Gogoro Releases Second Quarter 2025 Financial Results

Gogoro Continues on Its Path Towards Profitability , /PRNewswire/ -- Gogoro Inc. ("Gogoro," "the Company" or "We") (Nasdaq: GGR), a global technology leader in battery swapping ecosystems that enable sustainable mobility solutions for cities, today released its financial results for its second quarter ended June 30, 2025. We affirm our commitment to ongoing strategic streamlining of products and solutions. Streamlining has substantially increased our operating cash flow to $15.2 million in the first half of 2025 from $4.8 million in the same period in 2024. Cost savings initiatives are trending according to plan with approximately $11 million in operating expenses saved in the first half compared with the same period of 2024. Second Quarter 2025 Business Update and Outlook Macroeconomic trends including uncertainty regarding global trade and overall consumer confidence in Taiwan, have resulted in overall two-wheel market reduction. Despite these challenges to top line revenue, we continue to deliver improved non-IFRS bottom line results. Product development continues as planned — a new vehicle will be launched in the third quarter as well as an all new vehicle platform in 2026. New battery pack developments are underway to meet aggressive cost targets, and increasing applications for second-life uses of battery packs are being identified with partners. International markets are showing positive signs — increased demand for Gogoro solutions in Korea for B2B applications, substantial government policy pronouncements in Vietnam indicating tailwinds for electrification of the two-wheeler market and good progress is being made toward the establishment of our joint venture with Castrol in Vietnam. Second Quarter 2025 Financial Summary Revenue of $65.8 million, down 18.7% year-over-year and down 22.5% on a constant currency basis. Battery swapping service revenue of $37.6 million, up 8.5% year-over-year and up 3.2% on a constant currency basis. Sales of hardware and others revenue of $28.2 million, down 39.1% year-over-year and down 41.8% on a constant currency basis. Gross margin of 0.3%, down from 5.2% in the same quarter last year primarily due to our ongoing battery pack upgrades. Non-IFRS gross margin of 17.0%, up 3.5% year-over-year. Net loss of $26.5 million as compared to a net loss of $20.1 million in the same quarter last year. Adjusted EBITDA of $12.5 million, up from $12.0 million in the same quarter last year. "We saw an uptick in both non-IFRS gross margin and operating cash flow for the first half of 2025, so we are starting to see the positive impact of our strategic efforts. We have right-sized the organization, stayed agile, while continuing our investments in innovation, all of which give us confidence in our ability to achieve our operational goals," said Henry Chiang, interim CEO of Gogoro. "We successfully introduced our newest product, EZZY, and also introduced a new Gogoro Network Energy rate plan this quarter, all of which give us an improved outlook for the second half of 2025. We remain focused on execution and cost discipline, while continuing to invest in innovation and new product development." "Second quarter revenue was impacted by the later-than-expected launch of EZZY, but we are still tracking to achieve full-year revenue at the low-end of our guided range. We are seeing the bottom-line impact of the structural changes and cost-savings initiatives we have implemented over the last three quarters," said Bruce Aitken, CFO of Gogoro. "Non-IFRS gross margin and operating cash flow both showed improvements in the first half of 2025 and our second half sales and revenue are expected to be higher than the first half based on historical experience. We remain focused and reaffirm our longer-term financial forecasts for 2026-2028." Second Quarter 2025 Financial Overview Operating Revenues For the second quarter, the total revenue was $65.8 million, down 18.7% year-over-year and down 22.5% year-over-year on a constant currency basis1. Had foreign exchange rates remained constant with the average rate of the same quarter last year, revenue would have been down by an additional $3.1 million. Battery swapping service revenue for the second quarter was $37.6 million, up 8.5% year-over-year, and up 3.2% year-over-year on a constant currency basis1. Total subscribers at the end of the second quarter was 648,000, up 7% from 608,000 subscribers at the end of the same quarter last year. The year-over-year increase in battery swapping service revenue was primarily due to our larger subscriber base compared to the same quarter last year and the high retention rate of our subscribers. We continue to see the strength of our subscription-based business model which enables us to accumulate more customers to maximize our battery swapping network efficiency. Sales of hardware and other revenue for the second quarter was $28.2 million, down 39.1% year-over-year, and down 41.8% year-over-year on a constant currency