TAIPEI, May 9, 2024
/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 first quarter ended
March 31, 2024.
First Quarter 2024 Summary
- Revenue of $69.7 million, down
12.1% year-over-year and down 9.0% on a constant currency
basis.
- Battery swapping service revenue of $32.5 million, up 0.6% year-over-year and up 4.1%
on a constant currency basis.
- Introduced two new vehicles, namely Gogoro Pulse, our new
flagship Smartscooter, and JEGO, our new entry-level Smartscooter
that received more than 5,000 backlog orders in the first quarter
and started shipping early in the second quarter. Revenue
associated with these backlog orders for JEGO in the first quarter
is estimated to be $8.6 million which
will not be recognized as revenue until vehicles are
delivered.
- Sales of hardware and others of $37.2
million, down 20.8% year-over-year and down 18.1% on a
constant currency basis.
- Gross margin of 6.4%, down from 12.9% in the same quarter
last year. Non-IFRS gross margin of 13.3%, down 0.4%
year-over-year.
- Net loss of $13.1 million as
compared to a net loss of $40.6
million in the same quarter last year.
- Adjusted EBITDA of $9.0
million, down from $10.6
million in the same quarter last year.
"This quarter we unveiled two new vehicles, Gogoro Pulse, our
new flagship Smartscooter, and JEGO, our new well-equipped and
affordable Smartscooter. JEGO is the result of our effort to design
a mass-market vehicle that improves our vehicle economics. JEGO
quickly generated strong interest from first-time electric vehicle
buyers in Taiwan and totaled more
than 5,000 backlog orders in the last few weeks of the first
quarter, making it our most successful Smartscooter launch since
the beginning of the pandemic," said Horace Luke, chairman, founder, and CEO of
Gogoro. "We expect to recognize approximately $8.6 million in revenue associated with these
first quarter backlog JEGO orders when we deliver vehicles to
customers from April onwards. We have established a strong product
offering for 2024."
"We are strengthening our Taiwan business through key vehicle
introductions, expansion of our retail and service center network
and continuing to prioritize cost management as we carefully
evaluate all investments for efficiency and returns. We are
building out our new battery factory in India which is expected to start production in
the second half of 2024 and we are continuing to deploy our battery
swapping network in Delhi, India,
as well as in the Philippines,
South Korea, and adding
Nepal as a new service area,"
said Bruce Aitken, CFO of
Gogoro. "In March 2024, we were
recognized by Fast Company Magazine as the most innovative company
in Asia Pacific and 37th globally,
a testament to our vision and innovation."
First Quarter 2024 Financial Overview
Operating Revenues
For the first quarter, the total revenue was $69.7 million, down 12.1% year-over-year and down
9.0% 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 up by an
additional $2.4 million. We had more
than 5,000 backlog orders for JEGO in the first quarter with a
total value of approximately $8.6
million. Customers have the right to cancel such orders
prior to delivery. The large quantity of backlog orders is
primarily the result of robust demand for JEGO, coupled with our
need to balance manufacturing capacity across multiple vehicles and
the need to balance our supply chain accordingly.
- Battery swapping service revenue for the first quarter was
$32.5 million, up 0.6%
year-over-year, and up 4.1% year-over-year on a constant currency
basis1. Total subscribers at the end of the first
quarter exceeded 595,000, up 10.6% from 538,000 subscribers at the
end of the same quarter last year. We provided rebates to some
customers in the first quarter of 2024 associated with a minor
vehicle recall and battery upgrades. Such rebates totaled
$1.7 million and were accounted for
as contra revenue.
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.
- Sales of hardware and other revenues for the quarter were
$37.2 million, down 20.8%
year-over-year, and down 18.1% year-over-year on a constant
currency basis1. The JEGO backlog orders we received are
not reflected in the vehicle registration data published by the
Taiwan government for the first
quarter, nor did Gogoro recognize any revenue for these vehicles,
despite receiving full payment from customers or approved financing
from third-party financing companies. Gogoro will account for the
vehicle revenue upon delivery to customers.
- The government-reported registration volume of powered
two-wheelers ("PTW") in the Taiwan
market in the first quarter was down 11.2% year-over-year. While
registrations of electric PTW were reported to be down by 39.0%
compared to the same quarter last year, had we delivered the
outstanding orders of JEGO, electric PTW registrations would have
declined by 7.5% instead, representing a smaller decline compared
to the overall PTW market.
