 연간 수익은 11.2% 감소한 3억 1050만 달러로 나타났습니다. 회사의 배터리 교환 서비스 수익은 4분기 동안 10.2% 증가한 3590만 달러로 증가했으며, 가입자 수는 9% 증가하여 64만 명에 달했습니다.
4분기 총 마진은 지난해 11.6%에서 -8.1%로 하락했으며, 이는 주로 배터리 업그레이드 비용 때문입니다. 회사는 4분기 순손실이 7180만 달러에 달했다고 보고했으며, 이는 지난해 같은 분기 2670만 달러의 손실과 비교됩니다. 연간 순손실은 2023년 7600만 달러에서 1억 2320만 달러로 증가했습니다.
Gogoro는 4분기에 구조 조정 및 시설 통합을 포함한 상당한 비용 절감 조치를 시행하여 3400만 달러의 비현금 손상 차손을 초래했습니다. 회사는 2025년에 약 2500만 달러의 절감을 예상하고 있으며, 2025년에는 2억 9500만 달러에서 3억 1500만 달러 사이의 수익을 예상하고 있습니다. 이 중 95%는 대만 시장에서 발생할 것으로 보입니다.
Gogoro Inc. (Nasdaq: GGR) a annoncé ses résultats financiers du quatrième trimestre et de l'année 2024, montrant une performance mitigée. Les revenus du quatrième trimestre ont diminué de 20,2 % par rapport à l'année précédente, atteignant 73,0 millions de dollars, tandis que les revenus annuels ont baissé de 11,2 % à 310,5 millions de dollars. Les revenus du service d'échange de batteries de l'entreprise ont augmenté de 10,2 % pour atteindre 35,9 millions de dollars au quatrième trimestre, avec une augmentation de 9 % de la base d'abonnés, atteignant 640 000.
La marge brute du quatrième trimestre est tombée à -8,1 % contre 11,6 % l'année précédente, principalement en raison des coûts de mise à niveau des batteries. L'entreprise a enregistré une perte nette de 71,8 millions de dollars au quatrième trimestre, contre une perte de 26,7 millions de dollars au même trimestre l'année précédente. La perte nette annuelle a augmenté à 123,2 millions de dollars contre 76,0 millions de dollars en 2023.
Gogoro a mis en œuvre des mesures significatives de réduction des coûts au quatrième trimestre, y compris un réalignement structurel et une consolidation des installations, entraînant des charges de dépréciation non monétaires de 34,0 millions de dollars. L'entreprise s'attend à des économies d'environ 25 millions de dollars pour 2025 et prévoit des revenus compris entre 295 et 315 millions de dollars pour 2025, dont 95 % proviendront du marché taïwanais.
Gogoro Inc. (Nasdaq: GGR) hat seine finanziellen Ergebnisse für das vierte Quartal und das Gesamtjahr 2024 veröffentlicht und zeigt eine gemischte Leistung. Die Einnahmen im vierten Quartal sanken im Jahresvergleich um 20,2% auf 73,0 Millionen Dollar, während die Gesamteinnahmen um 11,2% auf 310,5 Millionen Dollar zurückgingen. Die Einnahmen aus dem Batteriewechselservice des Unternehmens stiegen im vierten Quartal um 10,2% auf 35,9 Millionen Dollar, während die Anzahl der Abonnenten um 9% auf 640.000 wuchs.
Die Bruttomarge im vierten Quartal fiel von 11,6% im Vorjahr auf -8,1%, hauptsächlich aufgrund von Kosten für Batterieupgrades. Das Unternehmen meldete im vierten Quartal einen Nettoverlust von 71,8 Millionen Dollar, verglichen mit einem Verlust von 26,7 Millionen Dollar im gleichen Quartal des Vorjahres. Der Nettoverlust für das gesamte Jahr stieg auf 123,2 Millionen Dollar von 76,0 Millionen Dollar im Jahr 2023.
Gogoro hat im vierten Quartal bedeutende Kostensenkungsmaßnahmen umgesetzt, darunter strukturelle Neuausrichtung und Konsolidierung von Einrichtungen, was zu nicht zahlungswirksamen Wertberichtigungen in Höhe von 34,0 Millionen Dollar führte. Das Unternehmen erwartet für 2025 Einsparungen von etwa 25 Millionen Dollar und prognostiziert Einnahmen zwischen 295 und 315 Millionen Dollar für 2025, wobei 95% aus dem taiwanesischen Markt stammen.
