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Gogoro
(NASDAQ:GGR)
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Rating:49Neutral
Price Target:
$4.00
▲(28.21% Upside)
Action:Reiterated
Date:05/22/26
The score is held back mainly by weak financial performance (multi-year revenue decline, persistent losses, and high leverage) despite improving operating cash flow. The latest earnings call adds support via stronger margins (~20%), positive operating cash flow, and clear profitability milestones for the network in 2026, but execution and capital needs remain meaningful risks. Technicals and valuation are neutral overall.
Positive Factors
Recurring revenue & subscriber base
A 670k subscriber base and recurring battery-swapping revenue growth indicate sticky, subscription-like demand and rising network utilization. This recurring engine provides predictable cash inflows and platform lock-in, supporting margin leverage and long-term service monetization as the network scales.
Negative Factors
Multi-year revenue decline and persistent losses
A prolonged top-line decline and sustained negative margins mean the company must convert operational improvements into sustained revenue growth. Without durable revenue recovery, improved EBITDA risks being insufficient to achieve consistent net profitability and positive free cash flow.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring revenue & subscriber base
A 670k subscriber base and recurring battery-swapping revenue growth indicate sticky, subscription-like demand and rising network utilization. This recurring engine provides predictable cash inflows and platform lock-in, supporting margin leverage and long-term service monetization as the network scales.
Read all positive factors
Gogoro Key Performance Indicators (KPIs)
Any
Operating Revenue by Segment
Breaks down revenue into areas like scooter sales, battery subscriptions, network services and licensing. The mix reveals whether revenue is driven by one-time hardware sales or by recurring, higher-visibility subscription income—crucial for judging profitability, predictability and long-term growth potential.
Breaks down revenue into areas like scooter sales, battery subscriptions, network services and licensing. The mix reveals whether revenue is driven by one-time hardware sales or by recurring, higher-visibility subscription income—crucial for judging profitability, predictability and long-term growth potential.
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The Fly
The FlyGogoro (GGR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$56.14M
Dividend YieldN/A
Average Volume (3M)31.20K
Price to Earnings (P/E)―
Beta (1Y)1.09
Revenue Growth-7.77%
EPS Growth48.67%
CountryUS
Employees1,416
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Manufacturers
Share Statistics
EPS (TTM)-3.38
Shares Outstanding14,773,513
10 Day Avg. Volume39,960
30 Day Avg. Volume31,204
Financial Highlights & Ratios
PEG Ratio0.10
Price to Book (P/B)7.47
Price to Sales (P/S)2.87
P/FCF Ratio-27.19
Enterprise Value/Market Cap6.44
Enterprise Value/Revenue1.29
Enterprise Value/Gross Profit11.00
Enterprise Value/Ebitda10.33
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-6.2
Revenue Forecast (FY)$292.84M
Gogoro Business Overview & Revenue Model
Company Description
Gogoro Inc., established in 2011 and headquartered in Taoyuan City, Taiwan, specializes in the development and production of electric two-wheeled vehicles. Their product lineup prominently features smart electric scooters equipped with an electric...
How the Company Makes Money
Gogoro primarily makes money through a combination of hardware, recurring energy/network services, and platform partnerships. (1) Vehicle and hardware-related revenue: Gogoro generates revenue from electric scooters and from selling or supplying r...
Gogoro Earnings Call Summary
Earnings Call Date:May 21, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call emphasized meaningful operational and structural progress—material gross margin expansion to ~20%, positive operating cash flow, EBITDA growth, strong unit sales and subscriber growth, and cost savings from the battery program—while acknowledging near-term top-line transitions, hardware ASP dilution, ongoing net loss, Taiwan concentration, and required CapEx for expansion. Management conveyed cautious optimism with clear milestones (network profitability in 2026, hardware profitability target 2028) and secured initial committed funding, offsetting some execution risks tied to overseas scaling and timing of revenue recognition.Positive Updates
Gross Margin Expansion and Convergence
IFRS gross margin expanded to 20.4% (from 4.9% YoY), closely aligning with non-IFRS gross margin of 20.5%; margin improvement driven by completed voluntary battery upgrade program and production absorption.
