GGR

Image source: The Motley Fool. Monday, Aug. 24, 2026 at 8 a.m. ET Chief Executive Officer - Henry Chiang Chief Financial Officer - Bruce Aitken Principal Financial Officer - Jacky Lee Operator: Good day, and thank you for standing by. Welcome to the Gogoro Q2 2026 Earnings Conference Call. [Operator Instructions] Please be advised today's conference is being recorded. I'd now like to hand the conference over to your first speaker today, Wendy Lee. Please go ahead. Wendy Lee: Thank you, operator. Welcome to Gogoro's 2026 Second Quarter Earnings Conference Call, hosted by our CEO, Henry Chiang; and CFO, Bruce Aitken. Hopefully, by now, you've had an opportunity to review our earnings release and investor presentation, both of which are available on the Investor Relations section of our website. Henry will begin with an overview of our business performance and strategic priorities, followed by Bruce, who will review our financial results in greater detail. We will then open the call for Q&A. Before we begin, please note that today's discussion contains forward-looking statements, including statements regarding our business outlook, future financial performance, growth, product launches and future priorities and strategic initiatives. These statements are subject to risks and uncertainties that could cause actual results to differ materially. Please refer to today's earnings release and our SEC filings for additional information. A more detailed discussion of the risks and uncertainties that could cause actual results to differ materially is contained in our earnings release issued today and in our filings with the SEC, including our annual report on Form 20-F, each of which is readily available on the Investor Relations section of our website and at www.sec.gov. Any forward-looking statements, including our guidance, speak only as of today's date, and we undertake no obligation to update them, except as required by law. Today's discussion will also include certain non-IFRS financial measures. Reconciliations to the most directly comparable IFRS measures and additional information can be found in our earnings release. And with that, let me turn the call over to Henry. Henry Chiang: Thanks, Wendy. Thank you, everyone, for joining us today. The second quarter marks an important milestone for Gogoro. Over the past 2 years, we've remained focused on strengthening the fundamentals of our business, improving operational discipline, simplifying our cost structure and executing a more focused product strategy. This quarter, we're beginning to see those efforts translate into tangible business results. Revenue returned to year-over-year growth. The gross margin reached its highest quarterly level in more than 5 years. Operating cash flow continued to strengthen. At the same time, our newest products gained encouraging customer traction and supported a recovery in our market position. Taken together, these results reinforce our confidence that the strategy we've been executing is working. More importantly, they demonstrate that we're building a healthier business, one capable of delivering both sustainable growth and improving profitability. Let me begin with our products. One of the priorities we've discussed over the past year has been transforming our product portfolio from the ground up, reaching new customer segments while preserving the Gogoro riding experience. I'm pleased to say that the first phase of our multiyear product renaissance is off to an exceptional start. EZZY, our Disney Toy Story Series and Gogoro Luna represent the first wave of a broader product strategy designed to strengthen our core franchise, attract new consumers and expand our addressable market. The EZZY family is strategically designed for consumers seeking simple, hassle-free everyday mobility and its performance continues to exceed our expectations. During the quarter, it contributed more than 1/3 of our scooter sales revenue and attracted family-oriented consumers into the Gogoro ecosystem. We continue to see family-oriented consumers as an important pillar of Gogoro's long-term growth strategy. Gogoro is a leading scooter brand among female riders. As part of our strategy to expand our product portfolio to this targeted consumer group, we introduced Gogoro Luna toward the end of the quarter, our newest premium scooter designed specifically for female riders. Gogoro Luna is more than just a new model. It represents the next phase of our product portfolio strategy showing absolute empathy for our consumers is the guiding principle behind Gogoro's product development. Our goal was to create a scooter that women find effortless to ride, beautiful to look at and practical for daily use. As daily life grows increasingly busy and women balance more roles, we believe a Gogoro product should serve as a true partner and supporter, matching the rhythm of life, helping people navigate each and every day smoothly and empowering them to embrace every role with ease and confidence. This was our core motivation in crafting a brand-new product tailored specifically for women. We believe this scooter will become a benchmark in the female scooter market, and results have already proven that our empathy truly resonates with consumers. We believe one standout innovation is its innovative effort-saving center stand, requiring just 47 kilograms of stepping force, making parking significantly easier, particularly for petite riders and in tight urban spaces. The early market response has been very encouraging. Rather than relying on a single flagship model, we're building a portfolio designed around distinct customer needs. We believe this approach better positions us to expand our addressable market while strengthening the long-term competitiveness of our hardware business. We're also encouraged by the improvement in our market position. During the quarter, our market share recovered to approximately 6%, reflecting stronger customer demand for our newest products. While Taiwan's overall scooter market remains competitive, we believe our recent launches demonstrate that innovation, thoughtful product positioning and disciplined execution continue to differentiate Gogoro. Ultimately, our goal is not simply to launch more scooters. We are building a broader and more relevant product portfolio that can bring more consumers into the Gogoro ecosystem, expand our addressable market and create a stronger foundation for sustainable growth. Beyond hardware, our recurring energy business continues to provide the stability that sets Gogoro apart. Our subscriber base grew to approximately 677,000, reflecting continued year-over-year growth. Although the continued success of entry-level vehicle has modestly affected average revenue per subscriber, the expansion of our subscriber base strengthens utilization of the Gogoro Network and reinforces the long-term value of our recurring revenue model. Equally important, we continue to improve the economics of our business. We are increasingly seeing the benefits of continuous operational excellence and disciplined execution across our Gogoro Network. In Q2, we delivered our strongest operating performance to date with expenses coming in below budget while continuing to improve year-over-year. More importantly, these improvements are now translating into tangible financial progress and strengthening the underlying economics of the network. What is particularly exciting is seeing this progress validate the thesis behind Gogoro Network. We remain deeply committed to delivering clean, efficient and increasingly accessible energy to urban communities, and we are encouraged to see the business model increasingly demonstrate both operational scalability and financial viability. As we continue to scale the network, improve efficiency and expand adoption, we believe we are building not only a more profitable business but also a sustainable energy platform that can play an important role in the future of urban mobility. This is what we are passionate about building and seeing the model increasingly validated by both our operating results and financial performance gives us tremendous confidence in the opportunity ahead. Looking ahead, our priorities remain unchanged. We'll continue executing our focused product strategy. We'll continue improving the efficiency and profitability of the Gogoro Network, and we'll continue allocating capital with discipline while investing in opportunities that support sustainable long-term growth. Before I hand the call over to Bruce, I'd like to take a moment to recognize that today's call marks his final earnings call as Gogoro's Chief Financial Officer following our recent announcement. Bruce has been an exceptional partner over the past 8 years and has played an instrumental role in building the financial foundation that supports Gogoro today. I'll have an opportunity to say more before we conclude the call. But on behalf of all of us, Bruce, thank you for your leadership and your many contributions. With that, let me turn the call over to Bruce. Bruce Aitken: Thank you, Henry. Before I begin, I'd like to echo Henry's comments. It's been a privilege to be part of Gogoro's journey, and I'll share a few personal thoughts towards the end of our call. But first, let me review our second quarter financial results. Overall, we are pleased with the progress we made during this quarter. The financial results reflect continued operational discipline, improving execution and the benefits of the actions we've taken over the past 2 years to strengthen the business. Second quarter revenue was $70.6 million, representing a 7.3% increase year-over-year or approximately 10% growth on a constant currency basis. The return to revenue growth was driven primarily by stronger Gogoro branded scooter sales, supported by the continued success of the EZZY family and initial deliveries of our Luna model. Hardware revenue also benefited from deliveries under our previously announced WeMo fleet agreement. Battery swapping service revenue remained resilient despite foreign exchange headwinds and the continued mix shift towards entry-level scooters. Subscriber growth continued to offset much of the pressure on average revenue per subscriber, highlighting the strength of our recurring revenue model. Overall, we're encouraged to see both our hardware and energy businesses contributing to top line growth. The highlight of the quarter was another meaningful improvement in profitability. Gross margin reached 22.6%, the highest it has been in the last 5 years. Importantly, this improvement reflects structural changes in the business rather than temporary cost reductions. Completion of our battery upgrade program, improved manufacturing efficiency, lower battery depreciation, better network utilization and continued cost discipline all contributed to the improvement. As we've discussed over the past several quarters, these initiatives were designed to permanently improve the economics of the business, and we're now beginning to see those benefits reflected in our financial performance. Net loss improved by more than $21.6 million year-over-year, while adjusted EBITDA increased to $19.3 million. These improvements demonstrate that higher gross margins, disciplined operating expenses and a simplified organizational structure continue to translate into stronger financial results. Cash generation also remained a key area of progress. Operating cash flow during the first half of the year increased by more than 70% compared with the same period last year, reflecting improved operating performance, disciplined working capital management and lower capital expenditures following completion of the battery upgrade program. We ended the quarter with $68.8 million in cash and cash equivalents, further strengthened by the initial investment from Gold Sino under the previously announced equity financing. Our balance sheet is considerably stronger than it was a year ago, and it provides us with the flexibility to continue executing our strategic priorities while maintaining prudent financial discipline. Based on our first half performance, we are reaffirming our full year guidance. We continue to expect revenue between $285 million and $305 million for 2026. While we remain mindful of macroeconomic conditions and the competitive environment, we're encouraged by the momentum we're seeing in the business. We also remain on track for the Gogoro Network battery swapping business to achieve non-IFRS profitability this year. The first half of 2026 has demonstrated that the operational improvements we've been implementing are translating into stronger financial performance, giving us confidence in our outlook for the remainder of the year. Before I hand the call back to Henry, I'd like to say a few personal words. As Henry mentioned, today is my final earnings call as Chief Financial Officer of Gogoro. After more than 8 years with the company, I've decided that it's the right time for my family and for me to begin our next chapter. When I joined Gogoro, we were an ambitious young company with a bold vision. Since then, we've grown into a public company, built a strong financial organization, navigated extraordinary challenges and most recently repositioned the business for sustainable, profitable growth. I'm proud of what the entire Gogoro team has accomplished together. I'd like to thank Henry for his partnership and leadership, our Board of Directors for their trust and guidance, our employees for their dedication and our shareholders for their continued support throughout this journey. While this is a transitional moment for me personally, I leave with tremendous confidence in the future of Gogoro. The company is stronger, more disciplined and better positioned than when I joined, and I'm excited to watch its next chapter unfold. Thank you for your trust, your partnership and your support over these past 8 years. Henry, back to you. Henry Chiang: Thank you, Bruce. On behalf of everyone at Gogoro, I'd like to thank you for your outstanding leadership and your many contributions over the past 8 years. Bruce joined Gogoro in its early days and played a pivotal role in guiding Gogoro through every stage of its evolution from a fast-growing private company to becoming a public company and through the transformation we've undertaken over the past 2 years to build a stronger, more disciplined business. It's been 2 years since we first hosted an earnings call together, and this is my last earnings release call with you. Where did time go? I still remember my first earnings call with you like it was yesterday. While we'll certainly miss working with you, we wish you and your family nothing but the very best in this next chapter. I'd also like to welcome Jacky Lee as our Principal Financial Officer. Jacky brings deep experience in finance, governance and operational leadership, and we're excited to have him join the executive team as we continue executing our long-term strategy. As we look ahead, I believe Gogoro is entering the second half of the year from a position of strength. Over the past several