- Battery swapping service revenue grew 10.2% YoY to $35.9 million in Q4
- Subscriber base increased 9% YoY to 640,000
- Maintained 72% market share in electric scooter market
- Expected $25 million cost savings in 2025
- Adjusted EBITDA increased slightly to $46.5 million for full year
- Q4 revenue declined 20.2% YoY to $73.0 million
- Full-year revenue decreased 11.2% to $310.5 million
- Q4 gross margin fell to -8.1% from 11.6% last year
- Q4 net loss increased to $71.8 million from $26.7 million YoY
- Full-year net loss widened to $123.2 million from $76.0 million
- $34.0 million in non-cash impairment charges
Insights
Gogoro's Q4 and FY2024 results highlight a pivotal transformation in its business model, marked by both challenges and strategic opportunities. The company's battery swapping service revenue reached
The company's aggressive battery upgrade initiative, while causing short-term margin pressure, represents a strategic investment in infrastructure longevity. The
Despite market headwinds and a
However, investors should note several risk factors: the
Fourth Quarter and Full Year 2024 Summary
- Fourth quarter revenue of
, down$73.0 million 20.2% year-over-year and down19.2% on a constant currency basis; Full year revenue of , down$310.5 million 11.2% year-over-year and down8.5% on a constant currency basis. - Fourth quarter battery swapping service revenue of
, up$35.9 million 10.2% year-over-year and up12.3% on a constant currency basis; Full year battery swapping service revenue of , up$137.9 million 4.6% year-over-year and up8.0% on a constant currency basis. - Fourth quarter sales of hardware and others revenue of
, down$37.1 million 37.0% year-over-year and down36.5% on a constant currency basis; Full year sales of hardware and others revenue of , down$172.6 million 20.8% year-over-year and down18.5% on a constant currency basis. - Fourth quarter gross margin of (8.1)%, down from
11.6% in the same quarter last year due to the large quantity of upgraded battery packs. Non-IFRS gross margin of14.2% , down0.6% year-over-year; Full year gross margin of2.4% , down from14.6% last year. Non-IFRS gross margin of14.8% , down1.2% year-over-year. - Fourth quarter net loss of
as compared to a net loss of$71.8 million in the same quarter last year; Full year net loss of$26.7 million as compared to a net loss of$123.2 million last year.$76.0 million - Fourth quarter adjusted EBITDA of
, down from$8.8 million in the same quarter last year; Full year adjusted EBITDA of$9.0 million , up$46.5 million from$1.0 million last year.$45.5 million
"2024 was transformative for Gogoro and marked by key challenges. In the fourth quarter, we took decisive actions to reestablish our business fundamentals and made difficult decisions to realign our resources, streamline operations and implement significant cost reductions. Gogoro is now leaner and more nimble with a new efficient operational model that positions us for sustained long-term growth with a path to profitability. We have also refocused on our core energy strengths including our battery swapping subscriber growth, optimizing our vehicle cost structure and significantly reducing fixed overhead expenses," said Henry Chiang, interim CEO of Gogoro. "At its essence, Gogoro has always been an innovation-focused energy company and the fourth quarter marked the first time that Gogoro's energy business revenue eclipsed Gogoro vehicle sales. We expect our battery swapping service revenue to continue to grow in 2025 and we are seeing commercial energy storage opportunities for Gogoro second-life batteries increasing in
"In the fourth quarter, we took accounting charges of over
Fourth Quarter and Full Year 2024 Financial Overview
Operating Revenues
For the fourth quarter, the total revenue was
- Sales of hardware and other revenue for the fourth quarter was
, down$37.1 million 37.0% year-over-year, and down36.5% year-over-year on a constant currency basis1. The year-over-year decrease in sales of hardware and other revenues was driven by (i) a16.1% decrease in vehicle sales volume on a year-over-year basis, (ii) a decrease in the average selling price ("ASP") of our vehicles due to a higher proportion of sales volume generated from entry-level models, (iii) a carve-out of hardware revenue associated with deferred revenue adjustments for a battery swapping service revenue promotion program; the deferred revenue will be recognized as battery swapping service revenue over 24 to 36 months as a result of accounting rules associated with multiple-element arrangements, and (iv) a$4.6 million decrease in sales revenues associated with selling accessories and parts and performing maintenance due to the emergence of Gogoro Quick Service stores selling non-Gogoro branded accessories and parts.$3.0 million - Battery swapping service revenue for the fourth quarter was
, up$35.9 million 10.2% year-over-year, and up12.3% year-over-year on a constant currency basis1. Total subscribers at the end of the fourth quarter was 640,000, up9% from 587,000 subscribers at the end of the same quarter last year. The year-over-year increase in battery swapping service revenue was primarily due to our larger subscriber base compared to the same quarter last year and the high retention rate of our subscribers. We continue to see the strength of our subscription-based business model which enables us to accrue more customers to maximize our battery swapping network efficiency.
