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Taiwan Electric Scooter Maker Gogoro Revenue Surged By 61% In The First Quarter Of 2022

In the first quarter of 2022, Gogoro revenue from hardware and other sources sales climbed by 87% to reach $65.1 million.

Taiwan Electric Scooter Firm Gogoro Shares Jump 10% In Its Nasdaq Debut

Gogoro, a Taiwanese electric scooter maker, announced a 61% growth in revenue in the first quarter of this year, bringing total revenue to US$94.5 million. The increase was mostly attributable to an increase in the number of scooters sold around the country.

In the first quarter of 2022, revenue from hardware and other sources sales climbed by 87% to reach $65.1 million.

Gogoro’s gross margin increased from 12.7% during the previous quarter to 13.7% during the current quarter due to modifications in the company’s product mix and lower production expenses per electric scooter. This quarter’s adjusted EBITDA reached $13.5 million, a more than twofold rise from the previous one.

Despite this, the company reported a net loss of $21.7 million, nearly 13% higher than the previous year’s figure. According to the company, the increase was driven by employee share-based compensation and expenses tied to the firm’s initial public offering process.

As stated in a press release, Gogoro claims that its subscriber base has expanded by 25% to over 467,000 people.

The company anticipates revenue in the range of US$460 million to US$500 million for the fiscal year 2022, with up to 95% of that amount coming from the Taiwan market.

Gogoro is a manufacturer of electric vehicles (EVs) and operates more than 10,000 battery-swapping facilities across the island of Taiwan. The company was established in 2011. According to the company, its battery-swapping technology will power 25 % of two-wheel vehicles sold in Taipei by the end of the year in December.

A year after combining with Poema Global Holdings, a special purpose acquisition vehicle, the company went public on the Nasdaq stock exchange. During this procedure, it raised $344,8 million, which resulted in the company being valued at approximately $2.4 billion.

Cooperation between Gogoro and Electrum, an electric vehicle company financed by Gojek, was launched earlier this year to establish an infrastructure for two-wheel electric vehicles and battery solutions in Indonesia.

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