Gogoro ( (GGR) ) has released its Q3 earnings. Here is a breakdown of the information Gogoro presented to its investors.
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Gogoro Inc. is a global technology leader in battery swapping ecosystems, focusing on sustainable mobility solutions for urban areas. In its latest earnings report for the third quarter of 2024, Gogoro announced a revenue of $86.9 million, marking a 5.3% decrease year-over-year. Despite the revenue drop, the company saw a rise in its battery swapping service revenue by 3.8%, attributed to its growing subscriber base, which now exceeds 625,000 customers. However, sales of hardware and other revenues faced challenges, declining by 10.6% year-over-year due to various factors, including a shift toward entry-level models and an increase in undelivered backlog orders.
Gogoro’s gross margin fell to 5.4% from 18.3% in the previous year, with significant expenses related to battery upgrade initiatives impacting profitability. The company reported a net loss of $18.2 million, a substantial increase from the $3.1 million loss recorded in the same quarter last year. Despite these setbacks, Gogoro achieved an increase in adjusted EBITDA, reaching $14.1 million, up from $13.1 million, indicating some success in cost-saving efforts.
Looking ahead, Gogoro is committed to enhancing its customer experience through battery and software upgrades while implementing cost reduction strategies to improve efficiency. The company anticipates ongoing challenges in the near term but remains focused on leveraging its strengths and expanding its battery-swapping network to drive long-term growth. Gogoro’s management expressed confidence in overcoming current difficulties and solidifying its market position in Taiwan while aiming for growth in international markets.