basis1. The year-over-year decrease in sales of hardware and other revenues was driven by a 54.3% decrease in vehicle sales volume on a year-over-year basis primarily due to the delayed launch of the new vehicle, EZZY. In addition, demand was impacted by broader macroeconomic headwinds in Taiwan, including a slowdown in consumer spending, an 11% drop in motorcycle retail sales, and a decline in consumer confidence to its lowest level since April 2024. We believe a portion of these delayed sales will shift into subsequent quarters as market conditions stabilize and our new product gains traction. Gross Margin For the second quarter, gross margin was 0.3%, down from 5.2% in the same quarter last year while non-IFRS gross margin1 was 17.0%, up from 13.5% in the same quarter last year. The decrease in gross margin was primarily driven by a combination of factors: (i) a $4.4 million increase in costs associated with our battery upgrade initiatives, including derecognition expenses on components removed from battery packs and other directly attributable costs, (ii) higher excess capacity costs due to reduced sales volume, and (iii) a partial offset from lower depreciation expenses resulting from the impairment recognized in the last quarter of 2024. The increase in non-IFRS gross margin was primarily driven by lower depreciation across our entire install base of battery packs from increased network efficiency as well as the extended lifespan of upgraded batteries and improvements in other operational efficiencies. Gogoro was founded as an innovative energy business and we continue to invest heavily in growing and updating our Gogoro Network by deploying new GoStations, battery packs, and software updates. Over the last three years, we have invested approximately $100 million in capital expenditure annually. Additionally, in the past few quarters, we have been undertaking a program to carry out one-time, voluntary upgrades on certain battery packs which are expected to continue through 2025. These upgrades provide multiple benefits — more efficient deployment of our resources than replacing battery packs, increasing lifetime capacity of each battery pack (including extending its second mobility use-case useful life) and solidifying the extra lifetime capacity of each battery pack to validate our second-life thesis. These upgrades are expected to create economic benefits in the long run but will lead to a short-term reduction in our gross margin as we continue carrying out these upgrades. We expect our cash position, gross profit and gross margin will continue to be impacted by the costs of these upgrades during 2025. In order to improve our overall customer experience and to extend battery life, we plan to continue upgrading a substantial quantity of our battery packs which are already in circulation and we will improve designs of our battery packs to make them even more rugged, safer and long-lasting. Net Loss For the second quarter, net loss was $26.5 million, representing an increase of $6.4 million from a net loss of $20.1 million in the same quarter last year. The increase in net loss was primarily due to an unfavorable change of $6.3 million in the fair value of financial liabilities associated with outstanding earnout shares, earn-in shares and warrants, which is mainly due to the Gogoro stock price declining to a lesser extent when compared to the same quarter last year, the decrease of $4.0 million in gross profit, and a $1.5 million increase in foreign exchange loss. These were partially offset by the decrease of $5.1 million in operating expenses. The decrease in operating expenses was mainly due to (i) lower variable marketing and promotional expenses resulting from reduced sales volume, (ii) savings in research and development expenses by focusing the vehicle business on a streamlined product portfolio, which allowed for the reduction of certain development programs, (iii) lower payroll driven by organizational efficiency, and (iv) a $3.1 million reduction in share-based compensation. 1 This is a non-IFRS measure, see Use of Non-IFRS Financial Measures for a description of the non-IFRS measures and Reconciliation of IFRS Financial Metrics to Non-IFRS for a reconciliation of the Company's non-IFRS financial measures to their most directly comparable IFRS measures. Adjusted EBITDA For the second quarter, adjusted EBITDA1 was $12.5 million, representing an increase of $0.5 million from $12.0 million in the same quarter last year. The increase was primarily due to a $3.3 million reduction in operating expenses (excluding share-based compensation, depreciation and amortization, and impairment charges) resulting from various cost-saving initiatives, a $0.5 million increase in non-operating income, and $0.3 million decrease in share of loss of investments accounted for using equity method. The increase was partially offset by a $1.5 million increase in foreign exchange loss and a $2.1 million decrease in non-IFRS gross profit (excluding share-based compensation, and depreciation