For the full year, the total revenue was
- Sales of hardware and other revenues for the year were
, down$172.6 million 20.8% year-over-year, and down18.5% year-over-year on a constant currency basis1. The government-reported registration volume of powered two-wheelers ("PTW") in theTaiwan market for 2024 was down13.6% year-over-year, while registrations of Gogoro's branded vehicles were reported to be down by7.4% compared to last year. In addition to the decrease in vehicle sales volume which was impacted by the shrinkage of the overall PTW market inTaiwan , the year-over-year decrease in sales of hardware and other revenues was also driven by a combination of factors: (i) a decrease of ASP due to a higher proportion of sales volume generated from entry-level models, (ii) a carve-out of hardware revenue associated with deferred revenue adjustments for a battery swapping service revenue promotion program; the deferred revenue will be recognized as battery swapping service revenue over 24 to 36 months as a result of accounting rules associated with multiple-element arrangements, and (iii) a decrease in sales revenues associated with selling accessories and parts, performing maintenance and overseas sales.$4.6 million - Battery swapping service revenue for the year was
, up$137.9 million 4.6% year-over-year, and up8.0% year-over-year on a constant currency basis1. The battery swapping service revenue is growing at an anticipated pace and is expected to exceed revenue directly associated with the sale of Gogoro vehicles on a full year basis for the first time in 2025.
Gross Margin
For the fourth quarter, gross margin was (8.1)%, down from
Gogoro was founded as an innovation energy business and we continue to invest heavily in growing and updating our Gogoro Network by deploying new GoStations, battery packs, and software updates. Over the last three years, we have invested approximately
Additionally, in the past few quarters, we have been undertaking a program to carry out one-time, voluntary upgrades on certain battery packs which are expected to take several quarters to complete and will continue through 2025. These upgrades provide multiple benefits — more efficient deployment of our resources than replacing battery packs, increasing lifetime capacity of each battery pack (including extending its first mobility use-case useful life) and solidifying the extra lifetime capacity of each battery pack to validate our second-life thesis. These upgrades are expected to create economic benefits in the long run but do generate a short-term reduction in our gross margin as we continue carrying out these upgrades. We expect our cash position, gross profit and gross margin will continue to be impacted by the costs of these upgrades during 2025. In order to improve our overall customer experience and to extend battery life, we plan to continue upgrading a substantial quantity of our battery packs which are already in circulation and will improve designs of our battery packs to make them even more rugged, safer and long-lasting.
As a result of costs associated with investing in our battery upgrade initiatives, realigning our business, and many one-time events, our gross margin decreased for both the fourth quarter of 2024 and the full year 2024. For the full year 2024, gross margin was
Net Loss
For the fourth quarter, net loss was
For the full year 2024, net loss was
Adjusted EBITDA
For the fourth quarter, adjusted EBITDA1 was
For the full year 2024, adjusted EBITDA1 was
Liquidity
We generated
2024-2025 Cost Reduction/Efficiency Plans
In the fourth quarter, we focused on cost optimization and aligning our operations accordingly. The plan aims to drive operational efficiency, reduce costs, accelerate our path to profitability and reinforce our primary focus as an energy and subscription-based business based on our energy platform leadership. These initiatives include structural and operating realignment across the Company, consolidation and exit of facilities, alongside reductions in headcount and operating expenses. As a result of these actions, we recognized
2025 Guidance
We believe the
Conference Call Information
Gogoro's management team will hold an earnings webcast on February 13th, 2025, at 7:00 a.m. Eastern Time to discuss the Company's fourth quarter and full year 2024 results of operations and outlook.
Investors may access the webcast, supplemental financial information and investor presentation at Gogoro's investor relations website (https://investor.gogoro.com) under the "Events" section. A replay of the investor presentation and the earnings call script will be available 24 hours after the conclusion of the webcast and archived for one year.