- Taiwan's two largest PTW
manufacturers are publicly estimating that the total PTW market
will shrink by 14% from last year's 870,000 units to around 750,000
units in 2024. Gogoro continues to believe that the total volume of
electric PTW in Taiwan will see
growth in 2024 as a result of the introduction of our new vehicle
models, and the ongoing consumer transition from traditional
internal combustion engine vehicles to electric PTW.
Gross Margin
For the first quarter, gross margin was 6.4%, down from 12.9% in
the same quarter last year while non-IFRS gross margin[1] was
13.3%, down from 13.7% in the same quarter last year. Such declines
were primarily driven by a combination of factors: (i) a
$2.8 million derecognition expenses
on components removed from the battery pack and retrieval cost
associated with our battery upgrade initiatives, (ii) a
$1.7 million voluntary one-time
battery swapping service rebate that was accounted for as contra
revenue, and (iii) a $0.8 million increase in depreciation and
other costs associated with our new overseas production facilities.
These impacts, when combined, account for the 6.5% decline in gross
margin. Both declines in gross margin and non-IFRS gross margin
were partially offset by cost efficiencies generated from our
continuous improvements in operational efficiency in Gogoro's
battery swapping services.
We are carrying out one-time, voluntary upgrades on certain
battery packs which are expected to take several quarters to
complete. These upgrades provide multiple benefits
— reduction of capital expenditures on replacing battery
packs, increasing lifetime capacity of each battery pack (including
extending its first 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 do come at a short-term reduction in
our gross margin as we carry out the upgrades. We expect our IFRS
gross margin will continue to be impacted during our upgrades
planned in 2024 and 2025. The upgrades will impact both our cash
position and profit. We will only upgrade battery packs in
instances where the value created over time exceeds the cost of the
upgrade.
Net Loss
For the first quarter, net loss was $13.1
million, representing a decrease of $27.5 million from a net loss of $40.6 million in the same quarter last year. The
decrease in net loss was due to a favorable change of $31.7 million in the fair value of financial
liabilities associated with outstanding earnout shares, earn-in
shares and warrants compared to the same quarter last year as a
result of the decrease of Gogoro stock price and the decrease of
$2.7 million in operating expenses,
which was partially offset by the decrease of $5.8 million in gross profit.
Adjusted EBITDA
For the first quarter, adjusted EBITDA1 was
$9.0 million, representing a decrease
of $1.6 million from $10.6 million in the same quarter last year. The
decrease was primarily due to a $1.6
million decrease in non-IFRS gross profit compared to the
same quarter last year. The $1.6
million decrease in non-IFRS gross profit was a result of
the cumulative effect of the factors mentioned above.
Liquidity
With a $132.5 million cash balance
at the end of the first quarter of 2024 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.
_________________
|
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.
|
2024 Guidance
For the full year of 2024, we continue to expect to generate
revenue of $385 million to
$420 million. While
our first quarter revenue was lower than that in previous
years, we believe that the typical seasonal volume increases in the
remainder of the year as well as the volume of backlog orders for
JEGO that are yet to be delivered and preorders for Pulse allow us
to remain confident in these forecasts.
Conference Call Information
Gogoro's management team will hold an earnings Webcast on
May 9th, 2024, at 8:00 a.m. Eastern Time to discuss the Company's
first quarter 2024 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 and awarded by Frost &
Sullivan as the "2023 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 2023, 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 availability and safety.
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 https://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, "2024 Guidance," such as
estimates regarding revenue and Gogoro's revenue generated from the
Taiwan market, and statements by
Gogoro's founder, chairman, and chief executive officer and
Gogoro's chief financial officer, such as projections of market
opportunity and market share, the delivery of vehicles in the
coming quarter, the revenue associated with the delivery of new
vehicle models and Gogoro's business plans including its plans to
grow and expand in Taiwan and
internationally.
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 and 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, 2023, which was filed on
March 29, 2024 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 ended December
31, 2024 will be included in the Company's Annual Report on
Form 20-F for the year ended December 31,
2024. 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, 2023 included in
the Company's Annual Report on Form 20-F filed with the SEC on
March 29, 2024, 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.