and amortization) compared to the same quarter last year. Liquidity In the first half of 2025, we incurred an operating cash inflow of $15.2 million, compared to an operating cash inflow of $4.8 million in the same period of 2024, primarily due to cost reductions from organizational restructuring, improved expense efficiency, and favorable changes in operating assets and liabilities. During the second quarter ended June 30, 2025, we drew down NT$2.0 billion (approximately $68.3 million) in new long-term borrowings to enhance liquidity and strengthen our financial structure in preparation for potential market uncertainties. With a cash balance of $92.0 million at the end of the second quarter of 2025, and the additional credit facilities that are available to us, we believe we have sufficient sources of funding to meet our near-term business growth objectives. 2025 Guidance We anticipate the Taiwan two-wheeler market in 2025 to be more subdued than in 2024. Due to the later-than-expected launch of EZZY, our revenues are likely to come in at the low-end of the previously provided range of $295 million to $315 million. We estimate that approximately 95% of such full-year revenue will be generated from the Taiwan market. Our gross margin may be continuously negatively impacted in the short term because of our ongoing and accelerated battery upgrade initiatives which are expected to be completed by the end of 2025. Conference Call Information Gogoro's management team will hold an earnings webcast on August 12, 2025, at 8:00 a.m. Eastern Time to discuss the Company's second quarter 2025 results of operations and outlook. Investors may access the webcast, supplemental financial information and investor presentation at Gogoro's investor relations website (https://investor.gogoro.com) under the "Events" section. A replay of the investor presentation and the earnings call script will be available 24 hours after the conclusion of the webcast and archived for one year. About Gogoro Founded in 2011 to rethink urban energy and inspire the world to move through cities in smarter and more sustainable ways, Gogoro leverages the power of innovation to change the way urban energy is distributed and consumed. Recognized by Fortune as a "Change the World 2024" company; Fast Company as "Asia-Pacific's Most Innovative Company of 2024"; Frost & Sullivan as the "2024 Global Company of the Year for battery swapping for electric two-wheel vehicles"; and, MIT Technology Review as one of "15 Climate Tech Companies to Watch" in 2024, Gogoro's battery swapping and vehicle platforms offer a smart, proven, and sustainable long-term ecosystem for delivering a new approach to urban mobility. Gogoro has quickly become an innovation leader in vehicle design and electric propulsion, smart battery design, battery swapping, and advanced cloud services that utilize artificial intelligence to manage battery charging and availability. The challenge is massive, but the opportunity to disrupt the status quo, establish new standards, and achieve new levels of sustainable transportation growth in densely populated cities is even greater. For more information, visit www.gogoro.com/news and follow Gogoro on Twitter: @wearegogoro. Forward-Looking Statements This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Gogoro's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "going to," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern Gogoro's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this communication include, but are not limited to, statements in the section entitled, "2025 Guidance," such as estimates regarding Taiwan two-wheeler market and Gogoro's revenue and gross margin; statements in the section entitled, "Second Quarter 2025 Business Update and Outlook," such as Gogoro's product development plan; statements by Gogoro's interim chief executive officer and chief financial officer, such as Gogoro's future business plan and growth strategies, Gogoro's outlook for the second half of 2025 and future profitability; and Gogoro's battery pack upgrade initiatives (and its expected costs and benefits). Gogoro's expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks related to macroeconomic factors including inflation and consumer confidence, risks related to the Taiwan scooter market, risks related to political tensions, Gogoro's ability to effectively manage its growth, Gogoro's ability to launch and ramp up the production of its products, control its manufacturing costs and manage its supply chain issues, Gogoro's risks related to ability to expand its sales and marketing abilities, Gogoro's ability to expand effectively into new markets, foreign exchange fluctuations, Gogoro's ability to develop and maintain relationships with its partners, risks related to probable defects of Gogoro's products and services and product recalls, regulatory risks and Gogoro's risks related to strategic collaborations, risks related to the Taiwan market, India market, Philippines market and other international