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GGR
Earnings call · Jun 2026 (Q2 FY26)

Gogoro Q2 FY26 earnings call GGR

Aug 24, 2026 Source

Executive summary

Gogoro Q2 FY26 — Revenue Returns to Growth, Gross Margin Reaches 5-Year High

Gogoro achieved a significant turnaround in Q2 FY26, with revenue growth and a five-year high in gross margin, driven by operational discipline and successful new product launches like EZZY and Luna. The company is focused on expanding its product portfolio to attract new customer segments and strengthening the Gogoro Network's efficiency, aiming for sustainable growth and profitability while navigating macroeconomic conditions. The quarter also marked the final earnings call for CFO Bruce Aitken, with Jacky Lee appointed as Principal Financial Officer.

Highlights

5

  • Revenue returned to year-over-year growth of 7.3%, or approximately 10% on a constant currency basis.

  • Gross margin reached 22.6%, its highest quarterly level in more than 5 years.

  • Operating cash flow during the first half of the year increased by more than 70% compared to the same period last year.

  • Adjusted EBITDA increased to $19.3 million.

  • Market share recovered to approximately 6% reflecting stronger customer demand for new products.

Concerns

3

  • Average revenue per subscriber was modestly affected by the continued success of entry-level vehicles.

  • Foreign exchange headwinds impacted battery swapping service revenue.

  • Management remains mindful of rising material costs.

Guidance & targets

CategoryTargetConfidence
Full-year 2026 revenue
$285 million and $305 million
high materiality
High
Gogoro Network battery swapping business profitability
achieve non-IFRS profitability
medium materiality
High

Segment performance

SegmentRevenueYoYQoQMargin
Hardware
Stronger Gogoro branded scooter sales, supported by the continued success of the EZZY family and initial deliveries of the Luna model, drove revenue growth. Hardware revenue also benefited from deliveries under the WeMo fleet agreement.
Scooter sales revenue contribution from EZZY family: >1/3
————
Energy (Battery Swapping Service)
Battery swapping service revenue remained resilient despite foreign exchange headwinds and a mix shift towards entry-level scooters. Subscriber growth continued to offset much of the pressure on average revenue per subscriber, reinforcing the recurring revenue model.
Subscriber base: ~677,000
————

Product announcements

ProductTypeDetails
EZZY familylaunch
Gogoro Lunalaunch

Deals & partnerships

Gold Sino Equity financing investment

Initial investment received under a previously announced equity financing agreement.

WeMo Fleet agreement deliveries

Deliveries made under a previously announced fleet agreement.

Castrol Partnership for EV expansion in Vietnam

Partnership to expand electric vehicle presence in Vietnam, specifically in Ho Chi Minh City and Hanoi, leveraging Gogoro's experienced battery swapping system.

Risks & headwinds

Average revenue per subscriber (ARPU) pressure Q2 FY26

modestly affected

Mitigation:Expansion of subscriber base strengthens utilization and reinforces long-term value.

Foreign exchange headwinds Q2 FY26

impacted battery swapping service revenue

Mitigation:Battery swapping service revenue remained resilient despite headwinds.

Rising material costs second half of the year

mindful of

Mitigation:Will continue to maintain operational discipline that has driven margin improvement.

Macroeconomic conditions and competitive environment remainder of 2026

remain mindful of

Mitigation:Encouraged by momentum in the business and confidence in outlook.

What to watch in Q3 FY26

Castrol partnership launch and contribution in Vietnam

next couple of quarters and years
Current Anticipating grand launch very soon
Target Meaningful contribution from overseas operations

Why it matters

Successful international expansion is key to long-term growth and diversification beyond the core Taiwan market.

We are anticipating the grand launch very soon. We are seeing a very strong need of electric vehicles in Vietnam, especially in both Ho Chi Minh City and Hanoi. And we can see that the whole EV industry is accelerating. [...] So yes, we think it's very exciting, and we are anticipating a very meaningful contribution for the next couple of quarters and years.

Q&A highlights

How should investors think about balancing growth and profitability as Gogoro executes through the second half of the year, given the return to revenue growth and highest gross margin in over 5 years?

Henry Chiang stated that the focus over the past two years on strengthening fundamentals, streamlining operations, improving cost structure, and disciplined resource allocation has created a strong foundation. They are cautiously optimistic for H2, mindful of rising material costs, but will continue introducing products to broaden the customer base while maintaining operational discipline to drive margin improvement and sustainable growth.

“While we are mindful of our rising material costs, we will continue introducing products that broaden our customer base while maintaining the operational discipline that has driven our margin improvement. We believe that approach positions us to deliver sustainable growth while continuing to improve profitability over time.”

asked by Wendy Lee · answered by Henry Chiang

2 min read 6 chapters

Detailed narrative

Product Renaissance and Market Position Recovery

Gogoro's multiyear product renaissance is off to an exceptional start with new offerings like EZZY and Luna. The EZZY family contributed over one-third of scooter sales revenue, attracting family-oriented consumers. The Luna, designed for female riders, features an innovative effort-saving center stand requiring only 47 kilograms of stepping force. These launches helped recover market share to approximately 6%, demonstrating innovation and disciplined execution.

Strengthening Gogoro Network Economics

The recurring energy business continues to provide stability, with the subscriber base growing to approximately 677,000. Despite a modest impact on average revenue per subscriber from entry-level vehicles, the expansion strengthens network utilization. Continuous operational excellence and cost discipline led to the strongest operating performance to date, with expenses below budget and tangible financial progress validating the network's scalability and financial viability.

Robust Financial Performance and Profitability Improvement

Gogoro returned to revenue growth, reporting $70.6 million, a 7.3% year-over-year increase (10% constant currency). Gross margin reached a five-year high of 22.6%, driven by structural changes including battery upgrade program completion, improved manufacturing efficiency, and lower battery depreciation. Net loss improved by over $21.6 million year-over-year, and adjusted EBITDA increased to $19.3 million, reflecting stronger financial results.

Balance Sheet Strength and Capital Allocation

Cash generation remained a key area of progress, with operating cash flow increasing by over 70% in the first half of the year. The company ended the quarter with $68.8 million in cash and cash equivalents, further strengthened by an initial investment from Gold Sino. This improved balance sheet provides flexibility for strategic execution while maintaining prudent financial discipline.

CFO Transition and Leadership Continuity

Bruce Aitken concluded his tenure as Chief Financial Officer after eight years, having played a pivotal role in building Gogoro's financial foundation and guiding its evolution to a public company. Jacky Lee has been welcomed as the new Principal Financial Officer, bringing deep experience in finance, governance, and operational leadership to support the company's long-term strategy.

International Expansion and Policy Outlook

Gogoro anticipates the grand launch of its Castrol partnership in Vietnam, noting a strong need for electric vehicles in Ho Chi Minh City and Hanoi, expecting meaningful contributions in the coming quarters and years. Regarding Taiwan's policy, the Ministry of Transportation and Communications targets 35% of new scooter sales to be electric by 2030, a goal management believes is attainable, while hoping for even stronger policy support.

AI-generated summary of the company's earnings call. Not investment advice.