Backlog Orders
Backlog orders are not recognized as revenue in our Condensed
Consolidated Statement of Comprehensive Loss until we deliver a
vehicle to the buyer. The backlog orders are recorded as contract
liabilities and the portion associated with financing receivable
would be net against account receivables in our Condensed
Consolidated Balance Sheet. Backlog value is estimated based on
manufacturer's suggested retail price net off associated sales
incentives.
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, and battery swapping service
rebate. 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 costs. 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.
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 and battery swapping service rebate. 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
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 Media
Contact:
|
|
Gogoro Investor
Contact:
|
Jason Gordon,
Gogoro
|
|
ir@gogoro.com
|
+1 (206)
778-7245
|
|
|
jason.gordon@gogoro.com
|
|
|
GOGORO
INC
|
Condensed
Consolidated Balance Sheet
|
(unaudited)
|
(in thousands of
U.S. dollars)
|
|
|
March
31,
|
|
December
31,
|
|
2024
|
|
2023
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
132,514
|
|
$
173,885
|
Trade
receivables
|
17,321
|
|
17,135
|
Inventories2
|
56,462
|
|
53,109
|
Other assets,
current
|
23,366
|
|
22,009
|
Total current
assets
|
229,663
|
|
266,138
|
|
|
|
|
Property, plant and
equipment2
|
492,631
|
|
501,876
|
Investments accounted
for using equity method
|
16,996
|
|
17,741
|
Right-of-use
assets
|
28,391
|
|
30,412
|
Other assets,
non-current
|
12,198
|
|
18,063
|
Total
assets
|
$
779,879
|
|
$
834,230
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Borrowings,
current
|
$
83,957
|
|
$
75,590
|
Financial liabilities
at fair value through profit or loss
|
17,634
|
|
30,832
|
Notes and trade
payables
|
37,585
|
|
38,117
|
Contract
liabilities
|
14,943
|
|
11,606
|
Lease liabilities,
current
|
10,331
|
|
11,296
|
Provisions,
current
|
3,428
|
|
4,174
|
Other liabilities,
current
|
35,249
|
|
42,439
|
Total current
liabilities
|
203,127
|
|
214,054
|
|
|
|
|
Borrowings,
non-current
|
311,640
|
|
334,581
|
Lease liabilities,
non-current
|
17,598
|
|
18,842
|
Provisions,
non-current
|
2,216
|
|
2,332
|
Other liabilities,
non-current
|
14,679
|
|
15,734
|
Total
liabilities
|
549,260
|
|
585,543
|
|
|
|
|
Total equity
|
230,619
|
|
248,687
|
Total liabilities and
equity
|
$
779,879
|
|
$
834,230
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
2024
|
|
2023
|
Inventories:
|
|
|
|
Raw
materials
|
$
32,864
|
|
$
33,136
|
Semi-finished
goods
|
2,542
|
|
3,559
|
Merchandise
|
21,056
|
|
16,414
|
Total
inventories
|
$
56,462
|
|
$
53,109
|
____________________________________
|
2
|
At March 31, 2024 and
December 31, 2023, the company classified $32.0 million and $37.4
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.