markets, alliances or joint ventures including Gogoro's ability to enter into and execute its plans related to strategic collaborations, alliances or joint ventures in order for such strategic collaborations, alliances or joint ventures to be successful and generate revenue, the ability of Gogoro to be successful in the B2B market, risks related to Gogoro's ability to achieve operational efficiencies, Gogoro's ability to raise additional capital, the risks related to the need for Gogoro to invest more capital in strategic collaborations, alliances or joint ventures, risks relating to the impact of foreign exchange and the risk of Gogoro having to adjust the accounting treatment associated with its joint ventures. The forward-looking statements contained in this communication are also subject to other risks and uncertainties, including those more fully described in Gogoro's filings with the Securities and Exchange Commission ("SEC"), including in Gogoro's Form 20-F for the year ended December 31, 2024, which was filed on March 31, 2025 and in its subsequent filings with the SEC, copies of which are available on the SEC's website at www.sec.gov. The forward-looking statements in this communication are based on information available to Gogoro as of the date hereof, and Gogoro disclaims any obligation to update any forward-looking statements, except as required by law. Condensed Consolidated Financial Statements The condensed consolidated financial statements are unaudited and have been prepared in accordance with the International Financial Reporting Standards (collectively, "IFRS") issued by the International Accounting Standards Board and regulations of the U.S. Securities and Exchange Commission ("SEC") for interim financial reporting. The Company's condensed consolidated financial statements reflect all normal adjustments that are, in our opinion, necessary to provide a fair statement of results for the interim periods presented, including the accounts of the Company and entities controlled by Gogoro Inc. The audited consolidated financial statements may differ materially from the unaudited condensed consolidated financial statements. Our audited financial statements for the full year ending December 31, 2025 will be included in the Company's Annual Report on Form 20-F for the year ending December 31, 2025. Accordingly, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2024 included in the Company's Annual Report on Form 20-F filed with the SEC on March 31, 2025, which provides a more complete discussion of the Company's accounting policies and certain other information. The condensed consolidated financial statements may include selected updates, notes and disclosures if there are significant changes since the date of the most recent annual report on Form 20-F which included the audited financial statements of the Company. Use of Non-IFRS Financial Measures This press release and accompanying tables contain certain non-IFRS financial measures including foreign exchange effect on operating revenues, non-IFRS gross profit, non-IFRS gross margin, non-IFRS net loss, EBITDA and adjusted EBITDA. Foreign exchange ("FX") effect on operating revenues. We compare the dollar amount and the percent change in the operating revenues from the current period to the same period last year using constant currency disclosure. We present constant currency information to provide a framework for assessing how our underlying revenues performed excluding the effect of foreign currency rate fluctuations. To present this information, current period operating revenues for entities reporting in currencies other than USD are converted into USD at the average exchange rates from the equivalent periods last year. Non-IFRS Gross Profit and Gross Margin. Gogoro defines non-IFRS gross profit and gross margin as gross profit and gross margin excluding share-based compensation, battery upgrade initiatives and battery swapping service rebate. Share-based Compensation. Share-based compensation consists of non-cash charges related to the fair value of restricted stock units awarded to employees and stock options granted to certain directors, executives, employees and others providing similar services. We believe that the exclusion of these non-cash charges provides for more accurate comparisons of our operating results to our peer companies due to the varying available valuation methodologies, subjective assumptions and the variety of award types. In addition, we believe it is useful to investors to understand the specific impact of share-based compensation on our operating results. Non-IFRS Net Loss. Gogoro defines non-IFRS net loss as net loss excluding share-based compensation, the change in fair value of financial liabilities including revaluation of change in fair value of earnout, earn-in and warrants associated with the merger of Poema, battery upgrade initiatives, and battery swapping service rebate. These amounts do not reflect the impact of any related tax effects. EBITDA. Gogoro defines EBITDA as