Gogoro (GGR) Q4 2025 earnings summary

Executive summary

• Strategic reset in 2025 prioritized operational discipline, portfolio consolidation, and long-term sustainability, resulting in record-high adjusted EBITDA, improved financial health, and significant cost reductions.

• Major restructuring, resource realignment, and product line enhancements led to improved gross margin, operating cash flow, and reduced inventory.

• Technology leadership reinforced with successful launches of EZZY and EZZY 500, making EZZY the best-selling electric scooter of 2025.

• Expanded B2B, B2G, and government fleet presence, including major deployments with Taiwan's postal service and police, and continued momentum with PBGN partners.

• Enhanced customer service commitment with a one-time customer care package and battery swapping service rebates.

Financial highlights

• Full-year adjusted EBITDA reached $59.9M, up from $44.7M in 2024; Q4 adjusted EBITDA was $12.9M, up 84% year-over-year.

• Full-year revenue was $281.5M, a 9.4% decline year-over-year, but within guidance; Q4 revenue was $74.4M, up 1.7% year-over-year.

• Gross margin rose to 8.3% from 2.6% in 2024; non-IFRS margin improved to 19.5% from 14.9%.

• Net loss narrowed by over $40M to $80.8M for the year; Q4 net loss was $20.8M, a $50.5M improvement year-over-year.

• Operating cash flow increased over threefold year-over-year to $31.1M.

Outlook and guidance

• 2026 revenue forecasted at $285M–$305M, with 95% expected from Taiwan.

• Battery swapping business expected to achieve non-IFRS profitability in 2026; hardware business by 2028.

• New modular swapping stations and two new vehicle models to launch in 2026, targeting high-value segments.

• International expansion in Vietnam with a pilot program in partnership with Castrol, leveraging regulatory tailwinds.