|
GOGORO
INC
|
Condensed
Consolidated Statements of Comprehensive Loss
|
(unaudited)
|
(in thousands of
U.S. dollars, except net loss per share)
|
|
|
Three Months Ended
March 31,
|
|
2024
|
|
2023
|
Operating
revenues
|
$
69,711
|
|
$
79,319
|
Cost of
revenues
|
65,238
|
|
69,058
|
Gross profit
|
4,473
|
|
10,261
|
Operating
expenses:
|
|
|
|
Sales and
marketing
|
10,581
|
|
11,843
|
General and
administrative
|
9,369
|
|
11,099
|
Research and
development
|
9,366
|
|
9,553
|
Other operating
expenses
|
454
|
|
—
|
Total operating
expenses
|
29,770
|
|
32,495
|
Loss from
operations
|
(25,297)
|
|
(22,234)
|
Non-operating income
(expenses):
|
|
|
|
Interest expense,
net
|
(2,728)
|
|
(1,897)
|
Other income,
net
|
2,416
|
|
2,096
|
Change in fair value of
financial liabilities
|
13,198
|
|
(18,513)
|
Share of loss of
investments accounted for using equity method
|
(716)
|
|
(72)
|
Total non-operating
incomes (expenses)
|
12,170
|
|
(18,386)
|
Net loss
|
(13,127)
|
|
(40,620)
|
Other comprehensive
(loss) income:
|
|
|
|
Exchange differences on
translation
|
(8,319)
|
|
2,172
|
Total comprehensive
loss
|
$
(21,446)
|
|
$
(38,448)
|
|
|
|
|
Basic and diluted net
loss per share
|
$
(0.06)
|
|
$
(0.17)
|
Shares used in
computing basic and diluted net loss per share
|
235,942
|
|
232,190
|
|
|
|
|
|
Three Months Ended
March 31,
|
Operating
revenues:
|
2024
|
|
2023
|
Sales of hardware and
others
|
$
37,258
|
|
$
47,056
|
Battery swapping
service
|
32,453
|
|
32,263
|
Operating
revenues
|
$
69,711
|
|
$
79,319
|
|
|
|
|
|
Three Months Ended
March 31,
|
Share-based
compensation:
|
2024
|
|
2023
|
Cost of
revenues
|
$
282
|
|
$
610
|
Sales and
marketing
|
449
|
|
842
|
General and
administrative
|
1,673
|
|
2,777
|
Research and
development
|
974
|
|
1,937
|
Total
|
$
3,378
|
|
$
6,166
|
GOGORO
INC
|
Condensed
Consolidated Statements of Cash Flows
|
(unaudited)
|
(in thousands of
U.S. dollars)
|
|
|
Three Months Ended
March 31,
|
|
2024
|
|
2023
|
Cash flows from
operating activities
|
|
|
|
Net loss
|
$
(13,127)
|
|
$
(40,620)
|
Adjustments
for:
|
|
|
|
Depreciation and
amortization
|
24,680
|
|
24,675
|
Expected credit
loss
|
193
|
|
327
|
Share of loss of
investments accounted for using equity method
|
716
|
|
72
|
Change in fair value of
financial liabilities
|
(13,198)
|
|
18,513
|
Interest expense,
net
|
2,728
|
|
1,897
|
Share-based
compensation
|
3,378
|
|
6,166
|
Loss on disposal of
property and equipment, net
|
448
|
|
950
|
Write-down of
inventories
|
1,619
|
|
1,295
|
Reversal of provisions
for product warranty
|
9
|
|
—
|
Changes in operating
assets and liabilities:
|
|
|
|
Trade
receivables
|
(379)
|
|
(4,595)
|
Inventories
|
456
|
|
(18,243)
|
Other current
assets
|
1,932
|
|
941
|
Notes and trade
payables
|
(532)
|
|
569
|
Contract
liabilities
|
3,337
|
|
4,060
|
Other
liabilities
|
(7,651)
|
|
(7,903)
|
Provisions for product
warranty
|
(944)
|
|
(950)
|
Cash generated from
(used in) operations
|
3,665
|
|
(12,846)
|
Interest expense and
tax paid, net
|
(2,813)
|
|
(1,889)
|
Net cash generated
from (used in) operating activities
|
852
|
|
(14,735)
|
Cash flows from
investing activities
|
|
|
|
Payments for property,
plant and equipment, net
|
(34,419)
|
|
(17,757)
|
Increase in refundable
deposits
|
(220)
|
|
—
|
Payments for
acquisitions of investments accounted for using equity
method
|
—
|
|
(16,351)
|
Payments of intangible
assets, net
|
(52)
|
|
