Gogoro Inc. reported a total revenue of $73.0 million for the fourth quarter of 2024, a 20.2% decrease year-over-year, and a full-year 2024 revenue of $310.5 million, down 11.2% from 2023. The company's Q4 gross margin was negative (8.1)%, and the full-year gross margin was 2.4%, significantly impacted by battery upgrade initiatives and a shift towards lower-margin entry-level models.
The net loss for Q4 2024 widened to $71.8 million, and the full-year net loss reached $123.2 million, primarily due to a $29.9 million increase in other operating expenses, including impairment losses, and a decrease in gross profit. Despite these losses, full-year adjusted EBITDA saw a slight increase to $46.5 million from $45.5 million in 2023, driven by $11.8 million in operating expense reductions from cost-saving initiatives.
Gogoro announced $34.0 million in non-cash impairment charges for manufacturing assets in China, India, and Taiwan, along with $4.8 million for exit activities and $3.3 million for customer care programs in 2024. The company projects approximately $25 million in savings for 2025 and reaffirmed its long-term profitability targets, aiming for its energy business to be non-IFRS profitable by 2026 and its hardware sales business by 2028.
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