About Gogoro
Founded in 2011 to rethink urban energy and inspire the world to move through cities in smarter and more sustainable ways, Gogoro leverages the power of innovation to change the way urban energy is distributed and consumed. Recognized by Fortune as a "Change the World 2024" company; Fast Company as "
Forward-Looking Statements
This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Gogoro's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "going to," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern Gogoro's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this communication include, but are not limited to, statements in the section entitled, "2025 Guidance," such as estimates regarding revenue and gross margin; statements in the section entitled, "2024-2025 Cost Reduction/Efficiency Plans," such as estimated savings as a result of the cost efficiency plans and future profitability of Gogoro's business; statements by Gogoro's interim chief executive officer and chief financial officer, such as Gogoro's future business plan and growth strategies; Gogoro's battery pack upgrade plan (and its expected costs and benefits), customer experience enhancement programs, cost reduction/efficiency plans (and the potential impact on Gogoro's financials) and plan to improve internal control.
Condensed Consolidated Financial Statements
The condensed consolidated financial statements are unaudited and have been prepared in accordance with the International Financial Reporting Standards (collectively, "IFRS") issued by the International Accounting Standards Board and regulations of the
Use of Non-IFRS Financial Measures
This press release and accompanying tables contain certain non-IFRS financial measures including foreign exchange effect on operating revenues, non-IFRS gross profit, non-IFRS gross margin, non-IFRS net loss, EBITDA and adjusted EBITDA.
Foreign exchange ("FX") effect on operating revenues. We compare the dollar amount and the percent change in the operating revenues from the current period to the same period last year using constant currency disclosure. We present constant currency information to provide a framework for assessing how our underlying revenues performed excluding the effect of foreign currency rate fluctuations. To present this information, current period operating revenues for entities reporting in currencies other than USD are converted into USD at the average exchange rates from the equivalent periods last year.
Non-IFRS Gross Profit and Gross Margin. Gogoro defines non-IFRS gross profit and gross margin as gross profit and gross margin excluding share-based compensation, exit activities, battery upgrade initiatives and battery swapping service rebate.
Share-based Compensation. Share-based compensation consists of non-cash charges related to the fair value of restricted stock units awarded to employees and stock options granted to certain directors, executives, employees and others providing similar services. We believe that the exclusion of these non-cash charges provides for more accurate comparisons of our operating results to our peer companies due to the varying available valuation methodologies, subjective assumptions and the variety of award types. In addition, we believe it is useful to investors to understand the specific impact of share-based compensation on our operating results.
Non-IFRS Net Loss. Gogoro defines non-IFRS net loss as net loss excluding share-based compensation, the change in fair value of financial liabilities including revaluation of change in fair value of earnout, earn-in and warrants associated with the merger of Poema, battery upgrade initiatives, and battery swapping service rebate. These amounts do not reflect the impact of any related tax effects.
EBITDA. Gogoro defines EBITDA as net loss excluding interest expense, net, provision for income tax, depreciation, and amortization. These amounts do not reflect the impact of any related tax effects.
Adjusted EBITDA. Gogoro defines Adjusted EBITDA as EBITDA excluding share-based compensation, the change in fair value of financial liabilities including revaluation of change in fair value of earnout, earn-in and warrants associated with the merger of Poema, battery upgrade initiatives, and battery swapping service rebate. These amounts do not reflect the impact of any related tax effects.
Battery Upgrade Initiatives. As we perform certain voluntary upgrades to our battery packs, this charge represents the (i) derecognition expense on components removed from the battery pack, which we do not expect to generate any future benefits from its disposal and (ii) battery pack retrieval and other directly attributable costs incurred during the battery upgrades. We will only upgrade battery packs in instances where the value created exceeds the cost of the upgrade. The program will improve batteries' capacity and extend the remaining useful life of certain battery packs. The derecognition expense and the retrieval and other costs are recorded under Cost of Revenues in the Condensed Consolidated Statements of Comprehensive Loss. We exclude such expenditures for purposes of calculating certain non-IFRS measures because these charges do not reflect how management evaluates our operating performance. The adjustments facilitate a useful evaluation of our operating performance and comparisons to past operating results and provide investors with additional means to evaluate our profitability trends. We expect the derecognition expense and retrieval and other costs to recur in future periods as incurred during the implementation phase of the battery upgrade program.
Battery Swapping Service Rebate. We voluntarily offered one-time subscription fee discounts to certain subscribers of Gogoro Network who experienced unusual and infrequent service inconveniences associated with a minor voluntary vehicle recall and battery upgrade, and such battery swapping service rebates are recorded as contra-revenue. We have excluded the impacts of such rebates from our non-IFRS metrics to allow investors to better understand the underlying operation results of the business and to facilitate comparison of current financial results with historical financial results and our peer group companies' financial results.
