TAIPEI,
Taiwan, Nov. 16, 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 third quarter ended
September 30, 2023.
Third Quarter 2023 Summary
- Revenue of $91.8 million, down
10.2% year-over-year and down 6.5% on a constant currency
basis;
- Battery swapping service revenue of $33.6 million, up 10.4% year-over-year and up
14.1% on a constant currency basis;
- Gross margin of 18.3%, up from 17.4% in the same quarter
last year. Non-IFRS gross margin of 19.2%, down 0.8%
year-over-year;
- Net loss of $3.1 million, down
from a net income of $56.4 million in
the same quarter last year primarily due to a decrease of
$66.6 million in the fair value of
financial liabilities associated with outstanding earnout shares,
earn-in shares and warrants compared to last year;
- Adjusted EBITDA of $13.1
million, up from $9.2 million
in the same quarter last year.
"Gogoro continues to see strong demand across Asia and internationally for smart electric
two-wheel vehicles and battery swapping that is proven safe,
scalable, and open. Following successful pilots in India and the
Philippines, we expect to launch commercially in these
markets by the end of the year. With the introduction of the new
CrossOver Smartscooter, we are continuing to expand our product
portfolio to meet the growing needs of our diverse customer base,"
said Horace Luke, chairman, founder,
and CEO of Gogoro. "The inevitability of smart electric
transportation is clear, not just for four-wheelers, but for
two-wheelers in the world's emerging megacities across Asia, Africa,
and South America. National and
municipal governments are looking for smart, safe, and sustainable
solutions for their transportation needs while businesses are
looking for electric delivery vehicles that can refuel in seconds
while requiring minimal maintenance. Gogoro battery swapping is the
proven solution that many businesses and governments are choosing
to address their urgent urban transportation needs."
"In Q3, while we invested in international expansion, built out
our product line and experienced fierce price competition from gas
vehicle makers, we continued to exercise sound financial management
and discipline. These results represent our continuous focus on
gross margin, operating cash flow and operational efficiency," said
Bruce Aitken, CFO of Gogoro. "We
plan to continue broadening our product portfolio by introducing
new innovative Smartscooters at various price ranges and expect to
execute significant new product introductions throughout 2024. We
expect to continue investing in Taiwan as well as our new expansion markets of
India, the Philippines, and others to prepare for
opportunities in 2024."
Third Quarter 2023 Financial Overview
Operating Revenues
For the third quarter, the total revenue was $91.8 million, down 10.2% year-over-year and down
6.5% 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 $3.8 million.
- Sales of hardware and other revenues for the quarter were
$58.2 million, down 19.0%
year-over-year, and down 15.2% year-over-year on a constant
currency basis1. Both electric powered two-wheelers
("PTW") and Powered by Gogoro Network ("PBGN") markets were
negatively impacted by the result of deep discounts on internal
combustion engine ("ICE") vehicles introduced by Taiwan scooter manufacturers in the third
quarter. We refrained from participating in the price war as we
believe that this approach is not in the best interest of Gogoro's
long-term growth strategy. Compared to the same quarter last year,
sales of all electric PTW vehicles were down 13.0% and Gogoro's
branded vehicles were down 18.0%.
- Battery swapping service revenue for the third quarter was
$33.6 million, up 10.4%
year-over-year, and up 14.1% year-over-year on a constant currency
basis1. Total subscribers at the end of the third
quarter exceeded 570,000, up 12.9% from 505,000 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.
Gross Margin
For the third quarter, gross margin was 18.3%, up from 17.4% in
the same quarter last year while non-IFRS gross margin[1] was
19.2%, down from 20.0% in the same quarter last year. The favorable
change in gross margin was driven by the improved cost efficiencies
of Gogoro's battery swapping services and improvements in other
operational efficiencies. This favorable change was partially
offset by the higher production-cost-per-vehicle due to lower
volume, increased promotion costs per scooter, and changes in the
mix of vehicles sold.
