Gogoro(US:GGR)2025-08-12 10:38Financial Performance - Total revenue for Q2 2025 was $65.8 million, down 18.7% year-over-year and down 22.5% on a constant currency basis[6]. - Net loss for Q2 2025 was $26.5 million, an increase of $6.4 million from a net loss of $20.1 million in the same quarter last year[13]. - Operating revenues for Q2 2025 were $65.813 million, a decrease of 18.6% compared to $80.944 million in Q2 2024[46]. - Gross profit for Q2 2025 was $222,000, down from $4.172 million in Q2 2024, indicating a significant decline in profitability[46]. - The net loss for Q2 2025 was $26.527 million, compared to a net loss of $20.055 million in Q2 2024, reflecting a worsening financial position[46]. - For the six months ended June 30, 2025, the company reported a net loss of $45.089 million, compared to a net loss of $33.182 million for the same period in 2024, representing a year-over-year increase of 35.9%[48]. - Total revenue for the six months ended June 30, 2025, was $129.434 million, a decrease of 14.1% compared to $150.655 million in 2024[51]. Revenue Segmentation - Battery swapping service revenue increased to $37.6 million, up 8.5% year-over-year, while hardware and other revenue decreased to $28.2 million, down 39.1% year-over-year[8]. - Battery swapping service revenues increased to $37.623 million in Q2 2025, up from $34.662 million in Q2 2024, indicating growth in this segment[46]. - The company anticipates full-year revenue to be at the low-end of the previously provided range of $295 million to $315 million due to the delayed launch of the new vehicle EZZY[17]. Cost Management - Approximately $11 million in operating expenses were saved in the first half of 2025 compared to the same period in 2024[4]. - Total operating expenses for Q2 2025 were $23.692 million, down from $28.773 million in Q2 2024, showing a reduction in costs[46]. - The company incurred share-based compensation costs of $57,000 in Q2 2025, significantly lower than $320,000 in Q2 2024, suggesting improved cost management[46]. - The company’s share-based compensation expense for the six months ended June 30, 2025, was $1.769 million, down from $7.419 million in the same period of 2024[51]. Cash Flow and Assets - Operating cash inflow for the first half of 2025 was $15.2 million, compared to $4.8 million in the same period in 2024[16]. - Cash generated from operating activities increased to $20.615 million in the first half of 2025, up from $10.085 million in the same period of 2024, marking a 104.1% increase[48]. - The company reported a net cash generated from financing activities of $37.645 million in the first half of 2025, down from $72.466 million in the same period of 2024[48]. - The company’s cash and cash equivalents at the end of the period were $92.026 million, a decrease from $196.886 million at the beginning of the period[48]. Balance Sheet - Total current assets as of June 30, 2025, were $475.055 million, an increase from $438.255 million as of December 31, 2024[44]. - Total liabilities as of June 30, 2025, were $603.631 million, compared to $523.887 million as of December 31, 2024, indicating an increase in financial obligations[44]. - The total equity as of June 30, 2025, was $151.834 million, a decrease from $176.540 million as of December 31, 2024[49]. Profitability Metrics - Gross margin was 0.3%, down from 5.2% in the same quarter last year, while non-IFRS gross margin improved to 17.0%, up from 13.5% year-over-year[10]. - The gross profit margin for the six months ended June 30, 2025, was 17.0%, compared to 13.5% in the same period of 2024, indicating an improvement in profitability[51]. - The basic and diluted net loss per share for Q2 2025 was $0.09, compared to $0.08 in Q2 2024, reflecting a decline in shareholder value[46]. Impairment and Future Outlook - The company recognized an impairment loss of $1.406 million related to a foreign subsidiary asset during the second quarter of 2025[51]. - The company expects to continue incurring costs related to battery upgrade initiatives, which are recorded under Cost of Revenues[34]. - The company plans to continue battery pack upgrades through 2025, which are expected to impact gross margin in the short term[12].