Financial Performance - Gogoro reported total revenue of $80.9 million for Q2 2024, a decrease of 7.2% year-over-year and 2.4% on a constant currency basis [4][11] - Battery swapping service revenue increased to $34.7 million, up 4.0% year-over-year and 9.5% on a constant currency basis [5][6] - Hardware and other sales revenue was $46.3 million, down 14.1% year-over-year and 9.8% on a constant currency basis [6][11] Backlog and Demand - The company has over 6,500 backlog orders for its new Pulse and JEGO Smartscooters, with an estimated revenue of $12.3 million expected to be recognized in Q3 2024 upon delivery [2][4] - The backlog orders are attributed to strong demand for the new models, despite challenges in balancing manufacturing capacity [4][7] Profitability Metrics - Gross margin for Q2 2024 was 5.2%, down from 15.2% in the same quarter last year, while non-IFRS gross margin was 13.0%, down from 16.0% [9][11] - The net loss for Q2 2024 was $20.1 million, an increase from a net loss of $5.6 million in the same quarter last year [11][12] - Adjusted EBITDA for the quarter was $11.6 million, down from $12.9 million year-over-year [12] Investment and Funding - Gogoro secured $75 million in equity investments from Gold Sino Assets Limited and Castrol Holdings International Limited [3][13] - The company ended Q2 2024 with a cash balance of $196.9 million, which is expected to support operational needs and global expansion efforts [14] Market Outlook - The overall two-wheeler market in Taiwan is projected to shrink by 14% in 2024, impacting Gogoro's sales expectations [8][15] - Gogoro adjusted its full-year revenue guidance to between $320 million and $345 million, with over 95% expected to be generated from Taiwan [15]
Gogoro Releases Second Quarter 2024 Financial Results