Gogolook (6902) Q3 2024 earnings summary

Executive summary

• Revenue for the nine months ended September 30, 2024, was NT$619.4 million, up 10% year-over-year, but the period ended with a net loss of NT$36.1 million compared to a net profit of NT$26.6 million in the prior year.

• The third quarter saw a net loss of NT$37.3 million, reversing a profit of NT$13.9 million in Q3 2023, with basic and diluted losses per share of NT$1.16.

• Major business combination: acquisition of Ecommerce Operations B.V. in July 2024, contributing NT$15.6 million in revenue since consolidation.

Financial highlights

• Operating revenue for Q3 2024 was NT$210.4 million, up from NT$187.7 million in Q3 2023.

• Gross margin remained stable at 91% for the nine months ended September 30, 2024.

• Operating expenses increased significantly, with employee benefit expense rising to NT$313.5 million for the nine months, up from NT$218.2 million year-over-year.

• Cash and cash equivalents decreased to NT$215.6 million as of September 30, 2024, from NT$466.7 million a year earlier.

• Short-term borrowings rose sharply to NT$139.0 million from NT$10.0 million at both prior periods.

Outlook and guidance

• If Ecommerce Operations B.V. had been consolidated from January 1, 2024, pro forma revenue would have been NT$647.7 million and loss before tax NT$34.5 million for the nine months.