Gogoro has just reported its Q3 results, and scooter sales revenues have continued to fall. Meanwhile, the battery revenues are on the rise, a natural occurrence since the vehicle parc continues to increase.
The Numbers
Gogoro’s revenue in Q3 2025 was USD 77.6 million, a 10.7% decline from revenue of USD 86.86 million in Q3 2024. However, the revenues were the best in the last four quarters. Traditionally, the seasonality in Taiwan favors Q3 sales, and Gogoro’s Q3 has always been the best quarter of the year.
Battery vs Vehicle Revenue Split
Gogoro’s vehicle sales declined sharply once again, from USD 51.97 million in Q3 2024 to USD 38.7 million in Q3 2025. This 25.5% decline is in line with the declining Taiwanese two-wheeler market.
Meanwhile, there is an improvement in battery swapping revenues as the vehicle parc on Gogoro’s swap network keeps increasing. Battery swapping revenues were USD 38.9 million, a 11.5% improvement from the swapping revenues from Q3 2024.
Improvement in Margins and Controlled Losses
For the quarter, Gogoro improved Gross profit from USD 4.68 million in Q3 2024 to USD 9.49 million. This is a significant, 103% jump in gross profits, driven by a control in manufacturing and product costs, which declined from USD 82.1 million to USD 68.1 million, in the same period.
The improvement in Gross Profit meant that Gogoro is now operating at a Gross Margin of 12.2%, against a Gross Margin of 5.4% in Q3 2024.
On an EBITDA basis, Gogoro reported a loss of USD 13.5 million, a 44.9% improvement from EBITDA loss of USD 24.52 million in Q3 2024.
This also improved the Net Loss to USD 14.94 million, from USD 18.2 million, a year back.
Change in Product Mix
Gogoro’s best selling scooter is now the EZZY and EZZY 500. These are cheaper and lighter scooters, aimed at the emerging bottom-end of the market. The EZZY (the relaunched Jego) uses a 2.5 kW hub motor while the EZZY 500 has the same 7.6 kW motor as the S2 range.
Similarly, Yamaha, Gogoro’s most successful network partner in Taiwan, has launched the CUXiE, an entry l;evel scooter that uses the same motor as the EZZY.
This move to lower priced products will likely have a detrimental impact on the revenues. However, it is likely that Gogoro has better margins here and may be able to improve profitability.
The Challenge of Taiwan
The Taiwanese market had its worst quarter ever with two-wheeler sales of 195,587 units. Electric scooter sales were at 14,947 units. We discussed the growing difficulties in the Taiwan market in a recent analysis.
InsightEV – Global Electric Mobility
