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Gogoro(GGR) - 2024 Q3 - Quarterly Report
GGRGogoro(GGR)2024-11-14 11:05
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Financial Performance - Total revenue for Q3 2024 was 86.9million,down5.386.9 million, down 5.3% year-over-year and down 3.4% on a constant currency basis[5]. - Net loss for Q3 2024 was 18.2 million, compared to a net loss of 3.1millioninthesamequarterlastyear[9].−AdjustedEBITDAforQ32024was3.1 million in the same quarter last year[9]. - Adjusted EBITDA for Q3 2024 was 14.1 million, an increase from 13.1millioninthesamequarterlastyear[10].−OperatingrevenuesforQ32024were13.1 million in the same quarter last year[10]. - Operating revenues for Q3 2024 were 86,856 million, a decrease of 5.1% from 91,750millioninQ32023[45].−GrossprofitforQ32024was91,750 million in Q3 2023[45]. - Gross profit for Q3 2024 was 4,679 million, down 72.1% from 16,783millioninQ32023[45].−TotaloperatingrevenuesforQ32024were16,783 million in Q3 2023[45]. - Total operating revenues for Q3 2024 were 86,856 million, a decrease of 5.3% year-over-year compared to 91,750millioninQ32023[53].−Non−IFRSnetlossforQ32024was91,750 million in Q3 2023[53]. - Non-IFRS net loss for Q3 2024 was (12,210) million, slightly improved from (13,203)millioninQ32023[53].−TotalcomprehensivelossfortheninemonthsendedSeptember30,2024,was(13,203) million in Q3 2023[53]. - Total comprehensive loss for the nine months ended September 30, 2024, was 58,293 million, slightly improved from 60,623millioninthesameperiodof2023[45].RevenueStreams−Batteryswappingservicerevenueincreasedto60,623 million in the same period of 2023[45]. Revenue Streams - Battery swapping service revenue increased to 34.9 million, up 3.8% year-over-year and up 6.0% on a constant currency basis[5]. - Sales of hardware and others for the nine months ended September 30, 2024, were 135,510million,adeclineof14.8135,510 million, a decline of 14.8% year-over-year[53]. - Battery upgrade initiatives incurred costs of 7,645 million in Q3 2024, with no costs reported in Q3 2023[53]. Subscriber and Order Metrics - The number of accumulated subscribers reached over 625,000, a 9.6% increase from 570,000 subscribers in the same quarter last year[5]. - The company has approximately 3,800 backlog orders for vehicles, which will not be recognized as revenue until delivery in Q4 2024[5]. - The company has a backlog of orders recorded as contract liabilities, which are not recognized as revenue until delivery[24]. Cost Management and Guidance - Updated guidance for full-year revenue is now expected to be between 305millionto305 million to 315 million, lower than previously anticipated[16]. - The company plans to implement cost reduction and efficiency plans starting in Q4 2024, extending into 2025[14]. - Total operating expenses in Q3 2024 were 29,197million,areductionof20.529,197 million, a reduction of 20.5% compared to 36,707 million in Q3 2023[45]. Assets and Liabilities - As of September 30, 2024, Gogoro's total assets amounted to 819.6million,adecreasefrom819.6 million, a decrease from 834.2 million on December 31, 2023[42]. - The company's cash and cash equivalents decreased to 119.2millionfrom119.2 million from 173.9 million as of December 31, 2023[42]. - Gogoro reported total current liabilities of 212.9million,slightlydownfrom212.9 million, slightly down from 214.1 million at the end of 2023[42]. - The total equity of Gogoro increased to 253.6millionfrom253.6 million from 248.7 million as of December 31, 2023[42]. - Gogoro's inventories rose to 57.7millionasofSeptember30,2024,comparedto57.7 million as of September 30, 2024, compared to 53.1 million at the end of 2023[43]. - The company set aside a 55.1millionsuretydepositwithitsleadbank,expectedtobereleasedbeforeDecember31,2024[43].ShareholderInformation−Thecompanyissued32,516,095ordinarysharestoGoldSinofor55.1 million surety deposit with its lead bank, expected to be released before December 31, 2024[43]. Shareholder Information - The company issued 32,516,095 ordinary shares to Gold Sino for 50 million and 16,887,328 ordinary shares to Castrol for 25millionin2024[49][50].FinancialReportingandAdjustments−Gogoro′sfinancialstatementsarepreparedinaccordancewithIFRS,withunauditedcondensedconsolidatedfinancialstatementsreflectingnecessaryadjustments[23].−Thecompanyemphasizestheimportanceofnon−IFRSfinancialmeasuresforevaluatingongoingoperatingresultsandtrends[38].−Gogoro′snon−IFRSnetlossexcludesshare−basedcompensationandotheradjustments,providingaclearerviewofoperationalperformance[30].−Share−basedcompensationexpensestotaled25 million in 2024[49][50]. Financial Reporting and Adjustments - Gogoro's financial statements are prepared in accordance with IFRS, with unaudited condensed consolidated financial statements reflecting necessary adjustments[23]. - The company emphasizes the importance of non-IFRS financial measures for evaluating ongoing operating results and trends[38]. - Gogoro's non-IFRS net loss excludes share-based compensation and other adjustments, providing a clearer view of operational performance[30]. - Share-based compensation expenses totaled 10,776 million for the nine months ended September 30, 2024, down from 22,325millioninthesameperiodof2023[47].−CashgeneratedfromoperatingactivitiesfortheninemonthsendedSeptember30,2024,was22,325 million in the same period of 2023[47]. - Cash generated from operating activities for the nine months ended September 30, 2024, was 13,262 million, down from 31,490millioninthesameperiodof2023[47].−InterestexpensefortheninemonthsendedSeptember30,2024,was31,490 million in the same period of 2023[47]. - Interest expense for the nine months ended September 30, 2024, was 7,756 million, compared to $6,594 million in the same period of 2023[53].