Gogoro(GGR)2025-05-08 10:06Financial Performance - Revenue for Q1 2025 was $63.6 million, down 8.7% year-over-year and down 4.5% on a constant currency basis[4]. - Operating revenues for Q1 2025 were $63,621,000, a decrease of 8.5% compared to $69,711,000 in Q1 2024[38]. - For the three months ended March 31, 2025, total operating revenues decreased by 8.7% year-over-year to $63.621 million, compared to $66.558 million in the same period of 2024[45]. - The sales of hardware and others dropped by 21.8% year-over-year to $29.148 million, while battery swapping service revenue increased by 6.2% to $34.473 million[45]. - Gross profit for Q1 2025 was $3,106,000, down from $4,473,000 in Q1 2024, resulting in a gross margin of 4.9%[38]. - Gross margin for Q1 2025 was 4.9%, down from 6.4% in the same quarter last year, while non-IFRS gross margin improved to 18.2%, up from 15.1%[5]. - The net loss for the three months ended March 31, 2025, was $18.562 million, compared to a net loss of $13.127 million in the same period of 2024[45]. - Net loss for Q1 2025 was $18.6 million, an increase of $5.5 million from a net loss of $13.1 million in the same quarter last year[9]. - Non-IFRS net loss improved to $10.915 million in Q1 2025 from $17.176 million in Q1 2024[45]. - The company reported a basic and diluted net loss per share of $0.06 for both Q1 2025 and Q1 2024[38]. Operating Expenses - Total operating expenses decreased to $20,214,000 in Q1 2025 from $29,770,000 in Q1 2024, primarily due to reductions in sales and marketing and general administrative expenses[38]. - Adjusted EBITDA for Q1 2025 was $14.3 million, up from $10.2 million in the same quarter last year, primarily due to a $7.1 million reduction in operating expenses[10]. - Share-based compensation expenses totaled $1,083,000 in Q1 2025, down from $3,378,000 in Q1 2024[41]. - Share-based compensation expenses for Q1 2025 were $1.083 million, down from $3.378 million in Q1 2024[45]. Cash Flow and Liquidity - Operating cash outflow for Q1 2025 was $8.9 million, compared to an inflow of $0.9 million in Q1 2024, with a cash balance of $93.3 million at the end of Q1 2025[11]. - Cash and cash equivalents at the end of Q1 2025 were $93,279,000, down from $117,148,000 at the end of Q4 2024[41]. - The balance of total equity as of March 31, 2025, was $158.542 million, down from $176.540 million as of December 31, 2024[43]. Strategic Initiatives - The company secured a new NT$2 billion credit facility in Q1 2025 to support strategic initiatives and product innovation[3]. - Gogoro expects to achieve approximately $25 million in savings in 2025 compared to 2024 through cost efficiency plans[12]. - The ongoing battery upgrade initiatives are expected to negatively impact gross margin in the short term but are aimed at long-term economic benefits[8]. - The company recorded a derecognition expense related to battery upgrades, which is expected to recur in future periods[30]. - The company reported a total of $8.347 million in costs related to battery upgrade initiatives for Q1 2025, compared to $4.110 million in Q1 2024[45]. Future Outlook - The revenue forecast for the full year of 2025 is between $295 million to $315 million on a constant currency basis, with 95% expected from the Taiwan market[13]. - Total liabilities decreased to $499,036,000 as of March 31, 2025, from $523,887,000 as of December 31, 2024[36]. - The company experienced a translation loss of $11.320 million as of March 31, 2025, compared to a loss of $9.217 million as of December 31, 2024[43].