Gogoro Inc.
GGR, GGROW · Motor Vehicles & Passenger Car Bodies · EDGAR filings ↗
Grade
D48Loss-making Taiwan EV/battery-swap leader with improving cash flow but declining revenue, heavy leverage and a Nasdaq delisting threat.
Strengths
- Resilient subscription/battery-swap revenue (+8.1%) and positive operating cash flow (ocf margin 12.8%, 86th pct); ~9.7-quarter runway (90th pct)
- Market-leading ePTW franchise in Taiwan (~67.5% of ePTW sales) with a real moat in swapping network
Risks
- Deep losses (net margin -28%, ROE -74%, 23rd pct) and revenue declining -9.4% (26th pct)
- Distress-adjacent leverage (debt/equity 3.3, 100th pct), current ratio 0.76, Nasdaq non-compliance and dependence on a single shareholder for financing
Notable findings
- No interest coverageInterest coverage -5.00 (cannot cover interest)
- High leverageHigh leverage (debt/equity 3.33)
- Net lossNet loss (net margin -28.4%)
- Cash burnNegative free cash flow (-29.1M)
- Weak liquidityCurrent ratio 0.76 (<1)
Key metrics
Gross margin
8.2%
Operating margin
-26.0%
Net margin
-28.4%
Return on equity
-73.9%
Return on assets
-13.3%
ROIC
-12.3%
Revenue growth (QoQ)
-9.4%
Debt / equity
3.3×
Interest coverage
-5.0×
Current ratio
0.8×
Free cash flow
-$29M
Tangible book value
$108M
Cash & investments
$71M
Cash runway
10q
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-03-31 | 2025-12-31 | 0001886190-26-000013 ↗ |
| 20-F | 2025-03-31 | 2024-12-31 | 0001886190-25-000017 ↗ |
| 20-F | 2024-03-29 | 2023-12-31 | 0001886190-24-000015 ↗ |
| 20-F | 2023-03-31 | 2022-12-31 | 0001886190-23-000011 ↗ |
| 20-F | 2022-05-02 | 2021-12-31 | 0001886190-22-000006 ↗ |