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Sep 30
Gogoro Q3 2025 Earnings Report
Gogoro reported a narrower net loss and higher gross margin in Q3 2025, driven by operational efficiencies and cost reductions.
Key Takeaways
Revenue declined year-over-year, but gross margin improved significantly and adjusted EBITDA reached a post-IPO record. Net loss narrowed due to cost savings and improved gross profit.
Revenue declined 10.6% YoY to $77.6 million due to weak vehicle sales.
Battery swapping service revenue increased 11.5% YoY to $38.9 million.
Gross margin improved to 12.2%, up from 5.4% YoY, with non-IFRS margin at 22.2%.
Adjusted EBITDA rose to $20.2 million, a record since IPO.
Gogoro
Gogoro
Gogoro Revenue by Segment
Gogoro Revenue by Geographic Location
Revenue by Segment
Battery Swapping Revenue
CapyFin.comHardware & Other Sales Revenue
CapyFin.comRevenue by Geographic Location
Taiwan Revenue
CapyFin.comIntl. Markets Revenue
CapyFin.com Forward Guidance
Gogoro lowered full-year 2025 revenue guidance to $270M–$285M, citing continued weakness in Taiwan’s two-wheeler market and broader macroeconomic headwinds.
Positive Outlook
- Strong subscription growth supporting battery-swapping revenue.
- Operational efficiencies boosting gross and non-IFRS margins.
- Improved inventory management reducing working capital needs.
- Cost savings from organizational restructuring.
- Record adjusted EBITDA since IPO.
Challenges Ahead
- Taiwan's two-wheeler market at decade-low volume levels.
- Vehicle sales down over 40% YoY, pressuring hardware revenue.
- Low consumer confidence delaying EV adoption.
- Gross margin temporarily impacted by ongoing battery upgrades.
- Reduced FY2025 revenue outlook due to persistent demand headwinds.
Revenue & Expenses
Visualization of income flow from segment revenue to net income