quarters, we focused on building a stronger foundation for the business. This quarter demonstrates that those efforts are translating into results. We're returning to revenue growth. We're delivering the highest quarterly gross margin in more than 5 years. We're strengthening our cash generation, and we're executing a product strategy that's helping us reconnect with customers and expand our market opportunity. While we know there is still work ahead, we're encouraged by the progress we made and remain focused on disciplined execution, sustainable profitability and creating long-term value for our shareholders. With that, I will hand the call back to Wendy. Operator: [Operator Instructions] I will now hand over to Wendy to manage the questions. Wendy Lee: Okay. I would like to thank Henry and Bruce for the update. And as attendees are formulating their questions, I will ask 2 questions that we have collected. Question number one, Henry, so this quarter marked Gogoro's first return to year-over-year revenue growth in some time, while also delivering highest quarterly gross margin in more than 5 years. How should investors think about balancing growth and profitability as you execute through second half of the year? Henry Chiang: Okay. Thanks, Wendy. Over the past 2 years, we have focused on strengthening the fundamentals of the business. We streamlined our operations, improved our cost structure and completed the battery upgrade program and become much more disciplined in how we allocate resources. Those efforts established a much stronger foundation. Now we are seeing the benefit. Revenue has returned to growth. Our gross margin reached its highest level in more than 5 years, and operating cash flow continues to improve. Just as importantly, we are seeing encouraging customer response to our target product strategy. As we look to the second half, we are cautiously optimistic about the opportunities ahead while remaining disciplined in our execution. While we are mindful of our rising material costs, we will continue introducing products that broaden our customer base while maintaining the operational discipline that has driven our margin improvement. We believe that approach positions us to deliver sustainable growth while continuing to improve profitability over time. Wendy Lee: Thank you, Henry. And we have another question. So you've talked over the past several quarters about building a stronger operational foundation. As you look ahead, what gives you the greatest confidence in Gogoro's long-term growth opportunities? Henry Chiang: I think the most important thing is to see positive momentum across multiple parts of the business, not just in one area. Our newest products are attracting new customers and helping us recover market share. Our subscriber base continued to grow, reinforcing the strength of our recurring revenue model. At the same time, the operational improvements we have made across manufacturing and the Gogoro Network are improving the economies -- economics of the business. Those are structural improvements, and they give us greater confidence in our ability to grow sustainably. We also continue to invest throughout -- thoughtfully in innovation, whether it's expanding our product portfolio, enhancing the Gogoro Network or pursuing opportunity in new markets. Our objectives remain the same to build a larger ecosystem that continue to create long-term value for our customers, our partners and our shareholders. While we are encouraged by the progress we have made, we are still early in the next phase of our journey. Our focus remains on the disciplined execution, and we believe that staying consistent with the approach will continue to create value over the long term. Thank you again for joining us today. Wendy Lee: Okay. Let me see if we have any questions on the line. Operator: No questions on the phone lines. [Operator Instructions]. Wendy Lee: Okay. We have a question from online. So a question from [ Stephen ]. So Bruce, after you spending several years helping lead Gogoro through both challenges and opportunities, what is one lesson or experience from your time here that you will take with you? And what do you hope to see Gogoro accomplish next? Bruce? Bruce Aitken: Thanks. So as I said, it's been a privilege to help lead Gogoro for the last 8 years as the CFO. And most specifically, I think in the last 2 years, what we have tried to focus on is that word focus. We've used it a number of different times. It's going back to basics, focusing on operating cash flow, it's focusing on efficiency of operations, on resource allocation that meets the business growth needs. And I think we've really tried to establish, as Henry said, a solid foundation on which the business can grow. And so I think it's, while it's not a new lesson in that sense of the word, focusing on the fundamentals has been critical. And getting those fundamentals right, I think, sets us up well for the next stage of growth. And the second part of the question is what do I see coming in the future? Gogoro technology continues to be world-class, continues to lead the way. And I think with the solid financial foundation that's in place and with the future product lineup that is going to be rolled out and with the future opportunities for growth in a variety of markets, I think we're going to see exciting things from Gogoro in the future. And I hope that Gogoro continues to lead the push for cleaner greener urban mobility because that's really the mission, and that's really why Gogoro exists, and we should continue to see that through to conclusion over the course of the next coming years. And I wish Henry and the team all the best as they try to pursue that mission aggressively. Wendy Lee: Thank you, Bruce. And then we have 2 questions from Leanne. So the first question is, do you have any updates on the Castrol partnership in Vietnam? When do you expect to see meaningful contribution from overseas operations? Henry Chiang: Yes. Thanks for the question. We are anticipating the grand launch very soon. We are seeing a very strong need of electric vehicles in Vietnam, especially in both Ho Chi Minh City and Hanoi. And we can see that the whole EV industry is accelerating. And under that background, we believe that Gogoro has one of the most experienced systems in the world. We are operating more than 1.5 million batteries in Taiwan, and we have operated for more than 10 years. And we see that a great opportunity for us to not only bring the industry to the new market, but also to expand our footprint in the Southeast Asia. So yes, we think it's very exciting, and we are anticipating a very meaningful contribution for the next couple of quarters and years. Wendy Lee: Thank you, Henry. And the second question from [ Leanne ] is Taiwan's Ministry of Transportation and Communications is targeting 35% of new scooter sales to be electric by 2030. Do you believe these goals are attainable with incentives as they are today? Henry Chiang: Yes. That's the overall Taiwan policy. And we are anticipating that our government will continue to support the transformation, especially we are seeing the needs of EV is steadily increasing, while we are seeing the new generation is perceiving electric vehicles as part of the nature. So we can anticipate that the country will continue to support the whole EV transformation. While we are very cautiously around the policy, we are looking forward for additional and even stronger push on the policy side to make the industry and the market accelerating towards the EV as fast as it could be, right? So I think -- yes, I think it's still a great target, attainable target, but we definitely can always looking for something stronger and bigger. Wendy Lee: Thank you, Henry. And there does not seem to be any more questions. Operator: And there seems to be no further questions at this time. So I will turn the call over to Henry for closing remarks. Thank you. Henry Chiang: Thank you, operator. Thank you again for joining us today and for your continued support of Gogoro. And it's the last earnings call I have worked with Bruce, and we really wish Bruce have a very good next chapter back in Scotland, and we look forward to updating you on our progress throughout the year. Operator: Thank you. This concludes today's conference call. Thank you for participating, and you may now disconnect. Speakers, please stand by. 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This article first appeared on GuruFocus. Revenue: $70.6 million, a 7.3% increase year-over-year, or approximately 10% growth on a constant currency basis. Gross Margin: 22.6%, the highest quarterly level in more than five years. Net Loss: Improved by more than $21.6 million year-over-year. Adjusted EBITDA: $19.3 million. Operating Cash Flow: Increased by more than 70% in the first half of the year compared with the same period last year. Cash and Cash Equivalents: $68.8 million at the end of the quarter. Subscriber Base: Grew to approximately 677,000, reflecting continued year-over-year growth. Market Share: Recovered to approximately 6% during the quarter. EZ Family Sales: Contributed more than one-third of scooter sales revenue during the quarter. Full Year 2026 Guidance: Reaffirmed revenue expectation between $285 million and $305 million. Warning! GuruFocus has detected 5 Warning Signs with GGR. Is GGR fairly valued? Test your thesis with our free DCF calculator. Release Date: August 24, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Revenue returned to year-over-year growth, increasing 7.3% (or ~10% on a constant currency basis) to $70.6 million. Gross margin reached 22.6%, the highest quarterly level in more than five years, driven by structural improvements. Operating cash flow strengthened significantly, increasing by more than 70% in the first half of the year compared to the same period last year. The new EZ family and Gogoro Luna products gained strong customer traction, helping recover market share to approximately 6%. The battery swapping subscriber base grew to approximately 677,000, reinforcing the recurring revenue model and network utilization. Adjusted EBITDA increased to $19.3 million, and net loss improved by more than $21.6 million year-over-year. The company reaffirmed its full-year 2026 guidance and remains on track for the battery swapping business to achieve non-IFRS profitability this year. The continued success of entry-level vehicles has modestly affected average revenue per subscriber, pressuring battery swapping service revenue. Battery swapping service revenue faced foreign exchange headwinds during the quarter. Management remains mindful of rising material costs, which could impact future margins. The Taiwan scooter market remains highly competitive, requiring ongoing innovation and disciplined execution to maintain differentiation. The company is cautiously optimistic about the second half, acknowledging macroeconomic conditions and the competitive environment as potential headwinds. The CFO transition introduces a leadership change, which could bring a period of adjustment for the financial organization. Q: How should investors think about balancing growth and profitability as you execute through the second half of the year, given the return to revenue growth and the highest quarterly gross margin in more than five years?A: Henry Chiang (CEO): Over the past two years, we have focused on strengthening the fundamentals of the business by streamlining operations, improving cost structure, completing the battery upgrade program, and becoming more disciplined in resource allocation. These efforts have established a much stronger foundation, and we are now seeing the benefits. Revenue has returned to growth, gross margin reached its highest level in more than five years, and operating cash flow continues to improve. As we look to the second half, we are cautiously optimistic about opportunities ahead while remaining disciplined in execution. While mindful of rising material costs, we will continue introducing products that broaden our customer base while maintaining the operational discipline that has driven margin improvements, positioning us to deliver sustainable growth while improving profitability over time. Q: What gives you the greatest confidence in Gogoro's long-term growth opportunities as you look ahead?A: Henry Chiang (CEO): The most important thing is seeing positive momentum across multiple parts of the business, not just in one area. Our newest products are attracting new customers and helping us recover market share. Our subscriber base continues to grow, reinforcing the strength of our recurring revenue model. At the same time, operational improvements across manufacturing and the Gogoro Network are improving the economics of the business. These are structural improvements that give us greater confidence in our ability to grow sustainably. We continue to invest thoughtfully in innovation, whether expanding our product portfolio, enhancing the Gogoro Network, or pursuing opportunities in new markets. Our objective remains to build a larger ecosystem that creates long-term value for customers, partners, and shareholders. Q: Do you have any updates on the Castro partnership in Vietnam? When do you expect to see meaningful contribution from overseas operations?A: Henry Chiang (CEO): We are anticipating the grand launch very soon. We are seeing a very strong need for electric vehicles in Vietnam, especially in both Ho Chi Minh City and Hanoi, and the whole EV industry is accelerating. Under that background, we believe Gogoro has one of the most experienced systems in the world, operating more than 1.5 million batteries in Taiwan for over 10 years. We see a great opportunity to not only bring the industry to a new market but also expand our footprint in Southeast Asia. We are anticipating a very meaningful contribution over the next couple of quarters and years. Q: Taiwan's Ministry of Transportation and Communications is targeting 35% of new scooter sales to be electric by 2030. Do you believe these goals are attainable with incentives as they are today?A: Henry Chiang (CEO): That is the overall Taiwan policy, and we anticipate the government will continue to support that transformation. We are seeing the need for EVs steadily increasing, and the new generation perceives electric vehicles as part of their nature. While we are cautious around policy, we are looking forward to additional and even stronger policy pushes to accelerate the industry and market toward EVs as fast as possible. I believe it is still a great, attainable target, but we are always looking for something stronger and bigger. Q: After spending several years helping lead Gogoro through both challenges and opportunities, what is one lesson or experience from your time here that you will take with you? And what do you hope to see Gogoro accomplish next?A: Bruce Aitken (CFO): It has been a privilege to help lead Gogoro for the last eight years as CFO. In the last two years, we have focused on that word "focus"going back to basics, focusing on operating cash flow, efficiency of operations, and resource allocation that meets business growth needs. We have established a solid foundation on which the business can grow, and getting those fundamentals right sets us up well for the next stage of growth. Looking to the future, Gogoro technology continues to be world-class and leads the way. With the solid financial foundation in place, the future product lineup to be rolled out, and opportunities for growth in various markets, I expect exciting things from Gogoro. I hope Gogoro continues to lead the push for cleaner, greener urban mobility, as that is the mission and reason Gogoro exists. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

