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Gogoro Q1 2025 Earnings Report
Gogoro reported a decrease in total revenue but an increase in battery swapping service revenue and adjusted EBITDA for the first quarter of 2025.
Key Takeaways
Gogoro's first quarter of 2025 saw a total revenue of $63.6 million, an 8.7% year-over-year decrease, primarily due to a significant drop in hardware sales. However, battery swapping service revenue increased by 6.2% year-over-year, and adjusted EBITDA rose to $14.3 million from $10.2 million in the prior year, reflecting strong operational efficiency and cost optimization efforts.
Total revenue decreased by 8.7% year-over-year to $63.6 million, or 4.5% on a constant currency basis.
Battery swapping service revenue increased by 6.2% year-over-year to $34.5 million, or 11.1% on a constant currency basis.
Sales of hardware and others revenue decreased by 21.8% year-over-year to $29.1 million, or 18.1% on a constant currency basis.
Adjusted EBITDA increased by $4.1 million year-over-year to $14.3 million, driven by cost-saving initiatives.
Gogoro
Gogoro
Gogoro Revenue by Segment
Gogoro Revenue by Geographic Location
Revenue by Segment
Battery Swapping Service Revenue
CapyFin.comSales of Hardware and Others Revenue
CapyFin.comRevenue by Geographic Location
Taiwan Revenue
CapyFin.comOther International Markets Revenue
CapyFin.com Forward Guidance
Gogoro reiterates its full-year 2025 revenue forecast of $295 million to $315 million on a constant currency basis, with approximately 95% expected from the Taiwan market. The company anticipates continued negative impact on gross margin due to ongoing battery upgrade initiatives, which are expected to conclude by the end of 2025. Cost optimization plans are projected to generate $25 million in savings for 2025.
Positive Outlook
- Reiterated full-year 2025 revenue forecast of $295 million to $315 million on a constant currency basis.
- Anticipated $25 million in savings in 2025 from cost efficiency plans.
- Gogoro Network Battery Swapping business expected to reach profitability on a non-IFRS basis in 2026.
- Hardware sales business expected to reach profitability on a non-IFRS basis in 2028.
- Battery upgrade initiatives are expected to improve battery capacity and extend useful life, creating long-term economic benefits.
Challenges Ahead
- Gross margin may be continuously negatively impacted in the short term due to ongoing and accelerated battery upgrade initiatives.
- Battery upgrade initiatives are expected to continue through 2025, impacting gross margin.
- The Taiwan two-wheeler market in 2025 is expected to remain approximately the same as 2024, indicating limited market growth.
- The company continues to face a challenging macroeconomic environment.
- The delayed launch of an anticipated vehicle in Q1 2025 impacted hardware sales, with sales expected to shift to subsequent quarters.
Revenue & Expenses
Visualization of income flow from segment revenue to net income