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Gogoro (GGR)
NASDAQ:GGR
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Gogoro
(NASDAQ:GGR)
Rating:41Neutral
Price Target:
$0.50
▲( 85.19% Upside)
Positive Factors
Cost Optimization
The strategic shift away from vehicle sales to optimize costs and improve cash flow is viewed as a positive move.
Revenue Growth
Battery swapping service revenue grew solidly at 10% year over year, accounting for 49% of total revenue.
Strategic Roadmap
The new leadership has outlined a strategic roadmap for sustainable long-term growth and profitability, targeting breakeven for Energy by FY26/FY27 and Vehicles by FY28.
Negative Factors
Earnings Miss
Gogoro delivered disappointing results with revenue sliding 5% YoY and net loss of -US$18mn.
Market and Strategic Uncertainty
Internal restructuring with the CEO and mastermind behind previous strategies gone adds to uncertainties.
Revenue Pressure
Revenue pressure stemmed from persistently soft market conditions in Taiwan coupled with delays in the recognition of revenue from new models.
Gogoro (GGR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$77.94M
Dividend YieldN/A
Average Volume (3M)997.69K
Price to Earnings (P/E)―
Beta (1Y)1.22
Revenue Growth-10.52%
EPS Growth-118.68%
CountryUS
Employees2,097
SectorConsumer Cyclical
Sector Strength74
IndustryAuto - Parts
Share Statistics
EPS (TTM)-0.06
Shares Outstanding295,353,300
10 Day Avg. Volume387,357
30 Day Avg. Volume997,692
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)0.42
Price to Sales (P/S)0.00
P/FCF Ratio-0.66
Enterprise Value/Market Cap4.51
Enterprise Value/Revenue0.27
Enterprise Value/Gross Profit47.46
Enterprise Value/Ebitda2.92
Forecast
1Y Price Target
$0.50Price Target Upside85.19% Upside
Rating ConsensusHold
Number of Analyst Covering0
Gogoro Business Overview & Revenue Model
Company DescriptionGogoro 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 riding data through a mobile application on the rider's smartphone. It also operates battery swapping infrastructure network for electric vehicles that can be deployed across the cities to provide portable power through battery vending machines. Gogoro Inc. has a strategic partnership with Foxconn Electronics Inc. The company was founded in 2011 and is based in Taoyuan City, Taiwan.
How the Company Makes MoneyGogoro generates revenue through the sale of its electric scooters and smart batteries, as well as from its battery swapping services. The company sells its electric scooters directly to consumers and through partnerships with local distributors in various markets. A key component of Gogoro's revenue model is its subscription-based battery swapping service, which allows users to exchange depleted batteries for fully charged ones at Gogoro's network of swapping stations. This service not only provides convenience to users but also creates a recurring revenue stream for the company. Additionally, Gogoro may engage in partnerships and collaborations with municipalities, energy companies, and other stakeholders to expand its battery swapping network, thereby increasing its market reach and revenue potential.
Gogoro Financial Statement Overview
Summary
Gogoro's financial health is currently strained, with significant challenges in revenue growth and profitability. The high debt levels increase financial risk, while negative cash flow highlights liquidity concerns. The company needs to address operational inefficiencies and explore strategic initiatives to improve its financial position.Income Statement
Gogoro has faced declining revenue and increasing losses in recent years. The net profit margin is negative, indicating an inability to cover costs with current revenues. There is a notable decline in EBIT and EBITDA margins, reflecting operational challenges and reduced profitability.45
Neutral
Balance Sheet
The company's debt-to-equity ratio is high, indicating significant leverage which may pose financial risk. The equity ratio is relatively low, suggesting a reliance on debt over equity. However, the company maintains a reasonable level of cash and cash equivalents, providing some liquidity.50
Neutral
Cash Flow
Gogoro is experiencing negative free cash flow, which has worsened over the years. The operating cash flow to net income ratio is weak, indicating cash generation issues. The company faces challenges in generating sufficient cash from operations to cover capital expenditures.40
Negative
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 310.52M | 349.85M | 382.83M | 366.01M | 364.13M | Gross Profit |
| 7.41M | 50.94M | 57.71M | 61.09M | 79.44M | EBIT |
| -141.62M | -88.37M | -89.18M | -55.30M | -39.34M | EBITDA |
| -11.61M | 34.26M | 8.57M | 38.55M | 37.98M | Net Income Common Stockholders |
| -122.75M | -76.04M | -98.91M | -70.33M | -49.28M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 117.15M | 173.88M | 236.10M | 246.16M | 230.88M | Total Assets |
