Gogoro Inc (GGR) 2025 Q1 法說會逐字稿

Welcome to the Gogoro in 2025 1st quarter earnings call. This conference call is being recorded and broadcast live on the internet. Webcast replay will be available within an hour after the conference is finished. I'd now like to turn the call over to Gogoro team.

歡迎參加 Gogoro 2025 年第一季財報電話會議。本次電話會議正在錄製並在網路上直播。會議結束後一小時內將提供網路直播重播。現在我想把電話交給 Gogoro 團隊。

Welcome to Gogoro 2025 1st quarter earnings conference call hosted by our interim CEO Henry Chiang and myself, CFO Bruce Aitken.

歡迎參加 Gogoro 2025 第一季財報電話會議，由我們的臨時執行長 Henry Chiang 和我本人、財務長 Bruce Aitken 主持。

Hopefully by now you've seen our earnings release. If you haven't, it's available on the investor relations tab of our website, investor.Gogoro.com.

希望您現在已經看到了我們的收益報告。如果您還沒有，可以在我們網站 investor.Gogoro.com 的投資者關係標籤上找到。

We are hosting our earnings conference call via live webcast through Gogoro's website where you can also download all of the earnings release materials.

我們將透過 Gogoro 網站以網路直播的方式舉辦收益電話會議，您也可以在該網站上下載所有收益發佈資料。

We will be displaying the materials on the webcast screen as we go.

我們將在網路直播畫面上顯示這些資料。

If you're joining us through the conference call, your dial-in lines are in listen-only mode.

如果您透過電話會議加入我們，您的撥入線路將處於只聽模式。

Henry will provide an overview of Gogoro's progress.

Henry 將概述 Gogoro 的進展。

I will then go into the first quarter financial results in more detail, and we will open the line for questions and answers and answer as many questions as we can.

然後我將更詳細地介紹第一季的財務業績，我們將開放問答熱線並盡可能回答問題。

As usual, we would like to remind everyone that today's discussion may contain forward-looking statements that are subject to risks and uncertainties which could cause actual results to differ materially from those contained in the forward-looking statements.

像往常一樣，我們想提醒大家，今天的討論可能包含前瞻性陳述，這些陳述受風險和不確定性的影響，可能導致實際結果與前瞻性陳述中的結果有重大差異。

Please refer to the forward-looking statements that appear in our press release and investor relations presentation provided today.

請參閱我們今天提供的新聞稿和投資者關係介紹中的前瞻性陳述。

Additionally, many of the financial figures we will use in our webcast are on a non IFRS basis. For details about the non IFRS measures and reconciliation to the corresponding IFRS measures, please refer to our earnings release.

此外，我們在網路廣播中使用的許多財務數據都是非國際財務報告準則 (IFRS) 為基礎的。有關非國際財務報告準則指標及與相應國際財務報告準則指標的調節的詳細信息，請參閱我們的收益報告。

And now I would like to turn the call over to Henry.

現在我想把電話轉給亨利。

Thank you.

謝謝。

Good morning and good evening, everyone, and thank you for joining us for Gogoro's first quarter earnings call for 2025.

大家早安、晚上好，感謝大家參加 Gogoro 2025 年第一季財報電話會議。

The word that best describes our hard work in the last quarter of 2024 and the first quarter of 2025 is focus. We are focused on delivering a great experience for our customers, predictable financial results, and a clear vision for the future. We are executing our plan.

最能描述我們在 2024 年最後一個季度和 2025 年第一季的辛勤工作的詞是專注。我們致力於為客戶提供卓越的體驗、可預測的財務表現以及清晰的未來願景。我們正在執行我們的計劃。

We have spoken repeatedly about our business priorities in our energy business and our vehicle business.

我們已多次談到我們的能源業務和汽車業務的業務重點。

Our profitability timeline commitment remains unchanged.

我們的獲利時間表承諾維持不變。

Achieve break even in the energy business by 2026, generate positive free cash flow in the energy business in 2027, and break even in the vehicle business in 2028. There is significant progress to report in each area.