net loss excluding interest expense, net, provision for income tax, depreciation, and amortization. These amounts do not reflect the impact of any related tax effects. Adjusted EBITDA. Gogoro defines Adjusted EBITDA as EBITDA excluding share-based compensation, the change in fair value of financial liabilities including revaluation of change in fair value of earnout, earn-in and warrants associated with the merger of Poema, battery upgrade initiatives, battery swapping service rebate, and impairment charges. These amounts do not reflect the impact of any related tax effects. Battery Upgrade Initiatives. As we perform certain voluntary upgrades to our battery packs, this charge represents the (i) derecognition expense on components removed from the battery pack, which we do not expect to generate any future benefits from its disposal and (ii) battery pack retrieval and other directly attributable costs incurred during the battery upgrades. We will only upgrade battery packs in instances where the value created exceeds the cost of the upgrade. The program will improve batteries' capacity and extend the remaining useful life of certain battery packs. The derecognition expense and the retrieval and other costs are recorded under Cost of Revenues in the Condensed Consolidated Statements of Comprehensive Loss. We exclude such expenditures for purposes of calculating certain non-IFRS measures because these charges do not reflect how management evaluates our operating performance. The adjustments facilitate a useful evaluation of our operating performance and comparisons to past operating results and provide investors with additional means to evaluate our profitability trends. We expect the derecognition expense and retrieval and other costs to recur in future periods as incurred during the implementation phase of the battery upgrade program. Battery Swapping Service Rebate. We voluntarily offered one-time subscription fee discounts to certain subscribers of Gogoro Network who experienced unusual and infrequent service inconveniences associated with a minor voluntary vehicle recall and battery upgrade, and such battery swapping service rebates are recorded as contra-revenue. We have excluded the impacts of such rebates from our non-IFRS metrics to allow investors to better understand the underlying operation results of the business and to facilitate comparison of current financial results with historical financial results and our peer group companies' financial results. Impairment charges. Non-cash impairment charges, primarily associated with adjustments to the carrying values of certain machinery equipment which is currently underutilized. The process of evaluating the potential impairment of long-lived assets under the accounting guidance on property, plant and equipment is subjective and requires judgment. We exclude impairment charges for purposes of calculating certain non-IFRS measures because the charges do not reflect our core operating performance. These adjustments facilitate a useful evaluation of our core operating performance and comparisons to past operating results and provide investors with additional means to evaluate expense trends. These non-IFRS financial measures exclude share-based compensation, interest expense, income tax, depreciation and amortization, change in fair value of financial liabilities associated with outstanding earnout shares, earn-in shares and warrants associated with the merger of Poema, battery upgrade initiative, battery swapping service rebate, and impairment charges. The Company uses these non-IFRS financial measures internally in analyzing its financial results and believes that these non-IFRS financial measures are useful to investors as an additional tool to evaluate ongoing operating results and trends. In addition, these measures are the primary indicators management uses as a basis for its planning and forecasting for future periods. Non-IFRS financial measures are not meant to be considered in isolation or as a substitute for comparable IFRS financial measures. Non-IFRS financial measures are subject to limitations and should be read only in conjunction with the Company's condensed consolidated financial statements prepared in accordance with IFRS. Non-IFRS financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. A description of these non-IFRS financial measures has been provided above and a reconciliation of the Company's non-IFRS financial measures to their most directly comparable IFRS measures have been provided in the financial statement tables included in this press release, and investors are encouraged to review these reconciliations. GOGORO INC Condensed Consolidated Balance Sheets (unaudited) (in thousands of U.S. dollars) June 30, December 31, 2025 2024 ASSETS Current assets: Cash and cash equivalents $ 92,026 $ 117,148 Trade receivables 20,295 16,977 Inventories 2 43,301 44,972 Other assets, current 3 68,175 23,727 Total current assets 223,797 202,824 Property, plant and equipment 2 475,055 438,255 Right-of-use