Gogoro (NASDAQ:GGR) reported second-quarter revenue growth, its highest quarterly gross margin in more than five years and improved operating cash flow, as newer scooter models helped the company regain market share and attract additional battery-swapping subscribers.
Chief Executive Officer Henry Chiang said the results reflected work over the past two years to simplify costs, improve operational discipline and pursue a more focused product strategy. “This quarter, we’re beginning to see those efforts translate into tangible business results,” Chiang said.
Product Launches Support Scooter Sales
Chiang said the EZZY product family contributed more than one-third of scooter sales revenue during the quarter. The line is aimed at consumers seeking simplified everyday transportation and has helped bring more family-oriented consumers into the Gogoro ecosystem, he said.
The company also introduced Gogoro Luna toward the end of the quarter, positioning the premium scooter specifically for female riders. Chiang said the scooter was developed around ease of use, appearance and practicality for daily travel. Among its features is a center stand that requires 47 kilograms of stepping force, which the company said is intended to make parking easier for smaller riders and in dense urban locations.
Rather than relying on one flagship product, Gogoro is building a portfolio aimed at different customer groups, Chiang said. The company reported that its scooter market share recovered to about 6% during the quarter, which it attributed to demand for newer models.
“Our newest products are attracting new customers and helping us recover market share,” Chiang said during the question-and-answer portion of the call.
Margins and Cash Flow Improve
Gross margin reached 22.6% in the quarter, the highest level in more than five years. Aitken said the increase reflected structural changes rather than temporary cost reductions.
The company cited the completion of its battery upgrade program, manufacturing efficiency gains, reduced battery depreciation, improved network utilization and cost discipline as contributors to the margin improvement.
Gogoro said its net loss improved by more than $21.6 million from the prior-year period, while adjusted EBITDA increased to $19.3 million. The company also reported that operating cash flow for the first half increased more than 70% year over year, supported by improved operations, working-capital discipline and lower capital expenditures after completing the battery upgrade program.
Gogoro ended the quarter with $68.8 million in cash and cash equivalents. Aitken said cash was also strengthened by an initial investment from Gold Sino under a previously announced equity financing arrangement.
Battery-Swapping Subscribers Continue to Grow
The company’s battery-swapping subscriber base grew to about 677,000, representing year-over-year growth. Aitken said subscriber additions offset much of the pressure on average revenue per subscriber resulting from a shift toward entry-level scooters, as well as foreign-exchange headwinds.
Chiang said the growth in subscribers improves utilization of the Gogoro Network and reinforces the long-term value of its recurring revenue model. The company remains on track for the Gogoro Network battery-swapping business to achieve non-IFRS profitability in 2026, Aitken said.
For the full year, Gogoro reaffirmed its revenue guidance of $285 million to $305 million. Management said it remains mindful of macroeconomic conditions, competition and rising material costs, while continuing to pursue growth initiatives alongside operational discipline.
- Second-quarter revenue: $70.6 million, up 7.3% year over year.
- Gross margin: 22.6%, the company’s highest quarterly level in more than five years.
- Battery-swapping subscribers: Approximately 677,000.
- Cash and cash equivalents: $68.8 million at quarter-end.
- Full-year 2026 revenue outlook: $285 million to $305 million.
Vietnam Plans and CFO Transition
In response to a question about its Castrol partnership in Vietnam, Chiang said Gogoro anticipated a “grand launch” soon. He pointed to what he described as growing demand for electric vehicles in Ho Chi Minh City and Hanoi and said the company expects overseas operations to make a meaningful contribution over the coming quarters and years.
Chiang also said Taiwan’s government target of having electric vehicles account for 35% of new scooter sales by 2030 is attainable, though he said the company would welcome stronger policy support and incentives to accelerate the transition.
The call marked Aitken’s final earnings call as Gogoro’s CFO after more than eight years with the company. Chiang credited Aitken with helping build the company’s financial foundation through its transition from a private company to a public company and through its more recent restructuring efforts.
Gogoro named Jacky Lee as principal financial officer. Chiang said Lee brings experience in finance, governance and operational leadership as the company continues to execute its long-term strategy.
About Gogoro (NASDAQ:GGR)
Gogoro Inc is a Taiwan-based technology company specializing in electric two-wheeler vehicles and battery-swapping infrastructure. Founded in 2011 by Horace Luke and Matt Taylor, the company pioneered the concept of a large-scale, on-demand battery-as-a-service (BaaS) network. Its flagship offering, the Gogoro Smartscooter, integrates a lightweight, high-performance electric drivetrain with a modular battery pack designed to be exchanged at convenient swap stations.
The core of Gogoro’s business is the Gogoro Energy Network, a proprietary system of battery-swapping stations that allows riders to quickly exchange depleted batteries for fully charged ones.