至2026年，能源業務達到收支平衡；到2027年，能源業務產生正的自由現金流；到2028年，汽車業務達到收支平衡。每個領域都取得了重大進展。

The results of our focus on resetting are clear.

我們專注於重置的結果是顯而易見的。

In the first quarter, we achieved a non-IFRS gross margin of 18.2%. And reduced operating expenses by 9.9 million.

第一季度，我們實現了非國際財務報告準則下的毛利率18.2%。並減少了990萬的營運費用。

A full 32.1% reduction versus the first quarter of 2024. Fundamentally, our focus on efficiency is paying off, which we see in a reduced adjusted net loss by 36.5% to 10.9 million in the first quarter from 17.2 million in the first quarter of 2024.

與 2024 年第一季相比，下降了 32.1%。從根本上說，我們對效率的關注正在獲得回報，我們看到調整後的淨虧損從 2024 年第一季的 1,720 萬減少 36.5% 至第一季的 1,090 萬。

Additionally, adjusted EBITDA is 14.3 million in the first quarter versus 10.2 million in the first quarter of 2024.

此外，第一季調整後的 EBITDA 為 1,430 萬，而 2024 年第一季為 1,020 萬。

These results have been achieved despite a year over year drop of 8.7% in revenue for the first quarter.

儘管第一季營收年減 8.7%，但仍取得了這些成績。

Based on the early positive results of our strategy reset, we have received a new $2 billion approximately $61.5 million US dollar credit facility, which both provides capital for growth and also indicates market confidence in our plans for the future.

基於我們策略重置的早期積極成果，我們獲得了新的 20 億美元（約 6,150 萬美元）信貸額度，這既為成長提供了資金，也表明了市場對我們未來計劃的信心。

Energy business. Our core energy business continues to perform as expected.

能源業務。我們的核心能源業務持續表現符合預期。

In the first quarter, we recorded revenue of 34.5 million in the Gogoro network business, in line with our projections and showing 6.2% growth versus the first quarter of 2024.

第一季度，Gogoro 網路業務營收為 3,450 萬美元，符合我們的預期，較 2024 年第一季成長 6.2%。

The energy business grows alongside the increasing subscriber base of Gogoro platform.

隨著 Gogoro 平台用戶群的不斷擴大，能源業務也隨之成長。

And we now have a total of 644,000 subscribers. In the first quarter, we launched a new off-peak unlimited mileage plan which offers subscribers more flexible pricing options.

現在我們總共有 644,000 位訂閱者。第一季度，我們推出了新的非尖峰時段無限里程計劃，為用戶提供更靈活的定價選擇。

Initial market feedback is positive. We launched a redesigned Gogoro app delivering a more seamless experience for subscribers.

初步市場反饋是正面的。我們推出了重新設計的 Gogoro 應用程序，為用戶提供更無縫的體驗。

Including more clearly surfacing information regarding their riding efficiency, guiding them to the best go station to swap their batteries, and other details which not only improve their experience, but also make their use of Go Girl vehicle more efficient.

包括更清晰地顯示有關他們的騎行效率的信息，引導他們到最佳的充電站更換電池，以及其他不僅可以改善他們的體驗，而且可以讓他們更有效率地使用 Go Girl 車輛的細節。

Our energy storage collaboration with Tai Power continues to progress as scheduled, and we continue to explore additional Second Life application for our battery.

我們與台電的儲能合作繼續按計劃進行，我們也將繼續探索電池的更多 Second Life 應用。

Vehicle business We have streamlined our vehicle offerings in the 1st quarter and have seen an increase in ASP and margin in our hardware sales business.

汽車業務我們在第一季精簡了汽車產品供應，硬體銷售業務的平均售價和利潤率均有所提高。

We have multiple vehicle launches planned. While our hardware sales revenue and volume performance were below expectations. We believe this is a push out of revenue rather than a reduction in revenue.

我們計劃推出多款車型。雖然我們的硬體銷售收入和銷售表現低於預期。我們認為，這是收入的減少，而不是收入的減少。

Revenue for the hardware business was 29.1 million in the first quarter. We launched a newly model to expand reach to younger customers. We launched a new Starlux Airlines co-branded model with record high in sales and market excitement. We anticipate additional launches in the coming months, and we'll announce those as soon as we can. Additionally, we will continue to work closely with PPG and partners and are offering programs to help our PBGM partners launch new vehicles.

