Gogoro (GGR) Q1 2026 earnings summary

Executive summary

• Q1 2026 saw disciplined execution, with operating cash flow improving by $12M year-over-year and net loss narrowing to $7.9M, driven by higher gross profit, lower operating expenses, and strong initial demand for the Ezzy 500 Disney collaboration.

• Revenue was $62.9M, with battery swapping service revenue up 6.2% and hardware sales down 9.8% due to a shift to entry-level models.

• Expansion into Vietnam targets a surging EV market, leveraging infrastructure mandates and aligning with Southeast Asia growth strategy.

• Strategic product launches and B2B/B2G partnerships diversified revenue streams and captured new demographics.

Financial highlights

• Q1 total revenue was $62.9M; battery swapping revenue reached $36.6M with 670,000 subscribers, up 4% year-over-year.

• IFRS gross margin expanded to 20.4% from 4.9% last year; non-IFRS gross margin reached 20.5%, up 2.3 percentage points.

• Adjusted EBITDA increased to $16.3M, up $2M year-over-year.

• Net loss narrowed by $10.7M to $7.9M; non-IFRS net loss improved to $7.7M.

• Cash balance ended at $77.3M, supported by $16.7M equity financing.

Outlook and guidance

• Full-year 2026 revenue projected at $285M–$305M, with Taiwan expected to contribute 95% of sales.

• Battery swapping business targets non-IFRS profitability in 2026; hardware business in 2028.

• Planned capital expenditures for the energy business are approximately $30M in 2026.

• Management expects to sustain current margin levels; cautious outlook on Taiwan's two-wheeler market.