Gogoro(GGR) - 2022 Q4 - Annual Report

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]