Gogoro Releases Third Quarter 2024 Financial Results
Gogoro (Nasdaq: GGR) reported Q3 2024 financial results with revenue of $86.9 million, down 5.3% year-over-year. Battery swapping service revenue increased 3.8% to $34.9 million, while hardware sales declined 10.6% to $52.0 million. The company reported a net loss of $18.2 million, compared to $3.1 million loss in Q3 2023. Subscriber base grew 9.6% to over 625,000. Gross margin decreased to 5.4% from 18.3% last year. The company faces challenges including Nasdaq listing compliance notice, CEO resignation, and government inquiry into imported parts. Updated 2024 revenue guidance is between $305-315 million.
Gogoro (Nasdaq: GGR) ha riportato i risultati finanziari del terzo trimestre 2024, con un fatturato di 86,9 milioni di dollari, in calo del 5,3% rispetto all'anno precedente. I ricavi dal servizio di sostituzione delle batterie sono aumentati del 3,8% a 34,9 milioni di dollari, mentre le vendite di hardware sono diminuite del 10,6% a 52,0 milioni di dollari. L'azienda ha registrato una perdita netta di 18,2 milioni di dollari, rispetto a una perdita di 3,1 milioni di dollari nel Q3 2023. La base di abbonati è cresciuta del 9,6%, superando le 625.000 unità. Il margine lordo è sceso al 5,4% rispetto al 18,3% dell'anno scorso. L'azienda affronta sfide come un avviso di conformità alla lista Nasdaq, le dimissioni del CEO e un'indagine governativa sui pezzi importati. Le previsioni aggiornate per il fatturato del 2024 variano tra 305-315 milioni di dollari.
Gogoro (Nasdaq: GGR) informó los resultados financieros del tercer trimestre de 2024, con ingresos de 86,9 millones de dólares, una caída del 5,3% en comparación con el año anterior. Los ingresos por el servicio de cambio de baterías aumentaron un 3,8% a 34,9 millones de dólares, mientras que las ventas de hardware disminuyeron un 10,6% a 52,0 millones de dólares. La compañía reportó una pérdida neta de 18,2 millones de dólares, en comparación con una pérdida de 3,1 millones de dólares en el tercer trimestre de 2023. La base de suscriptores creció un 9,6% a más de 625,000. El margen bruto disminuyó al 5,4% desde el 18,3% del año pasado. La empresa enfrenta desafíos como un aviso de cumplimiento de la lista de Nasdaq, la renuncia del CEO y una investigación gubernamental sobre las partes importadas. Las proyecciones actualizadas de ingresos para 2024 oscilan entre 305-315 millones de dólares.
고고로 (Nasdaq: GGR)는 2024년 3분기 재무 결과를 보고하며, 매출은 8,690만 달러로 지난해 대비 5.3% 감소했습니다. 배터리 교체 서비스 매출은 3.8% 증가하여 3,490만 달러에 달했고, 하드웨어 판매는 10.6% 감소하여 5,200만 달러로 줄어들었습니다. 회사는 1,820만 달러의 순손실을 기록했으며, 이는 2023년 3분기의 310만 달러 손실에 비해 큰 폭으로 증가한 수치입니다. 가입자 기반은 9.6% 성장하여 625,000명을 넘었습니다. 총 마진은 지난해 18.3%에서 5.4%로 감소했습니다. 이 회사는 나스닥 상장 규정 준수 통지, CEO 사임 및 수입 부품에 대한 정부 조사를 포함한 여러 가지 도전에 직면해 있습니다. 2024년 매출 가이던스는 3억 5천만 달러에서 3억 1천5백만 달러로 업데이트되었습니다.
Gogoro (Nasdaq: GGR) a annoncé les résultats financiers du troisième trimestre 2024, avec un chiffre d'affaires de 86,9 millions de dollars, en baisse de 5,3 % par rapport à l'année précédente. Les revenus provenant du service d'échange de batteries ont augmenté de 3,8 % pour atteindre 34,9 millions de dollars, tandis que les ventes de matériel ont diminué de 10,6 % pour atteindre 52,0 millions de dollars. L'entreprise a enregistré une perte nette de 18,2 millions de dollars, comparativement à une perte de 3,1 millions de dollars au T3 2023. Le nombre d'abonnés a augmenté de 9,6 % pour dépasser 625 000. La marge brute a diminué à 5,4 % contre 18,3 % l'année précédente. L'entreprise fait face à des défis, notamment une notification de conformité de cotation sur le Nasdaq, la démission du PDG et une enquête gouvernementale sur les pièces importées. Les prévisions de revenus mises à jour pour 2024 se situent entre 305-315 millions de dollars.
