Gogoro(GGR)2025-02-13 11:20Revenue Performance - Fourth quarter revenue was $73.0 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 $35.9 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 $73.0 million, a decrease of 20.3% from $91.5 million in Q4 2023[46]. - Total revenue for the year ended December 31, 2024, was $310,518 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 $71.8 million, an increase of $45.1 million from a net loss of $26.7 million in the same quarter last year; full year net loss was $123.2 million, up from $76.0 million[13][14]. - Net loss for the year ended December 31, 2024, was $(123.2) million, compared to a net loss of $(76.0) 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) million in 2023[54]. - Adjusted EBITDA for Q4 2024 was $(44,876) million, compared to $763 million in Q4 2023[54]. - Fourth quarter adjusted EBITDA was $8.8 million, down from $9.0 million in the same quarter last year; full year adjusted EBITDA was $46.5 million, up from $45.5 million[15]. Cost and Expenses - Total operating expenses increased to $61.9 million in Q4 2024, up from $36.5 million in Q4 2023, primarily due to a $32.6 million impairment charge[46]. - The company incurred $34.0 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 $26.3 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 $834.2 million in 2023 to $703.3 million in 2024, a decline of approximately 15.7%[43]. - Current assets fell from $266.1 million in 2023 to $202.0 million in 2024, representing a decrease of about 24.1%[43]. - Total liabilities decreased from $585.5 million in 2023 to $525.6 million in 2024, a reduction of approximately 10.2%[43]. - The company's total equity dropped from $248.7 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 $173.9 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 $295 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 $25 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 $50.0 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, compared to a gross profit of $10.6 million in Q4 2023[46]. - Interest expense for the year ended December 31, 2024, was $10,865 million, up from $8,979 million in 2023[54].