Gogoro posts $5.6m net loss in Q2 2023 amid drop in hardware sales

A Gogoro battery swapping system in South Korea/ Photo credit: Gogoro

Taiwan-based Gogoro reported a revenue of US$87.2 million in the second quarter of 2023, reflecting a 3.8% year-over-year decrease.

The company, which manufactures electronic scooters and provides battery-swapping services, posted a net loss of US$5.6 million for the period. This represents a significant decline from US$121 million last year, which was largely due to its SPAC merger deal of US$178.8 million.

Gogoro’s battery-swapping service generated US$33.3 million in revenue, growing 9.6% year on year in Q2 2023. But sales of hardware and other revenues were down 10.6% year over year, with executives noting a drop in scooter sales in its home market Taiwan.

However, founder and CEO Horace Luke said in a statement that the firm’s EVs and battery-swapping solutions “are consistently being chosen” by B2C and B2B players.

“We are on track for market availability in India and the Philippines later this year,” he added. “We plan to introduce several vehicle models in the coming quarters that will expand our product family, increase sales, and grow revenue in both Taiwan and our other markets.”

The company said that it will continue investing in network infrastructure and international production capacity into 2024.

Gogoro went public on the Nasdaq in April 2022. Apart from Taiwan, it operates in China, India, Indonesia, the Philippines, South Korea, Japan, Singapore, and Israel.

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