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.
Fourth Quarter and Full Year 2023 Summary
- Fourth 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 basis
- Fourth 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 basis
- Fourth 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-year
- Fourth 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."
"We have been focusing on long-term customer satisfaction,
market leadership, revenue growth, and cost-control. We will
continue to make investments where we see opportunities and in 2024
we are focusing on executing our manufacturing, sales, network, and
organizational growth in India.
With significant new global vehicle introductions and the addition
of new international markets, we are expecting healthy growth
across a number of key financial indicators in 2024," said
Bruce Aitken, CFO of Gogoro. "In
late 2022, we implemented a company-wide cost transformation
initiative designed to maximize cost efficiencies across our entire
organization and we saw the benefits of that effort in 2023 in
reductions in operating expense and improvements in operating cash
flow. In 2024, we will continue to actively manage expenses."
Fourth Quarter and Full Year 2023 Financial Overview
Operating Revenues
For the fourth quarter, the total revenue was $91.5 million, down 4.1% year-over-year and down
2.8% year-over-year on a constant currency basis1. Had
foreign exchange rates remained constant with the average rate of
the same quarter last year, revenue would have been up by an
additional $1.3 million.
- Sales of hardware and other revenues for the quarter were
$59.0 million, down 7.9%
year-over-year, and down 7.1% year-over-year on a constant currency
basis1. Both electric powered two-wheelers ("PTW") and
Powered by Gogoro Network ("PBGN") markets were impacted by the
continued deep discounts on ICE vehicles offered by Taiwan scooter manufacturers as well as the
increased purchases of ICE vehicles as a last call effect given the
discontinuation of certain government subsidies for scooter
purchases. While we lowered prices (average selling price ("ASP")
reduced by 9.3% in fourth quarter of 2023 compared to that in the
same quarter of 2022), we refrained from matching the deep
discounts provided by ICE OEMs as we believe that it is not in the
best interest of our long-term growth strategy. Compared to the
same quarter last year, sales of total electric PTW vehicles were
down 13.4% while Gogoro's branded vehicles were down 6.5%.
- Battery swapping service revenue for the fourth quarter was
$32.5 million, up 3.7%
year-over-year, and up 6.0% year-over-year on a constant currency
basis1. Total subscribers at the end of the fourth
quarter exceeded 587,000, up 11.6% from 526,000 subscribers at the
end of the same quarter last year. The year-over-year increase in
battery swapping service revenue was primarily due to our larger
subscriber base compared to the same quarter last year and the high
retention rate of our subscribers. We continue to see the strength
of our subscription-based business model to accrue more customers
to maximize our battery swapping network efficiency.
For the full year, the total revenue was $349.8 million, down 8.6% year-over-year and down
4.6% year-over-year on a constant currency basis1. Had
foreign exchange rates remained constant with average rate in each
of the comparable quarters of last year, revenue would have been up
by an additional $15.6 million.
- Sales of hardware and other revenues for the year were
$218.0 million, down 16.5%
year-over-year, and down 12.8% year-over-year on a constant
currency basis1. Compared to the last year, sales of
total electric PTW vehicles were down 9.0% while Gogoro's branded
vehicles were down 12.3%. Local ICE vehicle price competition and
overall macroeconomic uncertainty hindered the pace of
electrification in the Taiwan PTW market in 2023.
- Battery swapping service revenue for the year was $131.8 million, up 8.3% year-over-year, and up
13.3% year-over-year on a constant currency basis1.
Gross Margin
For the fourth quarter, gross margin was 11.0%, down from 15.0%
in the same quarter last year while non-IFRS gross
margin1 was 14.2%, down from 17.2% in the same quarter
last year. The decrease in gross margin was driven by a reduction
in vehicle prices in the fourth quarter, an ASP reduction resulting
from a higher percentage of lower-priced vehicles sold, a higher
production cost per vehicle due to lower sales volume, decreased
revenues associated with retail discounts and some minor impacts
related to our discounting charges for customers adversely impacted
by a voluntary and minor vehicle recall and battery upgrade. This
unfavorable change was partially offset by the improved cost
efficiencies of Gogoro's battery swapping services and improvements
in other operational efficiencies.
For the full year 2023, gross margin was 14.4%, down from 15.1%
last year whereas non-IFRS gross margin was 15.8%, down from 16.8%
last year.
