TAIPEI,
Taiwan, May 11, 2023 /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 first quarter ended
March 31, 2023.
- First quarter revenue of $79.3
million, down 16.0% year-over-year and down 8.8% on a
constant currency basis
- First quarter battery swapping revenue of $32.3 million, up 9.8% year-over-year and up
19.2% on a constant currency basis
- First quarter net loss of $40.6
million, up from a net loss of $21.7
million in the same quarter last year
- First quarter adjusted EBITDA of $10.6 million, down from $13.5 million in the same quarter last
year
"Our performance in the first quarter of 2023 is in line with
expectations and reflects seasonally lower volume and revenue we
usually see in Taiwan during the
first quarter. We continue to execute on our international
expansion plans in India,
the Philippines and other new
markets and plan to transition from pilots to commercial
deployments in several of these markets this year. In Taiwan, we are expanding our retail channels
and broadening our product offerings," said Horace Luke, chairman, founder and CEO of
Gogoro. "In addition to new pilots in India, the
Philippines, and Singapore,
we also continue to expand the capabilities of our battery swapping
network beyond mobility to create new recurring revenue streams.
For example, in April, we announced the world's first commercial
deployment of a Virtual Power Plant ("VPP") integrated with a
distributed battery swapping network in Taiwan. This newly deployed VPP technology,
with our partner Enel X, enables our battery swapping stations to
integrate with the Taiwan power
grid and either pause power consumption or return energy to the
network as needed."
"Despite some near-term market and business challenges
concurrent with an unfavorable macroeconomic climate, Q1 results
were consistent with our seasonally adjusted expectations and we
expect to deliver on our full year 2023 guidance of $400 to $450
million in revenue," said Bruce
Aitken, chief financial officer of Gogoro. "In conjunction,
we continue to focus on cost controls, investment in our
Taiwan retail channels, executing
on our international expansion, and diversifying our product
portfolio to support an even larger market."
First Quarter 2023 Financial Overview
Operating Revenues
For the first quarter, revenue was $79.3
million, down 16.0% year-over-year and down 8.8%
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 $6.8 million.
- Sales of hardware and other revenues for the quarter were
$47.0 million, down 27.7%
year-over-year, and down 21.5% year-over-year on a constant
currency basis1. For the entire powered two-wheelers
("PTW") market, sales in Taiwan in
the first quarter were up 9.8% year-over-year while electric
scooters sales were down 1.9% compared to the same quarter last
year. The growth in the PTW market was driven by substantial sales
of new, heavily-marketed, low-priced, and fuel-efficient internal
combustion engine scooter models launched in January 2023.
- Gogoro vehicle sales volume decreased by 17.3% compared to the
same quarter last year. This was driven by a combination of
factors: — (i) delays in the announcement of city government
subsidies, (ii) increases in internal combustion engine sales due
to new product launches and aggressive pricing strategies and,
(iii) in the case of Gogoro's sales drop, the emergence of
a new, heavily marketed low cost/low-power electric moped in
the entry market segment reduced Gogoro's market share. When viewed
on a like-for-like performance basis, we maintained a market share
of 80.6%.
- Battery swapping service revenue for the first quarter was
$32.3 million, up 9.8%
year-over-year, and up 19.2% year-over-year on a constant currency
basis1. Total subscribers at the end of the first
quarter exceeded 538,000, up 15.2% from 467,000 subscribers at the
end of the same quarter last year. The battery swapping service
revenue increase was primarily due to our larger subscriber base
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.
Gross Margin
For the first quarter, gross margin was 12.9%, down from 13.7%
in the same quarter last year and non-IFRS gross margin1 was 13.7%,
down from 14.2% in the same quarter last year. The gross margin and
non-IFRS gross margin1 declines were driven by a
decrease in the average selling price of our product portfolio
together with higher production cost per electric scooter as a
result of lower volumes. The decline was partially offset by the
improved cost efficiencies of Gogoro's battery swapping service
operations.
|
|
|
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.
|
Net Loss
For the first quarter, net loss was $40.6
million, up $18.9 million from
$21.7 million in the same quarter
last year. The increase in net loss was primarily due to an
unfavorable change in the fair value of financial liabilities of
$18.5 million. The increase in net
loss was partially offset by the decrease in sales and marketing
expenses as a result of more targeted retail marketing campaigns
and reduced headcount compared to the same quarter last year.
