Gogoro(US:GGR)2023-05-11 17:32Financial Data and Key Metrics Changes - Q1 2023 revenue was $79.3 million, down 16% year-over-year and down 8.8% year-over-year on a constant currency basis [36] - Hardware and other revenue for the quarter was $47 million, down 27% year-over-year [37] - Net loss for Q1 was $40.6 million, up from $21.7 million in the same quarter last year [41] - Adjusted EBITDA was $10.6 million, down from $13.5 million in the same quarter last year [42] Business Line Data and Key Metrics Changes - Gogoro vehicle sales volume decreased by 17.3% compared to the same quarter last year [38] - Battery swapping service revenue for Q1 was $32.3 million, up 9.8% year-over-year [39] - Total subscribers at the end of Q1 exceeded 538,000, up 15.2% from 467,000 subscribers at the end of the same quarter last year [39] Market Data and Key Metrics Changes - The total number of registered electric scooters in Taiwan was 16,741 units, down slightly from 17,065 units in Q1 of 2022 [11] - The overall two-wheeler market in Taiwan grew, with unit sales of Gogoro and partner branded vehicles down slightly [9] - The total number of registered scooters in Taiwan was 177,000, up 9.8% from 161,000 in Q1 of 2022 [9] Company Strategy and Development Direction - The company aims to expand internationally, focusing on B2B markets as a starting point [24][30] - Gogoro is committed to diversifying its revenue internationally while maintaining a strong presence in Taiwan [64] - The company is developing new products to regain market share in Taiwan and plans to launch these in the second half of 2023 [61] Management's Comments on Operating Environment and Future Outlook - The macro operating environment is more challenging than in previous years, but the company believes in the inevitability of the shift towards electric vehicles [8][14] - Management expects a flat market in Taiwan for 2023, with no substantial growth in total ICE or electric vehicles sold [9] - The company remains optimistic about the future growth of electric vehicles, particularly in international markets [68] Other Important Information - Gogoro has completed over 460 million battery swaps since 2015, avoiding 603 million kilograms of CO2 emissions [16] - The company has launched pilot programs in India and the Philippines, with plans for further expansion [31][30] - The average revenue per rider in Taiwan is just above $20, with a majority using their vehicles for personal commuting [15] Q&A Session Summary Question: Update on alliances in India - Management is focused on B2B partnerships first, with ongoing development of vehicles by partners [59][60] Question: Plans to regain market share in Taiwan - The company is broadening its product portfolio and focusing on user experience rather than price [61][64] Question: Reconciliation of EV unit sales downtrend with ICE market growth - Q1 is traditionally the smallest seasonal quarter, and management is comfortable with the guidance of $400 to $450 million for the year [55][54]