Gogoro Inc. (NASDAQ:GGR) Q4 2023 Results Conference Call February 7, 2024 7:00 AM ET Company Participants Horace Luke - Chairman of the Board, Chief Executive Officer, Founder Bruce Aitken - Chief Financial Officer Conference Call Participants Long Lin - The Benchmark Company Operator Welcome to the Gogoro Inc. 2023 Q4 earnings call. This conference call is now being recorded and broadcasted live over the Internet. Webcast replay will be available within an hour after the conference is finished. I'd like to ...

Revenue Performance - Fourth quarter revenue of $91.5 million, down 4.1% year-over-year and down 2.8% on a constant currency basis; Full year revenue of $349.8 million, down 8.6% year-over-year and down 4.6% on a constant currency basis[1] - Fourth quarter battery swapping service revenue of $32.5 million, up 3.7% year-over-year and up 6.0% on a constant currency basis; Full year battery swapping service revenue of $131.8 million, up 8.3% year-over-year and up 13.3% on a constant currency basis[1] - Sales of hardware and other revenues for the quarter were $59.0 million, down 7.9% year-over-year, and down 7.1% year-over-year on a constant currency basis[4] - For the full year 2024, the company expects to generate revenue of $385 million to $420 million, with approximately 90% from the Taiwan market and 10% from international markets[11] - Operating revenues for Q4 2023 decreased to $91.53 million from $95.47 million in Q4 2022, a decline of 4.1%[39] - Battery swapping service revenue for Q4 2023 increased to $32.58 million from $31.43 million in Q4 2022, a growth of 3.7%[39] - Total operating revenues for 2023 were $349.846 billion, a decrease of 8.6% YoY, but excluding FX effects, the decrease was 4.6%[45] - Battery swapping service revenue grew by 8.3% YoY to $131.785 billion, and excluding FX effects, the growth was 13.3%[45] Profitability and Margins - Fourth quarter gross margin of 11.0%, down from 15.0% in the same quarter last year; Full year gross margin of 14.4%, down from 15.1% last year[1] - Gross profit for Q4 2023 was $10.10 million, down from $14.33 million in Q4 2022, a decrease of 29.5%[39] - Gross profit for 2023 was $50.445 billion with a gross margin of 14.4%, compared to $57.713 billion and 15.1% in 2022[45] - Non-IFRS gross profit for 2023 was $55.428 billion with a gross margin of 15.8%, compared to $64.354 billion and 16.8% in 2022[45] Net Loss and EBITDA - Fourth quarter net loss of $27.5 million as compared to a net loss of $12.5 million in the same quarter last year; Full year net loss of $76.9 million as compared to a net loss of $98.9 million last year[1] - Fourth quarter adjusted EBITDA of $8.2 million, down from $9.2 million in the same quarter last year; Full year adjusted EBITDA of $44.8 million, up $3.6 million from $41.2 million last year[1] - Net loss for Q4 2023 was $27.54 million, compared to a net loss of $12.53 million in Q4 2022[39] - Net loss for 2023 was $76.868 billion, compared to $98.908 billion in 2022[45] - Non-IFRS net loss for 2023 was $62.526 billion, compared to $63.344 billion in 2022[45] - EBITDA for 2023 was $30.488 billion, a significant improvement from $5.630 billion in 2022[45] - Adjusted EBITDA for 2023 was $44.830 billion, compared to $41.194 billion in 2022[45] Cash Flow and Financial Position - The company generated $59.8 million of operating cash inflow in 2023 compared to 2022 where it used $64.8 million of cash in operations[10] - Cash and cash equivalents decreased from $236.1 million in 2022 to $173.9 million in 2023[36] - Net cash provided by operating activities for 2023 was $59.76 million, compared to a net cash used in operating activities of $64.79 million in 2022[41] - Cash and cash equivalents at the end of 2023 were $173.89 million, down from $236.10 million at the end of 2022[41] Inventory and Assets - Inventories decreased significantly from $114.7 million in 2022 to $53.1 million in 2023[36] - Raw materials inventory decreased from $76.7 million in 2022 to $33.1 million in 2023[37] - Merchandise inventory decreased from $33.5 million in 2022 to $16.4 million in 2023[37] - Total assets decreased from $873.4 million in 2022 to $833.4 million in 2023[36] - Property, plant and equipment increased from $443.0 million in 2022 to $500.9 million in 2023[36] - The company classified $37.4 million of undeployed battery packs and related battery cells in property, plant and equipment[37] Liabilities and Equity - Non-current borrowings increased from $293.2 million in 2022 to $334.6 million in 2023[36] - Current liabilities decreased from $248.2 million in 2022 to $214.1 million in 2023[36] - Total equity decreased from $299.0 million in 2022 to $247.9 million in 2023[36] Operating Expenses - Total operating expenses for Q4 2023 decreased to $34.91 million from $41.86 million in Q4 2022, a reduction of 16.6%[39] - Research and development expenses for Q4 2023 were $9.62 million, down from $12.37 million in Q4 2022, a decrease of 22.2%[39] - Depreciation and amortization expenses for 2023 were $98.377 billion, up from $94.807 billion in 2022[45] Subscribers and Market Expansion - Total subscribers at the end of the fourth quarter exceeded 587,000, up 11.6% from 526,000 subscribers at the end of the same quarter last year[4] - The company has established local manufacturing in India and launched battery swapping services and the first India-made Smartscooter in Delhi[2] Share-Based Compensation - Share-based compensation for 2023 was $26.49 million, down from $37.91 million in 2022[39] - Share-based compensation for 2023 was $26.486 billion, down from $37.907 billion in 2022[45] Comprehensive Loss - Total comprehensive loss for 2023 was $77.57 million, compared to $115.09 million in 2022[39]

