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Gogoro (GGR)
NASDAQ:GGR
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Gogoro (GGR) AI Stock Analysis

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GGR

Gogoro

(NASDAQ:GGR)

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Underperform 40 (OpenAI - 4o)
Rating:40Underperform
Price Target:
$4.00
▼(-5.88% Downside)
Gogoro's overall stock score is primarily impacted by its weak financial performance and bearish technical indicators. The negative valuation metrics further contribute to the low score. While the earnings call provided some positive insights, the company's significant challenges and financial instability weigh heavily on the overall assessment.
Positive Factors
Battery Swapping Business Growth
The growth in the battery swapping business highlights the strength and scalability of Gogoro's subscription model, providing a steady revenue stream and reinforcing its market position in electric mobility.
Improved Operating Cash Flow
The significant increase in operating cash flow indicates improved operational efficiency and cost management, enhancing Gogoro's ability to fund growth initiatives and manage financial obligations.
International Market Expansion
Expansion into international markets, such as Korea and Vietnam, diversifies revenue sources and reduces reliance on domestic markets, positioning Gogoro for long-term growth.
Negative Factors
Declining Revenue
The significant decline in hardware sales reflects challenges in product demand and market competitiveness, potentially impacting future revenue growth and profitability.
High Leverage
High leverage increases financial risk and limits flexibility, potentially constraining Gogoro's ability to invest in growth opportunities or weather economic downturns.
Net Loss
Ongoing net losses highlight operational challenges and the need for improved cost management and revenue generation to achieve long-term profitability.

Gogoro (GGR) vs. SPDR S&P 500 ETF (SPY)

Gogoro Business Overview & Revenue Model

Company DescriptionGogoro Inc. is a Taiwanese company specializing in electric scooters and battery swapping technology. Founded in 2015, Gogoro aims to revolutionize urban transportation with its smart electric scooters and an extensive battery swapping network. The company primarily operates in the sustainable energy and automotive sectors, providing eco-friendly transportation solutions that contribute to reducing urban air pollution and traffic congestion. Gogoro's core products include electric scooters, battery packs, and a subscription-based battery swapping service that allows users to exchange depleted batteries for fully charged ones at numerous swapping stations.
How the Company Makes MoneyGogoro generates revenue through multiple streams, primarily from the sales of electric scooters and battery packs. The company has established a subscription model for its battery swapping service, which allows customers to pay a monthly fee for access to the battery swapping network and the ability to swap batteries at designated stations. Additionally, Gogoro earns revenue through partnerships with various businesses, such as collaborations with local governments and companies that support shared mobility initiatives. These partnerships often involve co-developing infrastructure or sharing revenue from the use of Gogoro's battery swapping services. Furthermore, Gogoro has entered into agreements with businesses to provide fleet solutions, thereby expanding its revenue potential in the commercial sector.

Gogoro Earnings Call Summary

Earnings Call Date:Aug 12, 2025
(Q2-2025)
|
% Change Since: |
Next Earnings Date:Nov 13, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mix of positive developments, including increased operating cash flow and improved gross margins, alongside significant challenges such as a decline in hardware sales and market difficulties in Taiwan. Despite a net loss, the company remains focused on long-term profitability and strategic growth, particularly in international markets.
Q2-2025 Updates
Positive Updates
Increased Operating Cash Flow
Operating cash flow increased from $4.8 million in the first half of 2024 to $15.2 million in the first half of 2025. This was attributed to cost savings initiatives and operational efficiencies.
Improved Adjusted Gross Margin
Adjusted gross margin improved to 17.0% from 13.5% in 2024, driven by increased network efficiency and extended lifespan of upgraded batteries.
Battery Swapping Business Revenue Growth
Revenue from the battery swapping business reached $37.6 million, an 8.5% increase year-over-year.
New Product Launches
New vehicle 'Ezzy' launched, with strong market traction, and a pay-as-you-go Gogoro network plan introduced to address consumer needs.
International Market Developments
Positive signs in international markets, with increased demand in Korea for B2B applications and progress in a joint venture with Castrol in Vietnam.
Negative Updates
Decline in Hardware and Other Revenue
Sales of hardware and other revenue decreased by 39.1% year-over-year, primarily due to a decrease in vehicle sales volume and less international sales.
Challenges in Taiwan's 2-Wheeler Market
The overall 2-wheeler market in Taiwan was 11% lower than the same quarter last year, with consumer confidence slipping to its lowest point since April 2024.
Net Loss Reported
A net loss of $26.5 million was reported for the second quarter, despite improvements in adjusted EBITDA.
Delayed Product Launch Impact
The delayed launch of the 'Ezzy' vehicle temporarily affected Q2 sales cadence.
Company Guidance
During Gogoro Inc.'s 2025 Second Quarter Earnings Call, the company reported significant financial and operational progress. Operating cash flow surged from $4.8 million in the first half of 2024 to $15.2 million in the first half of 2025, while cost savings initiatives resulted in approximately $11 million in OpEx savings year-to-date compared to 2024. The company's adjusted EBITDA grew by 4.2% to $12.5 million, and the adjusted gross margin improved to 17.0% from 13.5% in the previous year. Despite a challenging macroeconomic environment, Gogoro's battery swapping business reported an 8.5% year-over-year revenue increase to $37.6 million. Total subscribers rose by 7% to 648,000, reflecting the strength of the subscription-based model. The company launched a new vehicle, Ezzy, priced at USD 910 post-subsidy, and plans to introduce a new entry-level high-performance vehicle later in the year. Gogoro's long-term goals include achieving energy breakeven in 2026, energy cash flow positive in 2027, and vehicle business profitability by 2028, with overall company profitability anticipated by 2027. The company secured a TWD 2.0 billion loan to bolster liquidity, and despite a subdued Taiwan 2-wheeler market, it remains on track to meet the low end of its full-year revenue guidance of $295 million to $315 million.

