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Gogoro (GGR)
NASDAQ:GGR
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Gogoro
(NASDAQ:GGR)
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Rating:48Neutral
Price Target:
$4.00
▲(28.21% Upside)
Action:ReiteratedDate:03/06/26
The score is held down primarily by weak financial performance—persistent net losses, negative free cash flow, and a pressured balance sheet with high debt and declining equity. Technicals add some support due to a clear uptrend, but overbought indicators raise near-term risk. Valuation provides limited help given negative earnings and no dividend, while the earnings call improves the outlook modestly with guidance for a gradual revenue recovery and a clearer profitability path for the Network business, tempered by execution and market concentration risks.
Positive Factors
Recurring revenue & subscriber growth
Gogoro's expanding swapping base and $149M energy revenue strengthen recurring cash flows and network effects. A large, growing subscriber pool makes service revenues more predictable, supports higher gross margins over time, and reduces dependence on cyclical vehicle sales.
Improving profitability and cash generation
Material EBITDA and operating cash flow improvements indicate sustainable operating leverage from cost controls, product mix, and efficiency gains. Stronger cash conversion lowers near-term financing pressure and provides runway for network investments and incremental product launches.
Partnerships, pilots and committed funding
Strategic partner deployments and pilots expand addressable markets and enable licensing/rollout scale without full capex exposure. The $80M shareholder commitment improves near-term liquidity to execute multi-year rollouts, supporting durable commercial expansion if pilots scale.
Negative Factors
Geographic concentration risk
Heavy reliance on Taiwan concentrates demand, regulatory and macro risk in one market. A prolonged Taiwan scooter-market weakness or adverse regulation would materially hit revenue and slow global expansion, making growth and margin sustainability sensitive to local conditions.
High leverage and shrinking equity cushion
Substantial debt versus a diminished equity base reduces financial flexibility and raises refinancing and covenant risks. With continued losses and limited free cash flow, servicing debt could constrain investment in network expansion or product development and heighten downside in stress scenarios.
Hardware/scooter business underperformance
Persistent weakness in vehicle sales and low-margin hardware undermines consolidated profitability. Management targets hardware profitability only by 2028, so prolonged hardware underperformance will continue to pressure cash flow and force reliance on network gains and one-time cost saves to sustain results.
Gogoro (GGR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$57.76M
Dividend YieldN/A
Average Volume (3M)31.20K
Price to Earnings (P/E)―
Beta (1Y)1.51
Revenue Growth-14.88%
EPS Growth-43.30%
CountryUS
Employees2,097
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Parts
Share Statistics
EPS (TTM)-1.41
Shares Outstanding14,773,463
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 Cap6.77
Enterprise Value/Revenue1.39
Enterprise Value/Gross Profit16.69
Enterprise Value/Ebitda14.07
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 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 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: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.Q4-2025 Updates
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.
Strong Operating Cash Flow Improvement
Operating cash flow more than tripled year-over-year to $31.1 million, reflecting improved cash generation from operations and disciplined working capital management.
Gross Margin Expansion
Full year gross margin expanded to 8.3% from 2.6% in 2024; full year non-IFRS margin rose to 19.5% from 14.9%, with Q4 gross margin at 14.3% (versus 7.4% prior-year quarter).
Recurring Revenue and Subscriber Growth
Battery swapping revenue increased to $149 million for the year (+8.1% YoY) and Q4 swapping revenue grew 5.9% to $38.0 million; subscribers reached 665,000 (up 4% YoY), supporting recurring revenue stability.
Product and Go-to-Market Wins
Launches of EZZY (June) and EZZY 500 (September) yielded cumulative EZZY-family sales of ~8,700 units by year-end and made EZZY the best-selling electric scooter of 2025; notable B2B/government deployments include Chunghwa Post (>1,000 units) and partner launches (Yamaha CuxiE, ADATA).
Liquidity and Funding Support
Year-end cash of $70.6 million plus an $80 million equity investment commitment from the largest shareholder for 2026, providing near-term funding to execute the plan.
Improved Profitability Trajectory and Guidance
Net loss narrowed to $80.8 million (from $122.8 million in 2024); FY revenue guidance for 2026 is $285–305 million and the company expects Gogoro Network to reach non-IFRS profitability in 2026 (hardware profitability targeted for 2028).
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.
Market Contraction in Taiwan
Taiwan scooter market declined 5.9% YoY to 708,392 units—the lowest level in 10 years—contributing to weaker vehicle volumes and a tougher near-term demand backdrop.
Scooter Business Underperformance
Management acknowledged the scooter business has not delivered desired results and continues to absorb a disproportionate share of group losses; recovery depends on product mix, pricing, supply chain improvements and margin expansion.
