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olivLaw · US equity research

Gogoro Inc. GGR

Motor Vehicles & Passenger Car Bodies · SIC 3711 · Vertical: Motor Vehicles & Passenger Car Bodies (SIC 3711)

3.09USD+4.75% · 1 dayClose 04 Nov 2026

Gogoro is a technology company that develops a battery-swapping system for electric scooters and urban two-wheelers, with revenue concentrated almost entirely in the Taiwan market. The company narrowed its net loss in 2025 and improved its gross margin, while recurring subscription income grew and hardware sales fell amid a contracting local market; total operating revenues of 281.5 million USD and a net loss of 80.0 million USD (2025).

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Gogoro Inc. (GGR) stock was 3.09 USD (+4.75% on the day), with market capitalisation 45.7 m USD, dividend yield 0.00%, beta 0.62, 52-week range 2.20–4.66 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
45.7 m USD
shares as of 31 Dec 2025
P/E (TTM)
unavailable
Diluted EPS TTM -5.42 · TTM to 31 Dec 2025
E/P (TTM)
-175.40%
TTM to 31 Dec 2025
Dividend yield
0.00%
DPS 12m 0.00
Beta (2y)
0.62
Volatility (1y) 73%
52-week range
2.204.66

Price history

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Technical reading

RSI (14)
55.3
strong (55–70)
Bollinger (20, 2)
2.77 – 3.25
in the upper half of the band · %B 0.67 · band width 15.7%
SMA 50 / 200
2.90 / 3.38
mixed trend
MACD (12, 26, 9)
0.00 / 0.01
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−2.5%−1.1%−1.4 pp—
3 months+15.3%−0.5%+15.8 pp—
6 months−28.1%+4.4%−32.5 pp—
Year to date+12.8%+12.3%+0.5 pp—
1 year−17.0%+13.5%−30.6 pp−40.0%
3 years−94.2%+76.4%−170.6 pp−47.7%
5 years−98.4%+63.7%−162.1 pp—
Max drawdown (1y)
−52.8%
06 Mar 2026 → 19 Aug 2026
Max drawdown (5y)
−99.3%
06 Apr 2022 → 19 Aug 2026
Compound annual growth (5y)
−56.5%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year2019202020212022202320242025
Revenue439.2 m364.1 m366.0 m382.8 m349.8 m310.6 m281.5 m
Revenue YoYunavailable−17.1%+0.5%+4.6%−8.6%−11.2%−9.4%
Net income-13.1 m-49.3 m-67.4 m-98.9 m-76.0 m-122.8 m-80.0 m
Net income YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailable
Diluted EPS-0.07-0.25-0.35-0.45-6.48-9.27-5.42
Diluted EPS YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailable
net %-3.0%-13.5%-18.4%-25.8%-21.7%-39.5%-28.4%
Free cash flow-151.0 m-143.5 m-46.9 m-187.9 m-58.7 m-114.6 m-29.1 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
70.6 m USD
Financial debt
361.0 m USD
Net debt
290.4 m USD
Equity
108.2 m USD
Total assets
601.6 m USD
Debt / equity
3.33x
Current ratio
0.76x
ROE
-56.2%
ROA
-12.3%
FCF margin
-10.3%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
349.8 m
2024
310.6 m
2025
281.5 m

