Gogoro (GGR)
NASDAQ:GGR
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Gogoro
(NASDAQ:GGR)
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Rating:47Neutral
Price Target:
$3.50
▲(12.18% Upside)
Action:ReiteratedDate:03/07/26
The score is held down primarily by weak financial fundamentals—ongoing net losses, negative free cash flow, and reduced balance-sheet flexibility versus debt—despite clear 2025 operating improvements. The earnings call supports a credible profitability roadmap and near-term funding, while technicals are bullish but overbought, and valuation signals remain constrained by losses and no dividend support.
Positive Factors
Recurring revenue & subscriber growth
Growing battery‑swapping revenue and a 665k subscriber base reinforce a durable recurring‑revenue stream and network effects. Recurring services typically have higher retention and margin stability than one‑time hardware sales, supporting predictable cash flows and long‑term unit economics.
Negative Factors
High leverage and weakening equity
Meaningful debt relative to a shrinking equity base constrains financial flexibility and increases refinancing and covenant risks. Persistent losses with limited equity cushion raise the probability that future funding needs could dilute shareholders or require asset‑light restructuring.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring revenue & subscriber growth
Growing battery‑swapping revenue and a 665k subscriber base reinforce a durable recurring‑revenue stream and network effects. Recurring services typically have higher retention and margin stability than one‑time hardware sales, supporting predictable cash flows and long‑term unit economics.
Read all positive factors
Gogoro (GGR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$53.33M
Dividend YieldN/A
Average Volume (3M)31.20K
Price to Earnings (P/E)―
Beta (1Y)1.16
Revenue Growth-14.88%
EPS Growth-43.30%
CountryUS
Employees2,097
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Parts
Share Statistics
EPS (TTM)-1.41
Shares Outstanding14,773,513
10 Day Avg. Volume39,960
30 Day Avg. Volume31,204
Financial Highlights & Ratios
PEG Ratio0.10
Price to Book (P/B)7.53
Price to Sales (P/S)2.87
P/FCF Ratio-27.19
Enterprise Value/Market Cap7.25
Enterprise Value/Revenue1.37
Enterprise Value/Gross Profit16.50
Enterprise Value/Ebitda13.91
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-6.2
Revenue Forecast (FY)$288.42M
Gogoro Business Overview & Revenue Model
Company Description
Gogoro Inc. manufactures two-wheeled electric vehicle. The company offers two-wheeled electric scooter that provides cloud connectivity and electric powertrain that utilizes swappable battery infrastructure for gathering, analyzing, and sharing ri...
How the Company Makes Money
Gogoro generates revenue primarily from (1) sales of electric scooters and related hardware, and (2) recurring services tied to its battery-swapping ecosystem. Hardware revenue includes sales of Gogoro-branded scooters, components, and related acc...
Gogoro Key Performance Indicators (KPIs)
Gogoro Earnings Call Summary
Earnings Call Date:Feb 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The call emphasized strong operational and margin improvements—record adjusted EBITDA, tripled operating cash flow, expanded gross margins and recurring revenue growth—demonstrating meaningful financial stabilization and clearer path to profitability for the energy business in 2026. However, material declines in total revenue and hardware/vehicle sales, a weak Taiwan scooter market, scooter business underperformance, concentration risk in Taiwan and uncertainty about sustaining OpEx savings temper the outlook. Overall, management presents a constructive turnaround narrative but execution and market recovery remain key risks.Positive Updates
Record Adjusted EBITDA
Full year adjusted EBITDA reached a record high of $59.9 million (up from $44.7 million in 2024), driven by cost reductions, efficiency gains and higher gross profit.
Negative Updates
Revenue Decline and Hardware Weakness
Full year revenue declined 9.4% to $281.5 million (constant currency down 12.2%); hardware revenue fell 23.3% to $132.5 million, driven by a substantial drop in vehicle sales and delayed impact from key volume drivers.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Adjusted EBITDA
Full year adjusted EBITDA reached a record high of $59.9 million (up from $44.7 million in 2024), driven by cost reductions, efficiency gains and higher gross profit.
