Business
Gogoro Releases Fourth Quarter and Full Year 2023 Financial Results
TAIPEI, Taiwan, Feb. 7, 2024 /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. 7, 2024 /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, 2023.\n\n \n \n \n \n \n \n\n \nFourth Quarter and Full Year 2023 Summary\nFourth quarter revenue of $91.5 million, down 4.1% year-over-year and down 2.8% on a constant currency basis; Full year revenue of $349.8 million, down 8.6% year-over-year and down 4.6% on a constant currency basisFourth quarter battery swapping service revenue of $32.5 million, up 3.7% year-over-year and up 6.0% on a constant currency basis; Full year battery swapping service revenue of $131.8 million, up 8.3% year-over-year and up 13.3% on a constant currency basisFourth quarter gross margin of 11.0%, down from 15.0% in the same quarter last year. Non-IFRS gross margin of 14.2%, down 3.0% year-over-year; Full year gross margin of 14.4%, down from 15.1% last year. Non-IFRS gross margin of 15.8%, down 1.0% year-over-yearFourth quarter net loss of $27.5 million as compared to a net loss of $12.5 million in the same quarter last year; Full year net loss of $76.9 million as compared to a net loss of $98.9 million last year Fourth quarter adjusted EBITDA of $8.2 million, down from $9.2 million in the same quarter last year; Full year adjusted EBITDA of $44.8 million, up $3.6 million from $41.2 million last year. \"In 2023, we continued to focus on accelerating the transition to electric two-wheelers in Asia, with a focus on our home market of Taiwan, where we expanded our retail channels, added third-party Gogoro Quick Service Centers and strengthened our B2B business. As we continue our international expansion, India will be a priority. We have now established our local manufacturing and launched our battery swapping services and first India-made Smartscooter in Delhi,\" said Horace Luke, chairman, founder, and CEO of Gogoro. \"In 2024, we are introducing new Smartscooters for Taiwan and international markets including a new cutting-edge mass market vehicle and our new high-performance flagship vehicle, the Gogoro Pulse. Last week we also announced a new partnership with Copec Energy in Latin America, where we will be launching in Chile and Colombia in the second quarter of 2024.\"...