Negative Updates
Revenue Slightly Declined
Total Q1 revenue was $62.9 million, down 1.1% year-over-year, reflecting a deliberate hardware mix shift and near-term top-line transitions.
Read all updates
Q1-2026 Updates
Positive
Negative
Gross Margin Expansion and Convergence
IFRS gross margin expanded to 20.4% (from 4.9% YoY), closely aligning with non-IFRS gross margin of 20.5%; margin improvement driven by completed voluntary battery upgrade program and production absorption.
Read all positive updates
Company Guidance
Gogoro guided full‑year 2026 revenue of $285–$305 million, reiterated the Gogoro network battery‑swapping business is expected to achieve non‑IFRS profitability in 2026 (hardware targeting non‑IFRS profitability in 2028), and allocated roughly $30 million of 2026 CapEx for targeted network upgrades (including GoStation Q: 1/3 the footprint, standard 220V, faster charging) while planning a Vietnam pilot in Q2 and a premium vehicle launch in June to help lift ASPs; management said it expects to sustain gross margins around the ~20% level (IFRS 20.4%, non‑IFRS 20.5% in Q1) but gave no specific margin outlook. The guidance is supported by Q1 anchors: total revenue $62.9M (‑1.1% YoY), battery swapping revenue $36.6M, hardware/other $26.3M (‑9.8%), 670,000 subscribers (+4% YoY), scooter sales 6,216 units (+32.8%), consolidated Gogoro+partner sales 7,219 units (80.6% share of Taiwan EV market), adjusted EBITDA $16.3M (+$2M YoY), net loss narrowed to $7.9M (improved $10.7M YoY), positive operating cash flow $3.1M (a $12M YoY improvement), cash balance $77.3M and a $16.7M equity injection (first tranche of an $80M facility).Gogoro Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
34
Negative
Cash Flow
41
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 280.77M | 281.48M | 310.64M | 349.85M | 382.83M | 366.01M |
| Gross Profit | 32.88M | 23.16M | 7.93M | 50.94M | 57.71M | 61.09M |
| EBITDA | 35.01M | 25.60M | -11.61M | 34.26M | 7.67M | 38.55M |
| Net Income | -69.29M | -79.97M | -122.75M | -76.04M | -98.91M | -67.36M |
Balance Sheet | ||||||
| Total Assets | 589.84M | 601.57M | 700.43M | 834.23M | 873.42M | 844.40M |
| Cash, Cash Equivalents and Short-Term Investments | 77.30M | 70.57M | 117.15M | 173.88M | 236.10M | 217.43M |
| Total Debt | 379.75M | 388.26M | 393.18M | 440.31M | 402.65M | 461.06M |
| Total Liabilities | 473.30M | 493.33M | 523.89M | 585.54M | 574.45M | 720.69M |
| Stockholders Equity | 116.54M | 108.24M | 176.54M | 248.69M | 298.97M | 123.71M |
Cash Flow | ||||||
| Free Cash Flow | -4.10M | -29.74M | -114.65M | -58.72M | -188.48M | -47.61M |
| Operating Cash Flow | 47.89M | 31.12M | 9.85M | 59.09M | -64.79M | 80.79M |
| Investing Cash Flow | -51.27M | -56.86M | -128.72M | -136.63M | -101.10M | -41.52M |
| Financing Cash Flow | -9.25M | -22.61M | 33.81M | 15.15M | 186.40M | 61.76M |
Gogoro Technical Analysis
Negative
3.12
Price Trends
3.98
Negative
3.85
Negative
3.83
Negative
Market Momentum
-0.04
Positive
40.99
Neutral
22.76
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GGR, the sentiment is Negative. The current price of 3.12 is below the 20-day moving average (MA) of 3.94, below the 50-day MA of 3.98, and below the 200-day MA of 3.83, indicating a bearish trend. The MACD of -0.04 indicates Positive momentum. The RSI at 40.99 is Neutral, neither overbought nor oversold. The STOCH value of 22.76 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GGR.