TAIPEI, Taiwan, Aug. 24, 2026 (GLOBE NEWSWIRE) -- Gogoro Inc. (“Gogoro,” “the Company” or “we”) (Nasdaq: GGR), a global technology leader in battery swapping ecosystems that enable sustainable mobility solutions for cities, today released its financial results for its second quarter ended June 30, 2026. Fifth consecutive quarter of positive operating cash flow, demonstrating continued progress toward an operational turnaround, a self-sustaining energy operation and completion of battery upgrade initiative. Operating cash flow reached $26.0 million in the first half of 2026. IFRS and non-IFRS gross margin1 were both at 22.6%, the highest quarterly gross margin in more than five years, demonstrating continued improvement in manufacturing cost discipline, operational efficiency, and the underlying economics of our business. Net loss significantly decreased by $21.6 million to $(4.9) million from $(26.5) million in the same quarter last year, representing the continued improvement of our net loss and discontinued and completion of battery upgrade initiative. ____________________1 This is a non-IFRS measure. See Use of Non-IFRS Financial Measures for a description of the non-IFRS measures and Reconciliation of IFRS Financial Metrics to Non-IFRS for a reconciliation of the Company’s non-IFRS financial measures to their most directly comparable IFRS measures. Second Quarter 2026 Business Update and Outlook Launching First Phase of a Multi-Year Product Renaissance — Transforming Gogoro’s product portfolio from the ground up, with the first phase of our multi-year product renaissance off to an exceptional start. EZZY, Disney Toy Story Series, and Gogoro Luna are the first wave of a broader product strategy designed to strengthen our core franchise, attract new consumers, and expand our addressable market—culminating in Gogoro’s first scooter entirely re-developed for women's lifestyle. Repositioning for Growth – Our product and customer repositioning strategy is gaining traction, allowing our electric scooters to regain a foothold in the market and expanding Gogoro’s appeal across a broader range of customers and use cases. The EZZY 500 has quickly established itself as a meaningful growth driver, contributing materially to Q2 2026 revenue and demonstrating the potential of our refreshed product portfolio. Building on this momentum, the launch of Gogoro Luna at the end of Q2 generated high consumer interest in early July. Together, these new products represent an important step in our multi-year product renaissance, strengthening our product-market fit and positioning Gogoro for renewed growth. Market Share Recovery and Baseline Outlook – Driven by targeted go-to-market execution and growing customer adoption, our market share rebounded significantly to 6% in Q2 2026, up from 2% earlier in the year. Looking ahead, we expect this momentum to be able to support a durable market-share baseline as we pursue long-term, sustainable growth. Looking Ahead and Community Engagement – Extending Q2's momentum into the second half of the year, we will host our flagship community event in Q3 2026, gathering thousands of Gogoro owners, Powered by Gogoro Network ("PBGN") riders, and GoShare users. By offering exclusive electric scooter access to local aviation landmarks and immersive brand activations, the event is designed to serve as a strategic driver for brand advocacy, grassroots engagement, and long-term user retention. Second Quarter 2026 Financial Summary Second quarter revenue of $70.6 million, up 7.3% year-over-year and up 10.0% on a constant currency basis1. Second quarter battery swapping service revenue of $37.4 million, down 0.6% year-over-year and up 1.9% on a constant currency basis1. Second quarter revenue from sales of hardware and others of $33.2 million, up 17.8% year-over-year and up 20.7% on a constant currency basis1. Second quarter gross margin of 22.6%, up from 0.3% in the same period last year. Second quarter non-IFRS gross margin1 of 22.6%, up from 17.0% year-over-year. Second quarter net loss of $4.9 million, improved from $26.5 million in the same period last year. Second quarter adjusted EBITDA1 of $19.3 million, up from $12.5 million in the same period last year. “As we have reached the midpoint of 2026, our execution continues to translate into stronger operating performance and a more resilient business,” said Henry Chiang, CEO of Gogoro. “We are delivering measurable improvements in operational efficiency, expanding our product offerings, and strengthening the Gogoro Network. These achievements reinforce our confidence in our long-term strategy and our ability to deliver sustainable growth while continuing to innovate and lead the transition to smarter urban mobility. Looking ahead to the third quarter, we are excited about the momentum across our business. With several important product launches and strategic initiatives on the horizon, we believe our strongest chapters of 2026 are still ahead of us.” “Our second quarter results highlight the financial impact of our operational discipline, evidenced by a strong gross margin recovery to 22.6% and a $21.6 million reduction in net loss to $(4.9) million. Improved manufacturing efficiency and disciplined cost controls drove operating cash inflows to $26.0 million, reflecting the continued improvement in our business and our progress toward building a self-sustaining financial engine to fuel Gogoro’s next phase of growth,” said Bruce Aitken, CFO of Gogoro. Second Quarter 2026 Financial Overview Operating Revenues For the second quarter, total revenue was $70.6 million, up 7.3% year-over-year and up 10.0% on a constant currency basis1. Had foreign exchange rates remained constant with the average rate of the same period last year, revenue would have been up by an additional $1.8 million. Battery swapping service revenue for the second quarter was $37.4 million, down 0.6% year-over-year, and up 1.9% on a constant currency basis1. Total subscribers at the end of the second quarter were 677,000, up 4% from 648,000 subscribers at the end of the same period last year. On a constant currency basis, battery swapping service revenue grew year-over-year, primarily driven by an expanding subscriber base and strong retention. While the higher mix of entry-level vehicles modestly impacted average revenue per user ("ARPU"), the broader trend of steady revenue growth supported by our growing subscriber base remains intact. Moreover, our subscription model continues to enhance network utilization and operating efficiency, reinforcing the long-term economics of our platform. Revenue from sales of hardware and others for the second quarter was $33.2 million, up 17.8% year-over-year, and up 20.7% on a constant currency basis1. The year-over-year increase in revenue from sales of hardware and others was primarily driven by 50.8% year-over-year growth in Gogoro-branded scooter registrations and the completion of deliveries and related revenue recognition during the second quarter under an order from WeMo, a scooter-sharing partner. These positive drivers were partially offset by (i) a decrease in average selling price ("ASP"), resulting from a product mix shift toward newer entry-level models launched in late 2025 at lower price points, alongside a slight decrease in mid-to-high-end model sales volumes compared to the prior-year period, and (ii) a reduction in component and accessory sales derived from international customers and PBGN partners. Gross Margin For the second quarter, gross margin was 22.6%, up from 0.3% in the same period last year, while non-IFRS gross margin1 was 22.6%, up from 17.0% in the same period last year. This substantial margin expansion reflects structural gains in operational efficiency and execution quality, due to these primary factors: (i) a $10.9 million reduction in costs associated with battery upgrade initiatives due to the completion of our upgrade program at the end of the prior year, (ii) improved overhead absorption, as higher production and sales volumes during the quarter reduced excess capacity costs, and (iii) broader savings across the energy network, reflecting enhanced network efficiency, longer battery lifespans from prior upgrades, and disciplined operational management collectively drove down depreciation, operation and maintenance (O&M) expenses, and electricity costs across our installed base of battery packs. These gains were partially tempered by lower average selling prices resulting from an unfavorable product mix shift toward entry-level offerings. Over the past two years, we have undertaken a program to carry out one-time, voluntary upgrades on certain battery packs, which was completed in the fourth quarter of 2025. These upgrades provide multiple benefits — enabling a more efficient deployment of our resources than replacing battery packs, increasing lifetime capacity of each battery pack (including extending its second mobility use-case) and solidifying the incremental lifetime capacity of each battery pack to validate our second-life thesis. These upgrades are expected to generate economic benefits in the long run, but they have reduced our gross margin in prior years. Net Loss For the second quarter, net loss was $4.9 million, representing a decrease of $21.6 million from a net loss of $26.5 million in the same period last year. The decrease in net loss was primarily driven by a $15.7 million increase in gross profit, fueled by a $10.9 million decrease in costs associated with battery upgrade initiatives, alongside higher overhead absorption from increased production volumes and broader operational efficiencies across the energy network. In addition, operating expenses declined by $4.6 million, primarily due to lower general and administrative expenses at overseas entities reflecting organizational restructuring and other operating expenses decreasing by $2.1 million, resulting in net other operating income for the period. This reduction was primarily attributable to the reversal of write-down for nonrepairable battery and the absence of impairment losses at overseas subsidiaries that had been recognized in the same period last year. Adjusted EBITDA For the second quarter, adjusted EBITDA1 was $19.3 million, representing an increase of $6.8 million from $12.5 million in the same period last year. The increase was primarily due to a $2.9 million increase in non-IFRS gross profit1 (excluding depreciation and amortization), a $2.8 million reduction in operating expenses (excluding share-based compensation, depreciation and amortization, and impairment charges) resulting from various cost-saving initiatives, and a net increase of $1.1 million favorable change in non-operating income and expenses. Liquidity During the first half of 2026, operating cash inflows increased more than 70% to $26.0 million, compared with $15.2 million in the same period last year, reflecting continued benefits from organizational restructuring, improved operating efficiency, and disciplined working capital management. Our liquidity position remains strong, supported by disciplined capital allocation, including lower capital expenditures following the completion of battery upgrade initiatives in Q4 2025 and the continued reduction of outstanding debt. As of June 30, 2026, we had cash and cash equivalents of $68.8 million, including the $16.7 million investment from Gold Sino. This investment was made pursuant to the equity funding commitment of up to NTD$2.5 billion (approximately $80 million), previously secured by a director of Gogoro. We believe our liquidity provides ample flexibility to support our strategic priorities and future growth. 2026 Guidance We remain cautious given ongoing market softness. Accordingly, we expect revenue to recover modestly from 2025 levels and to be in the range from $285 million to $305 million in 2026. We continue to execute our long-term strategy to drive sustainable growth. We remain on track for the Gogoro Network battery-swapping business to achieve non-IFRS profitability in 2026, and for the hardware business to reach non-IFRS profitability in 2028. Conference Call Information Gogoro’s management team will hold an earnings webcast on August 24, 2026, at 8:00 a.m. Eastern Time to discuss the Company’s second quarter 2026 results of operations and outlook. Investors may access the webcast, supplemental financial information and investor presentation at Gogoro’s investor relations website (https://investor.gogoro.com) under the “Events” section. A replay of the investor presentation and the earnings call script will be available 24 hours after the conclusion of the webcast and archived for one year. About Gogoro Founded in 2011 to rethink urban energy, Gogoro is the world’s leader in battery-swapping electric mobility, setting new standards for sustainable mobility. Powering nearly 700,000 riders and over 900 million battery swaps across more than 2,700 GoStation locations, the Gogoro Network redefines how cities move. Recognized globally in 2024, including Fortune’s "Change the World," Fast Company’s "Asia-Pacific's Most Innovative Company," MIT Technology Review’s "15 Climate Tech Companies to Watch," and Frost & Sullivan’s "Global Company of the Year" for battery swapping, Gogoro continues to disrupt the status quo and accelerate the shift to cleaner, smarter mobility, and lead the way in reimagining how cities move. Forward-Looking Statements This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Gogoro's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "going to," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern Gogoro's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this communication include, but are not limited to, statements in the section entitled, "2026 Guidance," such as estimates regarding Gogoro's revenue in 2026 and Gogoro's ability to achieve positive non-IFRS gross profit; Gogoro's future plans and growth strategy; Gogoro's future product strategy and Gogoro's ability to innovate; the timing and anticipated benefits of Gogoro's planned third-quarter 2026 community event; Gogoro's ability to execute on its strategy; Gogoro's ability to expand its addressable market; Gogoro's expectations regarding its market share, including maintaining a durable market share baseline; the anticipated growth and retention of Gogoro's subscriber base; Gogoro's ability to improve its profitability, unit economics and stronger financial performance; the future of Gogoro's