Adjusted EBITDA
For the first quarter, adjusted EBITDA1 was
$10.6 million, down from $13.5 million in the same quarter last year. The
decrease was primarily the result of non-IFRS gross
profit1 decreasing to $10.9
million, down 19.0% from $13.4
million in the same quarter last year, due to reduced sales
volumes. The decrease was partially offset by the continued growth
of Gogoro's battery swapping service business in the first
quarter.
Liquidity
We reduced operating cash outflow by $19.2 million compared to the same quarter last
year through tightening of our business operations and reducing
working capital. As we execute on our international expansion
strategy, we continue to make investments for growth — including a
$16.4 million equity investment;
other operational investments in multiple expansion markets in the
first quarter; and, we continue to invest in growing our battery
swapping infrastructure. We have paid back $17.7 million in bank loans in the first quarter
as part of our effective working capital and financing cost
management. With a $167.1 million
cash balance at the end of the first quarter and additional credit
facilities, we believe we have sufficient sources of funding to
meet our near term business growth objectives.
2023 Guidance
For the full year 2023, we reiterate our 2023 outlook:
- Revenue of $400 million to
$450 million which represents an
anticipated increase of 4.5% to 17.6% compared to 2022.
- We estimate that we will generate 90% to 95% of 2023 full year
revenue from the Taiwan
market.
Conference Call Information
Gogoro's management team will hold an earnings Webcast on
May 11th, 2023, at
8:00 a.m. Eastern Time to discuss the
Company's first quarter 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," 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, "2023 Guidance," such as
estimates regarding revenue and Gogoro's revenue generated from the
Taiwan market, statements
regarding the sufficiency of Gogoro's cash resources, Gogoro's
beliefs regarding Gogoro's future operating performance including
its ability to grow its subscriber base, projections of market
opportunity and market share, potential growth of Gogoro's battery
swapping ecosystem in Taiwan and
in new markets, timing of Gogoro's launch in India, the capability of Gogoro's technology,
Gogoro's business plans including its plans to grow and expand in
Taiwan and internationally, the
expected use of proceeds from the merger, and statements by
Gogoro's founder, chairman, and chief executive officer and
Gogoro's chief financial officer.
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 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 our website and 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.
Use of Non-IFRS Financial Measures
This press release and accompanying tables contain certain
non-International Financial Reporting Standards (collectively,
"IFRS") financial measures as issued by the International
Accounting Standards Board 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 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 and gross margin excluding 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, the
Company believes it is useful to investors to understand the
specific impact of share-based compensation on its 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, and onetime
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 onetime
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.
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, earn-in and warrants associated with the
merger of Poema, and onetime 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 the 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)
|
|
|
March
31,
|
|
December
31,
|
|
2023
|
|
2022
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
167,082
|
|
$
236,100
|
Trade
receivables
|
20,411
|
|
16,143
|
Inventories
|
131,649
|
|
114,701
|
Other assets,
current
|
29,876
|
|
30,961
|
Total current
assets
|
349,018
|
|
397,905
|
|
|
|
|
Property, plant and
equipment
|
441,361
|
|
442,969
|
Equity
investment
|
16,279
|
|
—
|
Right-of-use
assets
|
22,395
|
|
21,089
|
Other assets,
non-current
|
11,932
|
|
11,460
|
Total
assets
|
$
840,985
|
|
$
873,423
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Borrowings,
current
|
$
77,602
|
|
$
87,982
|
Financial liabilities
at fair value
|
65,462
|
|
46,949
|
Notes and trade
payables
|
39,448
|
|
38,879
|
Contract
liabilities
|
17,025
|
|
12,965
|
Lease liabilities,
current
|
9,631
|
|
10,073
|
Provisions for product
warranty, current
|
3,826
|
|
4,812
|
Other liabilities,
current
|
37,673
|
|
46,506
|
Total current
liabilities
|
250,667
|
|
248,166
|
|
|
|
|
Borrowings,
non-current
|
289,122
|
|
293,192
|
Provisions for product
warranty, non-current
|
3,274
|
|
3,238
|
Lease liabilities,
non-current
|
13,134
|
|
11,400
|
Other liabilities,
non-current
|
18,082
|
|
18,453
|
Total
liabilities
|
574,279
|
|
574,449
|
|
|
|
|
Total equity
|
266,706
|
|
298,974
|
Total liabilities and
equity
|
$
840,985
|
|
$
873,423
|
GOGORO INC.
