Gogoro (NASDAQ:GGR) used its fourth quarter and full-year 2025 earnings call to describe a year of restructuring and tighter operational focus, alongside improved profitability metrics and cash flow. CEO Henry Chiang said the company “deliberately stepped back to simplify and sharpen our focus,” consolidating its portfolio, optimizing product mix, and tightening operating discipline to prioritize “long-term sustainability over short-term results.”
2025 restructuring lifts margins, EBITDA and operating cash flow
Management highlighted improved profitability despite lower full-year revenue. Chiang said Gogoro delivered a record-high full-year adjusted EBITDA of $59.9 million, up from $44.7 million in 2024, while operating cash flow increased more than three times year-over-year to $31.1 million. He also pointed to gross margin expansion to 8.3% from 2.6% and a full-year non-IFRS margin of 19.5% from 14.9%.
Taiwan market headwinds; subscription base continues to expand
Aitken noted that Taiwan’s overall scooter market declined for a second consecutive year to 708,392 units, down 5.9% year-over-year and the lowest level in a decade. Against that backdrop, Gogoro said it maintained leadership in the electric scooter segment. According to Aitken, Gogoro and its partners accounted for 33,228 units, representing 68% of the electric two-wheeler market (which he said totaled 49,228 units). Gogoro alone accounted for 28,176 units, or 57% of electric vehicles and about 4% of the overall scooter market, while partners accounted for 5,052 units.
While vehicle volumes were pressured, Aitken said network adoption continued to rise, with subscribers reaching 665,000, up 4% year-over-year. He attributed the increase in part to “new, more flexible rate plans.” Management also said the energy business progressed toward profitability, supported by improved operating leverage and the completion of battery upgrades, which they expect to contribute to efficiency and financial gains beginning in 2026.
Quarterly results: revenue mix, margin and net loss improvements
In the fourth quarter, Gogoro reported total revenue of $74.4 million, up 1.7% year-over-year. On a constant-currency basis, Aitken said revenue was down 2.4%, with favorable exchange rates contributing roughly $3 million. Battery swapping revenue increased 5.9% to $38 million, which management linked to retention and subscriber growth. Hardware revenue was $36.4 million, down 2.3%, though the company said higher average selling prices from a premium product mix shift and increased component sales to partners helped offset lower volumes.
Profitability metrics improved in the quarter as well. Aitken said fourth-quarter gross margin increased to 14.3% from 7.4% in the prior-year period, while non-IFRS margin rose to 20.1% from 14.7%. He attributed the improvements to several factors, including completion of battery upgrades, reduced inventory write-downs, lower share-based compensation, restructuring-driven efficiency gains, and optimized network depreciation.
Net loss for the fourth quarter narrowed to $20.8 million, an improvement of $50.5 million year-over-year. Aitken said the change was driven by higher gross profit and a $31 million reduction in operating expenses, primarily due to the absence of one-time impairment charges recorded last year and “improved organizational efficiency.” For the full year, net loss improved to $80.8 million from $122.8 million, which he said reflected lower operating expenses across general and administrative, marketing, and R&D, lower share-based compensation, higher gross profits, and fewer one-time impairments.
Products, fleet adoption and partner activity
Chiang emphasized that Gogoro “reengineered” its vehicle business in 2025 and highlighted the launch of the EZZY in June and EZZY 500 in September. He said the EZZY family surpassed 8,700 units in cumulative sales from launch through year-end and was the best-selling electric scooter of 2025.
Gogoro also discussed progress in B2B and government fleet adoption. Chiang said Taiwan’s government postal service, Chunghwa Post, added more than 1,000 units of the Gogoro CrossOver S to its fleet. He added that Gogoro has worked with police departments for five years and is seeing that commitment expand across government agencies.
Management also pointed to momentum among Powered by Gogoro Network (PBGN) partners. Chiang said Yamaha’s CuxiE, launched in the third quarter, generated strong market momentum, while ADATA’s heavy-duty three-wheelers are scaling with delivery platforms.
2026 priorities: profitability push, new infrastructure roadmap, and targeted expansion
Looking ahead, Chiang said 2026 will be about execution and “value creation” rather than pursuing volume. In energy, he said the company is developing a new modular swapping station designed to address operational challenges through increased heat dissipation and efficiency, lower power demand, and a smaller footprint intended to reduce installation time and enable more precise network density expansion. Gogoro is targeting an initial pilot deployment in Taiwan by late 2026. He also said the company is beginning to recycle its Gen One batteries and transition them into “second life applications.”
In vehicles, management said it is streamlining the portfolio toward higher-value segments and focusing on two customer drivers: female and family riders. Chiang said the 2026 roadmap includes launching two new models aimed at “a new benchmark for safety and premium experience.”
Internationally, Gogoro described a Vietnam pilot with Castrol. Chiang said the initiative is designed to build a mobility ecosystem tailored to local needs and is timed around regulatory developments, including a planned ban on fossil-fuel motorbikes in key Hanoi districts starting July 2026 and a full ban within the city center by 2030, as well as Ho Chi Minh City mandates for ride-hailing platforms to transition to 100% electric fleets by 2030. Gogoro said it plans to introduce a new scooter model engineered for durability and performance in that environment, with the pilot intended to support a broader B2B commercial launch later in 2026.
Financially, Aitken guided to 2026 revenue of $285 million to $305 million and said the company expects roughly 95% of full-year revenue to come from Taiwan. Management said it expects the battery swapping business to achieve non-IFRS profitability in 2026, with the hardware business following in 2028.
On liquidity, Aitken said Gogoro ended 2025 with $70.6 million in cash and has secured an $80 million equity investment commitment for 2026 from its largest shareholder. In Q&A, executives said it will be difficult to replicate the scale of 2025 operating expense reductions, and they plan to focus on bill-of-materials cost reductions, manufacturing efficiency, and value engineering to drive further margin improvement.
In closing remarks, Chiang reiterated that financial discipline remains the company’s top priority, saying Gogoro will not “buy revenue or chase empty volume,” and that operating cash flow is its “true measure of success.”
About Gogoro (NASDAQ:GGR)
Gogoro Inc is a Taiwan-based technology company specializing in electric two-wheeler vehicles and battery-swapping infrastructure. Founded in 2011 by Horace Luke and Matt Taylor, the company pioneered the concept of a large-scale, on-demand battery-as-a-service (BaaS) network. Its flagship offering, the Gogoro Smartscooter, integrates a lightweight, high-performance electric drivetrain with a modular battery pack designed to be exchanged at convenient swap stations.
The core of Gogoro’s business is the Gogoro Energy Network, a proprietary system of battery-swapping stations that allows riders to quickly exchange depleted batteries for fully charged ones.
