Gogoro Inc. reported total revenue of $86.9 million for the third quarter ended September 30, 2024, marking a 5.3% decrease year-over-year, or 3.4% on a constant currency basis. The company's gross margin declined to 5.4% from 18.3% in the same quarter last year, primarily due to $2.7 million in derecognition expenses and $4.9 million in costs associated with battery upgrade initiatives.
The net loss for Q3 2024 increased to $18.2 million, compared to a net loss of $3.1 million in the prior year's quarter. Despite these challenges, adjusted EBITDA saw a slight increase to $14.1 million from $13.1 million year-over-year, driven by a $5.4 million decrease in operating expenses from cost-saving initiatives.
Gogoro also disclosed receiving a Nasdaq Listing Compliance Notice due to its stock price falling below the minimum bid requirement, alongside the resignation of its CEO and a government inquiry into imported parts. The company updated its full-year 2024 revenue guidance to the lower range of $305 million to $315 million, anticipating continued negative impact on gross margin from ongoing battery upgrades through 2025.
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