Gogoro showing robust first quarter 2022 growth, with revenue increase YoY of 61% and Total Subscribers Surpassing 467,000.
Gogoro Inc. (Nasdaq: GGR), the leader in battery swapping ecosystems, released its financial results for the first quarter 2022, ended March 31.
The company continues to achieve important milestones and show robust growth, with a record first quarter revenue of $94.5 million, up 61.0% year-over-year. In addition, Gogoro’s sales of hardware and other revenues of $65.1 million, is an increase of 87.1% year-over-year.
The Gogoro Network revenue of $29.4 million, represents an increase of 23.0% year-over-year. For the first quarter, gross margin was 13.7%, up from 12.7% in the same quarter last year. Gogoro measures a modest increase in gross margins as well, seasonally compared to the previous year.
Gogoro has achieved important milestones in 2021 and 2022 that we’ve reported on during the past years, from strategic partnerships established to their expansion in China, India, and Indonesia. Today, Gogoro manages over 350,000 battery swaps a day and since 2015 has surpassed 275 million battery swaps in total. Astounding numbers.
“Our first quarter reflects the strength of our core business model across Gogoro’s vehicle and component hardware sales and Gogoro Network battery swapping subscriptions and the industry-leading scale of our ecosystem,”
“We continue to grow our subscriber base with over 467,000 subscribers in Taiwan as of March 31, 2022, up 25.2% from March 31, 2021. The successful completion of our merger on April 4, 2022 and Nasdaq listing added $344.8 million of capital to our balance sheet, which will enable us to accelerate our business and continue our aggressive growth in Taiwan and other new markets.”Horace Luke, founder, chairman, and chief executive officer of Gogoro.
Gogoro has been providing headlines throughout recent years, as the company announced a partnership with Yamaha for the EMF launched in Taiwan this March, based on a collaboration on their battery swapping systems. Shortly after, Gogoro announced producing their milestone 1 millionth battery, and made an important breakthrough producing a first prototype solid state battery, estimated to increase capacity by 140%. The company went public on NYSE this April, and continues to cooperate and expand internationally.
Despite the strong reports, the company’s stock has plummeted due to increasing volatility in the stock market, and strong headwinds from supply chain issues, China lockdowns and increasing input costs. The company still holds a strong liquidity position, after completing a $344.8 million fund raise in gross proceeds from the merger with Poema Global finalized on April 4, 2022.
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