Business
Gogoro Releases Third Quarter 2022 Financial Results
TAIPEI, Taiwan, Nov. 10, 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, Nov. 10, 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 third quarter ended September 30, 2022.\n\n \n \n \n \n \n \n\n \nThird Quarter Summary\nRevenue of $102.2 million, up 1.5% year-over-year and up 10.7% on a constant currency basis despite the complex macroeconomic environmentGogoro Network revenue of $30.4 million, up 17.7% year-over-year and up 28.5% on a constant currency basis. This demonstrates an increase in our battery swapping subscriber base and the ability of our business model to generate recurring revenueContinued Gogoro Network subscriber growth to more than 505,000 monthly battery swapping subscribers, up 20.8% or 87,000 subscribers year-over yearGross margin of 17.4%, up slightly from 17.3% in the third quarter last year. Non-IFRS gross margin of 20.0%, up 2.7% year-over-yearNet income of $56.4 million, up from a net loss of $13.4 million in the same quarter last year, primarily due to a $85.8 million favorable change in the fair value of financial liabilities associated with outstanding earnout, earn-in and warrantsAdjusted EBITDA of $9.2 million, down from $15.2 million in the same quarter last year primarily due to $5.0 million investment in operating activitiesSuccessfully completed a new $345 million syndicated credit facility and paid off a $182 million old credit facility obligation following the end of the third quarterGogoro updates full-year revenue guidance of $370.0 million to $390.0 million, reflecting continued macroeconomic headwinds\"Despite challenging economic conditions around the world, we delivered solid Q3 financial results. We are still seeing a strong movement by governments, businesses, and consumers to smarter, cleaner and sustainable energy and transportation, especially in the densely populated cities of Asia. Gogoro Network battery swapping continues to generate strong interest and we are working with local partners in China, Indonesia, India and other new markets,\" said Horace Luke, founder, chairman, and chief executive officer of Gogoro. \"In the third quarter, we announced a new Singapore-licensed B2B pilot and launched the Gogoro Network and Smartscooters in Tel Aviv, Israel. Last week, we announced our...