|
Condensed
Consolidated Statements of Comprehensive Income
|
(unaudited)
|
(in thousands of
U.S. dollars, except net income (loss) per share)
|
|
|
Three
Months
Ended March
31,
|
|
2023
|
|
2022
|
Operating
revenues
|
$
79,319
|
|
$
94,455
|
Cost of
revenues
|
69,058
|
|
81,557
|
Gross profit
|
10,261
|
|
12,898
|
Operating
expenses:
|
|
|
|
Sales and
marketing
|
11,843
|
|
13,015
|
General and
administrative
|
11,099
|
|
10,383
|
Research and
development
|
9,553
|
|
9,344
|
Total operating
expenses
|
32,495
|
|
32,742
|
Loss from
operations
|
(22,234)
|
|
(19,844)
|
Non-operating income
and expenses:
|
|
|
|
Interest expense,
net
|
(1,897)
|
|
(2,850)
|
Other income,
net
|
2,096
|
|
1,264
|
Change in fair value of
financial liabilities
|
(18,513)
|
|
(287)
|
Loss on investment
under equity method
|
(72)
|
|
—
|
Total non-operating
income (expenses)
|
(18,386)
|
|
(1,873)
|
Net loss
|
(40,620)
|
|
(21,717)
|
Other comprehensive
income (loss):
|
|
|
|
Exchange differences on
translation
|
2,172
|
|
(6,126)
|
Total comprehensive
loss
|
$
(38,448)
|
|
$
(27,843)
|
|
|
|
|
Basic and diluted net
loss per share
|
$
(0.17)
|
|
$
(0.11)
|
Shares used in
computing basic and diluted net loss per share
|
232,190
|
|
193,334
|
|
|
|
|
|
Three
Months
Ended December
31,
|
Operating
revenues:
|
2023
|
|
2022
|
Sales of hardware and
others
|
$
47,056
|
|
$
65,074
|
Battery swapping
service
|
32,263
|
|
29,381
|
Operating
revenues
|
$
79,319
|
|
$
94,455
|
|
|
|
|
|
Three
Months
Ended December
31,
|
Share-based
compensation:
|
2023
|
|
2022
|
Cost of
revenues
|
$
610
|
|
$
529
|
Sales and
marketing
|
842
|
|
768
|
General and
administrative
|
2,777
|
|
1,471
|
Research and
development
|
1,937
|
|
1,594
|
Total
|
$
6,166
|
|
$
4,362
|
GOGORO INC.
