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- **Operational Turnaround**: 100% YoY cash flow growth, $21M expense savings, and 25% EBITDA increase. EZZY models dominate market, with 2026 product pipeline. 
- **Financial Resilience**: Energy business up 11.5%, gross margin 22.2% (YoY +5.9pp). 2025 revenue outlook $270-285M, despite hardware challenges, with focus on 2026 milestones: energy profitability, free cash flow in 2027, and hardware profitability in 2028.

**【CEO Summary Section】**
- **Operational Efficiency and Growth**: Achieved $25.7M in operating cash flow (YoY +100%), $21M in expense savings, and 25% increase in adjusted EBITDA to $47M. Gross margin improved to 19.3% (YoY +4.3pp) driven by cost optimization and product innovation.
- **Product Success**: EZZY and EZZY 500 models dominate Taiwan market, with EZZY as top-selling e-scooter for 5 months and EZZY 500 leading 125cc segment. 2026 product pipeline includes 3 new models targeting diverse segments.
- **Battery Innovation**: Developing next-gen battery with higher density and lower cost, compatible with existing ecosystem. Motor advancements for 2026 launch to enhance efficiency and performance.
- **Future Milestones**: Energy network profitability in 2026, free cash flow in 2027, hardware profitability in 2028. Focus on expanding into Southeast Asia with policy support and partnerships with cities and OEMs.

**【CFO Financial Commentary】**
- **Energy Business Growth**: Subscription revenue $38.9M (YoY +11.5%), 657K subscribers (+5% YoY). Hardware sales down 25.5% due to market contraction, but gross margin improved to 22.2% (YoY +5.9pp) from cost management and reduced inventory.
- **Cash Flow**: $25.7M operating cash flow (YoY +100%), narrowing net loss to $14.9M. 2025 revenue outlook $270-285M, impacted by market softness but strategic investments in R&D and upgrades for long-term health.

**【Q&A Highlights】**
- **CEO Vision**: Emphasis on operational resilience, product innovation, and expansion into growth markets. Confident in long-term value despite short-term stock decline post-reverse split, focusing on fundamentals and policy tailwinds.

Gogoro Inc. (GGR) Q3 2025 Earnings Call Transcript

- **Revenue Growth & Margin Improvement**: Adjusted EBITDA up 4.2% YoY to $12.5 million, with gross margin improving to 17.0%. Battery swapping business breakeven (excluding upgrade costs).
- **Product Momentum**: Ezzy vehicle launch delayed but strong July demand; new scooter platform for 2026. Vietnam joint venture pilot in late 2025, with full launch in 2026.
- **Cost Efficiency**: $11 million OpEx savings year-to-date; operating cash flow $15.2 million for H1 2025 (vs. $4.8 million in 2024).
- **Long-Term Goals**: Energy breakeven in 2026, cash flow positive in 2027, whole company profitability in 2028.

**【Interim CEO (Henry Chiang) Opening Remarks】**
- **Financial Performance**: Adjusted EBITDA reached $12.5 million (4.2% YoY increase), with adjusted gross margin improving to 17.0% (vs. 13.5% in 2024). Operating cash flow for H1 2025 was $15.2 million (vs. $4.8 million in H1 2024), driven by cost savings and efficiency improvements.
- **Product Launches & Market Expansion**: Launched the Ezzy vehicle in Q2 (delayed due to regulatory approvals) and expects strong demand in H2. Announced a new entry-level high-performance vehicle for H2 2025 and a new scooter platform for 2026. International expansion in Vietnam (joint venture with Castrol) and Korea (B2B solutions) shows promising progress.
- **Strategic Initiatives**: Battery upgrade initiative on track for completion by end-2025, with $11 million in OpEx savings year-to-date. Reaffirmed long-term financial goals: energy breakeven in 2026, cash flow positive in 2027, and whole company profitability in 2028.

**【CFO (Bruce Aitken) Financial Commentary】**
- **Battery Swapping Business**: Q2 revenue $37.6 million (8.5% YoY growth). Excluding one-time upgrade costs, business is breakeven and expected to remain so in H2 2025. Introduced new subscription plans (off-peak unlimited and pay-as-you-go) to improve platform efficiency.
- **Hardware Sales**: Q2 hardware revenue $28.2 million (39.1% YoY decline) due to delayed Ezzy launch and weak market demand. Ezzy demand strong in July, with H2 recovery expected.
- **Financial Metrics**: Non-IFRS gross margin 17% (vs. 13.5% YoY). Operating expenses down $5.1 million YoY. Net loss $26.5 million, but adjusted EBITDA up 4.2% YoY. Operating cash inflow $15.2 million for H1 2025.
- **Liquidity**: $92 million cash balance at end-Q2, with $68.3 million new loan to strengthen financial structure.

**【Q&A Key Highlights】**
1. **Government Policy & Subsidies**: Gogoro expects more aggressive subsidies in 2026 to accelerate EV adoption. Company is pre-positioning infrastructure and partnerships to capitalize on potential policy shifts.
2. **Battery Upgrades & Capital Expenditure**: Ongoing battery upgrades (to complete by end-2025) are front-loaded investments. Gross margin expected to stabilize in H2 2025, with battery business breakeven in 2026.
3. **Vietnam Joint Venture**: Pilot program expected in late 2025, with full launch in 2026. Revenue contribution from Vietnam will be minimal in 2026 but growing over time.

