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Heavy Losses but Hope in Battery Subscriptions: What’s Next for Gogoro?
Gogoro, a Taiwanese electric scooter company known for its battery swapping network, released its first quarter 2025 financial results on May 8.
The company reported $63.6 million in revenue, down 8.7% compared to the same period last year. The net loss widened to $18.6 million, about $5.5 million more than the previous year’s first quarter. Gross margin dropped to 4.9%, mainly due to a large-scale battery upgrade program.
Nasdaq Rumors Put to Rest: No Plans to Return to Taiwan Stock Market
There have been market rumors that Gogoro is preparing to delist from Nasdaq and consider returning to list on the Taiwan Stock Exchange.
Nasdaq is a major U.S. stock exchange where many technology and growth companies are listed. However, Gogoro’s parent company, on May 9, confirmed to Business Next that after submitting an application to transfer its Nasdaq listing at the end of April, the request has already been approved.
The company emphasized that this transfer will not affect its operations or shareholder rights and that Gogoro will maintain its listed status with normal trading. In other words, there are no plans to delist from Nasdaq or return to Taiwan’s stock market in the short term.
Battery Swaps Keep Growing as Company Cuts Costs and Prepares for Profitability
Gogoro operates a unique battery swapping platform that supports its electric scooters and subscription users. Despite the overall revenue decline, revenue from battery swapping services grew 6.2% to $34.5 million, driven by an 8% increase in subscribers to 644,000 users. The company highlights its high user retention rate, showing the strength of its subscription model.
Hardware and vehicle sales fell 21.8% to $29.1 million. This was partly because new vehicle models were delayed and sales shifted to later quarters. Sales of parts and maintenance services also declined.
The company is actively upgrading its battery packs to extend their lifespan and improve operational efficiency. This one-time upgrade effort will continue through 2025 and has temporarily lowered gross margin. However, Gogoro says this investment improves long-term resource use and network efficiency.
To address financial challenges, Gogoro is cutting costs by reducing staff, trimming promotional spending, and controlling administrative expenses. These efforts are expected to save $25 million over the year. Adjusted EBITDA improved 40% from last year to $14.3 million, signaling early progress in operational efficiency.
Gogoro has also secured NT$2 billion in credit to support future product upgrades and infrastructure investments. It aims for its battery swapping business to become profitable by 2026 and hardware sales by 2028 under non-IFRS accounting.
Gogoro is facing ongoing financial challenges. Its market value is about $74 million, and the stock price reflects investor caution amid revenue declines and rising losses.
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