SEC (XBRL)· 31 Mar 2026verified

Cost of revenue
2023
298.9 m
2024
302.7 m
2025
258.3 m

SEC (XBRL)· 31 Mar 2026verified

Gross profit
2023
50.9 m
2024
7.9 m
2025
23.2 m

SEC (XBRL)· 31 Mar 2026verified

Research & development
2023
40.9 m
2024
34.9 m
2025
25.4 m

SEC (XBRL)· 31 Mar 2026verified

Operating income
2023
-88.4 m
2024
-141.6 m
2025
-73.3 m

SEC (XBRL)· 31 Mar 2026verified

Depreciation & amortisation
2023
98.4 m
2024
97.0 m
2025
90.9 m

SEC (XBRL)· 31 Mar 2026verified

EBITDA
2023
10.0 m ≈
2024
-44.6 m ≈
2025
17.7 m ≈

SEC (XBRL)· 31 Mar 2026derived

Interest expense
2023
11.9 m
2024
14.1 m
2025
14.6 m

SEC (XBRL)· 31 Mar 2026verified

Pre-tax income
2023
-76.0 m
2024
-122.8 m
2025
-80.0 m

SEC (XBRL)· 31 Mar 2026verified

Income tax
2023
0
2024
0
2025
0

SEC (XBRL)· 31 Mar 2026verified

Net income
2023
-76.0 m
2024
-122.8 m
2025
-80.0 m

SEC (XBRL)· 31 Mar 2026verified

Diluted EPS
2023
-6.48
2024
-9.27
2025
-5.42

SEC (XBRL)· 31 Mar 2026verified

Weighted average diluted shares
2023
11.7 m
2024
13.2 m
2025
14.8 m

SEC (XBRL)· 31 Mar 2026verified

Dividend per share
2023
0.00
2024
0.00
2025
—

SEC (XBRL)· 31 Mar 2025derived

Balance sheet · USD

Cash
2023
173.9 m
2024
117.1 m
2025
70.6 m

SEC (XBRL)· 31 Mar 2026verified

Inventories
2023
53.1 m
2024
45.0 m
2025
28.9 m

SEC (XBRL)· 31 Mar 2026verified

Current assets
2023
266.1 m
2024
202.8 m
2025
130.9 m

SEC (XBRL)· 31 Mar 2026verified

Property, plant & equipment, net
2023
501.9 m
2024
438.3 m
2025
420.0 m

SEC (XBRL)· 31 Mar 2026verified

Intangibles (excl. goodwill)
2023
—
2024
—
2025
—

SEC (XBRL)· 02 May 2022verified

Total assets
2023
834.2 m
2024
700.4 m
2025
601.6 m

SEC (XBRL)· 31 Mar 2026verified

Short-term debt
2023
75.6 m
2024
103.0 m
2025
83.4 m

SEC (XBRL)· 31 Mar 2026verified

Long-term debt
2023
334.6 m
2024
253.8 m
2025
277.6 m

SEC (XBRL)· 31 Mar 2026verified

Current liabilities
2023
214.1 m
2024
225.6 m
2025
171.9 m

SEC (XBRL)· 31 Mar 2026verified

Total liabilities
2023
585.5 m
2024
523.9 m
2025
493.3 m

SEC (XBRL)· 31 Mar 2026verified

Equity
2023
248.7 m
2024
176.5 m
2025
108.2 m

SEC (XBRL)· 31 Mar 2026verified

Shares outstanding at year end
2023
245.7 m
2024
295.4 m
2025
14.8 m

SEC (XBRL)· 31 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
59.1 m
2024
9.9 m
2025
35.9 m

SEC (XBRL)· 31 Mar 2026verified

Capex
2023
117.8 m
2024
124.4 m
2025
65.0 m

SEC (XBRL)· 31 Mar 2026verified

Free cash flow
2023
-58.7 m ≈
2024
-114.6 m ≈
2025
-29.1 m ≈

SEC (XBRL)· 31 Mar 2026derived

Investing cash flow
2023
-136.6 m
2024
-128.7 m
2025
-60.0 m

SEC (XBRL)· 31 Mar 2026verified

Financing cash flow
2023
15.2 m
2024
33.8 m
2025
-23.0 m

SEC (XBRL)· 31 Mar 2026verified

Dividends paid
2023
0
2024
0
2025
—

SEC (XBRL)· 31 Mar 2025verified

Computed indicators

Growth

Revenue growth (YoY)
-9.4%
computed by olivLawFY 2025
Revenue CAGR 3Y
-9.7%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
-5.0%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
unavailable
the base of the ratio is not positive
Net income growth (YoY)
unavailable
the base of the ratio is not positive
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
unavailable
the base of the ratio is not positive
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
the base of the ratio is not positive

Profitability

Gross margin
8.2%
computed by olivLawFY 2025
EBITDA margin
6.3%
computed by olivLawFY 2025
EBIT margin
-26.0%
computed by olivLawFY 2025
Net margin
-28.4%
computed by olivLawFY 2025
FCF margin
-10.3%
computed by olivLawFY 2025

Returns

ROE
-56.2%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
-12.3%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
-15.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROCE
-17.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
insufficient data
Payout ratio (FCF)
unavailable
the base of the ratio is not positive

Balance sheet

Net debt
290.4 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
16.4x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Debt / equity
3.3x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
-5.0x
computed by olivLawFY 2025