Net (Loss) Income
For the third quarter, net loss was $3.1
million, down $59.5 million
from a net income $56.4 million in
the same quarter last year. The net loss was primarily due to a
decrease of $66.6 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 a $1.0 million decrease in gross profit due to
lower revenue. The net loss was partially offset by an $8.0 million decrease in operating expenses,
primarily consisted of (i) a $2.1
million decrease in share-based compensation, (ii) a
$4.7 million decrease in expenses for
sales and marketing programs mainly due to our efforts in
increasing marketing efficiency, and (iii) a $1.0 million decrease in research and development
expenses.
Adjusted EBITDA
For the third quarter, adjusted EBITDA1 was
$13.1 million, up from $9.2 million in the same quarter last year. The
increase was primarily due to a $5.9
million decrease in operating expenses (excluding
share-based compensation) as a result of various cost-saving
initiatives. The increase was partially offset by a $2.9 million decrease in non-IFRS gross
margin1 due to lower revenue.
Liquidity
We reduced operating cash outflow by $40.5 million compared to the same quarter last
year by tightening our business operations and reducing working
capital. We borrowed $72.8 million
and paid back $63.4 million in bank
loans in the third quarter to finance our investing activities.
With a $151.5 million cash balance at
the end of the third quarter and additional credit facilities, we
believe we have sufficient sources of funding to meet our near-term
business growth objectives.
Updated 2023 Guidance
Based on the current market outlook, we are making no change to
our estimated 2023 revenue guidance range of $340 million to $370
million. We also continue to estimate that Gogoro will
generate approximately 95% of 2023 full-year revenue from the
Taiwan market.
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.
|
Conference Call Information
Gogoro's management team will hold an earnings Webcast on
November 16th, 2023, at 7:00 a.m. Eastern Time to discuss the Company's
third 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" 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, "Updated 2023 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, expectation regarding the
expansion of product portfolio and expectation regarding continuous
investment in research and development, network infrastructure and
its international production capacity.
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 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 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) income 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) income
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.
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)
|
|
|
September
30,
|
|
December
31,
|
|
2023
|
|
2022
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
151,546
|
|
$
236,100
|
Trade
receivables
|
20,047
|
|
16,143
|
Inventories
|
114,024
|
|
114,701
|
Other assets,
current
|
20,288
|
|
30,961
|
Total current
assets
|
305,905
|
|
397,905
|
|
|
|
|
Property, plant and
equipment
|
417,421
|
|
442,969
|
Equity
investment
|
18,504
|
|
—
|
Right-of-use
assets
|
28,858
|
|
21,089
|
Other assets,
non-current
|
27,472
|
|
11,460
|
Total
assets
|
$
798,160
|
|
$
873,423
|
|
|
|
|
LIABILITIES AND
EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Borrowings,
current
|
$
66,501
|
|
$
87,982
|
Financial liabilities
at fair value
|
30,717
|
|
46,949
|
Notes and trade
payables
|
39,992
|
|
38,879
|
Contract
liabilities
|
16,829
|
|
12,965
|
Lease liabilities,
current
|
10,909
|
|
10,073
|
Provisions for product
warranty, current
|
3,179
|
|
4,812
|
Other liabilities,
current
|
35,509
|
|
46,506
|
Total current
liabilities
|
203,636
|
|
248,166
|
|
|
|
|
Borrowings,
non-current
|
297,380
|
|
293,192
|
Provisions for product
warranty, non-current
|
2,083
|
|
3,238
|
Lease liabilities,
non-current
|
18,346
|
|
11,400
|
Other liabilities,
non-current
|
16,113
|
|
18,453
|
Total
liabilities
|
537,558
|
|
574,449
|
|
|
|
|
Total equity
|
260,602
|
|
298,974
|
Total liabilities and
equity
|
$
798,160
|
|
$
873,423
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
2023
|
|
2022
|
Inventories:
|
|
|
|
Raw
materials
|
$
78,411
|
|
$
76,740
|
Semi-finished
goods
|
4,121
|
|
4,443
|
Merchandise
|
31,492
|
|
33,518
|
Total
inventories
|
$
114,024
|
|
$
114,701
|
GOGORO INC. Condensed Consolidated
Statements of Comprehensive
Income (unaudited) (in thousands of U.S.