Companies to launch Gogoro's Smartscooters and battery swapping for consumers and B2B delivery riders in Chile and Colombia in Q2 2024.SANTIAGO, Chile, Jan. 31, 2024 /PRNewswire/ -- Gogoro Inc. (Nasdaq: GGR), a global technology leader in battery-swapping ecosystems that enable sustainable mobility solutions for cities, today announced it was partnering with leading Latin American energy company, Copec, to launch its battery swapping and Smartscooters in Chile and Colombia in Q2 2024. "Our partnership with ...

Gogoro Pulse introduces unprecedented levels of acceleration and speed that exemplify Gogoro's leadership in two-wheel performance, innovation and design.  With a new aerodynamic design and hyperdrive powertrain, Pulse reaches 0-50km/h in 3.05 seconds.TAIPEI, Taiwan, Jan. 30, 2024 /PRNewswire/ -- Gogoro Inc. (Nasdaq: GGR), a global technology leader in battery-swapping ecosystems that enable sustainable mobility solutions for cities, today unveiled its new flagship Smartscooter, Pulse. The Pulse is a testam ...

TAIPEI, Jan. 22, 2024 /PRNewswire/ -- Gogoro® Inc. (Nasdaq: GGR), a global technology leader in battery swapping ecosystems that enable sustainable mobility solutions for cities, today announced that it will release its financial results for the quarter and twelve months ended December 31st, 2023, before markets open on February 7, 2024. Gogoro's management team will hold an earnings Webcast at 7:00 a.m. Eastern Time on Wednesday, February 7, 2024 to discuss the Company's financial and business results and ...

Gogoro Inc. (NASDAQ:GGR) Q3 2023 Earnings Conference Call November 16, 2023 7:00 AM ET Company Participants Bruce Aitken - Chief Financial Officer Horace Luke - Chief Executive Officer Michael Bowen - ICR, IR Conference Call Participants Operator Welcome to the Gogoro Inc. 2023 Q3 Earnings Call. These sessions will be recorded. I would like to introduce Bruce Aitken, CFO of Gogoro, who will kick us off. Bruce Aitken Thanks, Operator, and thanks to everyone for taking the time to join us today. I’m Bruce Ait ...

Exhibit 99.1 Gogoro Releases Third Quarter 2023 Financial Results TAIPEI, Taiwan, November 16, 2023 – Gogoro Inc. (Nasdaq: GGR), a global technology leader in battery swapping ecosystems that enable sustainable mobility solutions for cities, today released its financial results for its third quarter ended September 30, 2023. Third Quarter 2023 Summary ▪ Revenue of $91.8 million, down 10.2% year-over-year and down 6.5% on a constant currency basis; ▪ Battery swapping service revenue of $33.6 million, up 10.4 ...