Liquidity

Current ratio
0.8x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
0.6x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.4x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
35.9 m USD
computed by olivLawFY 2025
Capital expenditure
65.0 m USD
computed by olivLawFY 2025
Free cash flow
-29.1 m USD
computed by olivLawFY 2025
FCF conversion
unavailable
insufficient data
Cash conversion
203.2%
computed by olivLawFY 2025

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
52 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
45.7 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
336.0 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-175.4%
computed by olivLawFY 2025
P/B
0.4x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
0.2x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
19.0x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBIT
unavailable
insufficient data
EV/Sales
1.2x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
P/FCF
unavailable
the base of the ratio is not positive
FCF yield
-63.7%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
0.0%
computed by olivLawFY 2025
Shareholder yield (distributions)
0.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

Risk

Altman Z
-1.42
computed by olivLawbalance sheet at 31 Dec 2025

Valuation

olivLaw classification

Insufficient data
What is missing
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

3.09 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 45.7 m USD

Key indicators

Market capitalisation
45.7 m USD
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
unavailable
insufficient data
P/B
0.4x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
19.0x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROE
-56.2%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
-28.4%
computed by olivLawFY 2025
Revenue growth (YoY)
-9.4%
computed by olivLawFY 2025
Dividend yield
0.0%
computed by olivLawFY 2025

Coverage and freshness

32/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 31 Mar 2026
verified 201derived 3

Score by group

71% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the base of the ratio is not positive
  • Peers: EV/EBITDAunavailable · insufficient data
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the base of the ratio is not positive

no valuation method could be computed

Multiple comparisons use the SIC vertical: Motor Vehicles & Passenger Car Bodies (SIC 3711)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Quality-15.1%50 (vs peers)15%
Net margin · Quality-28.4%48 (vs peers)9%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-9.7%0 (on a fixed band)12%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheet16.4x17 (vs peers)15%
Interest coverage · Balance sheet-5.0x0 (on a fixed band)9%
Current ratio · Balance sheet0.8x0 (on a fixed band)6%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuation19.0x0 (on a fixed band)15%
FCF yield · Valuation-63.7%0 (on a fixed band)12%
Shareholder yield (distributions) · Returns0.0%0 (on a fixed band)9%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet8/100 · 3/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality49/100 · 2/3 factors with a value
  • Returns· partial0/100 · 1/2 factors with a value
  • Valuation0/100 · 2/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

GOGORO INC. (GGR). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 281.5 m USD in 2025; YoY growth -9.4%; net margin -28.4%; ROE -56.2%; net debt/EBITDA 16.4x.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • Revenue CAGR 3Y: -9.7%
  • Net debt / EBITDA: 16.4x
  • Interest coverage: -5.0x
  • Current ratio: 0.8x
  • EV/EBITDA: 19.0x
  • FCF yield: -63.7%
  • Shareholder yield (distributions): 0.0%

Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, P/E (TTM), Payout ratio (FCF).

Versus the vertical median

Motor Vehicles & Passenger Car Bodies (SIC 3711) · same industry (4-digit SIC) · compared with 25 companies

