Company: GGR
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001886190-25-000017
Chunk: 93

Company: Gogoro Inc.
Filing Date: 2025-03-31
Form: 20-F
Item: Item 5
Chunk 93
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31, 2024. This decrease was primarily driven by a $3.6 million decrease in share-based compensation expense associated with the issuance of restricted stock awards and a $2.7 million decrease in product development expenses, including costs of samples, materials and travel, due to enhanced expense controls; other than that, our investment in research and development expenses remained relatively stable to support our expanding product roadmap and to remain ahead in technologies, such as our proprietary batteries for swapping.

Other Operating Expenses

Other operating expenses in 2024 primarily consist of $2.6 million loss on disposal of property, plants and equipment, $33.5 million non-cash impairment charges, primarily associated with adjustments to the carrying values of certain machinery equipment which is underutilized in 2024, $1.4 million customer care package, and $1.0 million commitment loss.

Other Income

Other income decreased by $0.2 million, or 2.9%, from $7.4 million for the year ended December 31, 2023, to $7.2 million for the year ended December 31, 2024. This decrease was primarily due to a decrease in income from government grants related to our battery-swapping energy services.

Other Losses, net

Other losses, net increased by $0.5 million for the year ended December 31, 2024, compared to the year ended December 31, 2023. This unfavorable change was primarily driven by an impairment loss on overpaid sales tax in China. This unfavorable change was partially offset by gains from fluctuations in foreign currency exchange rates.

Gains on financial liabilities at fair value through profit or loss

Gains on financial liabilities at FVTPL increased by $12.1 million for the year ended December 31, 2024, compared to the year ended December 31, 2023. This favorable change was primarily due to the change in the fair value of the financial liabilities associated with outstanding earnout shares, earn-in shares and warrants. The valuation of fair value was influenced by fluctuations in the Gogoro stock price compared to the corresponding periods in previous years.

Share of loss of investments accounted for using equity method

Share of loss of investments accounted for using equity method increased by $2.9 million for the year ended December 31, 2024, compared to the year ended December 31, 2023. This unfavorable change was primarily due to the losses incurred on overseas long-term equity investments and impairment associated with our investment