Sustainability of Cost Cuts Uncertain
Total OpEx reductions included one-time items and impairments; excluding impairments the company saved nearly $24 million, but management cautioned it will be difficult to replicate the same level of OpEx savings in 2026 and further margin gains will rely on BOM cost reductions and manufacturing efficiencies.
Concentration and Execution Risks
Management expects ~95% of 2026 revenue to come from Taiwan, creating geographic concentration risk; new initiatives (modular swapping station pilot, Vietnam pilot) are multi-year and depend on successful execution and regulatory environments.
Dependency on Non-Recurring Drivers for Margin Gains
Margin improvements were aided by completion of battery upgrades, reduced inventory write-downs, lower share-based compensation and the absence of prior-year impairment charges—factors that may not fully repeat and could challenge sustained margin expansion.
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
Results are improving but still fundamentally weak. Revenue fell in 2025 (~$281.5M vs ~$310.6M in 2024) and the company remains loss-making (2025 net loss ~-$80.8M). Positive signals include a smaller loss vs 2024, positive EBITDA in 2025, and stronger operating cash flow (~$31.1M), but free cash flow is still negative (~-$29.7M) and balance-sheet risk is elevated with sizable debt (~$403.9M) and a shrinking equity base (~$107.4M).Income Statement
Revenue has been volatile and recently down (2025: ~$281.5M vs 2024: ~$310.6M), following a multi-year decline from 2022–2024 before a rebound in 2025 growth rate. Profitability remains weak: the company is consistently loss-making (2025 net loss ~-$80.8M; 2024 ~-$122.8M; 2023 ~-$76.0M) with negative operating profit across all periods. A positive is the improvement versus 2024, with a narrower net loss and materially better operating performance (EBIT less negative and EBITDA turning positive in 2025), but margins and earnings power are still not yet durable.34
Negative
Balance Sheet
Leverage is meaningful relative to the equity base. Total debt is high and roughly stable-to-rising (~$403.9M in 2025 vs ~$393.2M in 2024), while equity has declined sharply (2025 ~$107.4M vs 2024 ~$176.5M and 2023 ~$248.7M), reducing balance-sheet flexibility. Total assets also stepped down over time (2025 ~$600.0M vs 2024 ~$700.4M and 2023 ~$834.2M). The key positive is that the company still maintains positive equity, but the shrinking equity cushion alongside persistent losses raises financial risk.42
Neutral
Cash Flow
Cash generation is mixed. Operating cash flow improved in 2025 to ~$31.1M (up from ~$9.9M in 2024), showing better working-capital/operating conversion versus the prior year. However, free cash flow remains negative (2025 ~-$29.7M), implying ongoing cash burn after investment needs. The 2024 free cash flow deficit was very large (~-$114.6M), so the trend is improving, but the business has not yet demonstrated consistent, sustainable free 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
3.13
Positive
3.51
Positive
4.93
Negative
Market Momentum
0.09
Negative
71.42
Negative
81.13
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 above the 20-day moving average (MA) of 3.08, below the 50-day MA of 3.13, and below the 200-day MA of 4.93, indicating a neutral trend. The MACD of 0.09 indicates Negative momentum. The RSI at 71.42 is Negative, neither overbought nor oversold. The STOCH value of 81.13 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% | |
52 Neutral | $638.58M | -8.83 | ― | ― | 6.59% | 55.85% | |
48 Neutral | $57.76M | -10.01 | -68.35% | ― | -14.88% | -43.30% | |
48 Neutral | $906.00M | -5.21 | -258.38% | ― | 89.90% | 5.13% | |
47 Neutral | $178.51M | -2.52 | -86.56% | ― | 46.09% | 46.01% | |
46 Neutral | $73.89M | -2.09 | -75.54% | ― | -19.11% | 73.51% |
* Consumer Cyclical Sector Average
GGR
Gogoro
3.91
-4.53
-53.67%
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INVZ
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0.86
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1.64
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ECX
ECARX Holdings
1.79
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Gogoro Corporate Events
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 service revenue grew 8.1% to $149.0 million. The company sharply reduced its net loss to $80.8 million from $122.8 million, lifted gross margin to 8.3% from 2.6%, and boosted operating cash flow to $31.1 million, driven by tighter cost control, product mix optimization, and supply chain efficiencies.
Management emphasized that 2025 was a reset year, marked by difficult portfolio and cost decisions that yielded record adjusted EBITDA of $59.9 million and a more focused product lineup ahead of planned new model launches in 2026. Growing energy subscribers, now at 665,000, plus deployments with Taiwan’s Post Office and partner brands like Yamaha and ADATA, underline Gogoro’s expanding network effects and position the company for profitability improvements and renewed growth as market conditions stabilize.
The most recent analyst rating on (GGR) stock is a Hold with a $3.00 price target. To see the full list of analyst forecasts on Gogoro stock, see the GGR Stock Forecast page.
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.