new product cycles; the potential economic benefits related to upgrades on battery packs; Taiwan two-wheeler market; statements relating to the sufficiency of our cash; statements regarding market trends; and statements by Gogoro's chief executive officer and chief financial officer. Gogoro’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks related to Gogoro incurring operating losses historically and expecting to incur significant expenses and continuing losses; Gogoro's cash position, dependence on a director associated with its largest shareholder to procure equity financing and ability to raise additional funds; future operating and financial results being subject to significant uncertainty; Gogoro not being able to achieve market share; Gogoro not being able execute on its strategy; challenges associated with strategic collaborations or alliances; Gogoro's failure to execute its growth strategy or manage growth effectively; Gogoro's failure to develop new products or technologies; Gogoro's failure to manage its supply chain; delays in launching the production of Gogoro's products and features; Gogoro's exposure to fluctuations in currency exchange rates; Gogoro facing strong competition; changes to fuel economy standards or the success of alternative fuels; Gogoro's dependence on the rapid adoption of and demand for ePTWs and battery swapping services; rapid technological change in the ePTW market; the timely release of new products by Gogoro; Gogoro's ability to protect its technology and intellectual property; risks related to maintaining and expanding Gogoro's international operations; macroeconomic factors including inflation and consumer confidence; and risks related to the Taiwan scooter market. The forward-looking statements contained in this communication are also subject to other risks and uncertainties, including those more fully described in Gogoro's filings with the Securities and Exchange Commission (“SEC”), including in Gogoro’s Form 20-F for the year ended December 31, 2025, which was filed on March 31, 2026 and in its subsequent filings with the SEC, copies of which are available on the SEC's website at www.sec.gov. The forward-looking statements in this communication are based on information available to Gogoro as of the date hereof, and Gogoro disclaims any obligation to update any forward-looking statements, except as required by law. Condensed Consolidated Financial Statements The condensed consolidated financial statements are unaudited and have been prepared in accordance with the International Financial Reporting Standards (collectively, “IFRS”) issued by the International Accounting Standards Board and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial reporting. The Company’s condensed consolidated financial statements reflect all normal adjustments that are, in our opinion, necessary to provide a fair statement of results for the interim periods and the years presented, including the accounts of the Company and entities controlled by Gogoro Inc. The audited consolidated financial statements may differ materially from the unaudited condensed consolidated financial statements. Our audited financial statements for the full year ending December 31, 2026 will be included in the Company's Annual Report on Form 20-F for the year ending December 31, 2026. Accordingly, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2025 included in the Company’s Annual Report on Form 20-F filed with the SEC on March 31, 2026, which provides a more complete discussion of the Company’s accounting policies and certain other information. The condensed consolidated financial statements may include selected updates, notes and disclosures if there are significant changes since the date of the most recent annual report on Form 20-F which included the audited financial statements of the Company. This press release and accompanying tables contain certain non-IFRS financial measures as listed below. Foreign Exchange ("FX") Effect on Operating Revenues. We compare the dollar amount and the percent change in the operating revenues from the current period to the same period last year using constant currency disclosure. We present constant currency information to provide a framework for assessing how our underlying revenues performed excluding the effect of foreign currency rate fluctuations. To present this information, current period operating revenues for entities reporting in currencies other than USD are converted into USD at the average exchange rates from the equivalent periods last year. Non-IFRS Gross Profit and Gross Margin. Gogoro defines non-IFRS gross profit and gross margin as gross profit and gross margin excluding share-based compensation and battery upgrade initiatives. Non-IFRS Net Loss. Gogoro defines non-IFRS net loss as net loss excluding share-based compensation, the change in fair value of financial liabilities and battery upgrade initiatives and impairment charges. These amounts do not reflect the impact of any related tax effects. EBITDA. Gogoro defines EBITDA as net loss excluding interest expense, net, provision for income tax (if any), depreciation, and amortization. These amounts do not reflect the impact of any related tax effects. Adjusted EBITDA. Gogoro defines Adjusted EBITDA as EBITDA excluding share-based compensation, the change in fair value of financial liabilities, battery upgrade initiatives and impairment charges. These amounts do not reflect the impact of any related tax effects. Share-based Compensation. Share-based compensation consists of non-cash charges related to the fair value of restricted stock units awarded to employees and stock options granted to certain directors, executives, employees and others providing similar services. We believe that the exclusion of these non-cash charges provides for more accurate comparisons of our operating results to our peer companies due to the varying available valuation methodologies, subjective assumptions and the variety of award types. In addition, we believe it is useful for investors to understand the specific impact of share-based compensation on our operating results. Change in Fair Value of Financial Liabilities. These are non-cash mark-to-market adjustments associated with earnout shares, earn-in shares, and warrants associated with the de-SPAC in 2022. We exclude these items for purposes of calculating certain non-IFRS measures because these are driven primarily by changes in market valuation assumptions and the Company's share price rather than our underlying operating performance. We believe that this exclusion enhances the comparability of our period-to-period operating results with those of our peers. Battery Upgrade Initiatives. As we performed certain voluntary upgrades to our battery packs, this charge represented the (i) derecognition expense on components removed from the battery pack, which we did not expect to generate any future benefits from its disposal and (ii) battery pack retrieval and other directly attributable costs incurred during the battery upgrades. We only upgraded battery packs in instances where the value created exceeds the cost of the upgrade. The program improves batteries' capacity and extends the remaining useful life of certain battery packs. The derecognition expense and the retrieval and other costs were recorded under Cost of Revenues in the Condensed Consolidated Statements of Comprehensive Loss. We exclude such expenditures for purposes of calculating certain non-IFRS measures because these charges do not reflect how management evaluates our operating performance and may not be indicative of our core business operating results. The adjustments facilitate a useful evaluation of our operating performance and comparisons to past operating results and provide investors with additional means to evaluate our profitability trends. The battery upgrade initiatives have been completed in Q4 2025. Impairment charges. Non-cash impairment charges, primarily associated with adjustments to the carrying values of certain machinery equipment which is currently underutilized. The process of evaluating the potential impairment of long-lived assets under the accounting guidance on property, plant and equipment is subjective and requires judgment. We exclude impairment charges for purposes of calculating certain non-IFRS measures because the charges do not reflect our core operating performance. These adjustments facilitate a useful evaluation of our core operating performance and comparisons to past operating results and provide investors with additional means to evaluate expense trends. These non-IFRS financial measures exclude interest expense, depreciation and amortization, share-based compensation, change in fair value of financial liabilities, impairment charges and battery upgrade initiatives. The Company uses these non-IFRS financial measures internally in analyzing its financial results and believes that these non-IFRS financial measures are useful to investors as an additional tool to evaluate ongoing operating results and trends. In addition, these measures are the primary indicators management uses as a basis for its planning and forecasting for future periods. Non-IFRS financial measures are not meant to be considered in isolation or as a substitute for comparable IFRS financial measures. Non-IFRS financial measures are subject to limitations and should be read only in conjunction with the Company's condensed consolidated financial statements prepared in accordance with IFRS. Non-IFRS financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. A description of these non-IFRS financial measures has been provided above and a reconciliation of the Company’s non-IFRS financial measures to their most directly comparable IFRS measures have been provided in the financial statement tables included in this press release, and investors are encouraged to review these reconciliations. ____________________2 Based on the deployment plan for the next 12 months, the Company classified $17.0 million and $20.0 million of undeployed battery packs and related battery cells from inventory to property, plant and equipment as of June 30, 2026 and December 31, 2025, respectively.3 In March 2026, the Company and Castrol Holdings International Limited ("Castrol") each contributed $2.1 million to Castrol Gogoro Mobility Joint Stock Company ("CGM") pursuant to a shareholder loan agreement. Since the principal portion of the loan is convertible into equity of CGM when certain criteria are met, the Company classified the loan as financial assets at fair value through profit or loss in accordance with IFRS 9.4 The $15.0 million put options previously classified under non-current financial liabilities at amortized cost have been reclassified to current financial liabilities, as the Company does not have an unconditional right to defer settlement for at least 12 months after the reporting date. ____________________5 On October 6, 2025, the Company effected a 1-for-20 share consolidation (reverse stock split) of its ordinary shares. The shares used in computing basic and diluted net loss per share for the three months and six months ended June 30, 2025 have been retrospectively adjusted in accordance with IAS 33 Earnings per Share. ____________________6 In March 2026, the Company and Castrol each contributed $2.1 million to CGM pursuant to a shareholder loan agreement. Since the principal portion of the loan is convertible into equity of CGM when certain criteria are met, the Company has classified the loan as financial assets at fair value through profit or loss in accordance with IFRS 9.7 In March 2026, the Company issued 5,300,000 new ordinary shares to its largest shareholder, Gold Sino Assets Limited, for approximately $16.7 million.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved a return to year-over-year revenue growth by executing a 'product renaissance' strategy that targets specific consumer segments rather than relying on a single flagship model. Reached a five-year high in gross margin (22.6%) through structural improvements, including the completion of the battery upgrade program and enhanced manufacturing efficiency. Expanded the addressable market via the EZZY family, which contributed over one-third of scooter sales revenue by attracting family-oriented consumers to the ecosystem. Launched the Gogoro Luna to specifically target the female rider segment, utilizing empathetic design features like an effort-saving center stand to differentiate in a competitive market. Strengthened the recurring energy business with a subscriber base of approximately 677,000, providing operational stability despite a mix shift toward entry-level vehicles. Improved operating cash flow by over 70% in the first half of the year, driven by disciplined working capital management and reduced capital expenditures post-battery upgrade. Reaffirmed full-year 2026 revenue guidance of $285 million to $305 million, supported by momentum in new product deliveries and fleet agreements. Remains on track for the Gogoro Network battery swapping business to achieve non-IFRS profitability within the current year. Anticipates a 'meaningful contribution' from overseas operations in the coming quarters, specifically citing the upcoming grand launch in Vietnam with Castrol. Assumes continued government support for Taiwan's goal of 35% electric scooter sales by 2030, though management notes the potential for even stronger policy pushes. Focuses on maintaining margin improvements through operational discipline even while navigating rising material costs in the second half of the year. Announced a leadership transition with Bruce Aitken stepping down as CFO after eight years, succeeded by Jacky Lee as Principal Financial Officer. Noted that while subscriber growth is strong, average revenue per subscriber (ARPU) faces modest pressure due to the continued success of entry-level vehicle models. Highlighted that recent margin gains are structural rather than temporary, resulting from lower battery depreciation and optimized network utilization. Acknowledged ongoing macroeconomic uncertainty and a highly competitive domestic market in Taiwan as persistent environmental risks. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management intends to balance these by introducing products that broaden the customer base while adhering to the cost structures established over the last two years. Confirmed that the focus remains on 'sustainable growth' where margin improvements are preserved through disciplined resource allocation. Management expects a grand launch 'very soon' in Ho Chi Minh City and Hanoi, citing a strong and accelerating need for EVs in the region. The expansion is viewed as a key opportunity to leverage Gogoro's experience operating over 1.5 million batteries in Taiwan for over a decade. Management views the 35% target as attainable but emphasized that they are looking for 'stronger and bigger' policy pushes to accelerate the market. Noted that the new generation of riders perceives electric vehicles as a natural choice, which supports long-term adoption trends.