第一季硬體業務營收為2,910萬美元。我們推出了一種新模式來擴大對年輕客戶的覆蓋範圍。推出星宇航空全新聯名機型，銷售量和市場熱度創歷史新高。我們預計未來幾個月還會推出更多產品，我們會盡快公佈。此外，我們將繼續與 PPG 及其合作夥伴密切合作，並提供計劃幫助我們的 PBGM 合作夥伴推出新車。

In international markets, we completed the sign of a joint venture agreement with Castro to expand internationally, and we expect to begin a pilot program together with Castro in the second half of 2025.

在國際市場，我們與Castro完成了合資協議的簽署，以拓展國際業務，並預計將於2025年下半年與Castro共同啟動試點計畫。

The partnership allows Gogoro to focus on collaborating to expand the use of our technology with a large and well-known brand. We are excited about the prospects for this relationship. In India, we are working with several potential candidates to pivot our strategy to providing technology support.

此次合作使 Gogoro 能夠專注於與大型知名品牌合作擴大我們技術的使用。我們對這段關係的前景感到興奮。在印度，我們正在與幾個潛在候選人合作，將我們的策略轉向提供技術支援。

We're continuing to closely monitor policy developments regarding battery swapping and government support for battery swapping platforms. Infrastructure skill and the future.

我們將繼續密切關注有關電池更換的政策發展以及政府對電池更換平台的支持。基礎設施技能和未來。

In addition to implementing our strategy, I would like to emphasize that we continue to receive support from both the Taiwan central government as well as local governments to implement EV policies. The Kaohsiung and Tainan City governments now provide subsidies to work customers, monthly subscription spending.

除了實施我們的策略之外，我想強調的是，我們繼續獲得台灣中央政府和地方政府的支持，以實施電動車政策。高雄市及台南市政府現為上班族提供每月訂閱費用補助。

In Taiwan, a customer can get up to $500 approximately $15 US dollars per month in subsidies.

在台灣，一位顧客每月可獲得最高 500 美元（約 15 美元）的補助。

And in Kaohsiung, a customer can get up to $72,000 approximately $225 US dollars of annual subsidy toward their subscription spending.

在高雄，客戶每年可獲得高達 72,000 美元（約 225 美元）的訂閱支出補貼。

We continue to add to our 600 million infrastructure investment over the last 10 years, which has largely driven our losses. That investment has led to a strong foundation for EV adoption in Taiwan and has created high industry standards.

過去10年，我們持續增加6億美元的基礎建設投資，這在很大程度上導致了我們的虧損。這項投資為台灣電動車的普及奠定了堅實的基礎，並創造了較高的行業標準。

The Taiwan central government, as well as local governments continue to implement EV adoption policies and retain their commitment to net zero goals. The combination of our broadly deployed infrastructure and customer adoption indicates a clear future for Gogoro.

台灣中央政府及地方政府持續推行電動車普及政策，並堅持對淨零目標的承諾。我們廣泛部署的基礎設施和客戶的採用相結合，預示著 Gogoro 的未來光明。

We are on track to reach our short term and longer-term goals. We seek to achieve these goals by continuing to focus on financial disciplines, focusing on our energy and vehicle business, and by working with partners for international expansion NASDAQ status.

我們正在按計劃實現我們的短期和長期目標。我們尋求透過繼續專注於財務學科、專注於我們的能源和汽車業務以及與合作夥伴共同努力實現國際擴張納斯達克地位來實現這些目標。

Finally, as announced in our 6K filing on May 2, 2025, we have transferred our listing from the NASDAQ Global Select Market to the NASDAQ Capital Market.

最後，正如我們在 2025 年 5 月 2 日的 6K 文件中所宣布的那樣，我們已將上市地點從納斯達克全球精選市場轉移到納斯達克資本市場。

The global macro environment continues to present significant challenges, include volatility in US markets and ongoing tariff issues which have contributed to persistent downward pressure on broader market, consumer confidence, and Gogoro share price.

