Gogoro Inc. reported third‑quarter 2025 results on November 11, 2025, with total revenue falling 10.6% to $77.6 million. The decline was driven by a 25.5% drop in hardware revenue and a 43.7% fall in vehicle sales volume, while battery‑swapping service revenue grew 11.5% to $38.9 million, the highest quarterly figure since the program’s launch. Net loss narrowed to $14.9 million from $18.2 million a year earlier, and adjusted EBITDA rose to $20.2 million, up $4.7 million YoY, reflecting stronger operating leverage and disciplined cost management.
Gross margin expanded to 12.2% from 5.4% a year earlier, and non‑IFRS gross margin climbed to 22.2% from 16.3%. The margin lift is largely attributable to a 34% reduction in inventory, lower component costs, and a higher mix of high‑margin battery‑swapping services. These improvements offset the impact of lower vehicle sales and demonstrate the company’s ability to convert a shrinking hardware market into a more profitable service‑centric model.
The company’s full‑year 2025 revenue guidance was revised to $270 million–$285 million, down from the prior $295 million–$315 million range. Management noted that 95% of revenue is expected to come from Taiwan, and that the energy business is on track to reach breakeven in 2026 and generate positive free cash flow by 2027. Battery‑upgrade initiatives will continue to pressure margins in the short term but are expected to improve long‑term profitability as the company scales its high‑margin ecosystem.
CEO Henry Chiang highlighted the company’s “operational discipline” as the driver of margin expansion, noting that the non‑IFRS gross margin reached a record quarterly level. CFO Bruce Aitken emphasized the continued growth of battery‑swapping revenue and the 34% inventory reduction, describing the quarter as a “record adjusted EBITDA” since the IPO and a “strong and healthy operating cash flow.”
The market reacted positively, with Gogoro’s shares closing up 5.97% on November 11, 2025. Investors appeared to reward the company’s margin expansion, narrowed loss, and robust cash‑flow generation, while remaining cautious about the ongoing decline in vehicle sales and the macro‑headwinds facing Taiwan’s two‑wheeler market.
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