Image source: The Motley Fool. Thursday, May 21, 2026 at 8 a.m. ET Chief Executive Officer — Henry Chiang Chief Financial Officer — Bruce Aitken Head of Investor Relations — Annie Liao Need a quote from a Motley Fool analyst? Email [email protected] Henry Chiang: Thanks, Annie. Thank you for joining us. Q1 sets a strong tone to kick off the year. We executed with precise discipline. Scooter volume increased, triggering the first step in rolling out our new product road map. Our energy network revenue continues to grow. Subscriber counts continue to expand. Our recurring revenue engine proves its stickiness. The baseline is set. We are carrying this top to bottom momentum straight into Q2 and the rest of the year. Let's start with our Q1 financials. The numbers are the direct result of our continued focus on cost efficiency and operational discipline. We generated $3.1 million in positive operating cash flow, marking a $12 million year-over-year increase. Most importantly, we hit a major structural milestone. Our IFRS and non-IFRS gross margins are now converging at the 20% level. This optimized cost structure allowed us to cut our net loss by $10.7 million down to $7.9 million, while expanding adjusted EBITDA to $16.3 million. Reaching this leaner, stronger baseline is a huge encouragement to me and our entire team. Our energy business is tracking to plan, validating the stickiness of our recurring base. We improved our customer satisfaction. And elevating the rider experience even further requires decisive action. In Q1, we began systematically retiring our Gen 1 batteries and staging our next-generation technology. We also introduced GoStation Q. With 1/3 of footprint, standard 220 volts, and faster charging, it unlocks aggressive overseas expansion. Together, these upgrades are engineered to drive down costs, maximize performance and fortify our long-term economics. To execute, we have allocated approximately $30 million in CapEx this year for these targeted network upgrades. Product is king. Q1 marks the first step in our elevated product road map, bound by a targeted consumer-centric strategy. We are doubling down on engineering our portfolio with clear philosophy and focus. Every vehicle must be exceptionally well designed, easy to use, and a joy to ride, merging immediate emotional appeal with fundamental everyday utility. Our EZZY 500 Disney collaboration brought this strategy to life. It is a vehicle that delivers big smiles, pure joy and deep emotional connection, winning the hearts of family riders. With over 1,000 units ordered in the first month, it drove volume across the entire EZZY 500 family and solidified our entry-level leadership. It also pulled a new younger 26 to 35 demographic into our network ecosystem. Capturing this entry-level volume caused an expected slight ASP dilution this quarter, but we expect the primary revenue impact to materialize in Q2 as we fulfill our Q1 orders. In June, we execute step 2 of our product road map, shifting focus to elevate our product mix and capture diverse customer segments, we plan to launch an all-new premium vehicle tailored explicitly for female riders. This new product is strategically positioned to capture surging mid- to high-end demand, drive ASP expansion and solidify our position as the undisputed brand of choice among female riders. We plan to continue to execute targeted product rollouts throughout the year to capture distinct market segments and fuel sustainable growth. We continue to deepen our commercial and government reach. In Q1, we successfully delivered scooters to law enforcement and public sector fleets. This proves the reliability of our battery swapping platform for mission-critical nonstop use. We also officially finalized partnerships with leading shared mobility operators to fully integrate our open ecosystem. We are pleased to see this collaborative industry growth. This collective momentum is exactly what is needed to scale shared mobility and drive mass electrification. Together, these commercial and government expansions secure sticky long-term demand for our ecosystem. Taiwan was our proving ground, the critical foundation we built over the last 10 years. Now we are taking this proven blueprint into Southeast Asia. The Vietnam market dynamic shows a clear EV inflection point. We are seeing accelerating EV penetration across a massive total addressable market. The broader 2-wheeler market grew 8.3% to approximately 730,000 units in Q1, but electric vehicles are driving the growth narrative. Even with temporary government controls on stabilizing fuel prices, local EV adoption is surging. Leading electric brands are reporting double to triple-digit year-over-year volume growth, overtaking market share from ICE brands. This consumer shift sets the runway for the launch of our upcoming pilot in the second quarter. Our market entry into Vietnam is well timed. We thank our local competitors for validating battery swapping as the most effective way for urban electrification. The market is educated. Last year, local leaders sold over 400,000 electric 2-wheelers. Recent fuel price volatility is driving unprecedented demand. However, this growth has created a clear infrastructure bottleneck. Key municipalities, including Ho Chi Minh City are now mandating large-scale deployments of battery swapping stations to support this volume. Demand is surging, policy is accelerating, yet premium infrastructure remains underserved. This is our window. Our ecosystem powers the needs of high-mileage B2B riders with always-on infrastructure. We are striking at the perfect moment. We are stepping directly into a market right at the peak of demand. With that, I will hand the call over to Bruce to walk you through our Q1 financial results in more detail. Bruce Aitken: Thanks, Henry. Our Q1 financial results directly reflect our ongoing commitment to disciplined execution. Let me provide the overall market context. The Taiwan 2-wheeler market rebounded in the first quarter. The overall 2-wheeler market grew by 7.9% year-over-year to 173,700 registered units, while the electric segment grew even faster by 18.2% to 8,957 units and Gogoro's scooter sales grew by 32.8% to 6,216 units, outpacing both the electric growth rate as well as the overall market recovery and representing 69.4% share of the electric segment. Our open ecosystem added to this performance, powered by an 80.7% surge in PBGN partner sales. And so Gogoro and Partners' consolidated sales were 7,219 units in Q1, accounting for an 80.6% share of Taiwan's electric 2-wheeler market. In Q1, we delivered disciplined financial execution. Despite top line transitions, our cost controls and working capital management drove meaningful year-over-year improvements in operating cash flow and profitability. We maintained strong gross margins. We closed a new equity financing, which significantly strengthened our balance sheet and provides the capital flexibility to execute to our strategic priorities. Moving forward, we strive to continue to maintain strict cost discipline, invest in our core business, and drive continuous improvement in the Gogoro network economics as momentum builds throughout the year. Based on our Q1 results, we're well positioned to continue the year in a similar direction. Q1 total revenue was $62.9 million, a 1.1% reduction year-over-year. This reflects a deliberate strategic transition in our hardware mix, offset by consistent growth in our recurring services business. Battery swapping revenue increased 6.2% to $36.6 million, and we now serve 670,000 subscribers, an increase of 4% year-over-year. This sticky recurring revenue base continuously improves our operating leverage and network efficiency. Hardware and other revenues were $26.3 million, down 9.8%. As discussed earlier, this is primarily driven by our strategic product mix shift. As we successfully captured demographic market share with our entry-level models, we saw a temporary anticipated drop in average selling price alongside a softening in component and sharing revenues. We are addressing this ASP dilution with our upcoming premium product launch to elevate and rebalance this product mix and recover our hardware ASPs. We delivered solid improvement in gross margin. Q1 IFRS gross margin expanded to 20.4%, up from 4.9% in the same quarter last year, closely aligning with our non-IFRS margin of 20.5%. This expansion was primarily driven by the successful completion of our voluntary battery upgrade program in late 2025, which reduced costs by $8.3 million year-over-year. We also realized favorable production absorption from higher volumes and lower battery depreciation. Importantly, this lower depreciation directly reflects the extended lifespan and efficiency gains generated by our recent battery upgrades. While our gross margin expansion was partially offset by lower ASPs of our entry-level products, our core network economics are structurally strong. The completion of our battery initiative validates our second life thesis and positions us for sustainable margin resilience. Q1 net loss narrowed significantly to a loss of $7.9 million, representing a $10.7 million improvement year-over-year. This progress was driven by 2 operational factors. First, gross profit expanded by $9.7 million, directly tied to the completion of our battery upgrade program; and secondly, operating expenses declined by $2.5 million. This reflects overseas organizational restructuring and disciplined timing of our sales and marketing spending. These operational gains were partially offset by a $1.7 million noncash unfavorable adjustment in the fair value of our financial liabilities. Our core operations are running more efficiently, and we remain focused on sustaining and extending these bottom line improvements throughout the year. We generated $16.3 million in adjusted EBITDA in Q1, up $2 million from the prior year. This growth directly reflects our focus on operational efficiency. The increase was primarily driven by a $600,000 expansion in core gross profit and a $1 million reduction in cash operating expenses, validating the success of our ongoing cost savings initiatives. A minor $300,000 improvement in nonoperating items contributed to the balance. We continue to demonstrate steady, measurable progress in our core profitability. Our balance sheet shows a significant year-over-year improvement in cash generation. We generated $3.1 million in positive operating cash flow in the first quarter, successfully reversing an $8.9 million outflow in the same quarter last year. This directly reflects our disciplined approach to working capital, tighter inventory management and structural cost reductions. We ended the quarter with a solid cash balance of $77.3 million. And to further strengthen our balance sheet, we secured a $16.7 million equity injection from our largest shareholder, Gold Sino, in the first quarter, marking the first tranche of a committed $80 million funding facility. Combined with our improved operating cash flow, this capital ensures we are well funded and well positioned to support our 2026 strategic priorities. While we see early signs of a gradual market recovery in Taiwan, our revenue outlook remains prudent. We continue to project full year revenues of $285 million to $305 million, representing a measured top line growth from 2025, with Taiwan continuing to drive approximately 95% of our sales. Most importantly, our time line for structural profitability remains firmly on track. We anticipate the Gogoro network battery swapping business will achieve non-IFRS profitability in 2026 with the hardware business continuing to target non-IFRS profitability in 2028. We will manage our capital and cost structure strictly to be able to deliver against these critical financial milestones. And with that, I will hand the call back to Annie. Thank you. Annie Liao: Thank you, Henry and Bruce, for the update. As attendees are formulating their questions, I will ask 2 questions that we have collected. Question number one, you've emphasized a strict focus strategy over the last 18 months. Now with the new product road map and an aggressive entry into Vietnam, how do these moves validate your broader strategy? Henry Chiang: Thanks, Annie. This is a very good question. This is step one of our turnaround. For the past 18 months, we deliberately stepped back to execute a focused strategy. We stripped away the noises, and we significantly tightened our operational discipline. We optimized our margins and we prioritized financial health over volume. Strict operational discipline built a leaner, stronger baseline you are seeing today. Our IFRS and non-IFRS gross margins are now converging at the 20% level. We cut our net loss by $10.7 million, and we generated positive operating cash flow. This optimized leaner cost structure is what we directly fund our growth offensive today. We are accelerating our energy business profitability. We completed our battery upgrades, started to retire our first-generation batteries, and initiated next-generation technology, and maximized network efficiency. Our discipline keeps us firmly on track for the Gogoro network to achieve non-IFRS profitability by the end of 2026, reestablishing the foundation for our future. We elevated our product road map. We are no longer just launching scooters, we are executing a precise -- we are executing a precision targeted series of vehicle rollouts designed to capture specific demographics. And we have seen that in our EV family scooter and the new collaboration with Disney was also a hit. With our core strategy and hardware business model proven in Taiwan, we can take this blueprint and expand into Southeast Asia. The timing to enter Vietnam is just right. The local EV demand is booming. This rapid consumer shift is the perfect runway for our Q2 pilot, and we are expanding into a massive market right at the peak of infrastructure demand. The turnover is in motion. We're tightening up our financials and paving the path to our energy business profitability. The foundation is set, and we will continue to carefully execute our strategy to reach our next phase of growth. Annie Liao: Thank you, Henry. Question number two, you're rolling out new infrastructure like GoStation Q and transitioning to next-generation batteries. What is the core strategy and motivation driving this major evolution of your energy platform? Henry Chiang: Yes. I think we have a series of our vehicle products. We are taking decisive action to elevate our service commitment and deploy a strategic extension of our portfolio to maximize agility and performance to our energy products. GoStation Q operates on standard 220 volts and delivers faster charging and features increased heat dissipation with lower power demand and its design features a significantly smaller footprint, just 1/3 the size, which dramatically reduces installation time. This allows us to add network density with precision, ensuring we meet rider demand exactly where it is needed. This compact design acts as the key to unlocking our overseas expansion in Vietnam. We are optimizing our battery life cycle. We are retiring Gen 1 batteries and deploying our next-generation technology. These are not just hardware upgrades. They are structural efficiency and cost optimization. Annie Liao: Thank you, Henry. Now we open the line for more questions. Operator: [Operator Instructions]. Annie Liao: We have an online question that was collected. There's been a margin improvement from 2025. How should we look at this continue on for 2026? Is this sustainable for the remainder of this year, especially as you ramp up your Vietnam pilot and launch new vehicles? Bruce Aitken: Thanks, Annie. There's been a lot of hard work put in by a number of different teams to make sure that we have been able to hit this 20% margin level, which is a great result. And as both Henry and I pointed out, maybe the most important thing to take away from this is that non-IFRS and IFRS margins are now converging at about the 20.5% level. And that's largely because we've now completed our voluntary battery upgrades, which stand us in good stead for kind of continuing at this kind of margin level. It's really driven by 2 things. The first is some of our savings initiatives, whether it's bill of material savings, whether it's the lower depreciation that we mentioned earlier, whether it's higher factory utilization, all of those things contribute to an improved gross margin profile. And we'll continue to work hard. We're not providing specific guidance for 2026 from a margin standpoint. But certainly, we believe that we'll be able to continue to perform in this range going forward as well. Operator: [Operator Instructions] There seems to be no further questions. I will hand back to Henry for closing remarks. Henry Chiang: Thanks. Our Q1 execution sets the stage for the rest of the year. The operational focus is clear. We are launching highly targeted products, and we are seizing massive international momentum. We are pleased with this strong start and remain cautiously optimistic about the quarter ahead. We have the right strategy and more importantly, the right execution. We will keep our head down and carry the discipline into Q2 and keep executing. Thank you for joining us today, and we look forward to updating you on our progress throughout the year. Operator: This concludes today's conference call. Thank you for participating. You may now disconnect. Before you buy stock in Gogoro, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Gogoro wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. 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As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Gogoro (GGR) Q1 2026 Earnings Transcript was originally published by The Motley Fool

