Gogoro releases Q2 2022 financial results.
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Gogoro releases Q2 2022 financial results.

The Q2 2022 results show that the total battery swapping monthly subscribers of Gogoro increased to more than 484,000 at the end of the second quarter.

Taiwan-based Battery swapping technology maker Gogoro released its financial results for Q2 2022. In the second quarter, the company generated a revenue of $90.7 million.

Despite the impact of COVID and continued adverse market conditions in Taiwan and other growth markets, the revenue grew by 5.3% year-over-year.

Gogoro revealed that its revenue was negatively impacted by the approximately 6.7% change in the exchange rate between TWD (New Taiwan dollar), the company’s booking currency, and USD, its reporting currency, since the beginning of the year.

Gogoro’s total battery swapping monthly subscribers increased to more than 484,000 at the end of the second quarter. The sales of Gogoro vehicles for the first half of 2022 grew by 3.5% compared to the first half of 2021.

Horace Luke, founder, chairman, and chief executive officer of Gogoro, said: Despite the broad second quarter impact COVID had in Taiwan and across the region, Gogoro’s second quarter year-over-year revenue increased by 5.3% to $90.7 million. Our revenue would have been marginally higher had it not been for the negative impact of the currency exchange rate between the New Taiwan Dollar and the USD, that amounted to approximately 6.7% since the beginning of the year. Notably, Gogoro Network revenue saw a 29.1% year-over-year increase to $30.4 million, driven by an increase in total subscribers and the recurring nature of our business model.

These results demonstrate the strength and potential growth of our battery swapping ecosystem in Taiwan and in our new markets, but given the current adverse market conditions, global macroeconomic challenges, and COVID uncertainty, we are taking a conservative approach to our second half business plans.

Click here for the full financial result.

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