全球宏觀環境持續帶來重大挑戰，包括美國市場的波動和持續的關稅問題，這些都導致​​大盤、消費者信心和 Gogoro 股價持續面臨下行壓力。

Our goal remains to retain our nastic listing status while working to increase awareness in US and global capital markets about the potential of the Asian two-wheeler market and the innovation opportunities within it, which Gogoro is well positioned to address. Thanks.

我們的目標仍然是保持我們優秀的上市地位，同時努力提高美國和全球資本市場對亞洲兩輪車市場潛力及其創新機會的認識，而 Gogoro 完全有能力應對這些挑戰。謝謝。

And now I invite Bruce to give a bit more detail into our financial results from the 1st quarter.

現在我請布魯斯詳細介紹一下我們第一季的財務表現。

Thank you.

謝謝。

Henry, We delivered meaningful financial improvements in the 1st quarter of 2025 and demonstrated that our focus is clear and effective.

亨利，我們在 2025 年第一季實現了有意義的財務改善，並證明我們的重點明確而有效。

Just to recap a few of the important figures, in comparison to the first quarter of 2024, we grew our battery swapping revenue to $34.5 million. We increased our company-wide non-IFRS gross margin to 18.2%, and we increased total adjusted EBITDA to $14.3 million a 40% increase on the previous year.

回顧一些重要數據，與 2024 年第一季相比，我們的電池更換收入成長至 3,450 萬美元。我們將全公司非國際財務報告準則下的毛利率提高至 18.2%，並將調整後息稅折舊攤銷前利潤 (EBITDA) 總額提高至 1,430 萬美元，較上年增長 40%。

We also saw a reduction of $9.6 million in operating expenses, and all of these results were achieved despite a 4.5% drop in total revenue versus Q1 2024 on a constant currency basis.

我們的營運費用也減少了 960 萬美元，儘管以固定匯率計算，總收入與 2024 年第一季相比下降了 4.5%，但我們仍然取得了所有這些成果。

We continue to see increases in our total install base of batteries and subscribers, total kilometres written on Gogoro's ecosystem, and continued market penetration.

我們持續看到電池和用戶總安裝量、Gogoro 生態系統的總行駛里程以及市場滲透率的不斷增加。

Battery swapping service revenue for the first quarter was 6.2% up year over year and 11.1% up year over year on a constant currency basis. Total subscribers at the end of the first quarter was 644,000, up 8% from 595,000 subscribers at the end of the same quarter last year.

第一季電池更換服務營收年增6.2%，以固定匯率計算年增11.1%。第一季末總用戶數為64.4萬，較去年同期的59.5萬成長8%。

We continue to see the strength of our subscription-based business model, which enables us to accrue more customers to maximize our battery swapping network efficiency. Sales of hardware and other revenue for the first quarter was $29.1 million down 21.8% year over year and down 18.1% year over year on a constant currency basis.

我們繼續看到基於訂閱的商業模式的優勢，這使我們能夠累積更多的客戶，從而最大限度地提高我們的電池交換網路效率。第一季硬體及其他營收銷售額為 2,910 萬美元，年減 21.8%，以固定匯率計算年減 18.1%。

The year over year decrease in sales of hardware and other revenues was driven primarily by a decrease in vehicle sales volume on a year over year basis due to the delayed launch of one anticipated vehicle.

硬體銷售額和其他收入年減的主要原因是，一款預期車型的上市延遲導致汽車銷量年減。

We believe this demand will shift to subsequent quarters. Additional factors include a minor reduction in parts, accessories, and service revenue and less international sales than in Q1 of 2024.

我們相信這種需求將會轉移到接下來的幾季。其他因素包括零件、配件和服務收入略有減少，以及國際銷售額較 2024 年第一季下降。

For the first quarter, non-IFRS gross margin was 18.2%, up from 15.1% in the same quarter last year. This was primarily driven by lower depreciation across our entire install base of battery packs from increased network efficiency as well as the extended life span of upgraded batteries.