This article first appeared on GuruFocus. Operating Cash Flow: $3.1 million positive, marking a $12 million year-over-year increase. Gross Margin: IFRS gross margin at 20.4%, up from 4.9% last year; non-IFRS gross margin at 20.5%. Net Loss: Reduced by $10.7 million to $7.9 million. Adjusted EBITDA: $16.3 million, up $2 million from the prior year. Total Revenue: $62.9 million, a 1.1% reduction year-over-year. Battery Swapping Revenue: Increased 6.2% to $36.6 million. Subscribers: 670,000, an increase of 4% year over year. Hardware and Other Revenues: $26.3 million, down 9.8%. Cash Balance: $77.3 million at the end of the quarter. Equity Injection: $16.7 million from Gold Sino, part of an $80 million funding facility. Scooter Sales: 6,216 units, a 32.8% increase, representing 69.4% share of the electric segment in Taiwan. Consolidated Sales: 7,219 units, accounting for 80.6% share of Taiwan's electric two-wheeler market. Warning! GuruFocus has detected 5 Warning Signs with GGR. Is GGR fairly valued? Test your thesis with our free DCF calculator. Release Date: May 21, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Gogoro Inc (NASDAQ:GGR) reported a significant increase in scooter volume, which has triggered the rollout of a new product roadmap. The company achieved a $3.1 million positive operating cash flow, marking a $12 million year-over-year improvement. Gross margins have improved significantly, converging at the 20% level for both IFRS and non-IFRS measures. The Ezzy 500 Disney collaboration was successful, with over 1,000 units ordered in the first month, attracting a younger demographic. Gogoro Inc (NASDAQ:GGR) is expanding into the Vietnam market, which is experiencing a surge in EV adoption, positioning the company for growth in a large market. Total revenue for Q1 was $62.9 million, reflecting a 1.1% reduction year-over-year. There was a temporary anticipated drop in average selling price due to a strategic product mix shift towards entry-level models. Hardware and other revenues decreased by 9.8%, primarily due to the strategic product mix shift. Despite improvements, the company still reported a net loss of $7.9 million for the quarter. The company faces infrastructure bottlenecks in Vietnam, which could impact the rollout of battery swapping stations. Q: You've emphasized a strict focus strategy over the last 18 months. Now with the new product roadmap and an aggressive entry into Vietnam, how do these moves validate your broader strategy? A: Henry Chiang, CEO: This is step one of our turnaround. We optimized our margins and prioritized financial health over volume. Our IFRS and non-IFRS gross margins are converging at 20%. We cut our net loss by $10.7 million and generated positive operating cash flow. Our disciplined approach is funding our growth offensive, including our entry into Vietnam, where EV demand is booming. Q: You're rolling out new infrastructure like GoStation Q and transitioning to next-generation batteries. What is the core strategy and motivation driving this major evolution of your energy platform? A: Henry Chiang, CEO: We are elevating our service commitment and deploying a strategic extension of our portfolio. GoStation Q features faster charging and a smaller footprint, reducing installation time and enabling precise network density. This compact design is key to our overseas expansion, particularly in Vietnam. Q: There's been a margin improvement from 2025. Is this sustainable for the remainder of this year, especially as you ramp up your Vietnam pilot and launch new vehicles? A: Bruce Aitken, CFO: Our non-IFRS and IFRS margins are converging at about 20.5%, driven by savings initiatives and completed battery upgrades. We believe we can continue to perform in this range, although we are not providing specific guidance for 2026 margins. Q: How does the new product roadmap align with your strategic goals, particularly with the launch of the Ezzy 500 Disney collaboration? A: Henry Chiang, CEO: Our product roadmap is designed to capture specific demographics. The Ezzy 500 Disney collaboration has been successful, driving volume and attracting a younger demographic. This aligns with our strategy to expand our market share and solidify our brand leadership. Q: What are the financial expectations for the Gogoro network battery swapping business and hardware business in terms of profitability? A: Bruce Aitken, CFO: We anticipate the Gogoro network battery swapping business will achieve non-IFRS profitability in 2026, with the hardware business targeting non-IFRS profitability in 2028. We will manage our capital and cost structures to deliver against these financial milestones. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Operational Discipline and Product Momentum Position Gogoro for Sustained Growth in 2026 TAIPEI, Taiwan, May 21, 2026 (GLOBE NEWSWIRE) -- Gogoro Inc. (“Gogoro,” “the Company” or “we”) (Nasdaq: GGR), a global technology leader in battery swapping ecosystems that enable sustainable mobility solutions for cities, today released its financial results for its first quarter ended March 31, 2026. Operating cash flow for the first quarter of 2026 increased by $12.0 million to $3.1 million, up from $(8.9) million in the same period last year, reflecting improved working capital management and ongoing cost discipline. Continued focus on manufacturing cost discipline and operational efficiency resulted in IFRS gross margin of 20.4% (up 15.5 percentage points year-over-year) and non-IFRS gross margin of 20.5% (up 2.3 percentage points year-over-year), respectively. Notably, our IFRS gross margin has now converged with non-IFRS levels, slightly surpassing last year’s non-IFRS benchmark. Net loss decreased by $10.7 million to $(7.9) million, which is a significant decrease from $(18.6) million in the same period last year. First Quarter 2026 Business Update and Outlook Energy Business Progressing Toward Profitability – We are excited that the energy business is on a clear path to profitability in 2026, consistent with our plan communicated over the past year. During the period, we began enhancing platform efficiency through the retirement and recycling of legacy first generation batteries, improving system utilization and customer experience. At the same time, we are preparing for the deployment of next-generation batteries with improved cost efficiency and higher performance, further strengthening the long-term economics of the energy platform. Planned capital expenditures for the energy business are expected to be approximately $30 million in 2026, supporting ongoing network optimization and technology upgrades. Product Portfolio Execution and Early Growth Signals – The first quarter marked the successful launch of the EZZY 500 Disney co-branded model, generating strong initial demand. Revenue contribution and broader vehicle deliveries for this model are expected to materialize in the second quarter. As a targeted entry-level model, it resulted in a modest dilution to the average selling price, as expected, while overall performance aligned with our expectations. Even so, we're encouraged to see our recurring revenue engine fueled by year-over-year 32.8% vehicle registered volume increase. Building on this initial success, we are advancing a more diversified product strategy in 2026 to strengthen our coverage across core customer cohorts and support sustainable growth. B2G & Commercial Mobility Expansion – Government-related deployments continued to advance in Q1 2026, with phased deliveries to law enforcement fleets and other public sector applications, reflecting the steady adoption of Gogoro’s battery-swapping platform within Taiwan’s electrified transportation initiatives. These deployments highlight the suitability of Gogoro’s solution for high-utilization urban fleet operations that require continuous availability. In parallel, we are progressing discussions with leading shared mobility operators regarding broader deployment opportunities for their platforms and supporting future growth in commercial fleet applications. Together, these developments underscore the expected continued expansion and increasing coverage of the Gogoro Network ecosystem across public and commercial mobility segments. First Quarter 2026 Financial Summary First quarter revenue of $62.9 million, down 1.1% year-over-year and down 4.9% on a constant currency basis1. First quarter battery swapping service revenue of $36.6 million, up 6.2% year-over-year and up 2.1% on a constant currency basis. First quarter revenue from sales of hardware and others of $26.3 million, down 9.8% year-over-year and down 13.2% on a constant currency basis. First quarter gross margin of 20.4%, up from 4.9% in the same period last year. First quarter non-IFRS gross margin of 20.5%, up 2.3 percentage points year-over-year. First quarter net loss of $7.9 million, improved from $18.6 million in the same period last year. First quarter adjusted EBITDA of $16.3 million, up from $14.3 million in the same period last year. “We delivered a strong start to 2026, and this is only the beginning of our next product and growth cycle. In the first quarter, we saw encouraging recovery in sales volume driven by the launch of our new vehicle models, helping us regain market momentum and reinforcing confidence in our product roadmap. While we are still in the early stages of expanding our product offerings, the progress we are seeing across our product portfolio and ecosystem development positions us well for stronger execution in the quarters ahead,” said Henry Chiang, CEO of Gogoro. “At the same time, our recurring revenue business continues to demonstrate the resilience and stickiness of the Gogoro Network. We remain focused on improving network profitability while continuing strategic investments in R&D and next-generation platforms to be able to expand our addressable market and strengthen the long-term foundation of our business.” “In the first quarter, we continued to demonstrate disciplined financial execution, with meaningful improvement in operating cash flow and stable gross margin. While top-line performance reflects ongoing product and market transitions, our focus on cost control, working capital management, and operational efficiency enabled us to deliver improved profitability metrics and stronger operating cash generation compared to the prior year,” said Bruce Aitken, CFO of Gogoro. “During the quarter, we also strengthened our capital position through the successful closing of a new equity financing, providing additional financial flexibility to support our strategic priorities. Looking ahead, we remain focused on maintaining a disciplined cost structure while selectively investing in product development and platform capabilities. We expect continued improvements in Gogoro Network profitability and unit economics, positioning the Company for stronger financial performance as new product cycles and ecosystem momentum build throughout the remainder of 2026.” First Quarter 2026 Financial Overview Operating Revenues For the first quarter, the total revenue was $62.9 million, down 1.1% year-over-year and down 4.9% on a constant currency basis1. Had foreign exchange rates remained constant with the average rate of the same period last year, revenue would have been down by an additional $2.4 million. Battery swapping service revenue for the first quarter was $36.6 million, up 6.2% year-over-year, and up 2.1% on a constant currency basis1. Total subscribers at the end of the first quarter were 670,000, up 4% from 644,000 subscribers at the end of the same period last year. The year-over-year increase in battery swapping service revenue was primarily driven by a larger subscriber base and consistently high retention. As our subscriber base grows, our subscription model continues to enhance network utilization and operating efficiency, reinforcing the long-term economics of our battery swapping platform. Revenue from sales of hardware and others for the first quarter was $26.3 million, down 9.8% year-over-year, and down 13.2% on a constant currency basis1. The year-over-year decrease in revenue from sales of hardware and others was primarily driven by (i) a decrease in average selling price (“ASP”) due to a mix shift toward new entry-level models which launched in late 2025 featuring a lower price point and the slight decrease in sales of mid-to-high-end models compared to the prior-year period, (ii) a decrease in revenue from the sale of components and accessories to international customers, and (iii) a decrease in electric scooter sharing revenue due to a year-over-year decline in the number of rentals. Gross Margin For the first quarter, gross margin was 20.4%, up from 4.9% in the same period last year, while non-IFRS gross margin1 was 20.5%, up from 18.2% in the same period last year. The increase in gross margin was primarily driven by a combination of factors reflecting improved efficiency, quality, and overall performance: (i) an $8.3 million decrease in costs associated with battery upgrade initiatives due to the completion of our upgrade program at the end of prior year, (ii) lower excess capacity costs driven by higher production and sales volumes this quarter, and (iii) lower depreciation across our installed base of battery packs due to increased network efficiency, extended battery lifespan from upgrades, and other operational improvements. The increase was partially offset by a decrease in ASP driven by an unfavorable product mix shift toward lower-margin products. Over the past two years, we have undertaken a program to carry out one-time, voluntary upgrades on certain battery packs, which was completed in the fourth quarter of 2025. These upgrades provide multiple benefits — enabling a more efficient deployment of our resources than replacing battery packs, increasing lifetime capacity of each battery pack (including extending its second mobility use-case) and solidifying the incremental lifetime capacity of each battery pack to validate our second-life thesis. These upgrades are expected to generate economic benefits in the long run, but they have reduced our gross margin in prior years. _______________________1 This is a non-IFRS measure, see Use of Non-IFRS Financial Measures for a description of the non-IFRS measures and Reconciliation of IFRS Financial Metrics to Non-IFRS for a reconciliation of the Company’s non-IFRS financial measures to their most directly comparable IFRS measures. Net Loss For the first quarter, net loss was $7.9 million, representing a decrease of $10.7 million from a net loss of $18.6 million in the same period last year. The decrease in net loss was primarily driven by a $9.7 million increase in gross profit, mainly attributable to an $8.3 million decrease in costs associated with battery upgrade initiatives. In addition, operating expenses declined by $2.5 million, primarily due to lower general and administrative expenses at overseas entities reflecting organizational restructuring, as well as the timing of sales and marketing disbursements. The improvement was partially offset by an unfavorable $1.7 million change in the fair value of financial liabilities associated with outstanding earnout shares, earn-in shares and warrants, mainly due to the Gogoro stock price declining to a lesser extent compared with prior year. Adjusted EBITDA For the first quarter, adjusted EBITDA1 was $16.3 million, representing an increase of $2.0 million from $14.3 million in the same period last year. The increase was primarily due to a $0.6 million increase in non-IFRS gross profit (excluding depreciation and amortization), a $1.0 million reduction in operating expenses (excluding share-based compensation, depreciation and amortization, and impairment charges) resulting from various cost-saving initiatives, and a net increase of $0.3 million in non-operating income and expenses. Liquidity In the first quarter, we generated operating cash inflows of $3.1 million, compared with cash outflows of $8.9 million in the same period last year. This improvement reflected cost reductions from ongoing organizational restructuring, improved operational efficiency, and stronger supply chain and inventory management supported by robust operational performance. As of March 31, 2026, we had a cash balance of $77.3 million. During the quarter, we secured a $16.7 million equity financing from our largest shareholder, Gold Sino, representing the initial investment under the NTD$2.5 billion (approximately $80 million) equity funding undertaking provided by a director of the Company. We believe these resources provide sufficient funding to support our near-term business growth objectives. 