Net Loss
For the fourth quarter, net loss was $27.5 million, representing an increase of
$15.0 million from a net loss
$12.5 million in the same quarter
last year. The increase in net loss was primarily due to an
unfavorable change of $16.5 million
in the fair value of financial liabilities associated with
outstanding earnout shares, earn-in shares and warrants compared to
last year as a result of the decrease of Gogoro stock price and the
decrease of $4.2 million in gross
profit which are partially offset by the decrease of $7.0 million in operating expenses.
For the full year 2023, net loss was $76.9 million, representing a decrease of
$22.0 million from a net loss
$98.9 million last year. The decrease
in net loss was primarily due to an $218.4
million decrease in operating expenses which was offset by
an unfavorable change of $189.8
million in the fair value of financial liabilities and a
$7.3 million decrease in gross
profit.
Adjusted EBITDA
For the fourth quarter, adjusted EBITDA1 was
$8.2 million, representing a decrease
of $1.0 million from $9.2 million in the same quarter last year. The
decrease was primarily due to a $1.3
million loss on investment under equity method compared to
the same quarter last year. The decrease was partially offset by a
decrease in operating expenses from various cost-saving initiatives
this quarter.
For the full year 2023, adjusted EBITDA1 was
$44.8 million, representing an
increase of $3.6 million from
$41.2 million last year. The increase
was primarily due to a $9.6 million
decrease in operating expenses (excluding share-based compensation,
depreciation and amortization, acquisition-related expenses and
exit activities) as a result of various cost-saving initiatives.
The increase was partially offset by a $5.8
million decrease in gross profit (excluding share-based
compensation, depreciation and amortization, battery upgrade
initiatives and exit activities) due to lower revenue.
-----------------------------
|
1
|
This is a non-IFRS
measure, see Use of Non-IFRS Financial Measures for a
description of the non-IFRS measures and Reconciliation of IFRS
Financial Metrics to Non-IFRS for a reconciliation of the
Company's non-IFRS financial measures to their most directly
comparable IFRS measures.
|
Liquidity
We generated $59.8 million of
operating cash inflow in 2023 compared to 2022 where we used
$64.8 million of cash in operations.
With a $173.9 million cash balance at
the end of 2023 and the additional credit facilities that are
available to us, we believe we have sufficient sources of funding
to meet our near-term business growth objectives.
2024 Guidance
For the full year 2024. we expect to generate revenue of
$385 million to $420 million. We estimate that approximately 90%
of such full-year revenue will be generated from the Taiwan market and 10% from international
markets.
Conference Call Information
Gogoro's management team will hold an earnings Webcast on
February 7th, 2024, at 7:00 a.m. Eastern Time to discuss the Company's
fourth quarter and full year 2023 results of operations and
outlook.
Investors may access the webcast, supplemental financial
information and investor presentation at Gogoro's investor
relations website (https://investor.gogoro.com) under the
"Events" section. A replay of the investor presentation and the
earnings call script will be available 24 hours after the
conclusion of the webcast and archived for one year.
About Gogoro
Founded in 2011 to rethink urban energy and inspire the world to
move through cities in smarter and more sustainable ways, Gogoro
leverages the power of innovation to change the way urban energy is
distributed and consumed. Recognized and awarded by Frost &
Sullivan as the "2023 Global Company of the Year for battery
swapping for electric two-wheel vehicles" and MIT Technology Review
as one of "15 Climate Tech Companies to Watch" in 2023, Gogoro's
battery swapping and vehicle platforms offer a smart, proven, and
sustainable long-term ecosystem for delivering a new approach to
urban mobility. Gogoro has quickly become an innovation leader in
vehicle design and electric propulsion, smart battery design,
battery swapping, and advanced cloud services that utilize
artificial intelligence to manage battery availability and safety.
The challenge is massive, but the opportunity to disrupt the status
quo, establish new standards, and achieve new levels of sustainable
transportation growth in densely populated cities is even greater.
For more information, visit https://www.gogoro.com/news and
follow Gogoro on Twitter: @wearegogoro.
