Gogoro Inc. reported total revenue of $63.6 million for the first quarter ended March 31, 2025, an 8.7% decrease year-over-year, or 4.5% on a constant currency basis. The net loss for the quarter increased to $18.6 million from $13.1 million in the same period last year, primarily due to an unfavorable change in the fair value of financial liabilities.
Despite the revenue decline, Gogoro achieved a non-IFRS gross margin of 18.2%, an increase from 15.1% year-over-year, driven by lower depreciation and extended battery lifespan from upgrades. Adjusted EBITDA rose to $14.3 million, up from $10.2 million in Q1 2024, reflecting a $9.6 million (32.1%) reduction in operating expenses due to cost optimization initiatives.
The company secured a new NT$2 billion (approximately $61.5 million) credit facility, enhancing its financial flexibility. Gogoro reaffirmed its full-year 2025 revenue forecast of $295 million to $315 million and its profitability targets: non-IFRS profitability for the energy business by 2026 and for the hardware sales business by 2028. International expansion efforts include a joint venture with Castrol in Vietnam, with a pilot program expected in the second half of 2025.
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