Gogoro Inc · Q3 2025 earnings

Briefing

Gogoro narrowed its Q3 net loss as gross margin expanded to 12.2% despite a 10.6% revenue decline in a weak Taiwan two-wheeler market.

Gogoro reported Q3 2025 revenue of $77.6 million, down 10.6% year over year, as Taiwan motorcycle retail sales hit a decade-low third quarter. Battery swapping service revenue rose 11.5% to $38.9 million on a subscriber base of 657,000, while hardware sales fell 25.5% to $38.7 million amid a 43.7% drop in vehicle volumes. Gross margin improved to 12.2% from 5.4% a year ago on better inventory management, and adjusted EBITDA reached a post-IPO quarterly record of $20.2 million even as the net loss narrowed to $14.9 million from $18.2 million.

• Revenue of $77.6 million declined 10.6% year over year, but battery swapping revenue grew 11.5% to $38.9 million on 657,000 subscribers.
• Gross margin expanded to 12.2% (non-IFRS 22.2%) from 5.4% a year ago, driven by lower inventory write-downs and supply chain improvements.
• Adjusted EBITDA rose to a record $20.2 million from $15.5 million, and nine-month operating cash flow reached $25.7 million versus $13.3 million last year.
• Taiwan's two-wheeler market contracted sharply, with vehicle sales volume down 43.7% year over year amid macroeconomic headwinds.
• Management launched EZZY models and continued battery pack upgrades, expecting near-term margin pressure but long-term network efficiency gains.

Headline financials

Revenue & EPS history

Management expects Taiwan's two-wheeler market to remain weak near term and continued gross margin impact from battery pack upgrades through Q4 2025, while new EZZY models and 2026 product launches aim to broaden addressable market share.