Gogoro (Nasdaq: GGR) hat die finanziellen Ergebnisse für das 3. Quartal 2024 veröffentlicht, mit einem Umsatz von 86,9 Millionen Dollar, was einem Rückgang von 5,3% im Vergleich zum Vorjahr entspricht. Der Umsatz aus dem Batterie-Wechselservice stieg um 3,8% auf 34,9 Millionen Dollar, während der Hardwareverkauf um 10,6% auf 52,0 Millionen Dollar zurückging. Das Unternehmen berichtete von einem Nettverlust von 18,2 Millionen Dollar, verglichen mit einem Verlust von 3,1 Millionen Dollar im 3. Quartal 2023. Die Anzahl der Abonnenten wuchs um 9,6% auf über 625.000. Die Bruttomarge sank von 18,3% im vergangenen Jahr auf 5,4%. Das Unternehmen sieht sich Herausforderungen gegenüber, darunter eine Aufforderung zur Einhaltung der Nasdaq-Listung, den Rücktritt des CEO und eine staatliche Untersuchung über importierte Teile. Die aktualisierte Umsatzprognose für 2024 liegt zwischen 305-315 Millionen Dollar.
- Battery swapping service revenue grew 3.8% YoY to $34.9 million
- Subscriber base increased 9.6% to over 625,000
- Adjusted EBITDA improved to $14.1 million from $13.1 million YoY
- 3,800 backlog orders indicating strong demand for new models
- Operating cash inflow of $8.5 million in Q3
- Overall revenue declined 5.3% YoY to $86.9 million
- Net loss increased to $18.2 million from $3.1 million YoY
- Gross margin dropped to 5.4% from 18.3% YoY
- Hardware sales decreased 10.6% to $52.0 million
- Reduced 2024 revenue guidance to $305-315 million
- Facing Nasdaq listing compliance issues
Insights
The Q3 results reveal significant challenges for Gogoro, with concerning financial metrics. Revenue declined 5.3% to
Three critical issues are impacting performance: Nasdaq listing compliance concerns, CEO resignation and a government inquiry into imported parts. The battery upgrade initiative, while strategically important, is significantly pressuring margins and will continue through 2025. The revised full-year revenue guidance of
The bright spots include
The Taiwan market context is important for understanding Gogoro's performance. The overall PTW market declined
The shift toward entry-level models is pressuring ASPs and margins, indicating price sensitivity in the market. The 3,800 vehicle backlog, while promising for demand, represents execution challenges in production and delivery. The planned cost reduction initiatives and customer experience enhancement programs signal a necessary pivot toward operational efficiency and customer retention.
Third Quarter 2024 Summary
- Revenue of
, down$86.9 million 5.3% year-over-year and down3.4% on a constant currency basis. - Battery swapping service revenue of
, up$34.9 million 3.8% year-over-year and up6.0% on a constant currency basis. - Sales of hardware and others revenue of
, down$52.0 million 10.6% year-over-year and down8.8% on a constant currency basis. - Our newest vehicles continue to be in high demand with approximately 3,800 backlog orders in the third quarter; these backlog orders in the third quarter will not be recognized as revenue until vehicles are delivered, which is expected to occur in the fourth quarter of 2024.
- Gross margin of
5.4% , down from18.3% in the same quarter last year. Non-IFRS gross margin of14.7% , down4.5% year-over-year. - Net loss of
as compared to a net loss of$18.2 million in the same quarter last year.$3.1 million - Adjusted EBITDA of
, up from$14.1 million in the same quarter last year.$13.1 million
"Q3 presented us with an opportunity to reevaluate our business strengths and priorities and establish a plan that will take us into a new era for the company. Growing into a mature and execution-oriented business requires a shift in our mindset, a clear vision and a new level of discipline for how we operate as a business. We are focused on establishing a business that can become profitable over time," said Henry Chiang, Interim CEO of Gogoro. "We have strengths to build on and problems that are solvable and in our control. Gogoro's next phase of growth must leverage these existing strengths and focus on taking care of our riders, simplifying our business and delivering an unparalleled battery swapping experience. We are getting back to our core beliefs and vision for enabling the mass transition of gas-powered scooters to electric Smartscooters. This is what our battery swapping network was created to do."