Customer Care Package. Gogoro voluntarily initiated a one-time customer benefit package to enrich certain customers' user experiences which includes specific vehicle extended warranty programs, software upgrades and certain hardware upgrades. We classified the relevant costs to other operating expenses as it does not relate to existing contracts with the customers, and these beneficial customers do not need to exchange consideration for this package. The package was intended to enhance satisfaction of existing customers rather than boosting future sales.
Impairment charges. Non-cash impairment charges, primarily associated with adjustments to the carrying values of certain machinery equipment which is currently underutilized and the decline in value of equity investments below the carrying value other than temporary. The process of evaluating the potential impairment of long-lived assets under the accounting guidance on property, plant and equipment is subjective and requires judgment. We exclude impairment charges for purposes of calculating certain non-IFRS measures because the charges do not reflect our core operating performance. These adjustments facilitate a useful evaluation of our core operating performance and comparisons to past operating results and provide investors with additional means to evaluate expense trends.
Exit Activities. We have incurred charges including the exit of certain product lines, markets and facilities as well as severance as a result of headcount reduction associated with organizational restructuring. These charges are not representative of ongoing costs to the business and are not expected to recur. As a result, these charges are being excluded to provide investors with a more comparable measure of costs associated with ongoing operations.
These non-IFRS financial measures exclude share-based compensation, interest expense, income tax, depreciation and amortization, change in fair value of financial liabilities associated with outstanding earnout shares, earn-in shares and warrants associated with the merger of Poema, impairment charges, exit activities, battery upgrade initiative, battery swapping service rebate and customer care package. The Company uses these non-IFRS financial measures internally in analyzing its financial results and believes that these non-IFRS financial measures are useful to investors as an additional tool to evaluate ongoing operating results and trends. In addition, these measures are the primary indicators management uses as a basis for its planning and forecasting for future periods.
Non-IFRS financial measures are not meant to be considered in isolation or as a substitute for comparable IFRS financial measures. Non-IFRS financial measures are subject to limitations and should be read only in conjunction with the Company's condensed consolidated financial statements prepared in accordance with IFRS. Non-IFRS financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. A description of these non-IFRS financial measures has been provided above and a reconciliation of the Company's non-IFRS financial measures to their most directly comparable IFRS measures have been provided in the financial statement tables included in this press release, and investors are encouraged to review these reconciliations.
GOGORO INC. | ||||||
Condensed Consolidated Balance Sheet | ||||||
(unaudited) | ||||||
(in thousands of | ||||||
December 31, | December 31, | |||||
2024 | 2023 | |||||
ASSETS | ||||||
Current assets: | ||||||
Cash and cash equivalents | $ 117,148 | $ 173,885 | ||||
Trade receivables | 16,437 | 17,135 | ||||
Inventories2 | 44,609 | 53,109 | ||||
Other assets, current3 | 23,855 | 22,009 | ||||
Total current assets | 202,049 | 266,138 | ||||
Property, plant and equipment2 | 438,255 | 501,876 | ||||
Investments accounted for using equity method | 16,117 | 17,741 | ||||
Right-of-use assets | 38,983 | 30,412 | ||||
Other assets, non-current | 7,926 | 18,063 | ||||
Total assets | $ 703,330 | $ 834,230 | ||||