Multiples and returns vs the median

P/E
—
vertical median 22.5x
EV/EBITDA
19.0x
vertical median 21.2x
below median (−10.4%)
P/S
0.2x
vertical median 1.5x
below median (−88.9%)
P/B
0.4x
vertical median 2.3x
below median (−81.3%)
ROE
-56.2%
vertical median -4.4%
below median
Net margin
-28.4%
vertical median -17.1%
below median
EBIT margin
-26.0%
vertical median -34.2%
above median
Revenue YoY
-9.4%
vertical median -0.9%
below median
Net debt/EBITDA
16.4x
vertical median 1.0x
above median (+1,495.7%)
Dividend yield
0.0%
vertical median 1.5%
below median (−100.0%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
TSLATesla, Inc.1,522.6 bn424.63.8%3.1%−2.9%−10% / +60%
GMGeneral Motors Company78.0 bn20.66.1%2.1%−1.3%+26% / +192%
PCARPACCAR Inc55.9 bn20.213.7%9.5%−15.5%+1% / +16%
LILi Auto Inc.23.5 bn144.81.6%1.0%−18.8%−37% / −69%
RIVNRivian Automotive, Inc.20.5 bn—-55.0%-45.9%+8.4%−17% / −16%
OSKOshkosh Corporation8.7 bn17.511.0%4.6%−2.9%+12% / +47%
NIONIO Inc.8.2 bn—-302.6%-17.1%+38.9%−40% / −55%
VFSVinFast Auto Ltd.7.8 bn——-175.5%+54.7%+2% / −61%
FSSFederal Signal Corporation7.2 bn24.520.5%11.7%+17.1%+3% / +71%
LCIDLucid Group, Inc.1.3 bn—-571.4%-249.2%+67.6%−75% / −92%
LOTLotus Technology Inc.217.2 m——-89.4%−43.8%−75% / −97%
NIUNiu Technologies115.3 m—-4.4%-0.9%+36.7%−49% / −24%
GGRGogoro Inc.45.7 m—-56.2%-28.4%−9.4%−17% / −94%
WKHSWorkhorse Group Inc.36.2 m——-301.5%+201.1%−69% / −100%
DCXDigital Currency X Technology Inc.21.5 m——-434.9%−27.1%−100% / −100%
FFAIFaraday Future Intelligent Electric Inc.12.2 m—-2,030.5%-21,838.0%−0.6%−100% / −100%
FLYEFly-E Group, Inc.2.8 m—-82.2%-67.9%−25.0%−62% / unavailable
CENNCenntro Inc.434.8 k—-126.6%-423.9%−42.2%−98% / −100%
FFord Motor Co——-18.4%-4.2%+1.2%−5% / +23%
HMCHonda Motor Co., Ltd.——6.7%3.9%+6.2%+16% / +15%
RACEFerrari N.V.——42.9%22.3%+7.0%+10% / +20%
XPEVXpeng Inc.——-7.9%-46.7%unavailable−55% / −41%
STLAStellantis N.V.——-33.0%-14.5%−2.1%−56% / −79%
AIIORobo.ai Inc.———-17,614.9%−92.1%−96% / −100%
TMToyota Motor Corp——13.6%9.9%+6.5%−1% / +5%

1- and 3-year price returns: for GGR from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 31 Mar 2026; since then the company filed 6-K (07 Oct 2026), 6-K (24 Aug 2026), 6-K (21 May 2026), 6-K (29 Apr 2026), 6-K (03 Apr 2026).

    In brief

    Gogoro is a technology company that develops a battery-swapping system for electric scooters and urban two-wheelers, with revenue concentrated almost entirely in the Taiwan market. The company narrowed its net loss in 2025 and improved its gross margin, while recurring subscription income grew and hardware sales fell amid a contracting local market; total operating revenues of 281.5 million USD and a net loss of 80.0 million USD (2025) 1.

    SWOT

    Strengths

    • Leading position in the local ePTW and battery-swapping service market, with a large subscriber base and high retention 1.
    • Integrated ecosystem of hardware, software and services, with extensive intellectual property and its own swapping network 1.
    • Recurring subscription revenue that the company collects in full regardless of vehicle brand 1.

    Weaknesses

    • Historical operating losses and an accumulated deficit, with continued losses expected in the near and medium term 1.
    • Heavy dependence on a single geographic market, exposing the company to local economic and policy changes 1.
    • Declining liquidity and reliance on a director affiliated with the largest shareholder to procure equity financing 1.

    Opportunities

    • International expansion into high-volume PTW markets through OEM partnerships and component sales to operators 1.
    • Monetising second-life batteries and integration into urban infrastructure such as virtual power plant capability 1.
    • Growth in the subscription segment as the customer base and station network expand 1.

    Threats

    • Contraction of the local scooter market and inflationary pressure on consumer demand in Taiwan 1.
    • Intense competition from established makers and new entrants in electric vehicles 1.
    • Changes in government policy and subsidy programs in Taiwan that could affect demand 1.

    Risks

    • Liquidity and financinghigh

      Cash has fallen significantly and the company may struggle to obtain additional financing on acceptable terms 1.

    • Single-market dependencehigh

      Most revenue comes from Taiwan, making the company vulnerable to local economic and political changes 1.

    • Continuing operating lossesmedium

      The company expects losses in the near and medium term, and profitability is not assured 1.

    • Supplier and manufacturer dependencemedium

      The company relies on a limited number of suppliers, and quality or delivery problems could affect shipments 1.

    • Nasdaq listing and dilutionmedium

      The company has fallen below Nasdaq continued listing requirements and seeks to increase authorized shares, which could dilute existing shareholders 1.

