Gogoro Releases First Quarter 2022 Financial Results with YoY Revenue Growth of 61% and Total Subscribers Surpassing 467,000
First Quarter Highlights
- Record first quarter revenue of
$94.5 million , up 61.0% year-over-year - Sales of hardware and other revenues of
$65.1 million , up 87.1% year-over-year - Gogoro Network revenue of
$29.4 million , up 23.0% year-over-year - Strong growth in number of new subscribers, bringing total subscribers to more than 467,000
"Our first quarter reflects the strength of our core business model across
First Quarter 2022 Financial Overview
Revenue
For the first quarter, revenue was
Gross Margin
For the first quarter, gross margin was 13.7%, up from 12.7% in the same quarter last year. For the first quarter, non-IFRS gross margin was 14.2%, up from 12.7% in the same quarter last year. Gross margin and non-IFRS gross margin were driven by favorable changes in our product mix and a decrease in production cost per electric scooter as we scale our production. Non-IFRS gross margin is a non-IFRS measure, see page 4 for a description of the non-IFRS measures and page 9 for a reconciliation of the company's non-IFRS financial measures to their most directly comparable IFRS measures.
Net Loss
First quarter 2022 net loss was
Adjusted EBITDA
Adjusted EBITDA was
Liquidity
2022 Guidance
- Revenue of
$460.0 million to$500.0 million which represents an anticipated increase of 25.7% to 36.6% compared to 2021. Second quarter revenue is expected to contribute around 20% of the full year revenue given the uncertainty from the latest growing COVID-19 wave in bothTaiwan andChina , and the foreign exchange downside risk from local versusU.S. dollar currency. - We estimate that we will generate 90% to 95% of 2022 full year revenue from the
Taiwan market.
Conference Call Information
Investors may access the webcast, supplemental financial information and investor presentation at
About
Founded in 2011 to rethink urban energy and inspire the world to move through cities in smarter and more sustainable ways,
Forward Looking Statements
This communication contains forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward looking statements generally relate to future events or
Use of Non-IFRS Financial Measures
This press release and accompanying tables contain certain non-International Financial Reporting Standards as issued by the
Non-IFRS Gross Profit and Gross Margin.
EBITDA.
Adjusted EBITDA.
Acquisition-related Expenses.
These non-IFRS financial measures exclude share-based compensation expense, interest expense, income tax, depreciation and amortization, loss on financial liabilities associated with revaluation of preferred stock and onetime non-recurring costs associated with the merger. The company uses these non-IFRS financial measures internally in analyzing its financial results and believes that these non-IFRS financial measures are useful to investors as an additional tool to evaluate ongoing operating results and trends. In addition, these measures are the primary indicators management uses as a basis for its planning and forecasting for future periods.
Non-IFRS financial measures are not meant to be considered in isolation or as a substitute for the comparable IFRS financial measures. Non-IFRS financial measures are subject to limitations, and should be read only in conjunction with the company's consolidated financial statements prepared in accordance with IFRS. Non-IFRS financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. A description of these non-IFRS financial measures has been provided above and a reconciliation of the company's non-IFRS financial measures to their most directly comparable IFRS measures have been provided in the financial statement tables included in this press release, and investors are encouraged to review these reconciliations.
GOGORO INC. |
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Condensed Consolidated Balance Sheet |
|||
(unaudited) |
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(in thousands of |
|||
|
|
||
2022 |
2021 |
||
ASSETS |
|||
Current assets: |
|||
Cash and cash equivalents |
$ 365,323 |
$ 217,429 |
|
Trade receivables |
21,345 |
16,625 |
|
Inventories |
92,890 |
73,137 |
|
Prepayments |
32,769 |
10,157 |
|
Other current assets |
13,317 |
40,682 |
|
Total current assets |
525,644 |
358,030 |
|
Property, plant and equipment |
442,560 |
454,741 |
|
Right-of-use assets |
24,374 |
26,277 |
|
Other non-current assets |
5,708 |
5,352 |
|
Total assets |
$ 998,286 |
$ 844,400 |
|
LIABILITIES AND EQUITY |
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Current liabilities: |
|||
Loan and borrowing obligations, current |
$ 253,777 |
$ 238,434 |
|
Financial liabilities at fair value |
— |
107,862 |
|
Notes payable and trade payable |
69,263 |
53,258 |
|
Current liabilities |
18,599 |
18,753 |
|
Lease liabilities, current |
10,998 |
11,153 |
|
Provisions for product warranty, current |
3,638 |
6,480 |
|
Other payables and current liability |
305,184 |
44,603 |
|
Total current liabilities |
661,459 |
480,543 |
|
Long-term borrowing obligations, non-current |
189,450 |
195,883 |
|
Provisions for product warranty, non-current |
14,430 |
9,150 |
|
Lease liabilities - non-current |
13,828 |
15,589 |
|
Other non-current liabilities |
