Taiwan’s Gogoro posts 61% surge in Q1 2022 revenue

Gogoro, a Taiwan-based electric scooter maker, reported a 61% jump in revenue in the first quarter of the year to US$94.5 million. The surge was mainly fueled by an increase in its scooter sales in the country.

For Q1 2022, the firm’s hardware sales and other revenues grew 87% to US$65.1 million.

Photo credit: Gogoro

Within the period, Gogoro improved its gross margin from 12.7% in the same quarter last year to 13.7% due to changes in its product mix and a decrease in production cost per electric scooter. Its adjusted EBITDA for this quarter also grew more than 2x to US$13.5 million.

However, its net loss widened around 13% year-on-year to US$21.7 million. The company said that the increment was fueled by employee share-based compensation and expenses associated with its IPO process.

In a statement, Gogoro said its subscriber base surged 25% to over 467,000.

The company expected to hit US$460 million to US$500 million in revenue for fiscal year 2022, with up to 95% of it coming from the Taiwan market.

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Founded in 2011, Gogoro produces electric vehicles (EVs) and has built more than 10,000 battery-swapping stations in Taiwan. The company said that 25% of two-wheel vehicles sold in Taipei in December 2021 were powered by its battery-swapping solution.

Last month, it went public on the Nasdaq through a merger with special purpose acquisition company Poema Global Holdings. It raised US$344.8 million in the process, which put its valuation at around US$2.4 billion.

Earlier this year, Gogoro announced a partnership with Gojek-backed EV company Electrum to build an infrastructure for two-wheel EVs and battery solutions in Indonesia.