Read all positive updates
Company Guidance
The company guided to a modest 2026 revenue recovery of $285–$305 million (with ~95% of revenue from Taiwan), expects Gogoro Network (battery swapping) to achieve non‑IFRS profitability in 2026 and the hardware business to reach profitability in 2028, plans an initial pilot of a new modular swapping station in Taiwan by late‑2026, will launch two new premium scooter models in 2026, and is running a Vietnam pilot with Castrol with a B2B commercial rollout targeted later in 2026; supporting metrics from 2025 cited on the call include full‑year revenue of $281.5M, adjusted EBITDA of $59.5M, operating cash inflow of $31.1M, year‑end cash of $70.6M, battery‑swapping revenue of $149M (up 8.1%), Q4 battery revenue $38M (up 5.9%), hardware revenue $132.5M (down 23.3%), 665,000 subscribers (up 4%), Gogoro vehicle volumes of 28,176 units (57% of electric vehicles) plus 5,052 partner units, and an $80M equity investment commitment for 2026.Gogoro Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
42
Neutral
Cash Flow
38
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 281.48M | 310.64M | 349.85M | 382.83M | 366.01M |
| Gross Profit | 23.43M | 7.93M | 50.94M | 57.71M | 61.09M |
| EBITDA | 27.15M | -11.61M | 34.26M | 7.67M | 38.55M |
| Net Income | -80.80M | -122.75M | -76.04M | -98.91M | -67.36M |
Balance Sheet | |||||
| Total Assets | 599.96M | 700.43M | 834.23M | 873.42M | 844.40M |
| Cash, Cash Equivalents and Short-Term Investments | 70.57M | 117.15M | 173.88M | 236.10M | 217.43M |
| Total Debt | 403.90M | 393.18M | 440.31M | 402.65M | 461.06M |
| Total Liabilities | 477.55M | 523.89M | 585.54M | 574.45M | 720.69M |
| Stockholders Equity | 107.41M | 176.54M | 248.69M | 298.97M | 123.71M |
Cash Flow | |||||
| Free Cash Flow | -29.74M | -114.65M | -58.72M | -188.48M | -47.61M |
| Operating Cash Flow | 31.12M | 9.85M | 59.09M | -64.79M | 80.79M |
| Investing Cash Flow | -56.86M | -128.72M | -136.63M | -101.10M | -41.52M |
| Financing Cash Flow | -22.61M | 33.81M | 15.15M | 186.40M | 61.76M |
Gogoro Technical Analysis
Positive
3.12
Price Trends
3.31
Positive
3.43
Positive
4.79
Negative
Market Momentum
0.03
Positive
55.23
Neutral
92.90
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GGR, the sentiment is Positive. The current price of 3.12 is below the 20-day moving average (MA) of 3.64, below the 50-day MA of 3.31, and below the 200-day MA of 4.79, indicating a neutral trend. The MACD of 0.03 indicates Positive momentum. The RSI at 55.23 is Neutral, neither overbought nor oversold. The STOCH value of 92.90 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GGR.
Gogoro Risk Analysis
Gogoro disclosed 95 risk factors in its most recent earnings report. Gogoro reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
Any breaches in data security, failure of information security systems or privacy concerns in India can adversely impact our financial condition or subject us to penalties, damage our reputation, and harm our business operations and cash flows. Q4, 2023
2.
Computer malware, viruses, ransomware, hacking, phishing attacks and similar disruptions could result in security and privacy breaches and interruption in service, which could harm our business. Q4, 2023
3.
Electric vehicles manufactured by us are subject to motor vehicle standards prescribed by the Automotive Research Association of India ("ARAI") and any changes in the standards prescribed or any failure to satisfy such standards can materially and adversely affect our business operations. Q4, 2023
Gogoro Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
54 Neutral | $82.98M | -12.53 | -72.75% | ― | -19.11% | 73.51% | |
52 Neutral | $374.58M | -8.83 | 20.86% | ― | 6.59% | 55.85% | |
48 Neutral | $832.80M | -5.21 | 9999.00% | ― | 89.90% | 5.13% | |
48 Neutral | $139.44M | -2.52 | -73.64% | ― | 46.09% | 46.01% | |
47 Neutral | $53.33M | -10.01 | -58.76% | ― | -14.88% | -43.30% |
* Consumer Cyclical Sector Average
GGR
Gogoro
3.61
-0.89
-19.78%
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1.83
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ECX
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1.05
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Gogoro Corporate Events
Gogoro Corrects Share Capital Increase Resolution Ahead of April 28 AGM
Apr 3, 2026
On April 3, 2026, Gogoro Inc. filed a Form 6-K in the United States disclosing a supplement to its March 20 notice of annual general meeting, scheduled for April 28, 2026 in Taipei. The filing confirms Gogoro continues to report as a foreign priva...
Gogoro Sets April 28, 2026 Date for Annual General Meeting in Taipei
Mar 20, 2026
On March 20, 2026, Gogoro announced it will hold its 2026 Annual General Meeting of Shareholders in Taipei on April 28, 2026, with shareholders of record as of March 13, 2026 entitled to vote. The company will provide its AGM materials and 2025 au...
Gogoro Secures US$16.7 Million Equity Injection From Largest Shareholder Gold Sino
Mar 12, 2026
On March 12, 2026, Gogoro reported it had signed a Share Purchase Agreement on March 11, 2026 with its largest shareholder, Gold Sino Assets Limited, for a new equity investment of about US$16.7 million. Under the deal, Gold Sino will subscribe to...
Gogoro Eases Covenants on NT$10.7 Billion Syndicated Loan, Secures New Equity Commitments
Mar 6, 2026
On March 4, 2026, Gogoro executed a second supplemental agreement amending its NT$10.7 billion syndicated loan facility, originally signed in September 2022 and carrying an outstanding principal of about NT$8.334 billion at year-end 2025. The amen...
Gogoro Narrows 2025 Loss and Builds Cash as Battery Swapping Surges
Feb 12, 2026
On February 12, 2026, Gogoro reported its fourth-quarter and full-year 2025 results, showing that while annual revenue fell 9.4% to $281.5 million amid a weak Taiwan scooter market and lower vehicle sales, its higher-margin battery swapping servic...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.