assets 32,247 35,303 Investments accounted for using equity method 16,011 16,117 Other assets, non-current 8,355 7,928 Total assets $ 755,465 $ 700,427 LIABILITIES AND EQUITY Current liabilities: Borrowings, current $ 114,274 $ 103,018 Financial liabilities at fair value through profit or loss 819 2,654 Notes and trade payables 24,432 29,351 Contract liabilities, current 15,403 11,869 Lease liabilities, current 15,941 9,446 Financial liabilities at amortized cost, current 4 5,000 24,586 Provisions, current 4,876 4,240 Other liabilities, current 40,322 40,465 Total current liabilities 221,067 225,629 Borrowings, non-current 329,184 253,750 Lease liabilities, non-current 17,273 26,966 Financial liabilities at amortized cost, non-current 4 20,000 — Provisions, non-current 1,661 1,419 Other liabilities, non-current 14,446 16,123 Total liabilities 603,631 523,887 Total equity 151,834 176,540 Total liabilities and equity $ 755,465 $ 700,427 Inventories: Raw materials $ 27,748 $ 23,337 Semi-finished goods 3,546 2,667 Merchandise 12,007 18,968 Total inventories $ 43,301 $ 44,972 2 On June 30, 2025 and December 31, 2024, the Company classified $22.3 million and $27.7 million, respectively of undeployed battery packs and related battery cells in property, plant and equipment based on the Company's deployment plan for the next 12 months. 3 During the second quarter ended June 30, 2025, the Company drew down NT$2.0 billion (approximately $68.3 million). Of this amount, NT$1.4 billion (approximately $46.4 million) was placed in a term deposit with an original maturity of more than 90 days. In accordance with IFRS, the deposit has been classified as Other Current Assets on the condensed consolidated balance sheet as of June 30, 2025. 4 As of June 30, 2025, the $20.0 million put options previously classified under current financial liabilities at amortized cost was reclassified to non-current financial liabilities, as the Company has met contractual requirements that result in a right to defer settlement beyond 12 months from the reporting date. GOGORO INC Condensed Consolidated Statements of Comprehensive Loss (unaudited) (in thousands of U.S. dollars, except net loss per share) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Operating revenues $ 65,813 $ 80,944 $ 129,434 $ 150,655 Cost of revenues 65,591 76,772 126,106 142,010 Gross profit 222 4,172 3,328 8,645 Operating expenses: Sales and marketing 8,109 11,687 15,487 22,268 General and administrative 7,317 8,573 13,980 17,942 Research and development 6,399 8,459 12,385 17,825 Other operating expense 1,867 54 2,054 508 Total operating expenses 23,692 28,773 43,906 58,543 Loss from operations (23,470) (24,601) (40,578) (49,898) Non-operating income and expenses: Interest expense, net (3,117) (2,516) (6,067) (5,244) Other income, net 265 1,313 1,423 3,729 Change in fair value of financial liabilities 52 6,352 1,835 19,550 Share of loss of investments accounted for using equity method (257) (603) (1,702) (1,319) Total non-operating (expense) income (3,057) 4,546 (4,511) 16,716 Net loss (26,527) (20,055) (45,089) (33,182) Other comprehensive loss: Exchange differences on translation 19,075 (2,707) 16,972 (11,026) Total comprehensive loss $ (7,452) $ (22,762) $ (28,117) $ (44,208) Basic and diluted net loss per share $ (0.09) $ (0.08) $ (0.15) $ (0.14) Shares used in computing basic and diluted net loss per share 295,244 246,535 294,864 241,238 Three Months Ended June 30, Six Months Ended June 30, Operating revenues: 2025 2024 2025 2024 Sales of hardware and others $ 28,190 $ 46,282 $ 57,338 $ 83,540 Battery swapping service 37,623 34,662 72,096 67,115 Total $ 65,813 $ 80,944 $ 129,434 $ 150,655 Three Months Ended June 30, Six Months Ended June 30, Share-based compensation: 2025 2024 2025 2024 Cost of revenues $ 57 $ 320 $ 160 $ 602 Sales and marketing 109 505 279 954 General and administrative 326 2,136 815 3,809 Research and development 194 1,080 515 2,054 Total $ 686 $ 4,041 $ 1,769 $ 7,419 GOGORO INC Condensed Consolidated Statements of Cash Flows (unaudited) (in thousands of U.S. dollars) Six Months Ended June 30, 2025 2024 Operating activities Net loss $ (45,089) $ (33,182) Adjustments for: Depreciation and amortization 45,193 50,050 Impairment losses associated with facilities, inventories and receivables 96 1,920 Share of loss of investments accounted for using equity method 1,702 1,319 Change in fair value of financial liabilities (1,835) (19,550) Interest expense, net 6,067 5,244 Share-based compensation 1,769 7,419 Loss on disposal of property and equipment, net 5 10,441 4,444 Recognition of provisions 951 66 Changes in operating assets and liabilities: Trade receivables (3,727) (3,754) Inventories 8,212 (2,677) Other current assets 5 387 1,323 Notes and trade payables (4,919) (2,303) Contract liabilities 2,838 8,401 Other liabilities (284) (6,554) Provisions (1,187) (2,081) Cash generated from operations 20,615 10,085 Interest expense paid, net (5,441) (5,331) Net cash generated from operating activities 15,174 4,754 