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Gogoro Inc. reported 2025 results showing weaker sales but much stronger profitability and cash generation. Full-year revenue was $281.5 million, down 9.4% year-over-year, yet adjusted EBITDA reached a record $59.9 million, up from $44.7 million, and net loss narrowed to $80.8 million from $122.8 million. Operating cash flow improved sharply to $31.1 million from $9.9 million, while year-end cash stood at $70.6 million.
Battery swapping service revenue grew to $149.0 million, offsetting a steep decline in hardware revenue tied to a soft Taiwan scooter market and delayed product launches. Gross margin expanded to 8.3%, or 19.5% on a non-IFRS basis, helped by supply-chain efficiencies, lower write-downs and completion of battery upgrade initiatives. For 2026, Gogoro guides revenue of $285–$305 million and expects its Gogoro Network battery-swapping business to achieve non-IFRS profitability, supported by 665,000 subscribers and a director’s undertaking to secure about $80 million of equity by the end of 2026.