GICS Sector : Consumer Cyclical
Gogoro Inc.manufactures two-wheeled electric vehicle.The company offers two-wheeled electric scooter that provides cloud connectivity and electric powertrain that utilizes swappable battery infrastructure for gathering, analyzing, and sharing riding data through a mobile application on the rider's smartphone.
Gogoro Inc.'s financial performance for the first nine months of 2025 demonstrated significant improvement, driven by operational discipline and a focus on long-term sustainability. The company's battery swapping service revenue grew 11.5% year-over-year to $38.9 million, while hardware and other revenue was $38.7 million, down 25.5% year-over-year due to a decline in vehicle sales volume. Adjusted EBITDA rose to $47 million, a 25% increase, and adjusted gross margin improved to 19.3%. Gogoro generated $25.7 million in operating cash flow, nearly doubling last year's level. The reported EPS was -$0.06, missing estimates of -$0.03.
Publication Date: Nov -16
The company's product roadmap is expanding, with the launch of EZ and EZ500 models broadening its reach across price segments. The EZ has been the best-selling electric two-wheeler in Taiwan for five consecutive months, and is expected to contribute meaningful sales volume and margin throughout 2026. Gogoro's Powered by Gogoro Network Partners continue to scale and innovate, with Yamaha's recent launch of the QC in August being a great example, as cited by Henry Chiang, "Our Powered by Gogoro Network Partners continue to scale and innovate, with Yamaha's recent launch of the QC in August being a great example."
Gogoro's current valuation metrics indicate a mixed picture. The company's P/S Ratio is 0.19, and EV/EBITDA is -14.78, suggesting that the market is pricing in significant growth challenges. For 2026, analysts estimate revenue growth at 5.0%. Gogoro is adjusting its full-year 2025 revenue outlook to between $270 million and $285 million, reflecting the continued contraction in Taiwan's two-wheeler market. The company remains focused on finishing this year with strong operational execution, continued cost discipline, and healthy cash generation.
As the newly appointed CEO, Henry Chiang's vision for Gogoro Inc. begins with streamlined operations and ensuring financial results consistently meet expectations while building operational resilience. The company is now focusing on product and technology innovations, with policy tailwinds in Southeast Asia indicating broad adoption of battery swapping and electrification. Bruce Aitken noted that the short-term stock price movement doesn't change the underlying fundamentals of the business, and the company will continue to focus on executing, strengthening the balance sheet, and delivering long-term value for shareholders.
Gogoro Inc. (GGR) Q3 2025 Earnings Call Transcript
Nov -11
Gogoro Releases Third Quarter 2025 Financial Results
Nov -11
Gogoro to Announce Third Quarter 2025 Financial Results on November 11 at 7 a.m. Eastern Time
Nov -04
Gogoro Names Henry Chiang Official Chief Executive Officer
Sep -16
Gogoro Announces 1-for-20 Share Consolidation
Sep -16
Gogoro Inc. (GGR) Q2 2025 Earnings Call Transcript
Aug -12
Gogoro Releases Second Quarter 2025 Financial Results
Aug -12
What Worked In Q2: Longleaf's Most Impactful Global Holdings
Aug -07
Gogoro's 10% growth in Hardware and Related segment is driven by increasing adoption of electric scooters, expansion into new markets, and rising demand for sustainable transportation solutions. Additionally, the company's innovative battery-swapping technology and strategic partnerships with leading manufacturers contribute to the segment's growth.
Gogoro's battery swapping service growth is driven by increasing adoption of electric scooters, government incentives for eco-friendly transportation, and expanding partnerships with OEMs. Additionally, the convenience and cost-effectiveness of swapping batteries vs. traditional charging methods, as well as Gogoro's scalable and efficient battery management system, contribute to the 12% growth rate.
Gogoro's leasing service growth is driven by increasing adoption of electric scooters, government incentives for eco-friendly transportation, and rising demand for flexible, affordable mobility solutions. Additionally, Gogoro's battery swapping technology and expanding charging infrastructure provide a convenient and reliable experience, further fueling growth.
Gogoro's 'Other' segment growth is driven by increasing adoption of its battery swapping technology, expansion into new markets, and growing demand for electric vehicles. Additionally, strategic partnerships and collaborations with prominent companies, such as Hero MotoCorp, are contributing to the segment's rapid growth.
Electric scooters designed for urban commuting, featuring advanced technology and innovative design.
A comprehensive battery swapping system for electric vehicles, providing a convenient and efficient way to recharge.
A high-performance electric scooter designed for speed and agility, featuring advanced suspension and braking systems.
A lightweight and compact electric scooter designed for urban mobility, featuring a portable design and easy handling.
A convenient and efficient way to recharge electric vehicles, featuring a network of battery swapping stations.
A comprehensive platform for managing and analyzing IoT data, featuring advanced analytics and insights.
Gogoro's electric scooters have some substitutes in the market, such as bicycles and public transportation, but they are not a significant threat to the company's business.
Gogoro's customers have limited bargaining power due to the company's unique product offerings and lack of direct competition.
Gogoro relies on a few key suppliers for its battery and electric motor components, giving them some bargaining power, but the company's scale and partnerships mitigate this risk.
The electric scooter market is growing rapidly, and new entrants could potentially disrupt Gogoro's market share, especially if they offer similar products at lower prices.
Gogoro faces some competition from other electric scooter manufacturers, but the company's strong brand and distribution network help to mitigate the intensity of rivalry.
| Value | |
|---|---|
| Debt Weight | 62.89% |
| Debt Cost | 3.95% |
| Equity Weight | 37.11% |
| Equity Cost | 7.39% |
| WACC | 5.23% |
| Leverage | 169.48% |
Value: 9.0
Growth: 5.6
Quality: 5.6
Yield: 0.0
Momentum: 8.0
Volatility: 4.0
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Value: 9.2
Growth: 4.8
Quality: 6.5
Yield: 0.0
Momentum: 4.0
Volatility: 6.0
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Value: 2.5
Growth: 7.0
Quality: 6.9
Yield: 0.0
Momentum: 10.0
Volatility: 2.7
1-Year Total Return ->
Value: 8.8
Growth: 2.9
Quality: 5.0
Yield: 0.0
Momentum: 3.5
Volatility: 7.3
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Value: 3.8
Growth: 3.4
Quality: 5.2
Yield: 3.8
Momentum: 4.0
Volatility: 6.7
1-Year Total Return ->
Value: 9.6
Growth: 2.7
Quality: 2.2
Yield: 0.0
Momentum: 2.0
Volatility: 5.7
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