Investing activities Payments for property, plant and equipment, net (33,881) (45,139) Increase in refundable deposits (645) (442) Payments of intangible assets, net (70) (62) Increase in other financial assets (49,118) (286) Net cash used in investing activities (83,714) (45,929) Financing activities Proceeds from borrowings 78,425 33,826 Repayments of borrowings (34,646) (29,778) Proceeds from issuance of shares — 75,000 Guarantee deposits received (refund) 114 (167) Repayment of the principal portion of lease liabilities (6,248) (6,415) Net cash generated from financing activities 37,645 72,466 Effect of exchange rate changes on cash and cash equivalents 5,773 (8,290) Net (decrease) increase in cash and cash equivalents (25,122) 23,001 Cash and cash equivalents at the beginning of the period 117,148 173,885 Cash and cash equivalents at the end of the period $ 92,026 $ 196,886 5 The Company identified that an amount of $3.9 million, related to the disposal of PCBA board resulting from battery upgrade initiatives which was previously classified as changes in other current assets, but has been reclassified to loss on disposal of property and equipment all within operating activities, in the comparative period for the six months ended June 30, 2024. This reclassification had no impact on the net cash generated from operating activities, net change in cash and cash equivalents or on the Company's condensed consolidated statements of balance sheets, comprehensive income, or equity. GOGORO INC Condensed Consolidated Statements of Changes in Equity (unaudited) (in thousands of U.S. dollars) OrdinaryShares Capital Surplus AccumulatedDeficits Exchange Differenceon Translation Total Equity Balance as of December 31, 2024 $ 29 $ 734,460 $ (548,732) $ (9,217) $ 176,540 Net loss for the six months ended June 30, 2025 — — (45,089) — (45,089) Other comprehensive loss — — — 16,972 16,972 Changes in percentage of ownership interest in investments accounted for using equity method — 1,642 — — 1,642 Shared-based compensation — 1,769 — — 1,769 Balance as of June 30, 2025 $ 29 $ 737,871 $ (593,821) $ 7,755 $ 151,834 GOGORO INC. Reconciliation of IFRS Financial Metrics to Non-IFRS (unaudited) (in thousands of U.S. dollars) Three Months Ended June 30, 2025 2024 IFRSrevenue YoYchange % RevenueexcludingFX effectYoY change% Operating revenues: IFRS revenue FX effect Revenueexcluding FXeffect IFRS revenue Sales of hardware and others $ 28,190 $ (1,274) $ 26,916 $ 46,282 (39.1) % (41.8) % Battery swapping service 37,623 (1,845) 35,778 34,662 8.5 % 3.2 % Total $ 65,813 $ (3,119) $ 62,694 $ 80,944 (18.7) % (22.5) % Six Months Ended June 30, 2025 2024 IFRSrevenue YoYchange % RevenueexcludingFX effectYoY change% Operating revenues: IFRS revenue FX effect Revenueexcluding FXeffect IFRS revenue Sales of hardware and others $ 57,338 $ 77 $ 57,415 $ 83,540 (31.4) % (31.3) % Battery swapping service 72,096 (259) 71,837 67,115 7.4 % 7.0 % Total $ 129,434 $ (182) $ 129,252 $ 150,655 (14.1) % (14.2) % Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Gross profit and gross margin $ 222 0.3 % $ 4,172 5.2 % $ 3,328 2.6 % $ 8,645 5.7 % Share-based compensation 57 320 160 602 Battery upgrade initiatives [1] 10,940 6,450 19,287 10,560 Battery swapping service rebate — — — 1,661 Non-IFRS gross profit and gross margin $ 11,219 17.0 % $ 10,942 13.5 % $ 22,775 17.6 % $ 21,468 14.2 % Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net loss $ (26,527) $ (20,055) $ (45,089) $ (33,182) Share-based compensation 686 4,041 1,769 7,419 Change in fair value of financial liabilities (52) (6,352) (1,835) (19,550) Battery upgrade initiatives 6 10,940 6,450 19,287 10,560 Battery swapping service rebate — — — 1,661 Impairment charges 7 1,406 — 1,406 — Non-IFRS net loss $ (13,547) $ (15,916) $ (24,462) $ (33,092) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Net loss $ (26,527) $ (20,055) $ (45,089) $ (33,182) Interest expense, net 3,117 2,516 6,067 5,244 Depreciation and amortization 22,908 25,370 45,193 50,050 EBITDA (502) 7,831 6,171 22,112 Share-based compensation 686 4,041 1,769 7,419 Change in fair value of financial liabilities (52) (6,352) (1,835) (19,550) Battery upgrade initiatives 6 10,940 6,450 19,287 10,560 Battery swapping service rebate — — — 1,661 Impairment charges 7 1,406 — 1,406 — Adjusted EBITDA $ 12,478 $ 11,970 $ 26,798 $ 22,202 6 The three months ended June 30, 2024 battery upgrade initiatives amount includes retrieval and other attributable costs which previously were not reported in our unaudited Reconciliations of IFRS Financial Metrics to Non-IFRS tables in the second quarter of 2024. 7 In the second quarter of 2025, the Company recognized an impairment loss related to a foreign subsidiary asset, based on updated information and assessments that met the impairment trigger as a result of recalibrating Gogoro's international business. 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Gogoro Releases Second Quarter 2025 Financial Results

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