Forward-Looking Statements
This communication contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements generally relate to future
events or Gogoro's future financial or operating performance. In
some cases, you can identify forward-looking statements because
they contain words such as "may," "will," "should," "expects,"
"plans," "anticipates," "going to," "could," "intends," "target,"
"projects," "contemplates," "believes," "estimates," "predicts,"
"potential" or "continue" or the negative of these words or other
similar terms or expressions that concern Gogoro's expectations,
strategy, priorities, plans or intentions. Forward-looking
statements in this communication include, but are not limited to,
statements in the section entitled, "2024 Guidance," such as
estimates regarding revenue and Gogoro's revenue generated from the
Taiwan market, and statements by
Gogoro's founder, chairman, and chief executive officer and
Gogoro's chief financial officer, such as projections of market
opportunity and market share, the strategic cooperation and
investments in India and
the Philippines, the capability of
Gogoro's technology, and Gogoro's business plans including its
plans to grow and expand in Taiwan
and internationally, pricing strategies, cost control measures and
expectation regarding the expansion of product portfolio.
Gogoro's expectations and beliefs regarding these matters may
not materialize, and actual results in future periods are subject
to risks and uncertainties that could cause actual results to
differ materially from those projected, including risks related to
the impact of the COVID-19 pandemic, risks related to macroeconomic
factors including inflation and consumer confidence, risks related
to the Taiwan scooter market,
risks related to political tensions, Gogoro's ability to
effectively manage its growth, Gogoro's ability to launch and ramp
up the production of its products and control its manufacturing
costs and manage its supply chain issues, Gogoro's risks related to
ability to expand its sales and marketing abilities, Gogoro's
ability to expand effectively into new markets, foreign exchange
fluctuations, Gogoro's ability to develop and maintain
relationships with its partners, risks related to probable defects
of Gogoro's products and services and product recalls, risks
related to operating in the PRC, regulatory risks and Gogoro's
risks related to strategic collaborations, risks related to the
Taiwan market, China market, India market, and other international markets,
alliances or joint ventures including Gogoro's ability to enter
into and execute its plans related to strategic collaborations,
alliances or joint ventures in order for such strategic
collaborations, alliances or joint ventures to be successful and
generate revenue, the ability of Gogoro to be successful in the B2B
market, risks related to Gogoro's ability to achieve operational
efficiencies, Gogoro's ability to raise additional capital, the
risks related to the need for Gogoro to invest more capital in
strategic collaborations, alliances or joint ventures, risks
relating to the impact of foreign exchange and the risk of Gogoro
having to update the accounting treatment for its joint ventures.
The forward looking statements contained in this communication are
also subject to other risks and uncertainties, including those more
fully described in Gogoro's filings with the Securities and
Exchange Commission ("SEC"), including in Gogoro's Form 20-F for
the year ended December 31, 2022,
which was filed on March 31, 2023 and
in its subsequent filings with the SEC, copies of which are
available on the SEC's website at www.sec.gov. The
forward-looking statements in this communication are based on
information available to Gogoro as of the date hereof, and Gogoro
disclaims any obligation to update any forward-looking statements,
except as required by law.
Condensed Consolidated Financial Statements
The condensed consolidated financial statements are unaudited
and have been prepared in accordance with the International
Financial Reporting Standards (collectively, "IFRS") issued by the
International Accounting Standards Board and regulations of the
U.S. Securities and Exchange Commission ("SEC") for interim
financial reporting. The Company's condensed consolidated financial
statements are unaudited, and reflect all normal adjustments that
are, in our opinion, necessary to provide a fair statement of
results for the interim periods presented, including the accounts
of the Company and entities controlled by Gogoro Inc. The audited
consolidated financial statements may differ materially from the
unaudited condensed consolidated financial statements. Our audited
financial statements will be included in the Company's Annual
Report on Form 20-F for the year ended December 31, 2023. Accordingly, these condensed
consolidated financial statements should be read in conjunction
with the audited consolidated financial statements and related
notes for the year ended December 31,
2022 included in the Company's Annual Report on Form 20-F
filed with the SEC on March 31, 2023,
which provides a more complete discussion of the Company's
accounting policies and certain other information.
Use of Non-IFRS Financial Measures
This press release and accompanying tables contain certain
non-IFRS financial measures including foreign exchange effect on
operating revenues, non-IFRS gross profit, non-IFRS gross margin,
Non-IFRS Net Loss, EBITDA and Adjusted EBITDA.
Foreign exchange ("FX") effect on operating revenues. We
compare the dollar amount and the percent change in the operating
revenues from the period to the same period last year using
constant currency disclosure. We present constant currency
information to provide a framework for assessing how our underlying
revenues performed excluding the effect of foreign currency rate
fluctuations. To present this information, current period operating
revenues for entities reporting in currencies other than USD are
converted into USD at the average exchange rates from the
equivalent periods last year.
