Gogoro Earnings Call Transcript Summary of Q2 2025
Key takeaways for investors: Gogoro is focused on operational discipline, product launches and hitting previously communicated profitability milestones. Financially, Q2 showed improved unit economics: adjusted EBITDA rose to $12.5M (+4.2% YoY) and adjusted gross margin improved to 17.0% (vs 13.5% a year ago). Battery swapping revenue grew 8.5% YoY to $37.6M, while hardware and other revenue declined 39.1% YoY to $28.2M (impacted by a delayed Ezzy launch). Total subscribers reached ~648k (+7% YoY). Cash and liquidity: ended Q2 with $92M in cash and drew TWD 2.0B (~$68.3M) in long-term borrowings to bolster liquidity. Operating cash flow improved to a H1 2025 inflow of $15.2M (vs $4.8M H1 2024). Management reported ~ $11M in year-to-date OpEx savings vs. 2024 and expects further benefits from cost initiatives.
Key strategic and operational points: Gogoro launched the Ezzy (entry-level vehicle) in Q2 and plans another entry-level high-performance vehicle in H2 2025, with a new vehicle platform slated for 2026. The company is executing an accelerated battery upgrade program (expected complete by end-2025) which is a one-time drag on margins but, management says, will enable improved network efficiency and long-term margin gains. International progress includes a joint venture with Castrol in Vietnam (pilot late 2025, broader rollout in 2026). Management now expects full-year 2025 revenue to land at the low end of the prior $295–$315M range and indicated the vast majority of 2025 revenue will come from their domestic market.
Risks and near-term headwinds: Taiwan's 2-wheel market weakened (~11% YoY in Q2), consumer confidence is low, and ongoing battery upgrades will continue to pressure gross margin in the near term. Hardware sales softness (due partly to the delayed Ezzy timing) means revenue has been pushed into later quarters. Management emphasizes that while topline growth is challenged, underlying unit economics and cash generation are improving and they remain on track to their multi-year profitability roadmap.
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