LIABILITIES AND EQUITY | ||||||
Current liabilities: | ||||||
Borrowings, current | $ 103,018 | $ 75,590 | ||||
Financial liabilities at fair value through profit or loss | 2,654 | 30,832 | ||||
Notes and trade payables | 29,351 | 38,117 | ||||
Contract liabilities, current | 11,871 | 11,606 | ||||
Lease liabilities, current | 11,394 | 11,296 | ||||
Financial liabilities at amortized cost, current5 | 24,586 | — | ||||
Provisions, current | 4,240 | 4,174 | ||||
Other liabilities, current | 39,879 | 42,439 | ||||
Total current liabilities | 226,993 | 214,054 | ||||
Borrowings, non-current | 253,750 | 334,581 | ||||
Lease liabilities, non-current | 27,340 | 18,842 | ||||
Provisions, non-current | 1,419 | 2,332 | ||||
Other liabilities, non-current | 16,123 | 15,734 | ||||
Total liabilities | 525,625 | 585,543 | ||||
Total equity | 177,705 | 248,687 | ||||
Total liabilities and equity | $ 703,330 | $ 834,230 | ||||
December 31, | December 31, | |||||
2024 | 2023 | |||||
Inventories: | ||||||
Raw materials | $ 23,337 | $ 33,136 | ||||
Semi-finished goods | 2,667 | 3,559 | ||||
Merchandise | 18,605 | 16,414 | ||||
Total inventories | $ 44,609 | $ 53,109 |
GOGORO INC. | ||||||||||||||
Condensed Consolidated Statements of Comprehensive Loss | ||||||||||||||
(unaudited) | ||||||||||||||
(in thousands of | ||||||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||
Operating revenues | $ 73,007 | $ 91,530 | $ 310,518 | $ 349,846 | ||||||||||
Cost of revenues | 78,918 | 80,935 | 303,105 | 298,907 | ||||||||||
Gross (loss) profit | (5,911) | 10,595 | 7,413 | 50,939 | ||||||||||
Operating expenses: | ||||||||||||||
Sales and marketing | 11,919 | 14,867 | 44,189 | 50,976 | ||||||||||
General and administrative | 7,626 | 9,027 | 34,242 | 44,440 | ||||||||||
Research and development | 9,320 | 9,624 | 34,416 | 40,867 | ||||||||||
Other operating expense4 | 32,991 | 3,029 | 36,749 | 3,029 | ||||||||||
Total operating expenses | 61,856 | 36,547 | 149,596 | 139,312 | ||||||||||
Loss from operations | (67,767) | (25,952) | (142,183) | (88,373) | ||||||||||
Non-operating income and expenses: | ||||||||||||||
Interest expense, net | (3,109) | (2,385) | (10,865) | (8,979) | ||||||||||
Other income, net | 129 | 2,571 | 5,715 | 6,418 | ||||||||||
Change in fair value of financial liabilities | 563 | (115) | 28,178 | 16,117 | ||||||||||
Share of loss of investments accounted for using equity method | (1,635) | (825) | (4,090) | (1,221) | ||||||||||
Total non-operating (expense) income | (4,052) | (754) | 18,938 | 12,335 | ||||||||||
Net loss | (71,819) | (26,706) | (123,245) | (76,038) | ||||||||||
Other comprehensive (loss) income: | ||||||||||||||
Exchange differences on translation | (7,079) | 10,600 | (13,946) | (691) | ||||||||||
Total comprehensive loss | $ (78,898) | $ (16,106) | $ (137,191) | $ (76,729) | ||||||||||
Basic and diluted net loss per share | $ (0.25) | $ (0.11) | $ (0.47) | $ (0.32) | ||||||||||
Shares used in computing basic and diluted net loss per share | 287,735 | 235,908 | 264,984 | 234,803 | ||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||
Operating revenues: | 2024 | 2023 | 2024 | 2023 | ||||||||||
Sales of hardware and others | $ 37,116 | $ 58,950 | $ 172,627 | $ 218,061 | ||||||||||
Battery swapping service | 35,891 | 32,580 | 137,891 | 131,785 | ||||||||||
Operating revenues | $ 73,007 | $ 91,530 | $ 310,518 | $ 349,846 | ||||||||||
Three Months Ended December 31, | Year Ended December 31, | |||||||||||||
Share-based compensation: | 2024 | 2023 | 2024 | 2023 | ||||||||||
Cost of revenues | $ 360 | $ 331 | $ 1,448 | $ 2,382 | ||||||||||
Sales and marketing | 874 | 624 | 1,398 | 3,707 | ||||||||||
General and administrative | 228 | 1,807 | 6,573 | 12,245 | ||||||||||
Research and development | 1,062 | 1,399 | 3,881 | 7,990 | ||||||||||
Total | $ 2,524 | $ 4,161 | $ 13,300 | $ 26,324 |
GOGORO INC. | ||||||
Condensed Consolidated Statements of Cash Flows | ||||||
(unaudited) | ||||||
(in thousands of | ||||||
