Gogoro (GGR) Q2 2025 earnings summary

Executive summary

• Operating cash flow rose to $15.2M in H1 2025 from $4.8M in H1 2024, driven by cost savings and streamlining initiatives.

• Adjusted EBITDA improved to $12.5M from $12.0M year-over-year, reflecting operational efficiencies and cost reductions.

• Revenue declined 18.7% year-over-year to $65.8M in Q2 2025, mainly due to macroeconomic headwinds and delayed product launches.

• International expansion advanced, with progress in Korea and Vietnam and a joint venture with Castrol moving forward.

• Long-term targets reaffirmed: energy break-even in 2026, energy cash flow positive in 2027, vehicle business profitability in 2028, and whole company profitability in 2027.

Financial highlights

• Q2 2025 revenue was $65.8M, down 18.7% year-over-year; battery swapping revenue reached $37.6M, up 8.5% year-over-year.

• Adjusted EBITDA was $12.5M, up 4.2% from last year; non-IFRS gross margin improved to 17.0% from 13.5% year-over-year.

• Net loss for Q2 2025 was $26.5M, a $6.5M increase year-over-year.

• Hardware and other revenue was $28.2M, down 39.1% year-over-year due to delayed vehicle launch and lower international sales.

• Operating expenses decreased by $5.1M year-over-year in Q2, a 17% reduction.

Outlook and guidance

• Full-year 2025 revenue expected at the low end of $295M–$315M guidance, with 95% from Taiwan.

• Gross margin may face short-term pressure due to battery upgrades, but battery business expected to be break-even in 2026.

• Anticipates seasonal sales pickup in H2 2025 and continued progress toward long-term profitability targets.

• Longer-term financial forecasts for 2026–2028 reaffirmed.

• Long-term objectives include energy business breakeven by 2027 and vehicle business breakeven by 2028.