|
Condensed
Consolidated Statements of Cash Flows
|
(unaudited)
|
(in thousands of
U.S. dollars)
|
|
|
Three Months Ended
March 31,
|
|
2023
|
|
2022
|
Cash flows from
operating activities
|
|
|
|
Net loss
|
$
(40,620)
|
|
$
(21,717)
|
Adjustments
for:
|
|
|
|
Depreciation and
amortization
|
24,675
|
|
25,421
|
Expected credit
loss
|
327
|
|
212
|
Loss on investment
under equity method
|
72
|
|
—
|
Change in fair value of
financial liabilities
|
18,513
|
|
287
|
Interest expense,
net
|
1,897
|
|
2,850
|
Share-based
compensation
|
6,166
|
|
4,362
|
Loss on disposal and
impairment of property and equipment, net
|
950
|
|
138
|
Write-down of
inventories
|
1,295
|
|
703
|
Changes in operating
assets and liabilities:
|
|
|
|
Trade
receivables
|
(4,595)
|
|
(4,932)
|
Inventories
|
(18,243)
|
|
(20,456)
|
Other assets
|
941
|
|
(23,765)
|
Notes and trade
payables
|
569
|
|
16,005
|
Contract
liabilities
|
4,060
|
|
(154)
|
Other
liabilities
|
(7,903)
|
|
(12,359)
|
Provisions for product
warranty
|
(950)
|
|
2,438
|
Cash used in
operations
|
(12,846)
|
|
(30,967)
|
Interest expense and
tax paid, net
|
(1,889)
|
|
(2,928)
|
Net cash used in
operating activities
|
(14,735)
|
|
(33,895)
|
Cash flows from
investing activities
|
|
|
|
Property, plant and
equipment, net
|
(17,757)
|
|
(20,352)
|
Equity
investments
|
(16,351)
|
|
—
|
Increase in refundable
deposits
|
—
|
|
(95)
|
Payments of intangible
assets, net
|
(42)
|
|
(258)
|
Increase (decrease) in
time deposits and others
|
(407)
|
|
27,752
|
Net cash (used in)
provided by investing activities
|
(34,557)
|
|
7,047
|
Cash flows from
financing activities
|
|
|
|
Proceeds from
borrowings
|
12,436
|
|
32,497
|
Repayments of
borrowings
|
(30,093)
|
|
(12,419)
|
Proceeds from capital
collected in advance
|
22
|
|
274,220
|
Repayments of financial
liabilities at fair value
|
—
|
|
(108,149)
|
Guarantee deposits
(refund) received
|
(18)
|
|
34
|
Repayment of the
principal portion of lease liabilities
|
(3,146)
|
|
(3,419)
|
Net cash (used in)
provided by financing activities
|
(20,799)
|
|
182,764
|
Effect of exchange rate
changes on cash and cash equivalents
|
1,073
|
|
(8,022)
|
Net (decrease) increase
in cash and cash equivalents
|
(69,018)
|
|
147,894
|
Cash and cash
equivalents at the beginning of the period
|
236,100
|
|
217,429
|
Cash and cash
equivalents at the end of the period
|
$
167,082
|
|
$
365,323
|
GOGORO INC.
|
Reconciliation
of IFRS Financial Metrics to Non-IFRS
|
(unaudited)
|
(in thousands of
U.S. dollars)
|
|
|
Three Months Ended
March 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
|
$
47,056
|
|
$
4,032
|
|
$
51,088
|
|
$
65,074
|
|
(27.7) %
|
|
(21.5) %
|
Battery swapping
service
|
32,263
|
|
2,760
|
|
35,023
|
|
29,381
|
|
9.8 %
|
|
19.2 %
|
Operating
revenue
|
$
79,319
|
|
$
6,792
|
|
$
86,111
|
|
$
94,455
|
|
(16.0) %
|
|
(8.8) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months
Ended March
31,
|
|
2023
|
|
2022
|
Gross profit and gross
margin
|
$
10,261
|
12.9 %
|
|
$
12,898
|
13.7 %
|
Share-based
compensation
|
610
|
|
|
529
|
|
Non-IFRS gross profit
and gross margin
|
$
10,871
|
13.7 %
|
|
$
13,427
|
14.2 %
|
|
|
|
|
|
|
|
Three
Months
Ended March
31,
|
|
2023
|
|
2022
|
Net loss
|
$
(40,620)
|
|
$
(21,717)
|
Share-based
compensation
|
6,166
|
|
4,362
|
Change in fair value of
financial liabilities
|
18,513
|
|
287
|
Acquisition-related
expenses
|
—
|
|
2,315
|
Non-IFRS net
loss
|
$
(15,941)
|
|
$
(14,753)
|
|
|
|
|
|
Three
Months
Ended March
31,
|
|
2023
|
|
2022
|
Net loss
|
$
(40,620)
|
|
$
(21,717)
|
Interest expense,
net
|
1,897
|
|
2,850
|
Depreciation and
amortization
|
24,675
|
|
25,421
|
EBITDA
|
(14,048)
|
|
6,554
|
Share-based
compensation
|
6,166
|
|
4,362
|
Change in fair value of
financial liabilities
|
18,513
|
|
287
|
Acquisition-related
expenses
|
—
|
|
2,315
|
Adjusted
EBITDA
|
$
10,631
|
|
$
13,518
|
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SOURCE Gogoro