dollars, except net income (loss) per share)
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Operating
revenues
|
$
91,750
|
|
$
102,182
|
|
$
258,316
|
|
$
287,360
|
Cost of
revenues
|
74,967
|
|
84,373
|
|
217,972
|
|
243,977
|
Gross profit
|
16,783
|
|
17,809
|
|
40,344
|
|
43,383
|
Operating
expenses:
|
|
|
|
|
|
|
|
Sales and
marketing
|
12,732
|
|
17,745
|
|
36,109
|
|
45,458
|
General and
administrative
|
13,016
|
|
14,264
|
|
35,413
|
|
56,294
|
Research and
development
|
10,959
|
|
12,679
|
|
31,243
|
|
33,624
|
Listing
expense
|
—
|
|
—
|
|
—
|
|
178,804
|
Total operating
expenses
|
36,707
|
|
44,688
|
|
102,765
|
|
314,180
|
Loss from
operations
|
(19,924)
|
|
(26,879)
|
|
(62,421)
|
|
(270,797)
|
Non-operating income
and expenses:
|
|
|
|
|
|
|
|
Interest expense,
net
|
(2,533)
|
|
(1,651)
|
|
(6,594)
|
|
(6,940)
|
Other income (expense),
net
|
447
|
|
(832)
|
|
3,847
|
|
1,801
|
Change in fair value of
financial liabilities
|
19,142
|
|
85,755
|
|
16,232
|
|
189,560
|
Loss on investment
under equity method
|
(220)
|
|
—
|
|
(396)
|
|
—
|
Total non-operating
income
|
16,836
|
|
83,272
|
|
13,089
|
|
184,421
|
Net (loss)
income
|
(3,088)
|
|
56,393
|
|
(49,332)
|
|
(86,376)
|
Other comprehensive
loss:
|
|
|
|
|
|
|
|
Exchange differences on
translation
|
(7,858)
|
|
(11,112)
|
|
(11,291)
|
|
(23,812)
|
Total comprehensive
(loss) income
|
$
(10,946)
|
|
$
45,281
|
|
$
(60,623)
|
|
$
(110,188)
|
|
|
|
|
|
|
|
|
Basic and diluted net
(loss) income per share
|
$
(0.01)
|
|
$
0.24
|
|
$
(0.21)
|
|
$
(0.39)
|
Shares used in
computing basic and diluted net loss per share
|
232,935
|
|
231,989
|
|
232,650
|
|
218,679
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
Operating
revenues:
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Sales of hardware and
others
|
$
58,147
|
|
$
71,754
|
|
$
159,111
|
|
$
197,131
|
Battery swapping
service
|
33,603
|
|
30,428
|
|
99,205
|
|
90,229
|
Operating
revenues
|
$
91,750
|
|
$
102,182
|
|
$
258,316
|
|
$
287,360
|
|
|
|
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months Ended
September 30,
|
Share-based
compensation:
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Cost of
revenues
|
$
801
|
|
$
1,003
|
|
$
2,066
|
|
$
2,921
|
Sales and
marketing
|
1,260
|
|
1,582
|
|
3,106
|
|
4,242
|
General and
administrative
|
4,339
|
|
5,386
|
|
10,513
|
|
10,535
|
Research and
development
|
2,627
|
|
3,382
|
|
6,640
|
|
9,036
|
Total
|
$
9,027
|
|
$
11,353
|
|
$
22,325
|
|
$
26,734
|
GOGORO INC. Condensed Consolidated
Statements of Cash Flows (unaudited) (in
thousands of U.S. dollars)
|
|
|
Nine Months Ended
September 30,
|
|
2023
|
|
2022
|
Cash flows from
operating activities
|
|
|
|
Net loss
|
$
(49,332)
|
|
$
(86,376)
|
Adjustments
for:
|
|
|
|
Depreciation and
amortization
|
73,293
|
|
72,976
|
Expected credit
loss
|
345
|
|
313
|
Loss on investment
under equity method
|
396
|
|
—
|
Change in fair value of
financial liabilities
|
(16,232)
|
|
(189,560)
|
Interest expense,
net
|
6,594
|
|
6,940
|
Share-based
compensation
|
22,325
|
|
26,734
|
Loss on disposal of
property and equipment, net
|
3,532
|
|
706
|
Write-down of
inventories
|
2,361
|
|
3,913
|
Recognition of listing
expense
|
—
|
|
178,804
|
Changes in operating
assets and liabilities:
|
|
|
|
Trade
receivables
|
(4,249)
|
|
(6,099)
|
Inventories
|
(1,684)
|
|
(46,193)
|
Other current
assets
|
10,343
|
|
(7,980)
|
Notes and trade
payables
|
1,113
|
|
(9,786)
|
Contract
liabilities
|
3,864
|
|
1,378
|
Other
liabilities
|
(11,926)
|
|
(2,512)
|
Provisions for product
warranty
|
(2,788)
|
|
(4,541)
|
Cash provided by (used
in) operations
|
37,955
|
|
(61,283)
|
Interest expense paid,
net
|
(6,465)
|
|
(7,849)
|
Net cash provided by
(used in) operating activities
|
31,490
|
|
(69,132)
|
Cash flows from
investing activities
|
|
|
|
Payments for property,
plant and equipment, net
|
(78,650)
|
|
(102,239)
|
Payments for purchase
of equity investment
|
(18,900)
|
|
—
|
Payments of intangible
assets, net
|
(190)
|
|
(492)
|
(Increase) decrease in
other financial assets
|
(415)
|
|
23,439
|
Net cash used in
investing activities
|
(98,155)
|
|
(79,292)
|
Cash flows from
financing activities
|
|
|
|
Proceeds from
borrowings
|
107,949
|
|
133,177
|
Repayments of
borrowings
|
(107,733)
|
|
(155,432)
|
Proceed from issuance
of shares
|
—
|
|
326,965
|
Repayments of financial
liabilities at fair value
|
—
|
|
(108,149)
|
Guarantee deposits
(refund) received
|
(104)
|
|
337
|
Repayment of the
principal portion of lease liabilities
|
(9,322)
|
|
(9,550)
|
Net cash (used in)
provided by financing activities
|
(9,210)
|
|
187,348
|
Effect of exchange rate
changes on cash and cash equivalents
|
(8,679)
|
|
(7,276)
|
Net (decrease) increase
in cash and cash equivalents
|
(84,554)
|
|
31,648
|
Cash and cash
equivalents at the beginning of the period
|
236,100
|
|
217,429
|
Cash and cash
equivalents at the end of the period
|
$
151,546
|
|
$
249,077
|
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 nine
months ended September
30, 2023
|
—
|
|
—
|
|
(49,332)
|
|
—
|
|
(49,332)
|
Other comprehensive
loss for the nine months
ended September 30, 2023
|
—
|
|
—
|
|
—
|
|
(11,291)
|
|
(11,291)
|
Issuance of ordinary
shares
|
—
|
|
79
|
|
—
|
|
—
|
|
79
|
Shared-based
compensation
|
—
|
|
22,172
|
|
—
|
|
—
|
|
22,172
|
Balance as of
September 30, 2023
|
$
24
|
|
$
665,721
|
|
$ (399,272)
|
|
$
(5,871)
|
|
$
260,602
|
|
|
|
|
|
|
|
|
|
|
GOGORO INC. Reconciliation
of IFRS Financial Metrics