Non-IFRS Gross Profit and Gross Margin.
Gogoro defines non-IFRS gross profit and gross margin as gross
profit, gross margin excluding share-based compensation, and exit
activities.
Share-based Compensation. Share-based compensation
consists of non-cash charges related to the fair value of
restricted stock units awarded to employees. We believe that the
exclusion of these non-cash charges provides for more
accurate comparisons of our operating results to our peer companies
due to the varying available valuation methodologies, subjective
assumptions and the variety of award types. In addition, we believe
it is useful to investors to understand the specific impact of
share-based compensation on our operating results.
Non-IFRS Net Loss. Gogoro defines non-IFRS net loss
as net loss excluding share-based compensation, the change in fair
value of financial liabilities including revaluation of redeemable
preferred shares, change in fair value of earnout, earn-in and
warrants associated with the merger of Poema, listing expenses and
one-time non-recurring costs associated with the merger. These
amounts do not reflect the impact of any related tax effects.
EBITDA. Gogoro defines EBITDA as net loss excluding
interest expense, net, provision for income tax, depreciation, and
amortization. These amounts do not reflect the impact of any
related tax effects.
Adjusted EBITDA. Gogoro defines Adjusted EBITDA, as
EBITDA excluding share-based compensation, the change in fair value
of financial liabilities including revaluation of redeemable
preferred shares, change in fair value of earnout, earn-in and
warrants associated with the merger of Poema, and one-time
non-recurring costs associated with the merger. These amounts do
not reflect the impact of any related tax effects.
Acquisition-related Expenses. Gogoro incurs
acquisition-related and other expenses which consist of costs
incurred after the issuance of a definitive term sheet for a
particular transaction and include legal, banker, accounting,
printer costs, valuation and other advisory fees. Management
excludes these items for the purposes of calculating non-IFRS
adjusted EBITDA. Gogoro generally would not have otherwise incurred
such expenses in the periods presented as part of its continuing
operations. The acquisition-related expenses are not recurring with
respect to past transactions, can be inconsistent in amount and
frequency from period to period and are significantly impacted by
the timing and magnitude of Gogoro's acquisitions. While these
expenses are not recurring with respect to past transactions,
Gogoro generally will incur these expenses in connection with any
future acquisitions.
Listing Expense. In connection with the merger with
Poema, the excess fair value of shares issued by Gogoro in exchange
for the net assets of Poema was recorded as listing expense in
operating expense. The listing expense for the merger is not
recurring with respect to past transactions, can be inconsistent in
amount and frequency from period to period and is significantly
impacted by the timing and magnitude of the merger.
Exit Activities. We have incurred charges including the
exit of certain product lines as well as other non-recurring
activities. These charges are not representative of ongoing costs
to the business and are not expected to recur. As a result, these
charges are being excluded to provide investors with a more
comparable measure of costs associated with ongoing operations.
Battery Upgrade Initiatives. As we perform certain
voluntary upgrades to our battery packs, this charge represents the
derecognition expense on components removed from the battery pack
which are not expected to generate any future benefits from its
disposal. We will only upgrade battery packs in instances where the
value created exceeds the cost of the upgrade. The program will
improve batteries' capacity and extend the remaining useful life of
certain battery packs. The derecognition expense is recorded under
Cost of Revenues in the Condensed Consolidated Statements of
Comprehensive Loss. We exclude these derecognition expenses for
purposes of calculating certain non-IFRS measures because these
charges do not reflect how management evaluates our operating
performance. The adjustments facilitate a useful evaluation of our
operating performance and comparisons to past operating results and
provide investors with additional means to evaluate our
profitability trends. We expect the derecognition expense to recur
in future periods as incurred during the implementation phase of
the battery upgrade program.
Impairment charges. Non-cash impairment charges,
primarily associated with adjustments to the carrying values of
certain machinery equipment which is currently underutilized. While
the process of evaluating the potential impairment of long-lived
assets under the accounting guidance on property, plant and
equipment is subjective and requires judgment, we also believe that
these machinery and equipment will be redeployed and/or used in
Gogoro's operations in the future. We exclude impairment charges
for purposes of calculating certain non-IFRS measures because the
charges do not reflect our core operating performance. These
adjustments facilitate a useful evaluation of our core operating
performance and comparisons to past operating results and provide
investors with additional means to evaluate expense trends.
