Company: GGR
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001886190-25-000017
Chunk: 87

Company: Gogoro Inc.
Filing Date: 2025-03-31
Form: 20-F
Item: Item 5
Chunk 87
---
ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS

The following discussion of our financial condition and results of operations is based upon and should be read in conjunction with our consolidated financial statements and their related notes included elsewhere in this annual report. This annual report contains forward-looking statements. See “ Cautionary Statement Regarding Forward-Looking Information.” In evaluating our business, you should carefully consider the information provided under the caption “ Item 3. Key Information - D. Risk Factors” in this annual report. We caution you that our businesses and financial performance are subject to substantial risks and uncertainties.

A. Operating Results

Overview

2024 was transformative for Gogoro and marked by key challenges. In the fourth quarter, we took decisive actions to reestablish our business fundamentals and made difficult decisions to realign our resources, streamline operations and implement significant cost reductions. We have also refocused on our core energy strengths including our battery swapping subscriber growth, optimizing our

Table of Contents

vehicle cost structure and significantly reducing fixed overhead expenses. We continued to grow our total number of subscribers in Taiwan and coverage of our industry-leading GoStation® and smart battery packs.

In the second quarter, we secured a total of $75 million equity investment from Gold Sino and Castrol Holdings. Castrol Holdings is part of the British Petroleum group. These investments demonstrate strong support for Gogoro’s business and vision for transitioning urban two-wheel mobility to cleaner and more sustainable energy.

In the fourth quarter, we took accounting charges of over $38 million as a result of simplifying and strengthening our business. These impairment and exit costs materially impacted our fourth quarter and full year net loss results. These critical and proactive steps to optimize our cost structure set us up well for the future as a leaner and more efficient organization focused on delivering a clear path to profitability. In the meantime, we continue to grow our energy business and reinforce the strength of our battery swapping and smart energy solutions. As we closed out 2024, we leveraged this transition period to refine our strategy, sharpen our focus on energy services and ecosystem enablement, and continue our international focus.

Our PBGN market share in Taiwan remains strong with 7.5%, 7.5%, and 10.7% share in year 2024, 2023 and 2022, respectively. Our Gogoro Network™ business continues to demonstrate strong demand and the number of subscribers grew to 640 thousand as of December 31, 2024 from 587 thousand