Strong Operating Cash Flow and Cost Savings
Generated over $25.7 million in operating cash flow, nearly doubling the previous year, and achieved approximately $21 million in operating expense savings compared with 2024.
Adjusted EBITDA and Gross Margin Improvement
Adjusted EBITDA grew to $47 million, a 25% increase over last year, and delivered an adjusted gross margin of 19.3%, a 4.3 percentage point improvement from 2024.
Product Launch Success
The EZ model was the best-selling electric two-wheeler in Taiwan for five consecutive months, and the EZ500 became the best-selling 125 cc electric two-wheeler in Taiwan in October.
Battery Swapping Service Growth
Battery swapping service revenue grew 11.5% year over year to $38.9 million, with a subscriber base reaching 657,000 riders, up 5% year over year.
Gross Margin Expansion
Gross margin improved significantly to 12.2%, up from 5.4% in the same quarter last year, and non-IFRS gross margin reached 22.2%, the highest quarterly level since 2022.