Gogoro (GGR) AI Stock Analysis

• Market Cap: $68.84M
• Dividend Yield: N/A
• Average Volume (3M): 31.20K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.23
• Revenue Growth: -14.88%
• EPS Growth: -43.30%
• Country: US
• Employees: 2,097
• Sector: Consumer Cyclical
• Sector Strength: 84
• Industry: Auto - Parts
• EPS (TTM): -1.41
• Shares Outstanding: 14,773,463
• 10 Day Avg. Volume: 39,960
• 30 Day Avg. Volume: 31,204
• PEG Ratio: 0.10
• Price to Book (P/B): 7.53
• Price to Sales (P/S): 2.87
• P/FCF Ratio: -27.19
• Enterprise Value/Market Cap: 5.84
• Enterprise Value/Revenue: 1.43
• Enterprise Value/Gross Profit: 17.16
• Enterprise Value/Ebitda: 14.47
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): -6.2
• Revenue Forecast (FY): $288.42M

• Rating: 47 Neutral
• Price Target: $4.50 ▲(44.23% Upside)
• Action: Reiterated Date: 03/07/26
• Date: Action: Reiterated 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 growth

Growing battery-swapping revenue and a 665k subscriber base strengthen a recurring-revenue backbone and network effects. This increases predictable cash inflows, supports unit economics for stations, and makes long-term profitability less dependent on volatile hardware sales.

Improving margins and cash generation

Material margin expansion, positive adjusted EBITDA and tripled operating cash flow show stronger operating leverage. Sustained improvements imply the business can convert revenue to cash more reliably, supporting reinvestment and reducing reliance on external financing over the medium term.

Near-term funding and covenant relief

Amended syndicated loan terms and committed equity injections improve liquidity runway and operational flexibility. Relaxed covenants reduce refinancing pressure, giving management time to execute growth and profitability initiatives without immediate covenant-driven constraints.

Negative Factors

High leverage, shrinking equity

Significant debt relative to a much smaller equity base reduces financial flexibility and raises refinancing and covenant risk. Persistent losses that erode equity can constrain capital allocation, limit ability to fund network expansion, and increase vulnerability to adverse operating shocks.

Ongoing net losses and negative free cash flow

Although operating cash flow improved, the company remains loss-making with negative free cash flow. Continued cash burn after investment needs necessitates external funding or asset sales and raises execution risk for multi-year projects like hardware profitability targets.

Taiwan concentration and hardware weakness

Heavy reliance on one geography exposes revenue to local market cycles and regulatory shifts. Simultaneous hardware sales declines highlight a weak product-volume channel, making growth dependent on limited regional recovery and successful international rollouts that take multiple years to scale.

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 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 Money

Gogoro 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 Financial Statement Overview

Summary

Financials show improvement in 2025 (narrower net loss, positive EBITDA, and operating cash flow up to ~$31.1M), but the company remains loss-making with negative free cash flow (~-$29.7M) and a weakening equity cushion alongside sizable debt (~$403.9M).

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.

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.

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.

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

• Technical Analysis Sentiment: Positive
• Last Price: 3.12
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Negative
• STOCH: 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 3.17, below the 50-day MA of 3.15, and below the 200-day MA of 4.93, indicating a neutral trend. The MACD of 0.19 indicates Negative momentum. The RSI at 80.12 is Negative, neither overbought nor oversold. The STOCH value of 83.33 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GGR.

Gogoro Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	61 Neutral	$18.38B	12.79	-2.54%	3.03%	1.52%	-15.83%
ECX	52 Neutral	$633.22M	―	―	―	6.59%	55.85%
AEVA	48 Neutral	$851.33M	-5.21	-258.38%	―	89.90%	5.13%
GGR	47 Neutral	$68.84M	-10.01	-68.35%	―	-14.88%	-43.30%
INVZ	47 Neutral	$171.21M	-2.52	-86.56%	―	46.09%	46.01%
LIDR	46 Neutral	$70.29M	-2.09	-75.54%	―	-19.11%	73.51%

Gogoro Corporate Events

Gogoro Eases Covenants on NT$10.7 Billion Syndicated Loan, Secures New Equity Commitments

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 amendment, arranged with Mega International Commercial Bank and a banking syndicate, aims to give the company greater operational flexibility by relaxing certain undertakings and financial covenants and adjusting information-reporting obligations.

As part of the revised terms, Gogoro continues to guarantee the facility while updated financial ratio requirements will only be reviewed through the 2026 annual and 2027 second-quarter consolidated results. The deal is further supported by an undertaking from director Yin Chung-Yao to procure NT$2.5 billion of equity investments in Gogoro by December 31, 2026, with the company committing that at least NT$1.5 billion of that capital will be injected into the borrowing group, reinforcing its balance sheet and supporting ongoing funding for its battery-swapping operations.

The most recent analyst rating on (GGR) stock is a Hold with a $4.00 price target. To see the full list of analyst forecasts on Gogoro stock, see the GGR Stock Forecast page.

Gogoro Narrows 2025 Loss and Builds Cash as Battery Swapping Surges

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.