Year Ended December 31, | ||||||
2024 | 2023 | |||||
Operating activities | ||||||
Net loss | $ (123,245) | $ (76,038) | ||||
Adjustments for: | ||||||
Depreciation and amortization | 97,698 | 98,377 | ||||
Impairment losses associated with facilities, inventories and receivables | 38,086 | 4,338 | ||||
Share of loss of investments accounted for using equity method | 4,090 | 1,221 | ||||
Change in fair value of financial liabilities | (28,178) | (16,117) | ||||
Interest expense, net | 10,865 | 8,979 | ||||
Share-based compensation | 13,300 | 26,324 | ||||
Loss on disposal of property and equipment, net | 14,185 | 2,257 | ||||
Recognition of provisions | 4,335 | — | ||||
Changes in operating assets and liabilities: | ||||||
Trade receivables | (59) | (1,483) | ||||
Inventories | 3,771 | 21,709 | ||||
Other current assets | 3,541 | 9,741 | ||||
Notes and trade payables | (8,766) | (762) | ||||
Contract liabilities | 4,970 | (1,359) | ||||
Other liabilities | (5,807) | (6,723) | ||||
Provisions | (5,663) | (2,575) | ||||
Cash generated from operations | 23,123 | 67,889 | ||||
Interest expense paid, net | (11,019) | (8,794) | ||||
Net cash generated from operating activities | 12,104 | 59,095 | ||||
Investing activities | ||||||
Payments for property, plant and equipment, net | (88,015) | (116,267) | ||||
Increase in refundable deposits | (111) | (462) | ||||
Payments for acquisitions of investments accounted for using equity method | — | (18,900) | ||||
Payments of intangible assets, net | (78) | (466) | ||||
Increase in other financial assets | (4,768) | (531) | ||||
Net cash used in investing activities | (92,972) | (136,626) | ||||
Financing activities | ||||||
Proceeds from borrowings | 33,826 | 155,069 | ||||
Repayments of borrowings | (61,550) | (127,221) | ||||
Proceed from issuance of shares5 | 75,000 | — | ||||
Guarantee deposits refund | (178) | (62) | ||||
Repayment of the principal portion of lease liabilities | (13,773) | (12,635) | ||||
Net cash generated from financing activities | 33,325 | 15,151 | ||||
Effect of exchange rate changes on cash and cash equivalents | (9,194) | 165 | ||||
Net decrease in cash and cash equivalents | (56,737) | (62,215) | ||||
Cash and cash equivalents at the beginning of the year | 173,885 | 236,100 | ||||
Cash and cash equivalents at the end of the year | $ 117,148 | $ 173,885 |
GOGORO INC. | ||||||||||||||||||
Condensed Consolidated Statements of Changes in Equity | ||||||||||||||||||
(unaudited) | ||||||||||||||||||
(in thousands of | ||||||||||||||||||
Ordinary | Capital Surplus | Accumulated | Exchange Difference | Total Equity | ||||||||||||||
Balance as of December 31, 2023 | $ 24 | $ 669,912 | $ (425,978) | $ 4,729 | $ 248,687 | |||||||||||||
Net loss for the year ended December 31, 2024 | — | — | (123,245) | — | (123,245) | |||||||||||||
Other comprehensive loss for the year ended December 31, 2024 | — | — | — | (13,946) | (13,946) | |||||||||||||
Changes in percentage of ownership interest in investments accounted for using equity method | — | 2,541 | — | — | 2,541 | |||||||||||||
Issuance of ordinary shares5 | 5 | 50,363 | — | — | 50,368 | |||||||||||||
Shared-based compensation | — | 13,300 | — | — | 13,300 | |||||||||||||
Balance as of December 31, 2024 | $ 29 | $ 736,116 | $ (549,223) | $ (9,217) | $ 177,705 | |||||||||||||
GOGORO INC. | ||||||||||||||||||||||
Reconciliation of IFRS Financial Metrics to Non-IFRS | ||||||||||||||||||||||
(unaudited)[6] | ||||||||||||||||||||||
(in thousands of | ||||||||||||||||||||||
Three Months Ended December 31, | ||||||||||||||||||||||
2024 | 2023 | IFRS revenue | Revenue | |||||||||||||||||||
Operating revenues: | IFRS revenue | FX effect | Revenue excluding | IFRS revenue | ||||||||||||||||||
Sales of hardware and others | $ 37,116 | $ 295 | $ 37,411 | $ 58,950 | (37.0) % | (36.5) % | ||||||||||||||||
Battery swapping service | 35,891 | 688 | 36,579 | 32,580 | 10.2 % | 12.3 % | ||||||||||||||||
