Gogoro(US:GGR)2025-11-12 11:10Financial Performance - Total revenue for Q3 2025 was $77.6 million, down 10.6% year-over-year and down 17.1% on a constant currency basis[3]. - Operating revenues for Q3 2025 were $77.647 million, a decrease of 10.6% from $86.856 million in Q3 2024[43]. - Net loss for the nine months ended September 30, 2025, was $60.031 million, compared to a net loss of $51.426 million for the same period in 2024[45]. - Total comprehensive loss for Q3 2025 was $20.129 million, compared to a comprehensive loss of $14.085 million in Q3 2024[43]. - The company experienced a 29.1% decline in sales of hardware and others for the nine months ended September 30, 2025, totaling $96.073 million compared to $135.510 million in 2024[49]. Profitability Metrics - Adjusted EBITDA for Q3 2025 was $20.2 million, up from $15.5 million in the same quarter last year[12]. - Adjusted EBITDA for the nine months ended September 30, 2025, was $46.998 million, up from $37.699 million in 2024[49]. - Gross profit for Q3 2025 was $9.492 million, with a gross margin of 12.2%, compared to $4.679 million and 5.4% in Q3 2024[49]. - Gross margin improved to 12.2%, up from 5.4% in the same quarter last year, while non-IFRS gross margin reached 22.2%, up from 16.3%[9]. Cash Flow and Expenses - Operating cash flow for the first nine months of 2025 rose to $25.7 million, compared to $13.3 million in the same period last year[4]. - Cash generated from operating activities for the nine months ended September 30, 2025, was $25.662 million, an increase from $13.262 million in 2024[45]. - The company reported a total operating expense of $66.887 million for the nine months ended September 30, 2025, down from $87.740 million in 2024[43]. - Operating expenses savings initiatives resulted in approximately $21 million saved in the first nine months of 2025 compared to the same period in 2024[4]. Market and Product Developments - Battery swapping service revenue increased to $38.9 million, up 11.5% year-over-year, with total subscribers reaching 657,000, a 5% increase from the previous year[6]. - New product launches, including the EZZY and EZZY 500, are expected to contribute to sales growth and margin improvement in 2026[4]. - The two-wheeler market in Taiwan contracted to 196,000 units, the lowest third-quarter total in a decade, impacting overall sales[4]. Balance Sheet Highlights - As of September 30, 2025, total assets amounted to $702.0 million, a slight increase from $700.4 million on December 31, 2024[39]. - Current liabilities decreased from $225.6 million on December 31, 2024, to $209.6 million as of September 30, 2025[39]. - Non-current borrowings increased from $253.8 million on December 31, 2024, to $316.8 million as of September 30, 2025[39]. - The company reported cash and cash equivalents of $119.5 million as of September 30, 2025, compared to $117.1 million on December 31, 2024[39]. - Total equity decreased from $176.5 million on December 31, 2024, to $132.3 million as of September 30, 2025[39]. - Inventories decreased from $44.97 million on December 31, 2024, to $38.14 million as of September 30, 2025[41]. - The company classified $18.5 million of undeployed battery packs and related battery cells in property, plant, and equipment as of September 30, 2025[41]. Future Outlook - The company expects full-year revenue for 2025 to be between $270 million and $285 million, with approximately 95% generated from the Taiwan market[14]. - The company expects recurring costs associated with battery upgrade initiatives as part of its ongoing operational strategy[30]. - A 1-for-20 reverse stock split was executed on October 6, 2025, to comply with Nasdaq minimum bid price requirements[47].