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Jun 30
Gogoro Q2 2025 Earnings Report
Gogoro released its financial results for the second quarter ended June 30, 2025, affirming its commitment to strategic streamlining and continued investment in innovation.
Key Takeaways
Gogoro reported a revenue of $65.8 million for Q2 2025, an 18.7% decrease year-over-year, primarily due to a significant drop in hardware sales. Despite top-line challenges, the company improved its non-IFRS gross margin to 17.0% and increased Adjusted EBITDA to $12.5 million, driven by cost-saving initiatives and network efficiency.
Total revenue for Q2 2025 was $65.8 million, down 18.7% year-over-year, largely impacted by a 39.1% decrease in sales of hardware and others.
Battery swapping service revenue increased by 8.5% year-over-year to $37.6 million, supported by a growing subscriber base of 648,000.
Gross margin decreased to 0.3% from 5.2% in the prior year, mainly due to ongoing battery pack upgrades, while non-IFRS gross margin improved to 17.0% from 13.5%.
Net loss widened to $26.5 million from $20.1 million in Q2 2024, but Adjusted EBITDA increased to $12.5 million from $12.0 million.
Gogoro
Gogoro
Gogoro Revenue by Segment
Revenue by Segment
Battery Swapping Service Revenue
CapyFin.comSales of Hardware and Others Revenue
CapyFin.com Forward Guidance
Gogoro anticipates 2025 revenues to be at the low-end of the previously guided range of $295 million to $315 million, with approximately 95% from the Taiwan market. Gross margin may continue to be negatively impacted in the short term due to ongoing battery upgrade initiatives expected to complete by year-end.
Positive Outlook
- New vehicle launch in Q3 2025 and an all-new vehicle platform in 2026.
- New battery pack developments underway to meet aggressive cost targets.
- Increasing applications for second-life uses of battery packs being identified with partners.
- Increased demand for Gogoro solutions in Korea for B2B applications.
- Good progress towards establishing a joint venture with Castrol in Vietnam.
Challenges Ahead
- Taiwan two-wheeler market in 2025 is anticipated to be more subdued than in 2024.
- Revenues are likely to come in at the low-end of the previously provided range due to later-than-expected launch of EZZY.
- Gross margin may be continuously negatively impacted in the short term because of ongoing and accelerated battery upgrade initiatives.
- Macroeconomic trends, including uncertainty regarding global trade and consumer confidence in Taiwan, have resulted in overall two-wheel market reduction.
- Demand for hardware was impacted by an 11% drop in motorcycle retail sales and a decline in consumer confidence in Taiwan.
Revenue & Expenses
Visualization of income flow from segment revenue to net income