2026 Guidance While we anticipate a gradual recovery in Taiwan’s two-wheeler market during 2026, we remain cautious given ongoing market softness. Accordingly, we expect revenue to recover modestly from 2025 levels and to be in the range between $285 million and $305 million in 2026. We estimate that approximately 95% of full-year revenue will be generated from the Taiwan market. We remain focused on executing our long-term plan to improve profitability. We anticipate the Gogoro Network battery-swapping business will achieve non-IFRS profitability in 2026, with the hardware business continuing to target non-IFRS profitability in 2028. Conference Call Information Gogoro’s management team will hold an earnings webcast on May 21, 2026, at 8:00 a.m. Eastern Time to discuss the Company’s first quarter 2026 results of operations and outlook. Investors may access the webcast, supplemental financial information and investor presentation at Gogoro’s investor relations website (https://investor.gogoro.com) under the “Events” section. A replay of the investor presentation and the earnings call script will be available 24 hours after the conclusion of the webcast and archived for one year. About Gogoro Founded in 2011 to rethink urban energy, Gogoro is the world’s leader in battery-swapping electric mobility, setting new standards for sustainable mobility. Powering nearly 700,000 riders and over 800 million battery swaps across more than 2,700 GoStation locations, the Gogoro Network redefines how cities move. Recognized globally in 2024, including Fortune’s "Change the World," Fast Company’s "Asia-Pacific's Most Innovative Company," MIT Technology Review’s "15 Climate Tech Companies to Watch," and Frost & Sullivan’s "Global Company of the Year" for battery swapping, Gogoro continues to disrupt the status quo and accelerate the shift to cleaner, smarter mobility, and lead the way in reimagining how cities move. Forward-Looking Statements This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Gogoro's future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as "may," "will," "should," "expects," "plans," "anticipates," "going to," "could," "intends," "target," "projects," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these words or other similar terms or expressions that concern Gogoro's expectations, strategy, priorities, plans or intentions. Forward-looking statements in this communication include, but are not limited to, statements in the section entitled, "2026 Guidance," such as estimates regarding Gogoro's revenue in 2026, the percentage of revenue from the Taiwan market and non-IFRS profitability; Gogoro's future plans and growth strategy; statements regarding Gogoro achieving profitability, including in its energy basis; the amount of Gogoro's planned capital expenditures for the energy business in 2026; Gogoro's future product strategy; Gogoro's ability to work with shared mobility operators on broader deployment opportunities; the continued expansion and increasing coverage of the Gogoro Network ecosystem; Gogoro's ability to execute on its strategy; Gogoro's ability to expand its addressable market; Gogoro's ability to improve its profitability, unit economics and stronger financial performance; the future of Gogoro's new product cycles; the potential economic benefits related to upgrades on battery packs; Taiwan two-wheeler market; statements relating to the sufficiency of our cash; and statements by Gogoro's chief executive officer and chief financial officer. Gogoro’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks related to Gogoro incurring operating losses historically and expecting to incur significant expenses and continuing losses; Gogoro's declining cash position, dependence on a director associated with its largest shareholder to procure equity financing and ability to raise additional funds; future operating and financial results being subject to significant uncertainty; Gogoro not being able execute on its strategy; challenges associated with strategic collaborations or alliances; Gogoro's failure to execute its growth strategy or manage growth effectively; Gogoro's failure to develop new products or technologies; Gogoro's failure to manage its supply chain; delays in launching the production of Gogoro's products and features; Gogoro's exposure to fluctuations in currency exchange rates; Gogoro facing strong competition; changes to fuel economy standards or the success of alternative fuels; Gogoro's dependence on the rapid adoption of and demand for ePTWs and battery swapping services; rapid technological change in the ePTW market; the timely release of new products by Gogoro; Gogoro's ability to protect its technology and intellectual property; risks related to maintaining and expanding Gogoro's international operations; macroeconomic factors including inflation and consumer confidence; and risks related to the Taiwan scooter market. The forward-looking statements contained in this communication are also subject to other risks and uncertainties, including those more fully described in Gogoro's filings with the Securities and Exchange Commission (“SEC”), including in Gogoro’s Form 20-F for the year ended December 31, 2025, which was filed on March 31, 2026 and in its subsequent filings with the SEC, copies of which are available on the SEC's website at www.sec.gov. The forward-looking statements in this communication are based on information available to Gogoro as of the date hereof, and Gogoro disclaims any obligation to update any forward-looking statements, except as required by law. Condensed Consolidated Financial Statements The condensed consolidated financial statements are unaudited and have been prepared in accordance with the International Financial Reporting Standards (collectively, “IFRS”) issued by the International Accounting Standards Board and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial reporting. The Company’s condensed consolidated financial statements reflect all normal adjustments that are, in our opinion, necessary to provide a fair statement of results for the interim periods and the years presented, including the accounts of the Company and entities controlled by Gogoro Inc. The audited consolidated financial statements may differ materially from the unaudited condensed consolidated financial statements. Our audited financial statements for the full year ending December 31, 2026 will be included in the Company's Annual Report on Form 20-F for the year ending December 31, 2026. Accordingly, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2025 included in the Company’s Annual Report on Form 20-F filed with the SEC on March 31, 2026, which provides a more complete discussion of the Company’s accounting policies and certain other information. The condensed consolidated financial statements may include selected updates, notes and disclosures if there are significant changes since the date of the most recent annual report on Form 20-F which included the audited financial statements of the Company. Use of Non-IFRS Financial Measures This press release and accompanying tables contain certain non-IFRS financial measures including foreign exchange effect on operating revenues, non-IFRS gross profit, non-IFRS gross margin, non-IFRS net loss, EBITDA and adjusted EBITDA. Foreign exchange ("FX") effect on operating revenues. We compare the dollar amount and the percent change in the operating revenues from the current period to the same period last year using constant currency disclosure. We present constant currency information to provide a framework for assessing how our underlying revenues performed excluding the effect of foreign currency rate fluctuations. To present this information, current period operating revenues for entities reporting in currencies other than USD are converted into USD at the average exchange rates from the equivalent periods last year. Non-IFRS Gross Profit and Gross Margin. Gogoro defines non-IFRS gross profit and gross margin as gross profit and gross margin excluding share-based compensation and battery upgrade initiatives. Share-based Compensation. Share-based compensation consists of non-cash charges related to the fair value of restricted stock units awarded to employees and stock options granted to certain directors, executives, employees and others providing similar services. We believe that the exclusion of these non-cash charges provides for more accurate comparisons of our operating results to our peer companies due to the varying available valuation methodologies, subjective assumptions and the variety of award types. In addition, we believe it is useful for investors to understand the specific impact of share-based compensation on our operating results. Non-IFRS Net Loss. Gogoro defines non-IFRS net loss as net loss excluding share-based compensation, the change in fair value of financial liabilities and battery upgrade initiatives. These amounts do not reflect the impact of any related tax effects. EBITDA. Gogoro defines EBITDA as net loss excluding interest expense, net, provision for income tax (if any), depreciation, and amortization. These amounts do not reflect the impact of any related tax effects. Adjusted EBITDA. Gogoro defines Adjusted EBITDA as EBITDA excluding share-based compensation, the change in fair value of financial liabilities and battery upgrade initiatives. These amounts do not reflect the impact of any related tax effects. Change in Fair Value of Financial Liabilities. These are non-cash mark-to-market adjustments associated with earnout shares, earn-in shares, and warrants associated with the de-SPAC in 2022. We exclude these items for purposes of calculating certain non-IFRS measures because these are driven primarily by changes in market valuation assumptions and the Company's share price rather than our underlying operating performance. We believe that this exclusion enhances the comparability of our period-to-period operating results with those of our peers. Battery Upgrade Initiatives. As we performed certain voluntary upgrades to our battery packs, this charge represented the (i) derecognition expense on components removed from the battery pack, which we did not expect to generate any future benefits from its disposal and (ii) battery pack retrieval and other directly attributable costs incurred during the battery upgrades. We only upgraded battery packs in instances where the value created exceeds the cost of the upgrade. The program improves batteries' capacity and extends the remaining useful life of certain battery packs. The derecognition expense and the retrieval and other costs were recorded under Cost of Revenues in the Condensed Consolidated Statements of Comprehensive Loss. We exclude such expenditures for purposes of calculating certain non-IFRS measures because these charges do not reflect how management evaluates our operating performance and may not be indicative of our core business operating results. The adjustments facilitate a useful evaluation of our operating performance and comparisons to past operating results and provide investors with additional means to evaluate our profitability trends. These non-IFRS financial measures exclude share-based compensation, interest expense, depreciation and amortization, change in fair value of financial liabilities and battery upgrade initiatives. The Company uses these non-IFRS financial measures internally in analyzing its financial results and believes that these non-IFRS financial measures are useful to investors as an additional tool to evaluate ongoing operating results and trends. In addition, these measures are the primary indicators management uses as a basis for its planning and forecasting for future periods. Non-IFRS financial measures are not meant to be considered in isolation or as a substitute for comparable IFRS financial measures. Non-IFRS financial measures are subject to limitations and should be read only in conjunction with the Company's condensed consolidated financial statements prepared in accordance with IFRS. Non-IFRS financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. A description of these non-IFRS financial measures has been provided above and a reconciliation of the Company’s non-IFRS financial measures to their most directly comparable IFRS measures have been provided in the financial statement tables included in this press release, and investors are encouraged to review these reconciliations. _______________________2 Based on the deployment plan for the next 12 months, the Company classified $25.6 million and $20.0 million of undeployed battery packs and related battery cells in property, plant and equipment as of March 31, 2026 and December 31, 2025, respectively.3 In March 2026, the Company and Castrol Holdings International Limited ("Castrol") each contributed $2.1 million to Castrol Gogoro Mobility Joint Stock Company ("CGM") pursuant to a shareholder loan agreement. Since the principal portion of the loan is convertible into equity of CGM when certain criteria are met, the Company classified the loan as financial assets at fair value through profit or loss in accordance with IFRS 9.4 As of March 31, 2026, the $15.0 million put options previously classified under non-current financial liabilities at amortized cost was reclassified to current financial liabilities, as the Company does not have an unconditional right to defer settlement for at least 12 months after the reporting date. _______________________5 On October 6, 2025, the Company effected a 1-for-20 share consolidation (reverse stock split) of its ordinary shares. The shares used in computing basic and diluted net loss per share for the three months March 31, 2025 have been retrospectively adjusted in accordance with IAS 33 Earnings per Share. _______________________6 In March 2026, the Company and Castrol each contributed $2.1 million to CGM pursuant to a shareholder loan agreement. Since the principal portion of the loan is convertible into equity of CGM when certain criteria are met, the Company classified the loan as financial assets at fair value through profit or loss in accordance with IFRS 9.7 In March 2026, the Company issued 5,300,000 new ordinary shares to its largest shareholder, Gold Sino Assets Limited, for approximately $16.7 million.