Financial Data and Key Metrics Changes - For Q2 2023, operating revenue was $87.2 million, down 3.8% year-over-year, but up 0.2% on a constant currency basis [33] - Gross margin increased to 15.2%, up from 14% in the same quarter last year, while non-IFRS gross margin rose to 16% from 15.5% [36] - Net loss decreased to $5.6 million, down from $121.1 million in the same quarter last year, primarily due to reduced listing expenses and operating costs [37] Business Line Data and Key Metrics Changes - Battery swapping service revenue for Q2 was $33.3 million, up 9.6% year-over-year, with total subscribers exceeding 552,000, a 14% increase from the previous year [35] - Sales of hardware and other revenue for the quarter were $53.9 million, down 10.6% year-over-year [33] - Vehicle sales volume decreased by 8.1% compared to the same quarter last year, largely due to low consumer confidence in Taiwan [34] Market Data and Key Metrics Changes - In Taiwan, total registered scooters in Q2 were 186,549, up 13.4% from Q2 2022, but electric scooter sales were down slightly [25] - The total number of registered electric scooters in Q2 was 20,118 units, down from 21,195 in the same quarter last year [25] - Taiwan represents approximately 95% of the company's revenue, indicating a strong correlation between Taiwan's sales performance and overall revenue [10] Company Strategy and Development Direction - The company is focused on expanding its retail presence in Taiwan, planning to increase store count from 91 to 100 by year-end [26] - Gogoro is investing in new vehicle launches and enhancing its product portfolio to improve competitiveness against internal combustion engine (ICE) vehicles [11] - The company is also pursuing international expansion, particularly in India and the Philippines, with significant investments planned [9][17] Management's Comments on Operating Environment and Future Outlook - Management expressed a conservative outlook for the second half of 2023 due to ongoing softness in the Taiwan market and updated revenue guidance to $340 million to $370 million [14][39] - The company remains optimistic about the long-term transition to electric vehicles, despite short-term challenges [7][13] - Management highlighted the importance of maintaining financial performance metrics while navigating competitive pressures [12] Other Important Information - Gogoro has committed to sustainability, achieving significant carbon emissions reductions and utilizing recyclable materials in its products [21][22] - The company is collaborating with local governments in Taiwan and India to promote electric vehicle adoption and infrastructure development [23] Q&A Session Summary Question: Can you shed light on the updated guidance for the full year and confidence in meeting it? - Management indicated that various factors, including vehicle launches and seasonal sales upticks, support confidence in meeting revised guidance [42] Question: Will new vehicles and improved battery swapping technology be deployed in India and other places? - Management confirmed that India is a critical market, with ongoing localization efforts and product improvements planned for the coming months [44][45] Question: What metrics are being tracked for the second half regarding margin and EBITDA? - Management emphasized focusing on internal cost structures and maintaining financial discipline while tracking growth in battery swapping service revenue [47][48] Question: When does the company expect to turn operating profits profitable? - Management stated that the goal is to establish a tight financial structure in Taiwan, which will facilitate quicker profitability as international business grows [52][54] Question: Can Gogoro sell batteries and energy storage solutions directly to customers? - Management acknowledged the potential for utilizing batteries post-mobility for energy storage solutions, indicating ongoing development in this area [63][66]

Exhibit 99.1 Gogoro Releases Second Quarter 2023 Financial Results TAIPEI, Taiwan, August 10, 2023 – Gogoro Inc. (Nasdaq: GGR), a global technology leader in battery swapping ecosystems that enable sustainable mobility solutions for cities, today released its financial results for its second quarter ended June 30, 2023. Second Quarter 2023 Summary • Revenue of $87.2 million, down 3.8% year-over-year and up 0.2% on a constant currency basis • Battery swapping service revenue of $33.3 million, up 9.6% year-ov ...

Financial Data and Key Metrics Changes - Q1 2023 revenue was $79.3 million, down 16% year-over-year and down 8.8% year-over-year on a constant currency basis [36] - Hardware and other revenue for the quarter was $47 million, down 27% year-over-year [37] - Net loss for Q1 was $40.6 million, up from $21.7 million in the same quarter last year [41] - Adjusted EBITDA was $10.6 million, down from $13.5 million in the same quarter last year [42] Business Line Data and Key Metrics Changes - Gogoro vehicle sales volume decreased by 17.3% compared to the same quarter last year [38] - Battery swapping service revenue for Q1 was $32.3 million, up 9.8% year-over-year [39] - Total subscribers at the end of Q1 exceeded 538,000, up 15.2% from 467,000 subscribers at the end of the same quarter last year [39] Market Data and Key Metrics Changes - The total number of registered electric scooters in Taiwan was 16,741 units, down slightly from 17,065 units in Q1 of 2022 [11] - The overall two-wheeler market in Taiwan grew, with unit sales of Gogoro and partner branded vehicles down slightly [9] - The total number of registered scooters in Taiwan was 177,000, up 9.8% from 161,000 in Q1 of 2022 [9] Company Strategy and Development Direction - The company aims to expand internationally, focusing on B2B markets as a starting point [24][30] - Gogoro is committed to diversifying its revenue internationally while maintaining a strong presence in Taiwan [64] - The company is developing new products to regain market share in Taiwan and plans to launch these in the second half of 2023 [61] Management's Comments on Operating Environment and Future Outlook - The macro operating environment is more challenging than in previous years, but the company believes in the inevitability of the shift towards electric vehicles [8][14] - Management expects a flat market in Taiwan for 2023, with no substantial growth in total ICE or electric vehicles sold [9] - The company remains optimistic about the future growth of electric vehicles, particularly in international markets [68] Other Important Information - Gogoro has completed over 460 million battery swaps since 2015, avoiding 603 million kilograms of CO2 emissions [16] - The company has launched pilot programs in India and the Philippines, with plans for further expansion [31][30] - The average revenue per rider in Taiwan is just above $20, with a majority using their vehicles for personal commuting [15] Q&A Session Summary Question: Update on alliances in India - Management is focused on B2B partnerships first, with ongoing development of vehicles by partners [59][60] Question: Plans to regain market share in Taiwan - The company is broadening its product portfolio and focusing on user experience rather than price [61][64] Question: Reconciliation of EV unit sales downtrend with ICE market growth - Q1 is traditionally the smallest seasonal quarter, and management is comfortable with the guidance of $400 to $450 million for the year [55][54]