Gogoro Inc. Gogoro, the Company or We 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, 2024 .
Third Quarter 2024 Summary
- Revenue of 86.9 million , down 5.3 year-over-year and down 3.4 on a constant currency basis.
- Battery swapping service revenue of 34.9 million , up 3.8 year-over-year and up 6.0 on a constant currency basis.
- Sales of hardware and others revenue of 52.0 million , down 10.6 year-over-year and down 8.8 on a constant currency basis.
- Our newest vehicles continue to be in high demand with approximately 3,800 backlog orders in the third quarter these backlog orders in the third quarter will not be recognized as revenue until vehicles are delivered, which is expected to occur in the fourth quarter of 2024.
- Gross margin of 5.4, down from 18.3 in the same quarter last year. Non-IFRS gross margin of 14.7, down 4.5 year-over-year.
- N et loss of 18.2 million as compared to a net loss of 3.1 million in the same quarter last year.
- A djusted EBITDA of 14.1 million , up from 13.1 million in the same quarter last year.
Q3 presented us with an opportunity to reevaluate our business strengths and priorities and establish a plan that will take us into a new era for the company. Growing into a mature and execution-oriented business requires a shift in our mindset, a clear vision and a new level of discipline for how we operate as a business. We are focused on establishing a business that can become profitable over time, said Henry Chiang , Interim CEO of Gogoro . We have strengths to build on and problems that are solvable and in our control. Gogoros next phase of growth must leverage these existing strengths and focus on taking care of our riders, simplifying our business and delivering an unparalleled battery swapping experience. We are getting back to our core beliefs and vision for enabling the mass transition of gas-powered scooters to electric Smartscooters. This is what our battery swapping network was created to do.
Our financial performance is disappointing and did not meet our expectations for this quarter and the year-to-date, but our top line execution in the third quarter of 2024 outperformed the same quarter last year in terms of number of scooter orders, including our backlog orders. Additionally, we continue to accumulate new Gogoro Network subscribers, and that business continues to grow in line with subscriber growth. We ended the third quarter with more than 625,000 accumulated subscribers, up from 570,000 subscribers at the end of the same quarter last year, and had 34.9 million in battery swapping service revenue, said Bruce Aitken , CFO of Gogoro . Our stock price and financial performance in the third quarter of 2024 were impacted by three significant challenges. We recently announced our receipt of a Nasdaq Listing Compliance Notice, our CEOs resignation, and weve had a government inquiry into our potential use of imported parts in two vehicle models. The leadership team has responded quickly and outlined a strategic path forward that we believe will solidify our leadership position in Taiwan and grow our business overseas.
Third quarter 2024 Financial Overview
