Gogoro(GGR)2024-11-14 11:05Financial Performance - Total revenue for Q3 2024 was $86.9 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 $3.1 million in the same quarter last year[9]. - Adjusted EBITDA for Q3 2024 was $14.1 million, an increase from $13.1 million in the same quarter last year[10]. - Operating revenues for Q3 2024 were $86,856 million, a decrease of 5.1% from $91,750 million in Q3 2023[45]. - Gross profit for Q3 2024 was $4,679 million, down 72.1% from $16,783 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 $91,750 million in Q3 2023[53]. - Non-IFRS net loss for Q3 2024 was $(12,210) million, slightly improved from $(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 $60,623 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 $135,510 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 $305 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 $29,197 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 $819.6 million, a decrease from $834.2 million on December 31, 2023[42]. - The company's cash and cash equivalents decreased to $119.2 million from $173.9 million as of December 31, 2023[42]. - Gogoro reported total current liabilities of $212.9 million, slightly down from $214.1 million at the end of 2023[42]. - The total equity of Gogoro increased to $253.6 million from $248.7 million as of December 31, 2023[42]. - Gogoro's inventories rose to $57.7 million as of September 30, 2024, compared to $53.1 million at the end of 2023[43]. - The company set aside a $55.1 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 $25 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 $22,325 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 $31,490 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].