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Gogoro (GGR)
NASDAQ:GGR
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Gogoro
(NASDAQ:GGR)
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Rating:44Neutral
Price Target:
$0.50
▲(47.06% Upside)
Gogoro's overall stock score is primarily impacted by its weak financial performance, characterized by declining revenues and profitability, and severe cash flow issues. While the earnings call provided some positive insights, the ongoing challenges in the core business and valuation concerns weigh heavily on the score.
Positive Factors
Battery Swapping Business Growth
The growth in the battery swapping business underscores Gogoro's strength in recurring revenue streams, enhancing its market position in sustainable urban mobility.
Improved Gross Margin
Improved gross margins reflect operational efficiencies and cost control, which are crucial for long-term profitability and competitive advantage.
New CEO Appointment
The appointment of a new CEO can drive strategic growth and innovation, aligning leadership with long-term business objectives and market expansion.
Negative Factors
Declining Hardware Sales
A significant decline in hardware sales indicates challenges in product demand and market penetration, potentially impacting revenue growth and market share.
High Leverage
High leverage can strain financial flexibility and increase risk, especially in adverse market conditions, affecting long-term financial health.
Negative Free Cash Flow
Negative free cash flow poses liquidity risks and limits the company's ability to invest in growth opportunities, impacting long-term sustainability.
Gogoro (GGR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$99.65M
Dividend YieldN/A
Average Volume (3M)265.94K
Price to Earnings (P/E)―
Beta (1Y)1.42
Revenue Growth-13.37%
EPS Growth-75.09%
CountryUS
Employees2,097
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Parts
Share Statistics
EPS (TTM)-0.09
Shares Outstanding295,075,350
10 Day Avg. Volume406,394
30 Day Avg. Volume265,935
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)N/A
P/FCF RatioN/A
Enterprise Value/Market Cap4.70
Enterprise Value/Revenue1.54
Enterprise Value/Gross Profit77.54
Enterprise Value/Ebitda-21.96
Forecast
1Y Price Target
$0.50Price Target Upside47.06% Upside
Rating ConsensusHold
Number of Analyst Covering1
Gogoro Business Overview & Revenue Model
Company DescriptionGogoro Inc. is a leading company in the electric mobility sector, primarily known for its innovative approach to electric scooters and battery-swapping technology. The company designs and manufactures smart electric scooters and operates an extensive battery-swapping network, which allows users to quickly exchange depleted batteries for fully charged ones. Gogoro's solutions are aimed at urban commuters seeking efficient, sustainable, and convenient transportation options.
How the Company Makes MoneyGogoro generates revenue through multiple streams, primarily from the sale of its electric scooters and the operation of its battery-swapping network. The company sells its scooters directly to consumers, offering a range of models designed for different urban mobility needs. Additionally, Gogoro earns recurring revenue from its battery-swapping service, where users pay a subscription fee to access the network and swap batteries as needed. This service is supported by strategic partnerships with various governments and businesses that help expand the network infrastructure and user base. Gogoro also engages in licensing and partnerships with other vehicle manufacturers, providing its battery-swapping technology and infrastructure to enhance their electric mobility offerings.
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 severely challenged, with declining revenues, negative profit margins, and high leverage. The income statement shows a net profit margin of -42%, and the balance sheet reveals a high debt-to-equity ratio. Cash flow issues are critical, with negative free cash flow exacerbating liquidity risks.Income Statement
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.30
Negative
Balance Sheet
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.45
Neutral
Cash Flow
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.25
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 304.43M | 310.52M | 349.85M | 382.83M | 366.01M | 364.13M |
| Gross Profit | 6.05M | 7.41M | 50.94M | 57.71M | 61.09M | 79.44M |
| EBITDA | -21.35M | -11.61M | 34.26M | 8.57M | 38.55M | 37.98M |
| Net Income | -128.68M | -122.75M | -76.04M | -98.91M | -70.33M | -49.28M |
Balance Sheet | ||||||
| Total Assets | 657.58M | 700.43M | 834.23M | 873.42M | 844.40M | 790.59M |
| Cash, Cash Equivalents and Short-Term Investments | 93.28M | 117.15M | 173.88M | 236.10M | 246.16M | 230.88M |
| Total Debt | 410.42M | 393.18M | 440.31M | 402.65M | 461.06M | 378.96M |
| Total Liabilities | 499.04M | 523.89M | 585.54M | 574.45M | 720.69M | 607.55M |
| Stockholders Equity | 158.54M | 176.54M | 248.69M | 298.97M | 123.71M | 183.03M |
Cash Flow | ||||||
| Free Cash Flow | -107.84M | -114.65M | -59.19M | -188.06M | -47.61M | -144.93M |
| Operating Cash Flow | 104.00K | 9.85M | 59.09M | -64.79M | 80.79M | 756.00K |
| Investing Cash Flow | -109.26M | -128.72M | -136.63M | -101.10M | -41.52M | -251.76M |
| Financing Cash Flow | 33.95M | 33.81M | 15.15M | 186.40M | 61.76M | 187.26M |
Gogoro Technical Analysis
Positive
0.34
Price Trends
0.35
Positive
0.31
Positive
0.36
Positive
Market Momentum
>-0.01
Negative
59.61
Neutral
51.72
Neutral
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 0.34 is below the 20-day moving average (MA) of 0.35, below the 50-day MA of 0.35, and below the 200-day MA of 0.36, indicating a bullish trend. The MACD of >-0.01 indicates Negative momentum. The RSI at 59.61 is Neutral, neither overbought nor oversold. The STOCH value of 51.72 is Neutral, 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
Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | 231.61M | -7.59 | -11.42% | ― | -6.99% | -1688.02% | |
55 Neutral | 401.55M | -4.63 | -80.08% | ― | 17.32% | 37.70% | |
48 Neutral | 110.92M | -2.05 | -14.65% | ― | 3.21% | -6985.88% | |
46 Neutral | 777.36M | -5.85 | 52.98% | ― | 12.52% | 22.68% | |
44 Neutral | $99.65M | ― | -64.97% | ― | -13.37% | -75.09% | |
41 Neutral | 1.03B | -3.31 | -153.25% | ― | 111.39% | -74.39% | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% |
* Consumer Cyclical Sector Average
Performance Comparison
GGR
Gogoro
0.37
-0.15
-28.85%
KNDI
Kandi Technologies
1.20
-0.43
-26.38%
SRI
Stoneridge
8.15
-3.61
-30.70%
AEVA
Aeva Technologies
18.17
14.84
445.65%
INVZ
Innoviz Technologies
1.94
1.22
169.44%
ECX
ECARX Holdings
2.09
0.36
20.81%
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.