Business
Gogoro Releases Fourth Quarter and Full Year 2022 Financial Results
TAIPEI, Taiwan, Feb. 16, 2023 /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, Feb. 16, 2023 /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 fourth quarter and twelve months ended December 31, 2022.\n\n \n \n \n \n \n \n\n \nFourth quarter revenue of $95.5 million, down 20.8% year-over-year and down 10.5% on a constant currency basis; Full year revenue of $382.8 million, up 4.6% year-over-year and up 11.7% on a constant currency basisFourth quarter network revenue of $31.4 million, up 19.5% year-over-year and up 34.6% on a constant currency basis; Full year network revenue of $121.6 million, up 22.2% year-over-year and up 30.3% on a constant currency basisFourth quarter net loss of $12.5 million, down from a net loss of $14.2 million in the same quarter last year; Full year net loss of $98.9 million, up from a net loss of $67.4 million last year Fourth quarter adjusted EBITDA of $9.2 million, down from $25.5 million in the same quarter last year; Full year adjusted EBITDA of $41.2 million, down from $54.9 million last year\"We met our updated 2022 full year financial results, despite the macroeconomic climate, and continued to experience strong growth in our Gogoro Network business. We continue to see growing demand for Gogoro's smart sustainable solutions. Last month we announced a significant partnership with the Indian State of Maharashtra, India's leading economy, and Belrise Industries to deploy and manage battery swapping infrastructure across the state,\" said Horace Luke, founder, chairman, and chief executive officer of Gogoro. \"The Maharashtra partnership shows the strong global interest in Gogoro and demonstrates our positive momentum. It is the culmination of a variety of significant new market announcements and partnerships we made in 2022 in India with Zypp Electric, in the Philippines with Globe 917Ventures and the Ayala Group, and in Singapore with Jardine Cycle & Carriage. For 2023, we will continue to transition from pilot deployments in India, Indonesia and other markets to early and later stage commercial deployments that we expect to drive greater revenue for our vehicle, battery swapping and technology businesses.\" \n\"In the fourth quarter, we focused on improving our operating efficiency, strengthened our balance s...