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Gogoro (GGR) investor relations material
Gogoro Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Operational improvements and cost-saving initiatives led to higher operating cash flow and improved adjusted EBITDA in Q2 2025, despite lower revenue and a higher net loss year-over-year.
Focused on product line consolidation, new product launches (including EZZY), and enhanced battery swapping experiences with new pricing and app upgrades.
International expansion advanced, particularly in Korea and Vietnam, with a joint venture with Castrol progressing.
Reaffirmed long-term targets: energy breakeven in 2026, energy cash flow positive in 2027, vehicle business profitability in 2028, and whole company profitability in 2027.
Net loss for Q2 2025 was $26.5M, impacted by higher costs and unfavorable changes in financial liabilities.
Financial highlights
Q2 2025 revenue was $65.8M, down 18.7% year-over-year; battery swapping revenue grew 8.5% to $37.6M, while hardware and other revenue fell 39.1% to $28.2M.
Adjusted EBITDA improved to $12.5M, up 4.2% year-over-year; operating expenses reduced by $5.1M.
Gross margin was 0.3% (IFRS), but non-IFRS gross margin improved to 17.0% from 13.5% year-over-year.
Operating cash flow increased to $15.2M in H1 2025 from $4.8M in H1 2024.
Cash balance at Q2 end was $92M, with $68.3M in new long-term borrowings drawn down.
Outlook and guidance
Full-year 2025 revenue expected at the low end of $295M–$315M guidance, with 95% from Taiwan.
Gross margin may face short-term pressure due to battery upgrades, but improvement is expected post-2025.
Battery business expected to reach breakeven in 2026; international revenue from Vietnam JV anticipated in 2026 but not material.
Second half sales and revenue anticipated to exceed first half based on historical trends.
Long-term profitability targets for 2026–2028 reaffirmed.
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