Company: GGR
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001886190-25-000017
Chunk: 76

Company: Gogoro Inc.
Filing Date: 2025-03-31
Form: 20-F
Item: Item 4
Chunk 76
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 swapping technology comprises an interoperable platform that seamlessly integrates a comprehensive ecosystem of hardware, software, and services, which consists of Gogoro Smart Batteries, GoStation®, Gogoro Network™ Software & Battery Management Systems, Smartscooter, GoReward℠, and related components and kits.

Table of Contents

During the past decade in Taiwan, we have built our own battery swapping network to establish the Gogoro battery swapping ecosystem and catalyze the marketplace. In just over ten years, ePTWs have grown to an average of 8.6% market share for the past three years of all PTWs since we launched our first ePTW in 2015, where virtually 100% of all PTWs in Taiwan were ICE PTWs at that time. During 2024, approximately 71.7% of electric two-wheeler sales were delivered from Gogoro and our PBGN OEM partners. As we continue to expand and add additional OEM partners beyond Taiwan, we will benefit from partners’ manufacturing agility, supply chain and logistics capabilities, and retail channels, which will extend our brand’s reach. We believe that our proven battery swapping platform, enabling technologies and OEM partnerships will drive rapid and sustained growth opportunities into global markets in the future.

Since Gogoro’s inception in 2011, we have been engaged in developing and marketing our ePTW, battery swapping network, subscriptions, and other offerings, raising capital, and recruiting personnel. We have incurred net operating losses and net cash outflows from operations in every year since our inception. As of December 31, 2024, we had an accumulated deficit of $548.7 million. We have funded our operations primarily with proceeds from revenues generated from the sales of electric scooters and battery-swapping services, borrowings under our loan facilities, and offering shares through the private placement and to the capital market in the U. S.

Establishing Our Business Model

We have received recognitions and supports from our customers, partners, and independent third parties. Taiwan has been a logical location for piloting our battery swapping platform - its PTW penetration is among the highest in the world on a per capita basis. We have become a technology leader and created an emerging industry in Taiwan that includes more than ten vehicle makers and nearly sixty vehicle models. The Gogoro Network started with just 30 swapping stations in Taipei, but rapidly expanded to new cities, connecting regions and reaching greater density. We now have over 12,600 GoStation® racks