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Gogoro(GGR) - 2024 Q4 - Annual Report
GGRGogoro(GGR)2025-02-13 11:20
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Revenue Performance - Fourth quarter revenue was 73.0million,down20.273.0 million, down 20.2% year-over-year, and full year revenue was 310.5 million, down 11.2% year-over-year[4]. - Fourth quarter battery swapping service revenue was 35.9million,up10.235.9 million, up 10.2% year-over-year, and full year battery swapping service revenue was 137.9 million, up 4.6% year-over-year[4]. - Operating revenues for Q4 2024 were 73.0million,adecreaseof20.373.0 million, a decrease of 20.3% from 91.5 million in Q4 2023[46]. - Total revenue for the year ended December 31, 2024, was 310,518million,adecreaseof11.2310,518 million, a decrease of 11.2% year-over-year[54]. - Sales of hardware and others for Q4 2024 were 37,116 million, down 37.0% year-over-year[54]. Profitability and Loss - Fourth quarter net loss was 71.8million,anincreaseof71.8 million, an increase of 45.1 million from a net loss of 26.7millioninthesamequarterlastyear;fullyearnetlosswas26.7 million in the same quarter last year; full year net loss was 123.2 million, up from 76.0million[13][14].−NetlossfortheyearendedDecember31,2024,was76.0 million[13][14]. - Net loss for the year ended December 31, 2024, was (123.2) million, compared to a net loss of (76.0)millionin2023,representinga62.1(76.0) million in 2023, representing a 62.1% increase in losses[48]. - Non-IFRS net loss for the year ended December 31, 2024, was (62,082) million, compared to (61,858)millionin2023[54].−AdjustedEBITDAforQ42024was(61,858) million in 2023[54]. - Adjusted EBITDA for Q4 2024 was (44,876) million, compared to 763millioninQ42023[54].−FourthquarteradjustedEBITDAwas763 million in Q4 2023[54]. - Fourth quarter adjusted EBITDA was 8.8 million, down from 9.0millioninthesamequarterlastyear;fullyearadjustedEBITDAwas9.0 million in the same quarter last year; full year adjusted EBITDA was 46.5 million, up from 45.5million[15].CostandExpenses−Totaloperatingexpensesincreasedto45.5 million[15]. Cost and Expenses - Total operating expenses increased to 61.9 million in Q4 2024, up from 36.5millioninQ42023,primarilyduetoa36.5 million in Q4 2023, primarily due to a 32.6 million impairment charge[46]. - The company incurred 34.0millioninimpairmentchargesduringQ42024aspartofitsannualimpairmenttest[46].−Share−basedcompensationexpensestotaled34.0 million in impairment charges during Q4 2024 as part of its annual impairment test[46]. - Share-based compensation expenses totaled 13.3 million for the year, down from 26.3millionin2023[48].−Batteryupgradeinitiativesaccountedfor26.3 million in 2023[48]. - Battery upgrade initiatives accounted for 32,255 million in costs for the year ended December 31, 2024[54]. Assets and Liabilities - Gogoro's total assets decreased from 834.2millionin2023to834.2 million in 2023 to 703.3 million in 2024, a decline of approximately 15.7%[43]. - Current assets fell from 266.1millionin2023to266.1 million in 2023 to 202.0 million in 2024, representing a decrease of about 24.1%[43]. - Total liabilities decreased from 585.5millionin2023to585.5 million in 2023 to 525.6 million in 2024, a reduction of approximately 10.2%[43]. - The company's total equity dropped from 248.7millionin2023to248.7 million in 2023 to 177.7 million in 2024, reflecting a decline of about 28.6%[43]. - Gogoro's cash and cash equivalents decreased from 173.9millionin2023to173.9 million in 2023 to 117.1 million in 2024, a decline of approximately 32.6%[43]. Future Outlook - The company expects 2025 revenue to be between 295millionto295 million to 315 million on a constant currency basis, reflecting the Taiwan market conditions[18]. - Gogoro's battery swapping service revenue is anticipated to exceed vehicle sales revenue on a full year basis for the first time in 2025[10]. - The company plans to achieve approximately 25millioninsavingsin2025asaresultofcostefficiencyplans[17].−Gogoroaimsforitsbatteryswappingbusinesstoreachprofitabilityonanon−IFRSbasisby2026andhardwaresalestoachieveprofitabilityby2028[17].CustomerExperienceandInitiatives−Thecompanyplanstoenhancecustomerexperiencethroughaone−timecustomercarepackage,whichincludesextendedwarrantiesandsoftwareupgrades[35].−Gogoro′sbatteryupgradeinitiativesaimtoimprovebatterycapacityandextendtheusefullifeofcertainbatterypacks,withcostsrecordedunderCostofRevenues[33].−Thecompanyisfocusedonexpandingitsmarketpresenceandenhancingoperationalefficienciestodrivefutureprofitability[22].Miscellaneous−Gogoroissued32,516,095ordinarysharesat25 million in savings in 2025 as a result of cost efficiency plans[17]. - Gogoro aims for its battery swapping business to reach profitability on a non-IFRS basis by 2026 and hardware sales to achieve profitability by 2028[17]. Customer Experience and Initiatives - The company plans to enhance customer experience through a one-time customer care package, which includes extended warranties and software upgrades[35]. - Gogoro's battery upgrade initiatives aim to improve battery capacity and extend the useful life of certain battery packs, with costs recorded under Cost of Revenues[33]. - The company is focused on expanding its market presence and enhancing operational efficiencies to drive future profitability[22]. Miscellaneous - Gogoro issued 32,516,095 ordinary shares at 1.5377 per share, raising 50.0millioninJune2024[50].−Thecompanyrecognized50.0 million in June 2024[50]. - The company recognized 2.5 million in losses on disposals of property, plant, and equipment in 2024[46]. - Gross margin for the fourth quarter was (8.1)%, down from 11.6% in the same quarter last year; full year gross margin was 2.4%, down from 14.6% last year[8][12]. - Gross loss for Q4 2024 was (5.9)million,comparedtoagrossprofitof(5.9) million, compared to a gross profit of 10.6 million in Q4 2023[46]. - Interest expense for the year ended December 31, 2024, was 10,865million,upfrom10,865 million, up from 8,979 million in 2023[54].