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Gogoro
(NASDAQ:GGR)
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Rating:49Neutral
Price Target:
$2.50
▼(-6.72% Downside)
Action:Reiterated
Date:08/27/26
The score is held back primarily by weak financial quality (ongoing net losses and high leverage despite improving margins and cash flow) and bearish technical trend signals. The key offset is improving execution highlighted on the earnings call—record gross margin, positive adjusted EBITDA, stronger operating cash flow, and reaffirmed revenue guidance—while valuation remains difficult to assess due to negative earnings and no dividend support.
Positive Factors
Recurring Network Revenue
A growing subscriber base strengthens Gogoro’s recurring revenue model and improves utilization of its battery-swapping infrastructure. Greater network density can reinforce customer retention, asset productivity and the long-term economics of the ecosystem.
Negative Factors
High Financial Leverage
Elevated leverage and deeply negative returns on equity constrain financial flexibility while the company remains unprofitable. A weaker operating period or additional investment requirement could increase refinancing pressure and limit resources for growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring Network Revenue
A growing subscriber base strengthens Gogoro’s recurring revenue model and improves utilization of its battery-swapping infrastructure. Greater network density can reinforce customer retention, asset productivity and the long-term economics of the ecosystem.
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
$39.30M
Dividend YieldN/A
Average Volume (3M)68.70K
Price to Earnings (P/E)―
Beta (1Y)1.00
Revenue Growth-1.28%
EPS Growth66.22%
CountryUS
Employees1,416
SectorConsumer Cyclical
Sector Strength84
IndustryAuto - Manufacturers
Share Statistics
EPS (TTM)-3.05
Shares Outstanding14,773,513
10 Day Avg. Volume170,439
30 Day Avg. Volume68,696
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusHold
Number of Analyst Covering1
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 (1) product sales and (2) recurring network/energy services tied to its battery-swapping ecosystem, with additional revenue from partnerships and licensing-type arrangements.
1) Electric scoot...
Gogoro Earnings Call Summary
Earnings Call Date:Aug 24, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Positive
The call highlighted meaningful operational and financial progress: revenue returned to year-over-year growth, gross margin hit a five-year high, operating cash flow rose strongly (>70% H1 YoY), adjusted EBITDA turned positive at $19.3M, and product launches drove customer traction and subscriber expansion (~677k). Management reaffirmed full-year guidance and expects the battery-swapping business to reach non-IFRS profitability this year. Remaining challenges include ARPS pressure from entry-level vehicle mix, rising material costs and FX headwinds, continued GAAP net losses (albeit improved), only modest market share (~6%) and overseas contributions that are still emerging. On balance, the positive operational momentum and structural improvements appear to outweigh the risks and short-term challenges.Positive Updates
Revenue Returned to Growth
Q2 revenue of $70.6 million, a 7.3% year-over-year increase (approximately 10% growth on a constant currency basis), driven by stronger Gogoro-branded scooter sales (EZZY family and initial Luna deliveries) and WeMo fleet deliveries.
Negative Updates
Average Revenue Per Subscriber Pressure
Average revenue per subscriber (ARPS) was modestly impacted by a continued mix shift toward entry-level vehicles, partially offset by subscriber growth—indicating margin pressure within the recurring revenue stream.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Returned to Growth
Q2 revenue of $70.6 million, a 7.3% year-over-year increase (approximately 10% growth on a constant currency basis), driven by stronger Gogoro-branded scooter sales (EZZY family and initial Luna deliveries) and WeMo fleet deliveries.
Read all positive updates
Company Guidance
Gogoro reaffirmed full-year 2026 revenue guidance of $285–$305 million, supported by Q2 revenue of $70.6 million (up 7.3% YoY, ~10% on a constant currency basis), a Q2 gross margin of 22.6% (the highest in over five years), recovery in market share to ~6%, and a subscriber base of ~677,000; management also highlighted that EZZY made up more than one‑third of scooter sales revenue, adjusted EBITDA rose to $19.3 million, net loss improved by >$21.6 million YoY, H1 operating cash flow grew by >70% YoY, cash and cash equivalents were $68.8 million, and the Gogoro Network battery‑swapping business is on track to achieve non‑IFRS profitability this year.Gogoro Financial Statement Overview
Summary
Income Statement
38
Negative
Balance Sheet
30
Negative
Cash Flow
45
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 285.58M | 281.48M | 310.64M | 349.85M | 382.83M | 366.01M |
| Gross Profit | 48.62M | 23.16M | 7.93M | 50.94M | 57.71M | 61.09M |
| EBITDA | 53.27M | 25.60M | -11.61M | 34.26M | 7.67M | 38.55M |
| Net Income | -47.65M | -79.97M | -122.75M | -76.04M | -98.91M | -67.36M |
Balance Sheet | ||||||
| Total Assets | 575.45M | 601.57M | 700.43M | 834.23M | 873.42M | 844.40M |
| Cash, Cash Equivalents and Short-Term Investments | 68.84M | 70.57M | 117.15M | 173.88M | 236.10M | 217.43M |
| Total Debt | 355.29M | 388.26M | 393.18M | 440.31M | 402.65M | 461.06M |
| Total Liabilities | 463.13M | 493.33M | 523.89M | 585.54M | 574.45M | 720.69M |
| Stockholders Equity | 112.33M | 108.24M | 176.54M | 248.69M | 298.97M | 123.71M |
Cash Flow | ||||||
| Free Cash Flow | 2.81M | -29.74M | -114.65M | -58.72M | -188.48M | -47.61M |
| Operating Cash Flow | 46.75M | 31.12M | 9.85M | 59.09M | -64.79M | 80.79M |
| Investing Cash Flow | 9.31M | -56.86M | -128.72M | -136.63M | -101.10M | -41.52M |
| Financing Cash Flow | -75.43M | -22.61M | 33.81M | 15.15M | 186.40M | 61.76M |
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% | |
49 Neutral | $39.30M | -0.88 | -40.61% | ― | -1.28% | 66.22% | |
| ― | ― | ― | ― | ― | ― | ― | |
52 Neutral | $63.69M | -1.53 | -46.40% | ― | 90.68% | 70.00% | |
48 Neutral | $102.91M | -0.94 | -118.08% | ― | 41.09% | 9.05% | |
47 Neutral | $1.09B | -81.25 | -210.69% | ― | 56.22% | 93.61% | |
38 Underperform | $374.58M | -19.02 | 7.21% | ― | 10.74% | 85.17% |
* Consumer Cyclical Sector Average
GGR
Gogoro
2.69
-4.27
-61.35%
LAZR
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―
―
―
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16.25
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0.35
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LIDR
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1.33
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ECX
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1.01
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-37.65%
Gogoro Corporate Events
Gogoro Q2 2026 Results Mark Cash Flow Strength and Market-Share Rebound
Aug 24, 2026
On August 24, 2026, Gogoro reported financial results for the second quarter ended June 30, 2026, highlighting a fifth consecutive quarter of positive operating cash flow and its strongest gross margin in more than five years. The company reduced ...
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.