"Our financial performance is disappointing and did not meet our expectations for this quarter and the year-to-date, but our top line execution in the third quarter of 2024 outperformed the same quarter last year in terms of number of scooter orders, including our backlog orders. Additionally, we continue to accumulate new Gogoro Network subscribers, and that business continues to grow in line with subscriber growth. We ended the third quarter with more than 625,000 accumulated subscribers, up from 570,000 subscribers at the end of the same quarter last year, and had
Third quarter 2024 Financial Overview
Operating Revenues
For the third quarter, the total revenue was
- Battery swapping service revenue for the third quarter was
, up$34.9 million 3.8% year-over-year, and up6.0% year-over-year on a constant currency basis1. Total subscribers at the end of the third quarter exceeded 625,000, up9.6% from 570,000 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.
- Sales of hardware and other revenues for the third quarter were
, down$52.0 million 10.6% year-over-year, and down8.8% year-over-year on a constant currency basis1. The year-over-year decrease in sales of hardware and other revenues was driven by a combination of factors: (i) a decrease of average selling price ("ASP") due to a higher proportion of sales volume generated from entry-level models, (ii) a significant increase in the level of undelivered backlog orders compared to the same quarter last year, and (iii) a decrease in sales revenues associated with selling accessories, parts, and performing maintenance.
The backlog orders for vehicles we received in the third quarter are not reflected in the vehicle registration data published by theTaiwan government for the third quarter, nor did Gogoro recognize any revenue for these vehicles, despite receiving full payment from customers or approved financing from third-party financing companies. Gogoro will account for the vehicle revenue upon deliveries to customers.
- The government-reported registration volume of powered two-wheelers ("PTW") in the
Taiwan market in the third quarter was down11.4% year-over-year. While registrations of total electric PTW were reported to be up by14.5% compared to the same quarter last year, those of Gogoro's sales volume grew by1.6% . Had we delivered the outstanding backlog orders, Gogoro's year-over-year sales volume growth rate would have been26.5% .
Gross Margin
For the third quarter, gross margin was
Gogoro has always viewed ourselves as an energy platform company. Every year we invest heavily in growing and updating our Gogoro Network by deploying new GoStations, battery packs, and software updates. Over the last three years, that investment has been approximately
Additionally, for the last 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, continuing into 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 2024 and 2025. In order to improve our customers' experiences, and to extend battery life, we plan to continue to upgrade a substantial quantity of our battery packs which are already in circulation and to improve designs of our battery packs to make them more rugged, long-lasting, and enhance their safety.
Net Loss
For the third quarter, net loss was
Adjusted EBITDA
For the third quarter, adjusted EBITDA1 was
Liquidity
We continued to generate operating cash inflow in the third quarter through tightening our business operations and reducing working capital. In the third quarter, we generated an operating cash inflow of
Customer Experience Enhancement Programs
We will roll out a variety of customer experience enhancement programs over the next 12 months, including battery upgrades, specific vehicle extended warranty programs, software upgrades, and others.
Cost Reduction/Efficiency Plans
We are developing a series of specific plans to rebuild and realign Gogoro's focus on products and solutions and improve the overall efficiency of our organization. These plans, which will be discussed in more detail in the fourth quarter when we have completed our strategies and assessments, will include cost savings in 2025 from improving inventory management and the use of standard components; lowering logistics and warehousing costs; reducing warranty costs as vehicle production stabilizes; reducing corporate and manufacturing overheads; streamlining manufacturing capacity; and other similar initiatives. These initiatives aim to optimize resources, manage risks, and improve profitability across operations. We expect these initiatives to begin in the fourth quarter of 2024 and extend into 2025.
Improved Internal Controls
We continue to strengthen our internal control policies and practices over our development and supply chain to enhance compliance with the requirements of local subsidies in all countries that we operate in.
Updated 2024 Guidance
We are adjusting our revenue expectations for the year to a level lower than previously expected. The overall performance of the two-wheeler market in
Conference Call Information
Gogoro's management team will hold an earnings Webcast on November 14th, 2024, at 7:00 a.m. Eastern Time to discuss the Company's third quarter 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, "Updated 2024 Guidance," such as estimates regarding revenue and gross margin; 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.