These non-IFRS financial measures exclude share-based
compensation, interest expense, income tax, depreciation and
amortization, change in fair value of financial liabilities
including revaluation of redeemable preferred shares, change in
fair value of earnout shares, earn-in shares and warrants
associated with the merger of Poema, listing expense and one-time
non-recurring costs associated with the merger. The Company uses
these non-IFRS financial measures internally in analyzing its
financial results and believes that these non-IFRS financial
measures are useful to investors as an additional tool to evaluate
ongoing operating results and trends. In addition, these measures
are the primary indicators management uses as a basis for its
planning and forecasting for future periods.
Non-IFRS financial measures are not meant to be considered in
isolation or as a substitute for comparable IFRS financial
measures. Non-IFRS financial measures are subject to limitations
and should be read only in conjunction with the Company's
consolidated financial statements prepared in accordance with IFRS.
Non-IFRS financial measures do not have any standardized meaning
and are therefore unlikely to be comparable to similarly titled
measures presented by other companies. A description of these
non-IFRS financial measures has been provided above and a
reconciliation of the Company's non-IFRS financial measures to
their most directly comparable IFRS measures have been provided in
the financial statement tables included in this press release, and
investors are encouraged to review these reconciliations.
GOGORO
INC.
|
Condensed
Consolidated Balance Sheet
|
(unaudited)
|
(in thousands of
U.S. dollars)
|
|
|
December
31,
|
|
December
31,
|
|
2023
|
|
2022
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
173,885
|
|
$
236,100
|
Trade
receivables
|
17,135
|
|
16,143
|
Inventories2
|
53,109
|
|
114,701
|
Other assets,
current
|
22,009
|
|
30,961
|
Total current
assets
|
266,138
|
|
397,905
|
|
|
|
|
Property, plant and
equipment2
|
500,869
|
|
442,969
|
Equity
investment
|
17,285
|
|
—
|
Right-of-use
assets
|
30,412
|
|
21,089
|
Other assets,
non-current
|
18,689
|
|
11,460
|
Total
assets
|
$
833,393
|
|
$
873,423
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Borrowings,
current
|
$
75,590
|
|
$
87,982
|
Financial liabilities
at fair value
|
30,832
|
|
46,949
|
Notes and trade
payables
|
38,117
|
|
38,879
|
Contract
liabilities
|
11,606
|
|
12,965
|
Lease liabilities,
current
|
11,296
|
|
10,073
|
Provisions,
current
|
4,174
|
|
4,812
|
Other liabilities,
current
|
42,439
|
|
46,506
|
Total current
liabilities
|
214,054
|
|
248,166
|
|
|
|
|
Borrowings,
non-current
|
334,581
|
|
293,192
|
Provisions,
non-current
|
2,332
|
|
3,238
|
Lease liabilities,
non-current
|
18,842
|
|
11,400
|
Other liabilities,
non-current
|
15,734
|
|
18,453
|
Total
liabilities
|
585,543
|
|
574,449
|
|
|
|
|
Total equity
|
247,850
|
|
298,974
|
Total liabilities and
equity
|
$
833,393
|
|
$
873,423
|
|
|
|
|
|
December
31,
|
|
December
31,
|
|
2023
|
|
2022
|
Inventories:
|
|
|
|
Raw
materials
|
$
33,136
|
|
$
76,740
|
Semi-finished
goods
|
3,559
|
|
4,443
|
Merchandise
|
16,414
|
|
33,518
|
Total
inventories
|
$
53,109
|
|
$
114,701
|
|
-----------------------------
|
2
|
At December 31, 2023,
the company classified $37.4 million of undeployed battery
packs and related battery cells in property, plan and equipment
based on the company's deployment plan for the next 12
months.
|
GOGORO
INC.