Interested in Gogoro Inc.? Here are five stocks we like better. Margins improved sharply in Q1 as Gogoro completed its battery upgrade program, helping IFRS gross margin rise to 20.4% from 4.9% a year earlier. Management said the company may be able to sustain margins in the 20% range going forward. Gogoro’s loss narrowed and operating cash flow turned positive, with net loss improving to $7.9 million and first-quarter operating cash flow reaching $3.1 million. The company also ended the quarter with $77.3 million in cash after receiving a $16.7 million equity injection from Gold Sino. The company highlighted growth in subscribers and Taiwan market share, with battery-swapping subscribers rising to 670,000 and Taiwan electric two-wheeler share reaching 69.4% for Gogoro scooter sales. Gogoro also plans a June premium scooter launch, a Vietnam pilot in Q2, and continued network upgrades through its GoStation Q rollout. Gogoro (NASDAQ:GGR) executives said the company began 2026 with improved margins, positive operating cash flow and continued growth in its battery-swapping subscriber base, while outlining plans for new scooter launches, network upgrades and a Vietnam pilot. On the company’s first-quarter earnings call, Chief Executive Officer Henry Chiang said Q1 “sets a strong tone to kick off the year,” citing higher scooter volume, continued growth in energy network revenue and expanding subscriber counts. Chief Financial Officer Bruce Aitken said Gogoro’s results reflected “disciplined execution” as the company managed costs and working capital during a transition in its hardware mix. → CAVA Group’s Stock Looks Delicious After Strong Earnings Gogoro reported first-quarter revenue of $62.9 million, down 1.1% from a year earlier. Aitken said the decline reflected a “deliberate strategic transition” in hardware, offset by growth in recurring services. Battery swapping revenue rose 6.2% to $36.6 million, and the company said it now serves 670,000 subscribers, up 4% year over year. Hardware and other revenue fell 9.8% to $26.3 million, primarily due to a shift toward entry-level models that lowered average selling prices, along with softer component and sharing revenue. → SpaceX IPO: Opportunity? Or the Ultimate Hype Trade? Gross margin improved sharply. Aitken said IFRS gross margin expanded to 20.4% from 4.9% in the year-earlier quarter, closely aligned with non-IFRS gross margin of 20.5%. He attributed the improvement mainly to the completion of the company’s voluntary battery upgrade program in late 2025, which reduced costs by $8.3 million year over year. He also cited favorable production absorption from higher volumes and lower battery depreciation. Chiang described the convergence of IFRS and non-IFRS gross margins around the 20% level as “a major structural milestone.” In response to a question on whether the margin improvement is sustainable, Aitken said the company is not providing specific margin guidance for 2026, but added that Gogoro believes it can “continue to perform in this range going forward.” → 2 Software Stocks Turning AI Fears Into Fundamental Gains Gogoro’s net loss narrowed to $7.9 million in the quarter, improving by $10.7 million from the prior year. Aitken said the improvement was driven by a $9.7 million increase in gross profit and a $2.5 million decline in operating expenses, reflecting overseas organizational restructuring and disciplined timing of sales and marketing spending. Those gains were partly offset by a $1.7 million non-cash unfavorable fair value adjustment on financial liabilities. Adjusted EBITDA increased to $16.3 million, up $2 million from a year earlier. Aitken said the gain reflected a $600,000 expansion in core gross profit, a $1 million reduction in cash operating expenses and a $300,000 improvement in non-operating items. The company generated $3.1 million in positive operating cash flow during the first quarter, compared with an $8.9 million outflow in the same period last year. Aitken said the improvement reflected tighter working capital management, inventory discipline and structural cost reductions. Gogoro ended the quarter with $77.3 million in cash. Aitken said the company also secured a $16.7 million equity injection from its largest shareholder, Gold Sino, representing the first tranche of a committed $80 million funding facility. Aitken said Taiwan’s overall two-wheeler market grew 7.9% year over year in the first quarter to 173,700 registered units. The electric segment grew 18.2% to 8,957 units. Gogoro scooter sales rose 32.8% to 6,216 units, giving the company a 69.4% share of Taiwan’s electric two-wheeler market, according to Aitken. Including partner sales in Gogoro’s Powered by Gogoro Network, consolidated sales were 7,219 units, representing an 80.6% share of Taiwan’s electric two-wheeler market. Aitken said partner sales increased 80.7%. Chiang said the company’s Ezzy 500 Disney collaboration generated more than 1,000 orders in its first month and helped drive volume across the Ezzy 500 family. He said the product attracted a younger 26-to-35 demographic into Gogoro’s network ecosystem, though it also caused “an expected slight ASP dilution” in the quarter. Gogoro expects the primary revenue impact from those orders to appear in the second quarter as deliveries are fulfilled. The company plans to launch an all-new premium vehicle in June, which Chiang said is tailored for female riders and intended to capture mid- to high-end demand, support average selling prices and strengthen the brand’s position among female riders. Chiang said Gogoro began retiring its first-generation batteries in Q1 and is staging next-generation battery technology. The company also introduced GoStation Q, a smaller swapping station that runs on standard 220-volt power, offers faster charging and has a footprint one-third the size of existing stations. Chiang said the smaller footprint reduces installation time and enables Gogoro to add network density more precisely. He also called GoStation Q a key part of the company’s overseas expansion plans, particularly in Vietnam. Gogoro has allocated approximately $30 million in capital expenditures this year for targeted network upgrades. Executives framed Vietnam as a major opportunity. Chiang said the country’s two-wheeler market grew 8.3% to about 730,000 units in Q1, with electric vehicles driving growth. He said local electric brands are reporting double- to triple-digit year-over-year volume growth and that local leaders sold more than 400,000 electric two-wheelers last year. Chiang said infrastructure demand is rising as EV adoption grows, noting that municipalities including Ho Chi Minh City are mandating large-scale deployments of battery-swapping stations. He said Gogoro’s Vietnam pilot is expected in the second quarter. Gogoro maintained its full-year 2026 revenue outlook of $285 million to $305 million. Aitken said Taiwan is expected to continue driving about 95% of sales. The company also reiterated its profitability targets. Aitken said Gogoro expects its battery-swapping network business to achieve non-IFRS profitability in 2026, while the hardware business continues to target non-IFRS profitability in 2028. In closing remarks, Chiang said Gogoro remains “cautiously optimistic” about the quarter ahead and will carry its operational discipline into Q2. 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. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Gogoro Q1 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved a structural milestone as IFRS and non-IFRS gross margins converged at the 20% level, driven by the completion of voluntary battery upgrades and optimized cost structures. Generated $3.1 million in positive operating cash flow, a $12 million year-over-year improvement attributed to disciplined working capital and tighter inventory management. Transitioned to a precision-targeted product roadmap, focusing on specific demographics such as the family-oriented EZZY 500 Disney collaboration to drive volume. Experienced temporary ASP dilution due to high entry-level vehicle volume, which management expects to rebalance through upcoming premium product launches. Validated the battery swapping ecosystem's reliability through successful deliveries to law enforcement and public sector fleets for mission-critical use. Identified Vietnam as a critical EV inflection point where surging demand and infrastructure bottlenecks create a strategic window for Gogoro’s premium battery swapping platform. Maintained full-year 2026 revenue guidance of $285 million to $305 million, assuming Taiwan continues to represent approximately 95% of sales. Targeting non-IFRS profitability for the Gogoro Network battery swapping business by the end of 2026, with hardware profitability targeted for 2028. Planned June launch of an all-new premium vehicle tailored for female riders to capture mid-to-high-end demand and expand hardware ASPs. Allocated approximately $30 million in CapEx for targeted network upgrades, including retiring Gen 1 batteries and deploying next-generation technology. Scheduled a Q2 pilot launch in Vietnam to capitalize on local mandates for large-scale battery swapping deployments in municipalities like Ho Chi Minh City. Introduced GoStation Q, featuring a footprint 1/3 the size of standard stations and 220V compatibility to accelerate overseas expansion and network density. Completed the voluntary battery upgrade program in late 2025, resulting in an $8.3 million year-over-year cost reduction and lower depreciation from extended battery lifespans. Secured a $16.7 million equity injection from Gold Sino as the first tranche of a committed $80 million funding facility to support 2026 strategic priorities. Recorded a $1.7 million non-cash unfavorable adjustment in the fair value of financial liabilities, partially offsetting operational gains. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management stated they prioritized financial health over volume, stripping away 'noise' to build a leaner cost structure that now funds their growth offensive. The convergence of margins and positive cash flow are cited as the direct results of this disciplined 'step one' of the turnaround. The new infrastructure is designed for agility; the smaller footprint and standard voltage requirements are the 'key' to unlocking international markets like Vietnam. Retiring Gen 1 batteries is framed as a structural efficiency move to optimize the battery life cycle and long-term network economics. Management believes the 20% range is sustainable due to the completion of battery upgrades and ongoing bill-of-material savings. While not providing specific 2026 margin guidance, they expect to perform within this range despite the ramp-up of international pilots.