Gogoro Risk Analysis
Gogoro disclosed 95 risk factors in its most recent earnings report. Gogoro reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 3 New Risks
1.
Any breaches in data security, failure of information security systems or privacy concerns in India can adversely impact our financial condition or subject us to penalties, damage our reputation, and harm our business operations and cash flows. Q4, 2023
2.
Computer malware, viruses, ransomware, hacking, phishing attacks and similar disruptions could result in security and privacy breaches and interruption in service, which could harm our business. Q4, 2023
3.
Electric vehicles manufactured by us are subject to motor vehicle standards prescribed by the Automotive Research Association of India ("ARAI") and any changes in the standards prescribed or any failure to satisfy such standards can materially and adversely affect our business operations. Q4, 2023
Gogoro Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
50 Neutral | $431.66M | -8.25 | 4.95% | ― | -0.39% | 57.71% | |
49 Neutral | $56.14M | -1.13 | -54.47% | ― | -7.77% | 48.67% | |
48 Neutral | $1.34B | -7.56 | 691.75% | ― | 103.11% | 7.34% | |
48 Neutral | $134.81M | -1.63 | -101.64% | ― | 29.57% | 13.83% | |
45 Neutral | $60.67M | -1.11 | -56.22% | ― | 9.76% | 68.22% |
* Consumer Cyclical Sector Average
GGR
Gogoro
3.82
-2.76
-41.95%
AEVA
Aeva Technologies
18.68
-8.88
-32.24%
INVZ
Innoviz Technologies
0.63
-1.00
-61.29%
LIDR
AEye Inc
1.25
0.19
17.92%
ECX
ECARX Holdings
1.24
-0.84
-40.38%
Gogoro Corporate Events
Gogoro Narrows Losses and Lifts Margins in Q1 2026 as Battery-Swapping Business Gains Traction
May 21, 2026
On May 21, 2026, Gogoro reported first-quarter 2026 results showing operating cash flow improving to $3.1 million from a negative $8.9 million a year earlier, alongside a narrower net loss of $7.9 million versus $18.6 million. Revenue dipped 1.1% ...
Gogoro Shareholders Approve Major Increase in Authorized Capital at 2026 AGM
Apr 29, 2026
Gogoro Inc., a Taiwan-based technology company and global leader in battery-swapping ecosystems for electric mobility, serves nearly 700,000 riders who have completed more than 800 million battery swaps across over 2,700 GoStation locations. The c...
Gogoro Corrects Share Capital Increase Resolution Ahead of April 28 AGM
Apr 3, 2026
On April 3, 2026, Gogoro Inc. filed a Form 6-K in the United States disclosing a supplement to its March 20 notice of annual general meeting, scheduled for April 28, 2026 in Taipei. The filing confirms Gogoro continues to report as a foreign priva...
Gogoro Sets April 28, 2026 Date for Annual General Meeting in Taipei
Mar 20, 2026
On March 20, 2026, Gogoro announced it will hold its 2026 Annual General Meeting of Shareholders in Taipei on April 28, 2026, with shareholders of record as of March 13, 2026 entitled to vote. The company will provide its AGM materials and 2025 au...
Gogoro Secures US$16.7 Million Equity Injection From Largest Shareholder Gold Sino
Mar 12, 2026
On March 12, 2026, Gogoro reported it had signed a Share Purchase Agreement on March 11, 2026 with its largest shareholder, Gold Sino Assets Limited, for a new equity investment of about US$16.7 million. Under the deal, Gold Sino will subscribe to...
Gogoro Eases Covenants on NT$10.7 Billion Syndicated Loan, Secures New Equity Commitments
Mar 6, 2026
On March 4, 2026, Gogoro executed a second supplemental agreement amending its NT$10.7 billion syndicated loan facility, originally signed in September 2022 and carrying an outstanding principal of about NT$8.334 billion at year-end 2025. The amen...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.