Total | $ 73,007 | $ 983 | $ 73,990 | $ 91,530 | (20.2) % | (19.2) % | ||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||
2024 | 2023 | IFRS revenue | Revenue | |||||||||||||||||||
Operating revenues: | IFRS revenue | FX effect | Revenue excluding | IFRS revenue | ||||||||||||||||||
Sales of hardware and others | $ 172,627 | $ 5,004 | $ 177,631 | $ 218,061 | (20.8) % | (18.5) % | ||||||||||||||||
Battery swapping service | 137,891 | 4,418 | 142,309 | 131,785 | 4.6 % | 8.0 % | ||||||||||||||||
Total | $ 310,518 | $ 9,422 | $ 319,940 | $ 349,846 | (11.2) % | (8.5) % |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||
Gross profit and gross margin | $ (5,911) | (8.1) % | $ 10,595 | 11.6 % | $ 7,413 | 2.4 % | $ 50,939 | 14.6 % | |||
Share-based compensation | 360 | 331 | 1,448 | 2,382 | |||||||
Exit activities6 | 1,540 | — | 1,540 | — | |||||||
Customer care package | — | — | 1,685 | — | |||||||
Battery upgrade initiatives [7] | 14,354 | 2,586 | 32,255 | 2,586 | |||||||
Battery swapping service rebate | — | — | 1,661 | — | |||||||
Non-IFRS gross profit and gross margin | $ 10,343 | 14.2 % | $ 13,512 | 14.8 % | $ 46,002 | 14.8 % | $ 55,907 | 16.0 % | |||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||
Net loss | $ (71,819) | $ (26,706) | $ (123,245) | $ (76,038) | |||||||
Share-based compensation | 2,524 | 4,161 | 13,300 | 26,324 | |||||||
Change in fair value of financial liabilities | (563) | 115 | (28,178) | (16,117) | |||||||
Battery upgrade initiatives 7 | 14,354 | 2,586 | 32,255 | 2,586 | |||||||
Battery swapping service rebate | — | — | 1,661 | — | |||||||
Customer care package | (1,455) | — | 3,327 | — | |||||||
Exit activities6 | 4,828 | — | 4,828 | — | |||||||
Impairment charges6 | 33,970 | 1,387 | 33,970 | 1,387 | |||||||
Non-IFRS net loss | $ (18,161) | $ (18,457) | $ (62,082) | $ (61,858) | |||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||
Net loss | $ (71,819) | $ (26,706) | $ (123,245) | $ (76,038) | |||||||
Interest expense, net | 3,109 | 2,385 | 10,865 | 8,979 | |||||||
Depreciation and amortization | 23,834 | 25,084 | 97,698 | 98,377 | |||||||
EBITDA | (44,876) | 763 | (14,682) | 31,318 | |||||||
Share-based compensation | 2,524 | 4,161 | 13,300 | 26,324 | |||||||
Change in fair value of financial liabilities | (563) | 115 | (28,178) | (16,117) | |||||||
Battery upgrade initiatives 7 | 14,354 | 2,586 | 32,255 | 2,586 | |||||||
Battery swapping service rebate | — | — | 1,661 | — | |||||||
Customer care package | (1,455) | — | 3,327 | — | |||||||
Exit activities6 | 4,828 | — | 4,828 | — | |||||||
Impairment charges 6 | 33,970 | 1,387 | 33,970 | 1,387 | |||||||
Adjusted EBITDA | $ 8,782 | $ 9,012 | $ 46,481 | $ 45,498 |
1 | This is a non-IFRS measure, see Use of Non-IFRS Financial Measures for a description of the non-IFRS measures and Reconciliation of IFRS Financial Metrics to Non-IFRS for a reconciliation of the Company's non-IFRS financial measures to their most directly comparable IFRS measures. | |
2 | On December 31 of 2024 and 2023, the company classified | |
3 | In the third quarter of 2024, the company set aside a | |
4 | We incurred | |
5 | Gogoro consummated two share subscription agreements with Gold Sino Assets Limited ("Gold Sino") and Castrol Holdings International Limited ("Castrol") on June 3 and June 25, 2024, respectively. | |
(i) | Pursuant to the agreement with Gold Sino, Gogoro issued 32,516,095 ordinary shares, at a price of | |
(ii) | Pursuant to the agreement with Castrol, Gogoro issued 16,887,328 ordinary shares, at a price of | |
6 | In the fourth quarter of 2024, we incurred non-recurring impairment charges and exit activities as a result of recalibrating and realigning our business globally. | |
7 | The year ended December 31, 2024 battery upgrade initiatives amount includes retrieval and other attributable costs in the first and second quarter of 2024 which previously were not reported in our unaudited Reconciliations of IFRS Financial Metrics to Non-IFRS tables in 2024. |
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SOURCE Gogoro