Gogoro Posts 16% Decline In Q1 Revenue, Dragged By Seasonally Lower Volume In Taiwan

Gogoro Inc GGR reported a first-quarter FY23 sales decline of 16% year-on-year to $79.32 million. On a constant currency basis, the revenue decreased 8.8% Y/Y.
Battery swapping revenue for Q1 totaled $32.3 million, a 9.8% growth primarily due to its larger subscriber base and the high retention rate of subscribers.
The gross margin for the quarter contracted 80 basis points to 12.9%.
The operating loss expanded to $(22.2) million from $(19.8) million last year.
EPS for the quarter was (0.17) compared to $(0.11) last year.
Gogoro held $167.1 million in cash and equivalents as of March 31, 2023.
Adjusted EBITDA declined to $10.6 million from $13.5 million last year.
Outlook: Gogoro reaffirmed its FY23 revenue outlook of $400 million - $450 million.
The company expects 90% to 95% of FY23 revenue to come from the Taiwan market.
Price Action: GGR shares traded lower by 2.17% at $3.16 on the last check Thursday.

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