Business
Gogoro Releases First Quarter 2022 Financial Results with YoY Revenue Growth of 61% and Total Subscribers Surpassing 467,000
TAIPEI, Taiwan, May 12, 2022 /PRNewswire/ -- Gogoro Inc. (Nasdaq: GGR), a global technology leader in battery swapping ecosystems that enable sustainable
About this update from Gogoro Inc.
[{"type":"text","content":"TAIPEI, Taiwan, May 12, 2022 /PRNewswire/ -- Gogoro Inc. (Nasdaq: GGR), a global technology leader in battery swapping ecosystems that enable sustainable mobility solutions for cities, today released its financial results for its first quarter ended March 31, 2022.\n\n \n \n \n \n \n \n\n \nFirst Quarter Highlights\nRecord first quarter revenue of $94.5 million, up 61.0% year-over-year Sales of hardware and other revenues of $65.1 million, up 87.1% year-over-yearGogoro Network revenue of $29.4 million, up 23.0% year-over-yearStrong growth in number of new subscribers, bringing total subscribers to more than 467,000\"Our first quarter reflects the strength of our core business model across Gogoro's vehicle and component hardware sales and Gogoro Network battery swapping subscriptions and the industry-leading scale of our ecosystem,\" said Horace Luke, founder, chairman, and chief executive officer of Gogoro. \"We continue to grow our subscriber base with over 467,000 subscribers in Taiwan as of March 31, 2022, up 25.2% from March 31, 2021. The successful completion of our merger on April 4, 2022 and Nasdaq listing added $344.8 million of capital to our balance sheet, which will enable us to accelerate our business and continue our aggressive growth in Taiwan and other new markets.\"\nFirst Quarter 2022 Financial Overview\nRevenueFor the first quarter, revenue was $94.5 million, up 61.0% from $58.7 million in the same quarter last year. Sales of hardware and other revenues for the first quarter was $65.1 million, up 87.1% from $34.8 million in the same quarter last year primarily as a result of increased market share in Gogoro branded scooter sales in Taiwan. Government-reported registrations of Gogoro vehicles increased by 57.7% compared to the first quarter of 2021. Gogoro Network revenue for the first quarter was $29.4 million, up 23.0% from $23.9 million in the same quarter last year. The growth reflects a continuation of growth in the electric transportation market in Taiwan and an increase in our subscriber base in Taiwan.\nGross MarginFor the first quarter, gross margin was 13.7%, up from 12.7% in the same quarter last year. For the first quarter, non-IFRS gross margin was 14.2%, up from 12.7% in the same quarter last year. Gross margin and non-IFRS gross margin were driven by favorable changes in our product mix and a decr...