Gogoro Financial Statement Overview

Summary
Gogoro's financial performance is under significant pressure, with declining revenues, poor profitability, and high leverage. The income statement shows negative profit margins, and the balance sheet indicates a high debt-to-equity ratio. Cash flow issues are severe, with negative free cash flow posing a risk to sustainability.
Income Statement
35
Negative
Gogoro's income statement shows declining revenue and worsening profit margins over the past few years. The TTM data indicates a gross profit margin of approximately 2%, with a net profit margin of -42%, pointing to significant operational challenges. The revenue has also decreased from previous periods, reflecting a negative growth trajectory, which is a concern for future profitability. The company is struggling to manage costs effectively, as evidenced by negative EBIT and EBITDA margins.
Balance Sheet
40
Negative
The balance sheet reveals a high debt-to-equity ratio, indicating significant leverage with total debt well above stockholders' equity. The equity ratio stands at about 24%, showing limited equity cushion against liabilities. However, the company maintains a reasonable level of total assets relative to equity. The financial stability is under pressure due to the high leverage, which could pose risks in adverse market conditions.
Cash Flow
30
Negative
The cash flow statement highlights severe cash management issues, with consistently negative free cash flow over recent periods. The TTM indicates a minimal operating cash flow, barely covering operational needs, and a free cash flow to net income ratio that signals insufficient cash generation to support financial obligations, exacerbating liquidity risks.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue289.30M310.52M349.85M382.83M366.01M364.13M
Gross Profit2.10M7.41M50.94M57.71M61.09M79.44M
EBITDA-29.68M-11.61M34.26M8.57M38.55M37.98M
Net Income-135.15M-122.75M-76.04M-98.91M-67.36M-49.28M
Balance Sheet
Total Assets755.47M700.43M834.23M873.42M844.40M790.59M
Cash, Cash Equivalents and Short-Term Investments92.03M117.15M173.88M236.10M217.43M230.88M
Total Debt476.67M393.18M440.31M402.65M461.06M378.96M
Total Liabilities603.63M523.89M585.54M574.45M720.69M607.55M
Stockholders Equity151.83M176.54M248.69M298.97M123.71M183.03M
Cash Flow
Free Cash Flow-92.95M-114.65M-59.19M-188.06M-47.61M-144.93M
Operating Cash Flow20.27M9.85M59.09M-64.79M80.79M756.00K
Investing Cash Flow-166.51M-128.72M-136.63M-101.10M-41.52M-251.76M
Financing Cash Flow-1.01M33.81M15.15M186.40M61.76M187.26M

Gogoro Technical Analysis

Technical Analysis Sentiment
Negative
Last Price4.25
Price Trends
50DMA
6.43
Negative
100DMA
6.31
Negative
200DMA
6.77
Negative
Market Momentum
MACD
-0.62
Positive
RSI
23.15
Positive
STOCH
10.18
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GGR, the sentiment is Negative. The current price of 4.25 is below the 20-day moving average (MA) of 5.64, below the 50-day MA of 6.43, and below the 200-day MA of 6.77, indicating a bearish trend. The MACD of -0.62 indicates Positive momentum. The RSI at 23.15 is Positive, neither overbought nor oversold. The STOCH value of 10.18 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
61
Neutral
$18.38B12.79-2.54%3.03%1.52%-15.83%
55
Neutral
$429.66M-72.45%17.32%37.70%
55
Neutral
$115.44M-222.90%-23.62%71.09%
48
Neutral
$927.72M-1441.64%111.39%-74.39%
46
Neutral
$825.94M102.04%12.52%22.68%
42
Neutral
$133.40M146.24%-5.22%84.74%
40
Underperform
$68.16M-64.97%-13.37%-75.11%
* Consumer Cyclical Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
GGR
Gogoro
4.25
-7.51
-63.86%
LAZR
Luminar Technologies
1.94
-10.35
-84.21%
AEVA
Aeva Technologies
16.47
12.56
321.23%
INVZ
Innoviz Technologies
2.14
1.37
177.92%
LIDR
AEye Inc
2.83
1.65
139.83%
ECX
ECARX Holdings
2.21
0.36
19.46%

Gogoro Corporate Events

Gogoro Announces Strategic Financial Moves Amidst Leadership Changes
Sep 16, 2025

On September 16, 2025, Gogoro Inc. announced that its director, Mr. Yin Chung Yao, has committed to securing equity investments totaling NTD$2,500 million by the end of 2026. This move is aimed at facilitating discussions for a potential amendment to a syndicated credit facility agreement with Mega International Commercial Bank and other lenders. The company emphasizes that any amendments or equity investments are subject to further negotiations and approvals, highlighting the strategic importance of these financial maneuvers for its operational and market positioning.

Gogoro Reports Q2 2025 Financial Results Amid Market Challenges
Aug 12, 2025

On August 12, 2025, Gogoro Inc. announced its financial results for the second quarter ending June 30, 2025. Despite a challenging macroeconomic environment and a reduction in the two-wheel market, the company reported an increase in operating cash flow and a rise in battery swapping service revenue. Gogoro continues to streamline its operations, resulting in significant cost savings and improved non-IFRS gross margins. The company is also making strides in international markets, with increased demand in Korea and positive policy developments in Vietnam. However, overall revenue declined due to a delayed product launch and broader economic headwinds in Taiwan, contributing to a net loss of $26.5 million for the quarter.

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.Date of analysis: Oct 11, 2025