Gogoro(GGR) - 2023 Q1 - Quarterly Report

Financial Performance - First quarter revenue was $79.3 million, a decrease of 16.0% year-over-year and down 8.8% on a constant currency basis[2] - Net loss for the first quarter was $40.6 million, up from a net loss of $21.7 million in the same quarter last year[5] - Adjusted EBITDA for the first quarter was $10.6 million, down from $13.5 million in the same quarter last year[6] - Gross margin for the first quarter was 12.9%, down from 13.7% in the same quarter last year[4] - Operating revenues for the three months ended March 31, 2023, were $79,319,000, a decrease of 16.0% compared to $94,455,000 in the same period of 2022[30] - Gross profit for the same period was $10,261,000, down from $12,898,000, reflecting a decline in profitability[30] - The net loss for the three months ended March 31, 2023, was $40,620,000, compared to a net loss of $21,717,000 in the prior year, indicating a worsening financial position[30] - Non-IFRS net loss for Q1 2023 was $(15,941) million, compared to $(14,753) million in Q1 2022[38] - Adjusted EBITDA for Q1 2023 was $10,631 million, down from $13,518 million in Q1 2022[38] Cash Flow and Assets - The company reduced operating cash outflow by $19.2 million compared to the same quarter last year[9] - The company has a cash balance of $167.1 million at the end of the first quarter, sufficient to meet near-term business growth objectives[9] - Total current assets decreased to $349,018,000 as of March 31, 2023, from $397,905,000 at the end of 2022, primarily due to a reduction in cash and cash equivalents[28] - Cash and cash equivalents at the end of the period were $167,082,000, down from $236,100,000 at the beginning of the period[34] - The company experienced a cash used in operations of $12,846,000 for the three months ended March 31, 2023, an improvement from $30,967,000 in the same period of 2022[34] Subscriber Growth - Battery swapping revenue for the first quarter was $32.3 million, an increase of 9.8% year-over-year and up 19.2% on a constant currency basis[3] - Total subscribers for the battery swapping service exceeded 538,000, up 15.2% from 467,000 subscribers at the end of the same quarter last year[3] Future Outlook - Gogoro expects full year 2023 revenue guidance of $400 million to $450 million, representing an anticipated increase of 4.5% to 17.6% compared to 2022[10] - Gogoro plans to transition from pilots to commercial deployments in new markets including India and the Philippines this year[1] Equity and Liabilities - Total liabilities remained relatively stable at $574,279,000 as of March 31, 2023, compared to $574,449,000 at the end of 2022[28] - The company reported a total equity of $266,706,000, down from $298,974,000, reflecting a decrease in shareholder value[28] Operating Expenses - Operating expenses totaled $32,495,000 for the three months ended March 31, 2023, slightly down from $32,742,000 in the same period of 2022[30] - The company incurred $6,166,000 in share-based compensation during the three months ended March 31, 2023, compared to $4,362,000 in the prior year[33]