Gogoro has just released its Q4 2025 results, and there are plenty of green shoots, though the overall narrative has not changed much.
The Numbers
For Q4 2025, Gogoro reported revenue of USD 74.4 million. This is only a 1.7% improvcement over Q4 2024 revenue of USD 73.0 million. Within this, USD 38.0 million came from battery swapping, and the rest (USD 36.4 million) came from hardware (scooters & accessories) sales.
Within these headers, the trends have not changed much. Swapping revenues are on an uptrend and improved 5.9% year-on-year. For the full year, swapping revenues were USD 149.0 million, up 8.1% year-on-year.
Hardware revenues continue to decline and were down 2.3% year-on-year. This was still a better quarter, as the full-year numbers were even worse. For the full-year, hardware revenues were USD 132.5 million, down 23.3% year-on-year.
In a nutshell, swapping revenues are improving slowly as the vehicle parc increases. Meanwhile, scooter sales revenues are falling hard. Gogoro would like the trends to reverse, but that may not be happening for a few quarters at least.
Overall, Gogoro closed 2025 with revenues of USD 281.5 million, down 9.4%.
Vehicle Sales Dropped
Hardware sales contraction was driven by a 46.3% drop in vehicle sales. The Taiwanese market remained slow even though the economy grew. Overall, demographics do not favour a resurgence in Taiwanese scooter sales. What also did not help was reduced government subsidies and higher vehicle prices, alongside weak consumer confidence and modest wage growth in non‑tech service sectors.
Annual scooter sales in Taiwan contracted 5.9% over 2024, its lowest volume since 2016. Historically, Taiwan’s scooter market has always remained within a range and never really taken off.
Gogoro stated that they navigated the dip better due to a favorable product mix with higher-priced products. Hardware revenues also benefited from increased sales of components and accessories to PBGN partners.
The Green Shoots: Reduced Losses
When your revenue is constrained by demographics and the overall market, cost-cutting is the only avenue left. Arguably, Gogoro did it well this quarter, and the gross margin nearly doubled to 14.3%, from 7.4% in the same quarter last year. For the full year, the gross margin was 8.3%, up from 2.6% last year.
The EBITDA saw a significant improvement in Q4 2025, jumping to USD 12.9 million, up from USD 7.0 million in Q4 2024. For the full year, the EBITDA was USD 59.9 million, up from USD 44.7 million last year.
This improved the loss situation. For Q4 2025, the net loss was USD 20.8 million, compared to a net loss of USD 71.3 million in the same quarter last year. For the full year, the net loss was USD 80.8 million, compared to a net loss of USD 122.8 million last year.
Senior Management Speak
“2025 was a year of hard choices, but they were essential for Gogoro’s
next chapter”“While revenue declined, we deliberately stepped back to simplify and strengthen the business—consolidating our product portfolio, optimizing our product mix, tightening operating discipline, and improving inventory flow and supply chain execution. We chose long-term sustainability over short-term results, and that choice is now clearly reflected in our significantly improved bottom line, gross margin, and operating cash flow. This progress was the result of Gogoro teams working together across the Company with focus, discipline, and shared accountability. In 2025, our people collectively delivered outstanding operational results and translated tough decisions into real financial improvement. As we enter 2026, we are re-energizing our product roadmap, deepening engagement with our core customers, and preparing to reaccelerate growth from a much stronger, more focused foundation.” – Henry Chiang, CEO of Gogoro.
Closing Comments
Gogoro is on a familiar trajectory – declining hardware revenues and increasing swapping revenues. As a business model, the energy arbitrage model is a great one if that is what you want to do.
Gogoro is different.
They make some of the world’s best scooters, and it’s a pity that their engineering strength is overshadowed by (what effectively is) financial modeling.
The battery swapping model puts severe geographical and hardware constraints on them, and they need to run at least a parallel, alternative model to expand. As of now, the continued existence of the company depends on future fundraising.
