Gogoro(GGR) - 2023 Q4 - Annual Report

Revenue Performance - Fourth quarter revenue of $91.5 million, down 4.1$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$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$385 million to $420 million, with approximately 90$91.53 million from $95.47 million in Q4 2022, a decline of 4.1$32.58 million from $31.43 million in Q4 2022, a growth of 3.7$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$10.10 million, down from $14.33 million in Q4 2022, a decrease of 29.5$50.445 billion with a gross margin of 14.4%, compared to $57.713 billion and 15.1$55.428 billion with a gross margin of 15.8%, compared to $64.354 billion and 16.8$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$9.62 million, down from $12.37 million in Q4 2022, a decrease of 22.2$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$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]