Gogoro's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks related to macroeconomic factors including inflation and consumer confidence, risks related to the
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
Backlog Orders
Backlog orders are not recognized as revenue in our Condensed Consolidated Statements of Comprehensive Loss until we deliver a vehicle to the buyer. The backlog orders are recorded as contract liabilities and the portion associated with financing receivable would be net against account receivables in our Condensed Consolidated Balance Sheet.
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, 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 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. 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.
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, 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 | |||
September 30, | December 31, | ||
2024 | 2023 | ||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 119,154 | $ 173,885 | |
Trade receivables | 17,690 | 17,135 | |
Inventories2 | 57,709 | 53,109 | |
Other assets, current3 | 79,793 | 22,009 | |
Total current assets | 274,346 | 266,138 | |
Property, plant and equipment2 | 489,783 | 501,876 | |
Investments accounted for using equity method | 17,243 | 17,741 | |
Right-of-use assets | 29,859 | 30,412 | |
Other assets, non-current | 8,377 | 18,063 | |
Total assets | $ 819,608 | $ 834,230 | |
LIABILITIES AND EQUITY | |||
Current liabilities: | |||
Borrowings, current | $ 76,671 | $ 75,590 | |
Financial liabilities at fair value through profit or loss | 3,217 | 30,832 | |
Notes and trade payables | 37,408 | 38,117 | |
Contract liabilities, current | 17,207 | 11,606 | |
Lease liabilities, current | 9,970 | 11,296 | |
Financial liabilities at amortized cost, current5 | 24,381 | — | |
Provisions, current | 3,683 | 4,174 | |
Other liabilities, current | 40,314 | 42,439 | |
Total current liabilities | 212,851 | 214,054 | |
Borrowings, non-current | 315,740 | 334,581 | |
Lease liabilities, non-current | 19,336 | 18,842 | |
Provisions, non-current | 3,504 | 2,332 | |
Other liabilities, non-current | 14,614 | 15,734 | |
Total liabilities | 566,045 | 585,543 | |
Total equity | 253,563 | 248,687 | |
Total liabilities and equity | $ 819,608 | $ 834,230 | |
September 30, | December 31, | ||
2024 | 2023 | ||
Inventories: | |||
Raw materials | $ 36,343 | $ 33,136 | |
Semi-finished goods | 3,828 | 3,559 | |
Merchandise | 17,538 | 16,414 | |
Total inventories | $ 57,709 | $ 53,109 |
GOGORO INC | |||||||
Condensed Consolidated Statements of Comprehensive Loss | |||||||
(unaudited) | |||||||
(in thousands of | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
2024 | 2023 | 2024 | 2023 | ||||
Operating revenues | $ 86,856 | $ 91,750 | $ 237,511 | $ 258,316 | |||
Cost of revenues | 82,177 | 74,967 | 224,187 | 217,972 | |||
Gross profit | 4,679 | 16,783 | 13,324 | 40,344 | |||
Operating expenses: | |||||||
Sales and marketing | 10,002 | 12,732 | 32,270 | 36,109 | |||
General and administrative | 8,674 | 13,016 | 26,616 | 35,413 | |||
Research and development | 7,271 | 10,959 | 25,096 | 31,243 | |||
Other operating expenses4 | 3,250 | — | 3,758 | — | |||
Total operating expenses | 29,197 | 36,707 | 87,740 | 102,765 | |||
Loss from operations | (24,518) | (19,924) | (74,416) | (62,421) | |||
Non-operating income (expenses): | |||||||
Interest expense, net | (2,512) | (2,533) | (7,756) | (6,594) | |||
Other income, net | 1,857 | 447 | 5,586 | 3,847 | |||
Change in fair value of financial liabilities | 8,065 | 19,142 | 27,615 | 16,232 | |||
Share of loss of investments accounted for using equity method | (1,136) | (220) | (2,455) | (396) | |||
Total non-operating income | 6,274 | 16,836 | 22,990 | 13,089 | |||
Net loss | (18,244) | (3,088) | (51,426) | (49,332) | |||