18,913 |
19,522 |
|
Total liabilities |
898,080 |
720,687 |
|
Total equity |
100,206 |
123,713 |
|
Total liabilities and equity |
$ 998,286 |
$ 844,400 |
GOGORO INC. |
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Condensed Consolidated Statements of Comprehensive Income |
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(unaudited) |
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(in thousands of |
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Three months Ended |
|||
2022 |
2021 |
||
Operating revenues |
$ 94,455 |
$ 58,671 |
|
Cost of revenues |
81,557 |
51,224 |
|
Gross profit |
12,898 |
7,447 |
|
Operating expenses: |
|||
Selling and marketing expenses |
13,015 |
11,903 |
|
General and administrative expenses |
10,383 |
6,836 |
|
Research and development expenses |
9,344 |
6,873 |
|
Total operating expenses |
32,742 |
25,612 |
|
Loss from operations |
(19,844) |
(18,165) |
|
Non-operating income and expenses: |
|||
Interest expense, net |
(2,850) |
(2,657) |
|
Other income, net |
1,264 |
1,570 |
|
Loss on financial liabilities at fair value |
(287) |
— |
|
Total non-operating income and expenses |
(1,873) |
(1,087) |
|
Loss before provision for income taxes |
(21,717) |
(19,252) |
|
Provision for income taxes |
— |
— |
|
Net loss |
(21,717) |
(19,252) |
|
Other comprehensive income: |
|||
Exchange differences on translating foreign operations |
(6,126) |
(2,063) |
|
Total comprehensive loss |
$ (27,843) |
$ (21,315) |
|
Basic and diluted net loss per common share |
$ (0.11) |
$ (0.10) |
|
Shares used in computing basic and diluted net loss per common share |
193,334 |
193,334 |
|
Operating revenues: |
Three months Ended |
||
2022 |
2021 |
||
Sales of hardware and other revenues |
$ 65,074 |
$ 34,780 |
|
Gogoro Network revenue |
29,381 |
23,891 |
|
Operating revenues |
$ 94,455 |
$ 58,671 |
|
|
Condensed Consolidated Statements of Cash Flows |
|
(unaudited) |
|
(in thousands of |
|
Three months Ended |
|
2022 |
|
Cash flows from operating activities |
|
Loss before provision for income taxes |
$ (21,717) |
Adjustments for: |
|
Depreciation and amortization |
25,421 |
Expected credit loss |
212 |
Loss on financial liabilities at fair value |
287 |
Interest expense, net |
2,850 |
Share-based payment expense |
4,362 |
Loss on disposal of property and equipment |
138 |
Write-down and reversal inventories |
703 |
Changes in operating assets and liabilities: |
|
Increase in trade receivables |
(4,932) |
Increase in inventories |
(20,456) |
Increase in prepayments and other current assets |
(23,765) |
Increase in notes payable and trade payables |
16,005 |
Decrease in contract liabilities |
(154) |
Decrease in other payables and liabilities |
(12,359) |
Increase in provisions for product warranty |
2,438 |
Cash used in operations |
(30,967) |
Interest expense paid, net |
(2,928) |
Net cash used in operating activities |
(33,895) |
Cash flows from investing activities |
|
Property, plant and equipment, net |
(20,352) |
Increase in refundable deposits |
(95) |
Payments of intangible assets |
(258) |
Decrease in time deposits and others |
27,752 |
Net cash provided by investing activities |
7,047 |
Cash flows from financing activities |
|
Proceeds from capital collected in advance |
274,220 |
Proceeds from borrowings |
32,497 |
Repayments of borrowings |
(12,419) |
Repayments of loss on financial liabilities at fair value |
(108,149) |
Refund of guarantee deposits received |
34 |
Repayment of the principal portion of lease liabilities |
(3,419) |
Net cash provided by financing activities |
182,764 |
Exchange differences on translating foreign operations |
(8,022) |
Net increase in cash and cash equivalents |
147,894 |
Cash and cash equivalents at the beginning of the period |
217,429 |
Cash and cash equivalents at the end of the period |
$ 365,323 |
|
|||||
Reconciliation of IFRS Financial Metrics to Non-IFRS |
|||||
(unaudited) |
|||||
(in thousands of |
|||||
Reconciliation of Gross Profit and Gross Margin to Non-IFRS Gross Profit and Gross Margin |
|||||
Three months Ended |
|||||
2022 |
2021 |
||||
IFRS gross profit and gross margin |
$ 12,898 |
13.7% |
$ 7,447 |
12.7% |
|
Share-based compensation |
529 |
— |
|||
Non-IFRS gross profit and gross margin |
$ 13,427 |
14.2% |
$ 7,447 |
12.7% |
|
Reconciliation of Net Loss to EBITDA and Adjusted EBITDA |
|||||
Three months Ended |
|||||
2022 |
2021 |
||||
Net loss |
$ (21,717) |
$ (19,252) |
|||
Interest expense, net |
2,850 |
2,657 |
|||
Provision for income taxes |
— |
— |
|||
Depreciation and amortization |
25,421 |
22,627 |
|||
EBITDA |
6,554 |
6,032 |
|||
Share-based compensation |
4,362 |
— |
|||
Loss on financial liabilities at fair value |
287 |
— |
|||
Acquisition-related expenses |
2,315 |
— |
|||
Adjusted EBITDA |
$ 13,518 |
$ 6,032 |
|||
Share-based compensation by function |
|||||
Three months Ended |
|||||
2022 |
2021 |
||||
Cost of revenue |
$ 529 |
$ — |
|||
Selling and marketing |
768 |
— |
|||
General and administrative |
1,471 |
— |
|||
Research and development |
1,594 |
— |
|||
Total |
$ 4,362 |
$ — |
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SOURCE
Gogoro Media Contact: Jason Gordon, Gogoro, +1 206-778-7245, jason.gordon@gogoro.com, Gogoro Investor Contact: Michael Bowen, ICR, LLC., gogoroIR@icrinc.com, ir@gogoro.com