Gogoro Inc. (GGR) Q2 2025 Earnings Call Transcript

- **Financial Turnaround**: Non-IFRS gross margin up to 18.2%, EBITDA +40% to $14.3M, operating expenses cut by 32%. 
- **Key Milestones**: Energy business to breakeven in 2026, vehicle business in 2028; $25M annual cost savings target. 
- **Market Expansion**: 644K subscribers, Castrol joint venture for international growth, and Taiwan government subsidies boosting adoption. 
- **NASDAQ Focus**: 180-day grace period to regain compliance; long-term focus on financial discipline and operational efficiency. 


**【CEO Overview】**
- **Financial Improvement**: Non-IFRS gross margin improved to 18.2% (vs. 15.1% in Q1 2024), adjusted EBITDA rose 40% to $14.3M, and operating expenses decreased by 32.1% ($9.9M reduction). 
- **Business Progress**: 
  - Energy business: 6.2% YoY revenue growth to $34.5M, 644K subscribers (+8%), and new off-peak unlimited plan launch. 
  - Vehicle business: Streamlined product line with higher ASP, delayed vehicle launch causing Q1 revenue push-out, and partnerships with Starlux Airlines and Castrol for international expansion. 
- **Strategic Milestones**: 
  - Energy business to breakeven in 2026, vehicle business in 2028. 
  - Received TWD 2B credit facility for growth. 
- **Policy Support**: Taiwan government subsidies (e.g., TWD 7,200 annual subsidy in Kaohsiung) and infrastructure investment ($600M over 10 years) driving EV adoption. 
- **NASDAQ Status**: Transferred listing to NASDAQ Capital Market, gaining 180-day grace period to regain compliance with bid price requirements. 

**【CFO Financial Breakdown】**
- **Revenue**: Total Q1 revenue $63.6M (-8.7% YoY), with battery swapping up 6.2% to $34.5M and hardware sales down 21.8% to $29.1M due to delayed vehicle launch. 
- **Cost Efficiency**: 
  - Operating expenses decreased by $9.6M (32.1%), driven by G&A and marketing cuts. 
  - 2025 cost savings target: $25M. 
- **Profitability Path**: 
  - Energy business to generate positive free cash flow in 2027. 
  - Vehicle business breakeven in 2028. 
- **Balance Sheet**: $93.3M cash balance and $295-315M 2025 revenue guidance (95% from Taiwan). 

**【Q&A Highlights】**
1. **Battery Swapping vs. Fast Charging**: 
   - Gogoro's 6-second swap remains superior to fast charging in urban density, with R&D investments to maintain tech leadership. 
2. **NASDAQ Compliance**: 
   - 180-day grace period to meet bid price requirements; considering reverse stock split or other actions if needed. 
3. **Long-Term Growth**: 
   - Network business breakeven in 2026, scooter business in 2028. 
   - Recurring subscription model (644K subscribers) and operational leverage will drive profitability. 
4. **Cost Structure**: 
   - Network business benefits from capital efficiency and operating leverage. 
   - Vehicle business sensitive to component costs but strategic for ecosystem growth. 


Gogoro (GGR)-8 May 25-2025 Q1 Earnings call transcript

- **Energy Business Pivot**: Battery swapping revenue overtakes vehicle sales, with energy business targeting 2026 breakeven and 2027 free cash flow.
- **Cost Efficiency**: 2025 fixed costs cut 32% to $82M, with $25M annual savings from streamlined operations.
- **Market Outlook**: Taiwan 2-wheeler market stable in 2025, but international expansion requires policy and partner alignment.
- **Financial Health**: Adjusted EBITDA up 1% YoY to $46.5M, despite 11.2% revenue decline driven by hardware sales contraction.

**【CEO Business Update】**
- Gogoro repositions as an energy company, with battery swapping revenue surpassing vehicle sales for the first time in Q4 2024.
- Energy business on track to break even in 2026 (non-IFRS basis) and generate free cash flow in 2027. Vehicle business aims for breakeven by 2028.
- 2025 R&D spending increases 26% to expand energy solutions, including second-life battery applications.
- Fixed costs reduced by 32% to $82M in 2025, with $25M annual savings from cost-cutting initiatives.

**【CFO Financial Highlights】**
- Full-year 2024 revenue: $310.5M (down 11.2% YoY), with battery swapping service revenue at $137.9M (+4.6% YoY).
- Hardware sales decline 20.8% YoY due to lower ASP and market contraction in Taiwan.
- Gross margin (non-IFRS) at 14.8% for 2024, impacted by $14M battery upgrade costs.
- Adjusted EBITDA for 2024: $46.5M, up $1M YoY from cost-saving measures.

**【Q&A Key Takeaways】**
- **Profitability Path**: Energy business breakeven in 2026 assumes stable Taiwan market and 640K+ subscribers. Vehicle business breakeven in 2028 hinges on new product road map and cost control.
- **International Expansion**: Focus on Southeast Asia with policy support and partnerships. Colombia, Singapore, Nepal pilots ongoing, but 95%+ revenue still from Taiwan.
- **Stock Price Concerns**: Management prioritizes profitability over short-term stock movements, with NASDAQ delisting compliance deadline April 28, 2025.
- **ESS Growth**: 1.4M battery packs in network enable second-life storage solutions. Taipower pilot expected to finalize in H2 2025, targeting SMB and household markets.

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