Other comprehensive income (loss): | |||||||
Exchange differences on translation | 4,159 | (7,858) | (6,867) | (11,291) | |||
Total comprehensive loss | $ (14,085) | $ (10,946) | $ (58,293) | $ (60,623) | |||
Basic and diluted net loss per share | $ (0.06) | $ (0.01) | $ (0.20) | $ (0.21) | |||
Shares used in computing basic and diluted net loss per share | 287,232 | 232,935 | 257,386 | 232,650 | |||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
Operating revenues: | 2024 | 2023 | 2024 | 2023 | |||
Sales of hardware and others | $ 51,970 | $ 58,147 | $ 135,510 | $ 159,111 | |||
Battery swapping service | 34,886 | 33,603 | 102,001 | 99,205 | |||
Operating revenues | $ 86,856 | $ 91,750 | $ 237,511 | $ 258,316 | |||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||
Share-based compensation: | 2024 | 2023 | 2024 | 2023 | |||
Cost of revenues | $ 486 | $ 801 | $ 1,088 | $ 2,066 | |||
Sales and marketing | (430) | 1,260 | 524 | 3,106 | |||
General and administrative | 2,536 | 4,339 | 6,345 | 10,513 | |||
Research and development | 765 | 2,627 | 2,819 | 6,640 | |||
Total | $ 3,357 | $ 9,027 | $ 10,776 | $ 22,325 |
GOGORO INC | |||
Condensed Consolidated Statements of Cash Flows | |||
(unaudited) | |||
(in thousands of | |||
Nine Months Ended September 30, | |||
2024 | 2023 | ||
Operating activities | |||
Net loss | $ (51,426) | $ (49,332) | |
Adjustments for: | |||
Depreciation and amortization | 73,864 | 73,293 | |
Expected credit loss | 554 | 345 | |
Share of loss of investments accounted for using equity method | 2,455 | 396 | |
Change in fair value of financial liabilities | (27,615) | (16,232) | |
Interest expense, net | 7,756 | 6,594 | |
Share-based compensation | 10,776 | 22,325 | |
Loss on disposal of property and equipment, net | 649 | 3,532 | |
Write-down of inventories | 2,423 | 2,361 | |
Recognition of provisions | 3,164 | — | |
Changes in operating assets and liabilities: | |||
Trade receivables | (1,109) | (4,249) | |
Inventories | (7,023) | (1,684) | |
Other current assets | 6,691 | 10,343 | |
Notes and trade payables | (709) | 1,113 | |
Contract liabilities | 6,998 | 3,864 | |
Other liabilities | (3,270) | (11,926) | |
Provisions | (3,036) | (2,788) | |
Cash generated from operations | 21,142 | 37,955 | |
Interest expense and tax paid, net | (7,880) | (6,465) | |
Net cash generated from operating activities | 13,262 | 31,490 | |
Investing activities | |||
Payments for property, plant and equipment, net | (63,926) | (78,650) | |
Increase in refundable deposits | (485) | — | |
Payments for acquisitions of investments accounted for using equity method | — | (18,900) | |
Payments of intangible assets, net | (62) | (190) | |
Increase in other financial assets | (56,051) | (415) | |
Net cash used in investing activities | (120,524) | (98,155) | |
Financing activities | |||
Proceeds from borrowings | 33,826 | 107,949 | |
Repayments of borrowings | (39,159) | (107,733) | |
Proceed from issuance of shares5 | 75,000 | — | |
Guarantee deposits refund | (172) | (104) | |
Repayment of the principal portion of lease liabilities | (9,568) | (9,322) | |
Net cash generated from (used in) financing activities | 59,927 | (9,210) | |
Effect of exchange rate changes on cash and cash equivalents | (7,396) | (8,679) | |
Net decrease in cash and cash equivalents | (54,731) | (84,554) | |
Cash and cash equivalents at the beginning of the period | 173,885 | 236,100 | |
Cash and cash equivalents at the end of the period | $ 119,154 | $ 151,546 |
GOGORO INC | |||||||||
Condensed Consolidated Statements of Changes in Equity | |||||||||
(unaudited) | |||||||||
(in thousands of | |||||||||
Ordinary | Capital | Accumulated | Exchange | Total Equity | |||||
Balance as of December 31, 2023 | $ 24 | $ 669,912 | $ (425,978) | $ 4,729 | $ 248,687 | ||||