    Investment thesis

    What would need to be true (bull case)

    • Leadership in Taiwan battery swapping and a large subscriber base could support growth in recurring revenue as the network expands 1.
    • Gross margin improvement and lower operating expenses in 2025 could signal a more efficient cost structure 1.
    • Partnerships with OEM makers and high-volume international markets could open additional revenue sources if execution succeeds 1.

    What would break the thesis

    • Repeated net losses and low liquidity could limit the company's ability to fund growth without new equity 1.
    • The contraction in Taiwan hardware sales shows vulnerability to local demand and public policy changes 1.
    • Competition and reliance on subsidies could compress margins or reduce demand if incentives are reduced 1.

    What to watch

    • Development of cash position and equity financing from the director affiliated with the largest shareholder2026
    • Hardware sales trend and the launch of new EZZY modelsQ1 2027
    • Evolution of subscriber numbers and battery-swapping service revenuenext 10-K
    • Outcome of the authorized share increase vote and compliance with Nasdaq requirements2026

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 31 Mar 2026; since then the company filed 6-K (07 Oct 2026), 6-K (24 Aug 2026), 6-K (21 May 2026), 6-K (29 Apr 2026), 6-K (03 Apr 2026).

    The business

    Gogoro describes itself as a technology company accelerating the transition to electric urban mobility through its own battery-swapping system and its Smartscooter range 1. The business model has two linked streams: hardware sales, including Gogoro vehicles and kits for OEM partners, and recurring battery-swapping subscriptions that also generate revenue from partner-branded vehicles 1. The company owns the Taiwan swapping network, so all subscription revenue is paid to Gogoro directly 1.

    Activity is geographically concentrated: as of 31 December 2025 the network supported over 665,000 monthly subscribers, and Taiwan accounted for 96% of total revenues in 2025 1. The company manufactures batteries and motors in Taoyuan factories and assembles its vehicles in its own facility 1.

    In 2025 Gogoro went through a restructuring that reduced inventory and operating expenses, which improved profitability, but the company still carries significant accumulated losses 1.

    Market context

    The company operates mainly in the electric two-wheeler (ePTW) market in Taiwan, where it is the leader together with PBGN partners, who accounted for 67.5% of ePTW sales in 2025 1. The average ePTW share of all PTWs over the past three years was 8.9% 1.

    Trends

    • Contraction of the Taiwan scooter marketheadwind

      The Taiwan scooter market, gasoline and electric, contracted and its annual volume was the lowest since 2016, weighing on vehicle sales 1. If this trend persists, hardware revenue could remain under pressure.

    • Growing subscriber basetailwind

      Battery-swapping subscriptions grew with the subscriber base and high retention, suggesting a recurring component of revenue that is becoming more important 1.

    • Gross margin recoverymixed

      Gross margin rose in 2025 on a more favorable product mix, lower inventory write-downs and leaner costs, although margins remain modest 1. Whether this continues would depend on sales volumes.

    • Reliance on government subsidiesheadwind

      The company notes that reductions or eliminations of government incentives in Taiwan could raise the price of its products and dampen customer demand 1.

    Competitive position

    Gogoro faces competition from traditional combustion-engine scooter makers and from new entrants in electric vehicles, a growing list of established and new players according to the company's report 1. Its advantage rests on its own swapping network and its ecosystem of OEM partners.

    The company differentiates through end-to-end swapping technology and intellectual property, holding 146 issued US patents and 755 issued foreign patents 1. For OEM partners the system is offered as a turn-key platform that could reduce the cost of transitioning to electric 1.

    • Traditional scooter and motorcycle makers (ICE)

      Combustion-engine scooter makers make up most of the Taiwan PTW market and compete directly in the urban segment 1.

    • OEM makers launching ePTWs

      Partners developing vehicles compatible with the PBGN network are also competitors insofar as they offer their own electric solutions 1.

    • New entrants in urban electric vehicles

      The company notes that its competitor list includes new players, which could intensify pressure on prices and market share 1.

    • Other battery-swapping solution providers

      Competition for battery-swapping infrastructure in urban energy is a risk factor the company itself identifies 1.

    News & filings

    In the press

    The latest news item in our archive is from 31 Aug 2026; the newest SEC filing is from 07 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

    Sources

    1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Gogoro Inc. · 31 Mar 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.