| 700.43M | 834.23M | 873.42M | 844.40M | 790.59M | Total Debt |
| 393.18M | 440.31M | 402.65M | 461.06M | 378.96M | Net Debt |
| 276.03M | 266.42M | 166.55M | 243.63M | 259.92M | Total Liabilities |
| 523.89M | 585.54M | 574.45M | 720.69M | 607.55M | Stockholders Equity |
| 176.54M | 248.69M | 298.97M | 123.71M | 183.03M |
| Cash Flow | Free Cash Flow | |||
| -114.65M | -59.19M | -188.06M | -47.61M | -144.93M | Operating Cash Flow |
| 9.85M | 59.09M | -64.79M | 80.79M | 756.00K | Investing Cash Flow |
| -128.72M | -136.63M | -101.10M | -41.52M | -251.76M | Financing Cash Flow |
| 33.81M | 15.15M | 186.40M | 61.76M | 187.26M |
Gogoro Technical Analysis
Negative
0.27
Price Trends
0.29
Negative
0.37
Negative
0.55
Negative
Market Momentum
>-0.01
Negative
48.16
Neutral
26.25
Neutral
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 0.27 is above the 20-day moving average (MA) of 0.27, below the 50-day MA of 0.29, and below the 200-day MA of 0.55, indicating a neutral trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 48.16 is Neutral, neither overbought nor oversold. The STOCH value of 26.25 is Neutral, 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 (62)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
62 Neutral | $6.97B | 11.36 | 2.77% | 3.91% | 2.66% | -22.00% | |
61 Neutral | $140.62M | ― | -6.63% | ― | -8.90% | -346.80% | |
58 Neutral | $198.96M | ― | -65.19% | ― | 28.52% | 41.32% | |
52 Neutral | $857.25M | ― | -113.70% | ― | 95.90% | 10.38% | |
51 Neutral | $103.18M | ― | -13.49% | ― | 3.21% | -6985.88% | |
44 Neutral | $560.60M | ― | 102.04% | ― | 21.32% | 17.48% | |
41 Neutral | $77.94M | ― | -66.13% | ― | -10.52% | -118.68% |
* Consumer Cyclical Sector Average
Performance Comparison
GGR
Gogoro
0.27
-1.15
-80.99%
KNDI
Kandi Technologies
1.13
-1.03
-47.69%
SRI
Stoneridge
4.92
-11.06
-69.21%
AEVA
Aeva Technologies
14.20
10.92
332.93%
INVZ
Innoviz Technologies
0.90
-0.18
-16.67%
ECX
ECARX Holdings
1.60
0.37
30.08%
Gogoro Earnings Call Summary
Earnings Call Date:May 08, 2025
(Q1-2025)
| % Change Since: 8.00%|
Next Earnings Date:Aug 07, 2025
Earnings Call Sentiment Neutral
Gogoro's earnings call highlighted significant improvements in financial efficiency and growth in the energy business, supported by a new credit facility and international expansion plans. However, challenges in revenue decline and vehicle business performance, along with concerns about NASDAQ listing compliance, balance the sentiment.Q1-2025 Updates
Positive Updates
Improved Financial Metrics
Non-IFRS gross margin increased to 18.2%, a 3.1% improvement from the first quarter of 2024. Operating expenses were reduced by $9.9 million, a 32.1% reduction compared to the same period last year. Adjusted EBITDA increased to $14.3 million, up from $10.2 million, marking a 40% increase.
Growth in Energy Business
Energy business revenue grew by 6.2% year-over-year, reaching $34.5 million. The subscriber base increased to 644,000, up 8% from the previous year.
New Credit Facility
Gogoro secured a NT$ 2 billion (approximately US$ 61.5 million) credit facility, indicating market confidence in the company's future plans.
International Expansion
Completed a joint venture agreement with Castrol for international expansion, with a pilot program expected in the second half of 2025.
Negative Updates
Revenue Decline
Overall revenue dropped by 8.7% year-over-year for the first quarter. Sales of hardware and other revenue decreased by 21.8% year-over-year.
Vehicle Business Challenges
Hardware sales revenue was $29.1 million, below expectations due to delayed vehicle launches and decreased sales volume.
NASDAQ Listing Concerns
Transferred listing to NASDAQ Capital Market to gain additional time to meet compliance requirements.
Company Guidance
In the first quarter of 2025, Gogoro reported significant financial improvements as outlined during their earnings call. The company achieved a non-IFRS gross margin of 18.2%, a notable increase from the previous year, alongside a 32.1% reduction in operating expenses amounting to $9.9 million. This strategic focus on efficiency also resulted in a 36.5% decrease in adjusted net loss to $10.9 million, compared to $17.2 million in Q1 2024. Despite an 8.7% drop in year-over-year revenue, Gogoro's adjusted EBITDA rose to $14.3 million from $10.2 million. The company's energy business recorded a revenue of $34.5 million, marking a 6.2% growth, with a subscriber base expanding to 644,000. Gogoro also secured a new NT$2 billion, approximately US$61.5 million, credit facility, reflecting market confidence in their strategy. Looking ahead, Gogoro expects to achieve breakeven in the energy business by 2026 and in the vehicle business by 2028, while maintaining a revenue forecast of $295 million to $315 million for the full year 2025.Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
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.