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Gogoro(GGR) - 2023 Q3 - Earnings Call Transcript
2023-11-16 15:33
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 ...
Gogoro(GGR) - 2023 Q3 - Quarterly Report
2023-11-15 16:00
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 ...
Gogoro(GGR) - 2023 Q2 - Earnings Call Transcript
2023-08-10 13:49
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]
Gogoro(GGR) - 2023 Q2 - Quarterly Report
2023-08-09 16:00
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 ...
Gogoro(GGR) - 2023 Q1 - Earnings Call Transcript
2023-05-11 17:32
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]
Gogoro(GGR) - 2023 Q1 - Quarterly Report
2023-05-10 16:00
Exhibit 99.1 Gogoro Releases First Quarter 2023 Financial Results TAIPEI, Taiwan, May 11, 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 first quarter ended March 31, 2023. • First quarter revenue of $79.3 million, down 16.0% year-over-year and down 8.8% on a constant currency basis • First quarter battery swapping revenue of $32.3 million, up 9.8% year-over-year a ...
Gogoro(GGR) - 2022 Q4 - Annual Report
2023-03-30 16:00
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 ___________________________ FORM 20-F ___________________________ (Mark One) o REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022. OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 o SHELL COMPANY R ...
Gogoro(GGR) - 2022 Q4 - Earnings Call Transcript
2023-02-16 17:06
Gogoro Inc. (NASDAQ:GGR) Q4 2022 Earnings Conference Call February 16, 2023 7:00 AM ET Company Participants Bruce Aitken - CFO Michael Bowen - ICR Horace Luke - CEO Conference Call Participants Operator Welcome to the Gogoro Inc. Q4 Earnings Call. This session will be recorded. I'd like to introduce Bruce Aitken, CFO of Gogoro who will kick us off. Thank you. Bruce Aitken Thanks operator and thanks to everyone for taking the time to join us today. I'm Bruce Aitken, CFO of Gogoro, and I'm pleased to welcome ...
Gogoro(GGR) - 2022 Q4 - Earnings Call Presentation
2023-02-16 15:11
Q4 2022 Investor Presentation FEB 16, 2023 Horace Luke Founder, CEO and Chairman Bruce Aitken Chief Financial Officer Gogoro ® Q4 2022 – Investor Presentation 2 DISCLAIMER Forward-Looking Statements: This communication contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward looking statements generally relate to future events or Gogoro's future financial or operating performan ...
Gogoro(GGR) - 2022 Q4 - Annual Report
2023-02-15 16:00
Financial Performance - Fourth quarter revenue was $95.5 million, down 20.8% year-over-year, while full year revenue reached $382.8 million, up 4.6% year-over-year[1][2][3] - Fourth quarter net loss was $12.5 million, an improvement from a net loss of $14.2 million in the same quarter last year; full year net loss was $98.9 million, up from $67.4 million[7][8] - Adjusted EBITDA for the fourth quarter was $9.2 million, down from $25.5 million year-over-year; full year adjusted EBITDA was $41.2 million, down from $54.9 million[9] - Gross margin for the fourth quarter was 15.0%, down from 21.0% in the same quarter last year; full year gross margin was 15.1%, down from 16.7%[4][6] - The net loss for the twelve months ended December 31, 2022, was $98,908 thousand, compared to a net loss of $67,362 thousand in 2021, reflecting an increase in losses of 46.9%[35] - Operating revenue for the year was $382,826 thousand, reflecting a year-over-year increase of 4.6% from $366,009 thousand in 2021[41] Revenue Sources - Fourth quarter network revenue was $31.4 million, up 19.5% year-over-year, with total subscribers exceeding 526,000, a 16.8% increase from the previous year[2][3] - The Gogoro network generated $121,660 thousand in revenue, with a year-over-year growth of 22.2% from $99,587 thousand[41] Cash and Assets - The company has a cash balance of $236.1 million at the end of 2022 and extended a $200 million credit facility to December 2025, positioning itself well for future investments[10] - Gogoro's cash and cash equivalents increased to $236,100 thousand as of December 31, 2022, up from $217,429 thousand in 2021, marking an increase of 8.6%[31] - Gogoro's total current assets as of December 31, 2022, were $397,905 thousand, an increase of 11.2% from $358,030 thousand as of December 31, 2021[31] Expenses and Liabilities - Research and development expenses increased to $12,369 thousand for the three months ended December 31, 2022, compared to $8,802 thousand in the same period of 2021, representing a rise of 40.5%[35] - Total liabilities decreased to $574,449 thousand as of December 31, 2022, down from $720,687 thousand in 2021, indicating a reduction of 20.3%[31] Future Outlook - The company expects 2023 revenue to be between $400.0 million and $450.0 million, representing an anticipated increase of 4.5% to 17.6% compared to 2022[11] - The company plans to transition from pilot deployments in India and Indonesia to commercial deployments in 2023, aiming to drive greater revenue[1] Market Challenges - The company faced challenges in the Taiwan scooter market, with total scooter sales down 9.3% year-over-year, impacting hardware sales[3] Non-Recurring Expenses - The company incurred acquisition-related expenses that are not recurring and are expected to be incurred in connection with future acquisitions[23] - Gogoro's listing expense related to the merger with Poema was recorded as a non-recurring operating expense, significantly impacting the financial results[24] - The company recognized a listing expense of $178,804 thousand during the reporting period[38] Cash Flow - Cash used in operating activities was $(64,790) thousand for the twelve months ended December 31, 2022, a decrease from cash provided by operations of $80,794 thousand in 2021[38] - The company reported net cash used in investing activities of $(101,102) thousand, compared to $(41,518) thousand in the previous year[38] - Cash provided by financing activities was $186,396 thousand, a significant increase from $61,764 thousand in 2021[38]