|
Condensed
Consolidated Statements of Comprehensive Loss
|
(unaudited)
|
(in thousands of
U.S. dollars, except net loss per share)
|
|
|
Three Months Ended
December 31,
|
|
Twelve Months Ended
December 31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Operating
revenues
|
$
91,530
|
|
$
95,466
|
|
$
349,846
|
|
$
382,826
|
Cost of
revenues
|
81,429
|
|
81,136
|
|
299,401
|
|
325,113
|
Gross profit
|
10,101
|
|
14,330
|
|
50,445
|
|
57,713
|
Operating
expenses:
|
|
|
|
|
|
|
|
Sales and
marketing
|
14,867
|
|
14,815
|
|
50,976
|
|
60,273
|
General and
administrative
|
9,027
|
|
14,678
|
|
44,440
|
|
70,972
|
Research and
development
|
9,624
|
|
12,369
|
|
40,867
|
|
45,993
|
Impairment
charges
|
1,387
|
|
—
|
|
1,387
|
|
—
|
Listing
expense
|
—
|
|
—
|
|
—
|
|
178,804
|
Total operating
expenses
|
34,905
|
|
41,862
|
|
137,670
|
|
356,042
|
Loss from
operations
|
(24,804)
|
|
(27,532)
|
|
(87,225)
|
|
(298,329)
|
Non-operating income
and expenses:
|
|
|
|
|
|
|
|
Interest expense,
net
|
(2,385)
|
|
(2,789)
|
|
(8,979)
|
|
(9,729)
|
Other (expense) income,
net
|
1,049
|
|
1,413
|
|
4,896
|
|
3,214
|
Change in fair value of
financial liabilities
|
(115)
|
|
16,378
|
|
16,117
|
|
205,938
|
Loss on investment
under equity method
|
(1,281)
|
|
—
|
|
(1,677)
|
|
—
|
Total non-operating
income
|
(2,732)
|
|
15,002
|
|
10,357
|
|
199,423
|
Loss before provision
for income taxes
|
(27,536)
|
|
(12,530)
|
|
(76,868)
|
|
(98,906)
|
Provision for income
taxes
|
—
|
|
(2)
|
|
—
|
|
(2)
|
Net loss
|
(27,536)
|
|
(12,532)
|
|
(76,868)
|
|
(98,908)
|
Other comprehensive
loss:
|
|
|
|
|
|
|
|
Exchange differences on
translation
|
10,593
|
|
7,632
|
|
(698)
|
|
(16,180)
|
Total comprehensive
loss
|
$
(16,943)
|
|
$
(4,900)
|
|
$
(77,566)
|
|
$
(115,088)
|
|
|
|
|
|
|
|
|
Basic and diluted net
loss per share
|
$
(0.12)
|
|
$
(0.05)
|
|
$
(0.33)
|
|
$
(0.45)
|
Shares used in
computing basic and diluted net loss per share
|
235,908
|
|
231,948
|
|
234,803
|
|
222,000
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Twelve Months Ended
December 31,
|
Operating
revenues:
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Sales of hardware and
others
|
$
58,950
|
|
$
64,035
|
|
$
218,061
|
|
$
261,166
|
Battery swapping
service
|
32,580
|
|
31,431
|
|
131,785
|
|
121,660
|
Operating
revenues
|
$
91,530
|
|
$
95,466
|
|
$
349,846
|
|
$
382,826
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Twelve Months Ended
December 31,
|
Share-based
compensation:
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Cost of
revenues
|
$
331
|
|
$
1,228
|
|
$
2,397
|
|
$
4,149
|
Sales and
marketing
|
624
|
|
1,456
|
|
3,730
|
|
5,698
|
General and
administrative
|
1,807
|
|
5,014
|
|
12,320
|
|
15,549
|
Research and
development
|
1,399
|
|
3,475
|
|
8,039
|
|
12,511
|
Total
|
$
4,161
|
|
$
11,173
|
|
$
26,486
|
|
$
37,907
|
GOGORO
INC.