to Non-IFRS (unaudited) (in thousands of
U.S. dollars)
|
|
|
Three Months Ended
September 30,
|
|
|
|
|
|
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
|
$
58,147
|
|
$
2,709
|
|
$
60,856
|
|
$
71,754
|
|
(19.0) %
|
|
(15.2) %
|
Battery swapping
service
|
33,603
|
|
1,102
|
|
34,705
|
|
30,428
|
|
10.4 %
|
|
14.1 %
|
Total
|
$
91,750
|
|
$
3,811
|
|
$
95,561
|
|
$
102,182
|
|
(10.2) %
|
|
(6.5) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30,
|
|
|
|
|
|
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
|
$
159,111
|
|
$
9,041
|
|
$
168,152
|
|
$
197,131
|
|
(19.3) %
|
|
(14.7) %
|
Battery swapping
service
|
99,205
|
|
5,261
|
|
104,466
|
|
90,229
|
|
9.9 %
|
|
15.8 %
|
Total
|
$
258,316
|
|
$ 14,302
|
|
$
272,618
|
|
$
287,360
|
|
(10.1) %
|
|
(5.1) %
|
|
Three
Months
Ended September
30,
|
|
Nine
Months
Ended September
30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Gross profit and gross
margin
|
$
16,783
|
18.3 %
|
|
$
17,809
|
17.4 %
|
|
$
40,344
|
15.6 %
|
|
$
43,383
|
15.1 %
|
Share-based
compensation
|
801
|
|
|
1,003
|
|
|
2,066
|
|
|
2,921
|
|
Exit
activities
|
—
|
|
|
1,661
|
|
|
—
|
|
|
1,661
|
|
Non-IFRS gross profit
and gross margin
|
$
17,584
|
19.2 %
|
|
$
20,473
|
20.0 %
|
|
$
42,410
|
16.4 %
|
|
$
47,965
|
16.7 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months
Ended September
30,
|
|
Nine
Months
Ended September
30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net (loss)
income
|
$
(3,088)
|
|
$
56,393
|
|
$
(49,332)
|
|
$
(86,376)
|
Share-based
compensation
|
9,027
|
|
11,353
|
|
22,325
|
|
26,734
|
Change in fair value of
financial liabilities
|
(19,142)
|
|
(85,755)
|
|
(16,232)
|
|
(189,560)
|
Acquisition-related
expenses
|
—
|
|
—
|
|
—
|
|
20,855
|
Listing
expense
|
—
|
|
—
|
|
—
|
|
178,804
|
Exit
activities
|
—
|
|
1,661
|
|
—
|
|
1,661
|
Non-IFRS net
loss
|
$
(13,203)
|
|
$
(16,348)
|
|
$
(43,239)
|
|
$
(47,882)
|
|
|
|
|
|
|
|
|
|
Three
Months
Ended September
30,
|
|
Nine
Months
Ended September
30,
|
|
2023
|
|
2022
|
|
2023
|
|
2022
|
Net (loss)
income
|
$
(3,088)
|
|
$
56,393
|
|
$
(49,332)
|
|
$
(86,376)
|
Interest expense,
net
|
2,533
|
|
1,651
|
|
6,594
|
|
6,940
|
Depreciation and
amortization
|
23,814
|
|
23,895
|
|
73,293
|
|
72,976
|
EBITDA
|
23,259
|
|
81,939
|
|
30,555
|
|
(6,460)
|
Share-based
compensation
|
9,027
|
|
11,353
|
|
22,325
|
|
26,734
|
Change in fair value of
financial liabilities
|
(19,142)
|
|
(85,755)
|
|
(16,232)
|
|
(189,560)
|
Acquisition-related
expenses
|
—
|
|
—
|
|
—
|
|
20,855
|
Listing
expense
|
—
|
|
—
|
|
—
|
|
178,804
|
Exit
activities
|
—
|
|
1,661
|
|
—
|
|
1,661
|
Adjusted
EBITDA
|
$
13,144
|
|
$
9,198
|
|
$
36,648
|
|
$
32,034
|
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SOURCE Gogoro