Net loss for the nine months ended September 30, 2024 | — | (51,426) | — | (51,426) | |||||
Other comprehensive loss for the nine months ended September 30, 2024 | — | (6,867) | (6,867) | ||||||
Changes in percentage of ownership interest in investments accounted for using equity method | — | 2,025 | — | — | 2,025 | ||||
Issuance of ordinary shares5 | 5 | 50,363 | — | — | 50,368 | ||||
Shared-based compensation | — | 10,776 | — | — | 10,776 | ||||
Balance as of September 30, 2024 | $ 29 | $ 733,076 | $ (477,404) | $ (2,138) | $ 253,563 |
GOGORO INC. | |||||||||||
Reconciliation of IFRS Financial Metrics to Non-IFRS | |||||||||||
(unaudited) | |||||||||||
(in thousands of | |||||||||||
Three Months Ended September 30, | |||||||||||
2024 | 2023 | IFRS revenue | Revenue | ||||||||
Operating revenues: | IFRS revenue | FX effect | Revenue excluding | IFRS revenue | |||||||
Sales of hardware and others | $ 51,970 | $ 1,059 | $ 53,029 | $ 58,147 | (10.6) % | (8.8) % | |||||
Battery swapping service | 34,886 | 733 | 35,619 | 33,603 | 3.8 % | 6.0 % | |||||
Total | $ 86,856 | $ 1,792 | $ 88,648 | $ 91,750 | (5.3) % | (3.4) % | |||||
Nine Months Ended September 30, | |||||||||||
2024 | 2023 | IFRS revenue | Revenue | ||||||||
Operating revenues: | IFRS revenue | FX effect | Revenue excluding | IFRS revenue | |||||||
Sales of hardware and others | $ 135,510 | $ 4,710 | $ 140,220 | $ 159,111 | (14.8) % | (11.9) % | |||||
Battery swapping service | 102,001 | 3,729 | 105,730 | 99,205 | 2.8 % | 6.6 % | |||||
Total | $ 237,511 | $ 8,439 | $ 245,950 | $ 258,316 | (8.1) % | (4.8) % | |||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||
Gross profit and gross margin | $ 4,679 | 5.4 % | $ 16,783 | 18.3 % | $ 13,324 | 5.6 % | $ 40,344 | 15.6 % | |||
Share-based compensation | 486 | 801 | 1,088 | 2,066 | |||||||
Battery upgrade initiatives | 7,645 | — | 18,152 | — | |||||||
Battery swapping service rebate | — | — | 1,661 | — | |||||||
Non-IFRS gross profit and gross margin | $ 12,810 | 14.7 % | $ 17,584 | 19.2 % | $ 34,225 | 14.4 % | $ 42,410 | 16.4 % | |||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||
Net loss | $ (18,244) | $ (3,088) | $ (51,426) | $ (49,332) | |||||||
Share-based compensation | 3,357 | 9,027 | 10,776 | 22,325 | |||||||
Change in fair value of financial liabilities | (8,065) | (19,142) | (27,615) | (16,232) | |||||||
Battery upgrade initiatives | 7,645 | — | 18,152 | — | |||||||
Battery swapping service rebate | — | — | 1,661 | — | |||||||
Customer care package4 | 3,097 | — | 3,097 | — | |||||||
Non-IFRS net loss | $ (12,210) | $ (13,203) | $ (45,355) | $ (43,239) | |||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||
Net loss | $ (18,244) | $ (3,088) | $ (51,426) | $ (49,332) | |||||||
Interest expense, net | 2,512 | 2,533 | 7,756 | 6,594 | |||||||
Depreciation and amortization | 23,814 | 23,814 | 73,864 | 73,293 | |||||||
EBITDA | 8,082 | 23,259 | 30,194 | 30,555 | |||||||
Share-based compensation | 3,357 | 9,027 | 10,776 | 22,325 | |||||||
Change in fair value of financial liabilities | (8,065) | (19,142) | (27,615) | (16,232) | |||||||
Battery upgrade initiatives | 7,645 | — | 18,152 | — | |||||||
Battery swapping service rebate | — | — | 1,661 | — | |||||||
Customer care package4 | 3,097 | — | 3,097 | — | |||||||
Adjusted EBITDA | $ 14,116 | $ 13,144 | $ 36,265 | $ 36,648 |
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 September 30, 2024 and December 31, 2023, the company classified |
3 | In the third quarter of 2024 we set aside a |
4 | Gogoro voluntarily initiated a one-time customer benefit package to enrich certain customers' user experiences in the third quarter of 2024; we identified and charged |
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 |
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SOURCE Gogoro Inc.
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