|
Condensed
Consolidated Statements of Cash Flows
|
(unaudited)
|
(in thousands of
U.S. dollars)
|
|
|
Twelve Months Ended
December 31,
|
|
2023
|
|
2022
|
Cash flows from
operating activities
|
|
|
|
Net loss
|
$
(76,868)
|
|
$
(98,908)
|
Adjustments
for:
|
|
|
|
Depreciation and
amortization
|
98,377
|
|
94,807
|
Impairment
charges
|
1,387
|
|
—
|
Expected credit
loss
|
491
|
|
523
|
Loss on investment
under equity method
|
1,677
|
|
—
|
Change in fair value of
financial liabilities
|
(16,117)
|
|
(205,938)
|
Interest expense,
net
|
8,979
|
|
9,729
|
Share-based
compensation
|
26,486
|
|
37,907
|
Loss on disposal of
property and equipment, net
|
2,136
|
|
973
|
Write-down of
inventories
|
2,460
|
|
3,045
|
Recognition of listing
expense
|
—
|
|
178,804
|
Changes in operating
assets and liabilities:
|
|
|
|
Trade
receivables
|
(1,483)
|
|
(41)
|
Inventories
|
21,709
|
|
(44,609)
|
Other current
assets
|
10,209
|
|
(5,128)
|
Notes and trade
payables
|
(762)
|
|
(14,379)
|
Contract
liabilities
|
(1,359)
|
|
(5,788)
|
Other
liabilities
|
(6,256)
|
|
1,379
|
Provisions for product
warranty
|
(2,575)
|
|
(7,580)
|
Income tax
expense
|
—
|
|
2
|
Cash provided by (used
in) operations
|
68,491
|
|
(55,202)
|
Interest expense paid,
net
|
(8,736)
|
|
(9,588)
|
Net cash provided by
(used in) operating activities
|
59,755
|
|
(64,790)
|
Cash flows from
investing activities
|
|
|
|
Payments for property,
plant and equipment, net
|
(116,759)
|
|
(122,684)
|
Increase in refundable
deposits
|
(462)
|
|
(147)
|
Payments for purchase
of equity investment
|
(18,900)
|
|
—
|
Payments of intangible
assets, net
|
(466)
|
|
(590)
|
(Increase) decrease in
other financial assets
|
(531)
|
|
22,319
|
Net cash used in
investing activities
|
(137,118)
|
|
(101,102)
|
Cash flows from
financing activities
|
|
|
|
Proceeds from
borrowings
|
155,069
|
|
173,372
|
Repayments of
borrowings
|
(127,221)
|
|
(193,241)
|
Proceed from issuance
of shares
|
—
|
|
326,965
|
Repayments of financial
liabilities at fair value
|
—
|
|
(108,149)
|
Guarantee deposits
(refund) received
|
(62)
|
|
335
|
Repayment of the
principal portion of lease liabilities
|
(12,635)
|
|
(12,886)
|
Net cash provided by
financing activities
|
15,151
|
|
186,396
|
Effect of exchange rate
changes on cash and cash equivalents
|
(3)
|
|
(1,833)
|
Net (decrease) increase
in cash and cash equivalents
|
(62,215)
|
|
18,671
|
Cash and cash
equivalents at the beginning of the period
|
236,100
|
|
217,429
|
Cash and cash
equivalents at the end of the period
|
$
173,885
|
|
$
236,100
|
GOGORO
INC.
|
Condensed
Consolidated Statements of Changes in Equity
|
(unaudited)
|
(in thousands of
U.S. dollars)
|
|
|
Ordinary
Shares
|
|
Capital
Surplus
|
|
Accumulated
Deficits
|
|
Exchange
Difference
on Translation
|
|
Total
Equity
|
Balance as of
December 31, 2022
|
$
24
|
|
$
643,470
|
|
$ (349,940)
|
|
$
5,420
|
|
$
298,974
|
Net loss for the twelve
months ended December 31, 2023
|
—
|
|
—
|
|
(76,868)
|
|
—
|
|
(76,868)
|
Other comprehensive
loss for the twelve months ended December 31, 2023
|
—
|
|
—
|
|
—
|
|
(698)
|
|
(698)
|
Issuance of ordinary
shares
|
—
|
|
118
|
|
—
|
|
—
|
|
118
|
Shared-based
compensation
|
—
|
|
26,324
|
|
—
|
|
—
|
|
26,324
|
Balance as of
December 31, 2023
|
$
24
|
|
$
669,912
|
|
$ (426,808)
|
|
$
4,722
|
|
$
247,850
|
|
|
|
|
|
|
|
|
|
|
GOGORO
INC.