(42)
|
Increase in other
financial assets
|
(83)
|
|
(407)
|
Net cash used in
investing activities
|
(34,774)
|
|
(34,557)
|
Cash flows from
financing activities
|
|
|
|
Proceeds from
borrowings
|
10,852
|
|
12,436
|
Repayments of
borrowings
|
(8,678)
|
|
(30,093)
|
Proceed from issuance
of shares
|
—
|
|
22
|
Guarantee deposits
refund
|
(75)
|
|
(18)
|
Repayment of the
principal portion of lease liabilities
|
(3,147)
|
|
(3,146)
|
Net cash used in
financing activities
|
(1,048)
|
|
(20,799)
|
Effect of exchange rate
changes on cash and cash equivalents
|
(6,401)
|
|
1,073
|
Net decrease in cash
and cash equivalents
|
(41,371)
|
|
(69,018)
|
Cash and cash
equivalents at the beginning of the period
|
173,885
|
|
236,100
|
Cash and cash
equivalents at the end of the period
|
$
132,514
|
|
$
167,082
|
GOGORO
INC
|
Condensed
Consolidated Statements of Changes in Equity
|
(unaudited)
|
(in thousands of
U.S. dollars)
|
|
|
Ordinary
Shares
|
|
Capital
Surplus
|
|
Accumulated
Deficits
|
|
Exchange
Difference on
Translation
|
|
Total
Equity
|
Balance as of
December 31, 2023
|
$
24
|
|
$
669,912
|
|
$
(425,978)
|
|
$
4,729
|
|
$
248,687
|
Net loss for the three
months ended March 31, 2024
|
—
|
|
—
|
|
(13,127)
|
|
—
|
|
(13,127)
|
Other comprehensive
loss for the three months ended March 31, 2024
|
—
|
|
—
|
|
|
|
(8,319)
|
|
(8,319)
|
Shared-based
compensation
|
—
|
|
3,378
|
|
—
|
|
—
|
|
3,378
|
Balance as of March
31, 2024
|
$
24
|
|
$
673,290
|
|
$
(439,105)
|
|
$
(3,590)
|
|
$
230,619
|
GOGORO
INC
|
Reconciliation of
IFRS Financial Metrics to Non-IFRS
|
(unaudited)
|
(in thousands of
U.S. dollars)
|
|
|
Three Months Ended
March 31,
|
|
|
|
|
|
2024
|
|
2023
|
|
IFRS
revenue
YoY change
%
|
|
Revenue
excluding FX
effect YoY
change %
|
Operating
revenues:
|
IFRS
revenue
|
|
FX
effect
|
|
Revenue
excluding FX
effect
|
|
IFRS
revenue
|
|
|
Sales of hardware and
others
|
$
37,258
|
|
$ 1,283
|
|
$
38,541
|
|
$
47,056
|
|
(20.8) %
|
|
(18.1) %
|
Battery swapping
service
|
32,453
|
|
1,148
|
|
33,601
|
|
32,263
|
|
0.6 %
|
|
4.1 %
|
Total
|
$
69,711
|
|
$ 2,431
|
|
$
72,142
|
|
$
79,319
|
|
(12.1) %
|
|
(9.0) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
2024
|
|
2023
|
Gross profit and gross
margin
|
$
4,473
|
6.4 %
|
|
$
10,261
|
12.9 %
|
Share-based
compensation
|
282
|
|
|
610
|
|
Battery upgrade
initiatives
|
2,834
|
|
|
—
|
|
Battery swapping
service rebate
|
1,661
|
|
|
—
|
|
Non-IFRS gross profit
and gross margin
|
$
9,250
|
13.3 %
|
|
$
10,871
|
13.7 %
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
2024
|
|
2023
|
Net loss
|
$
(13,127)
|
|
$
(40,620)
|
Share-based
compensation
|
3,378
|
|
6,166
|
Change in fair value of
financial liabilities
|
(13,198)
|
|
18,513
|
Battery upgrade
initiatives
|
2,834
|
|
—
|
Battery swapping
service rebate
|
1,661
|
|
—
|
Non-IFRS net
loss
|
$
(18,452)
|
|
$
(15,941)
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
2024
|
|
2023
|
Net loss
|
$
(13,127)
|
|
$
(40,620)
|
Interest expense,
net
|
2,728
|
|
1,897
|
Depreciation and
amortization
|
24,680
|
|
24,675
|
EBITDA
|
14,281
|
|
(14,048)
|
Share-based
compensation
|
3,378
|
|
6,166
|
Change in fair value of
financial liabilities
|
(13,198)
|
|
18,513
|
Battery upgrade
initiatives
|
2,834
|
|
—
|
Battery swapping
service rebate
|
1,661
|
|
—
|
Adjusted
EBITDA
|
$
8,956
|
|
$
10,631
|
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SOURCE Gogoro Inc