第一季度，非國際財務報告準則毛利率為18.2%，高於去年同期的15.1%。這主要是由於網路效率提高以及升級電池壽命延長導致我們整個電池組安裝基數的折舊率降低。

In the first quarter we decreased operating expenses by $9.6 million. This was the result of our focus on savings in general and administrative expenses and marketing and promotional expenses and other organizational efficiency efforts.

第一季度，我們的營運費用減少了 960 萬美元。這是我們注重節省一般及行政開支、行銷及促銷開支以及其他組織效率努力的成果。

Over the last 3 years, we have invested approximately $100 million per year in capital expenditures. For the first quarter, net loss was $18.6 million but the adjusted EBITDA was $14.3 million representing an increase of $4.1 million from $10.2 million in the same quarter last year. This sets us up well to deliver against our financial targets for the year and for each of our businesses.

在過去的三年裡，我們每年的資本支出約為 1 億美元。第一季淨虧損為 1,860 萬美元，但調整後的 EBITDA 為 1,430 萬美元，較去年同期的 1,020 萬美元增加 410 萬美元。這為我們實現今年和每項業務的財務目標奠定了良好的基礎。

With a cash balance of 93.3 million at the end of the first quarter of 2025 and the additional credit facilities that are available to us, we believe we have sufficient sources of funding to meet our near term business growth objectives.

截至 2025 年第一季末，現金餘額為 9,330 萬，我們擁有額外的信貸額度，我們相信我們有足夠的資金來源來滿足我們近期的業務成長目標。

In the first quarter we continued our focus on cost optimization and aligned our operations accordingly. The plan aims to drive operational efficiency, reduce costs, accelerate our path to profitability, and reinforce our primary focus as an energy and subscription-based business based on our energy platform leadership.

第一季度，我們持續專注於成本優化，並據此調整營運。該計劃旨在提高營運效率、降低成本、加速獲利之路，並基於我們的能源平台領導地位，強化我們作為能源和訂閱業務的主要重點。

Gogoro is expected to create approximately $25 million in savings in 2025 compared to 2024 as a result of this cost efficiency plan.

由於這項成本效益計劃，Gogoro 預計 2025 年將比 2024 年節省約 2,500 萬美元。

We expect our Gogoro network battery swapping business to reach profitability on a non-IFRS basis and deliver non-IFRS net income in 2026 and our hardware sales business to reach profitability on a non-IFRS basis in 2028.

我們預計，Gogoro 網路電池更換業務將在非國際財務報告準則下實現盈利，並在 2026 年實現非國際財務報告準則下的淨收入，而我們的硬體銷售業務將在 2028 年實現非國際財務報告準則下的盈利。

We believe the Taiwan two-wheeler market in 2025 will remain at approximately 2024 levels. For the full year 2025, we reiterate our revenue forecast of between $295 million to $315 million on a constant currency basis. We estimate that approximately 95% of such full year revenue will be generated from the Taiwan market.

我們認為2025年台灣兩輪車市場將維持在2024年左右的水準。對於 2025 年全年，我們重申以固定匯率計算的 2.95 億美元至 3.15 億美元的收入預測。我們估計全年約95%的收入將來自台灣市場。

Our gross margin may be continuously negatively impacted in the short term because of our ongoing and accelerated battery upgrade initiatives which are expected to be completed by the end of 2025. We believe that Gogoro is on the right path to profitability. We're conscious of the need to stay focused and deliver, and we look forward to doing so throughout the balance of 2025.

由於我們正在進行並加速電池升級計劃，預計將於 2025 年底完成，我們的毛利率可能在短期內持續受到負面影響。我們相信 Gogoro 正走在盈利的正確道路上。我們意識到需要保持專注並實現目標，我們期待在 2025 年全年都能做到這一點。

We will now take questions.

我們現在開始回答問題。

Thank you, Henry and Bruce for the updates. As attendees are formulating their questions, I will ask a few questions that we have collected in advance.

感謝亨利和布魯斯的更新。當與會者提出問題時，我會提出一些我們事先收集的問題。

First question, looks like Gogoro is focusing on your network business with supercharge and quick charge technologies dramatically improving and shortening the electric vehicle charging time. Do you view that as a threat or how are you going to respond to the continued improvement of charging time for charging station models?

