Company: GGR
Filing Date: 2025-03-31
Form Type: 20-F
Source: 0001886190-25-000017
Chunk: 90

Company: Gogoro Inc.
Filing Date: 2025-03-31
Form: 20-F
Item: Item 5
Chunk 90
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 swapping and energy services.

Total revenue decreased by $39.2 million, or 11.2%, from $349.8 million for the year ended December 31, 2023 to $310.6 million for the year ended December 31, 2024. This decline was primarily attributed to a decrease in sales of hardware and other revenues. This decrease was partially offset by an increase in battery swapping service revenue.

Table of Contents

Sales of hardware and other revenues decreased by $45.3 million, or 20.8%, from $218.1 million for the year ended December 31, 2023 to $172.8 million for the year ended December 31, 2024. The government-reported registration volume of powered two-wheelers (“ PTW”) in the Taiwan market for 2024 was down 13.6% year-over-year, while registrations of Gogoro's branded vehicles were reported to be down by 7.4% compared to last year. In addition to the decrease in vehicle sales volume which was impacted by the shrinkage of the overall PTW market in Taiwan, the year-over-year decrease in sales of hardware and other revenues was also driven by a combination of factors: (i) a decrease of average selling price ("ASP") due to a higher proportion of sales volume generated from entry-level models, (ii) a $4.6 million carve-out of hardware revenue associated with deferred revenue adjustments for a battery swapping service revenue promotion program; the deferred revenue will be recognized as battery swapping service revenue over 24 to 36 months as a result of accounting rules associated with multiple-element arrangements, and (iii) a decrease in sales revenues associated with selling accessories and parts, performing maintenance and overseas sales.

Battery swapping service revenue increased by $6.1 million, or 4.6%, from $131.8 million for the year ended December 31, 2023 to $137.9 million for the year ended December 31, 2024. Total subscribers at the end of the year exceeded 640 thousand, representing an increase of 9.0% from 587 thousand subscribers at the conclusion of the previous year. The year-over-year increase in battery swapping service revenue was primarily attributed to our larger subscriber base compared to last year, as well as the high retention rate of our subscribers. We continue to witness the strength of our subscription-based business model in attracting more customers, thereby maximizing the efficiency of our battery swapping network. The battery swapping service revenue is growing at