|
Reconciliation of
IFRS Financial Metrics to Non-IFRS
|
(unaudited)
|
(in thousands of
U.S. dollars)
|
|
|
Three Months Ended
December 31,
|
|
|
|
|
|
2023
|
|
2022
|
|
IFRS revenue
YoY change
%
|
|
Revenue
excluding FX
effect YoY
change %
|
Operating
revenues:
|
IFRS
revenue
|
|
FX
effect
|
|
Revenue
excluding
FX effect
|
|
IFRS
revenue
|
|
|
Sales of hardware and
others
|
$
58,950
|
|
$
520
|
|
$
59,470
|
|
$
64,035
|
|
(7.9) %
|
|
(7.1) %
|
Battery swapping
service
|
32,580
|
|
735
|
|
33,315
|
|
31,431
|
|
3.7 %
|
|
6.0 %
|
Total
|
$
91,530
|
|
$
1,255
|
|
$
92,785
|
|
$
95,466
|
|
(4.1) %
|
|
(2.8) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended
December 31,
|
|
|
|
|
|
2023
|
|
2022
|
|
IFRS revenue
YoY change
%
|
|
Revenue
excluding FX
effect YoY
change %
|
Operating
revenues:
|
IFRS
revenue
|
|
FX
effect
|
|
Revenue
excluding
FX effect
|
|
IFRS
revenue
|
|
|
Sales of hardware and
others
|
$
218,061
|
|
$
9,562
|
|
$
227,623
|
|
$
261,166
|
|
(16.5) %
|
|
(12.8) %
|
Battery swapping
service
|
131,785
|
|
5,995
|
|
137,780
|
|
121,660
|
|
8.3 %
|
|
13.3 %
|
Total
|
$
349,846
|
|
$ 15,557
|
|
$
365,403
|
|
$
382,826
|
|
(8.6) %
|
|
(4.6) %
|
|
Three Months Ended
December 31,
|
|
Twelve Months Ended
December 31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Gross profit and gross
margin
|
$
10,101
|
11.0 %
|
|
$
14,330
|
15.0 %
|
|
$
50,445
|
14.4 %
|
|
$
57,713
|
15.1 %
|
Share-based
compensation
|
331
|
|
|
1,377
|
|
|
2,397
|
|
|
4,298
|
|
Exit
activities
|
—
|
|
|
682
|
|
|
—
|
|
|
2,343
|
|
Battery upgrade
initiatives
|
2,586
|
|
|
—
|
|
|
2,586
|
|
|
—
|
|
Non-IFRS gross profit
and gross margin
|
$
13,018
|
14.2 %
|
|
$
16,389
|
17.2 %
|
|
$
55,428
|
15.8 %
|
|
$
64,354
|
16.8 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Twelve Months Ended
December 31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net loss
|
$
(27,536)
|
|
$
(12,532)
|
|
$
(76,868)
|
|
$
(98,908)
|
Share-based
compensation
|
4,161
|
|
11,173
|
|
26,486
|
|
37,907
|
Change in fair value of
financial liabilities
|
115
|
|
(16,378)
|
|
(16,117)
|
|
(205,938)
|
Acquisition-related
expenses
|
—
|
|
—
|
|
—
|
|
20,855
|
Listing
expense
|
—
|
|
—
|
|
—
|
|
178,804
|
Exit
activities
|
—
|
|
2,275
|
|
—
|
|
3,936
|
Battery upgrade
initiatives
|
2,586
|
|
—
|
|
2,586
|
|
—
|
Impairment
charges
|
1,387
|
|
—
|
|
1,387
|
|
—
|
Non-IFRS net
loss
|
$
(19,287)
|
|
$
(15,462)
|
|
$
(62,526)
|
|
$
(63,344)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
December 31,
|
|
Twelve Months Ended
December 31,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net loss
|
$
(27,536)
|
|
$
(12,532)
|
|
$
(76,868)
|
|
$
(98,908)
|
Interest expense,
net
|
2,385
|
|
2,789
|
|
8,979
|
|
9,729
|
Provision for income
taxes
|
—
|
|
2
|
|
—
|
|
2
|
Depreciation and
amortization
|
25,084
|
|
21,831
|
|
98,377
|
|
94,807
|
EBITDA
|
(67)
|
|
12,090
|
|
30,488
|
|
5,630
|
Share-based
compensation
|
4,161
|
|
11,173
|
|
26,486
|
|
37,907
|
Change in fair value of
financial liabilities
|
115
|
|
(16,378)
|
|
(16,117)
|
|
(205,938)
|
Acquisition-related
expenses
|
—
|
|
—
|
|
—
|
|
20,855
|
Listing
expense
|
—
|
|
—
|
|
—
|
|
178,804
|
Exit
activities
|
—
|
|
2,275
|
|
—
|
|
3,936
|
Battery upgrade
initiatives
|
2,586
|
|
—
|
|
2,586
|
|
—
|
Impairment
charges
|
1,387
|
|
—
|
|
1,387
|
|
—
|
Adjusted
EBITDA
|
$
8,182
|
|
$
9,160
|
|
$
44,830
|
|
$
41,194
|
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SOURCE Gogoro Inc