第一個問題，看起來 Gogoro 正專注於您的網路業務，其超級充電和快速充電技術可顯著改善和縮短電動車充電時間。您是否認為這是一種威脅，或者您將如何應對充電站模型充電時間的持續改進？

Yeah, Thank you. We recognize the rapid advancements being made in fast charging and supercharging technology across the broader electric vehicle ecosystem.

是的，謝謝。我們認識到整個電動車生態系統中快速充電和超級充電技術正在取得快速進展。

But these innovation are help, helping accelerate EV adoption overall, which is positive for the entire industry.

但這些創新是有幫助的，有助於加速電動車的整體普及，這對整個產業來說都是有利的。

However, we don't view them as a direct threat to Gogoro battery swapping model. Our battery shopping platform was purpose built for the unique needs for urban mobility.

然而，我們並不認為它們對 Gogoro 電池更換模型構成直接威脅。我們的電池購物平台專為滿足城市交通的獨特需求而建造。

Particularly the two wheelers. The key value proposition remains speed, convenience, and efficiency. With Gogoro, a writer can swap and Depleted battery for a fully charged one in less than six seconds.

特別是兩輪車。關鍵價值主張仍然是速度、便利性和效率。使用 Gogoro，作家可以在不到六秒的時間內將耗盡的電池更換為充滿電的電池。

No waiting time, no great, and no need for dedicated parking or long wait time. Which are often required even with the fastest chargers.

無需等待，無需停車，也無需長時間等待。即使使用最快的充電器也常常需要這樣做。

And I think fast charging often comes with trade-offs, including battery integration, infrastructure investment, and grid stability issues. Our closed loop system allows us to better manage battery health, optimize energy load, and offer a consistent user experience at scale.

我認為快速充電通常需要權衡，包括電池整合、基礎設施投資和電網穩定性問題。我們的閉環系統使我們能夠更好地管理電池健康，優化能源負荷，並大規模提供一致的使用者體驗。

This is especially relevant in high density urban environment like those in Taiwan and Southeast Asia. That said, we are not standing still. We continue to invest in R&D to improve our battery technology, energy efficiency, and system scalability.

這在台灣和東南亞等高密度城市環境中尤其重要。話雖如此，我們並沒有停滯不前。我們不斷投資研發，以改善我們的電池技術、能源效率和系統可擴展性。

So in short, we see the advancement of charging technology as part of the broader ecosystem evolve evolution. Our focus remains on being the most efficient, scalable, and rider centric energy platform for urban mobility based on our battery swapping technology.

簡而言之，我們將充電技術的進步視為更廣泛的生態系統演變的一部分。我們的重點仍然是基於我們的電池更換技術，打造最高效、可擴展、以乘客為中心的城市交通能源平台。

Thank you. Our second question,

謝謝。我們的第二個問題，

please provide some commentary on the transfer to the NASDAQ capital market, as well as your future plans to gain compliance with NASDAQ requirements and other plans for your listing status.

請對轉入納斯達克資本市場的情況，以及未來為符合納斯達克要求而製定的計劃和為實現上市地位而製定的其他計劃發表一些評論。

Thanks for the question. As we did mention briefly during the call, we have completed a transfer from the NASDAQ Global Select market to the NASDAQ Capital Market in late April, and by doing so, we gained an additional 180 day grace period to regain compliance with the NASDAQ.

謝謝你的提問。正如我們在電話會議中簡要提到的那樣，我們已於 4 月底完成了從納斯達克全球精選市場到納斯達克資本市場的轉移，這樣，我們獲得了額外的 180 天寬限期來重新遵守納斯達克的規定。

Bid price requirement that gives us till the end of October almost to be compliant. So, we're not focused on short term stock price gains.

投標價格要求我們到十月底之前幾乎必須達到要求。因此，我們並不關注短期股價上漲。

We believe that our financial improvements, which hopefully you've seen some of today, really indicates that we're on the right track and we're delivering against our stated plans. So, we're taking the long-term view on the stock, and obviously we hope that there's organic stock price increase over the course of the next 180 or so days. In addition to that organic increase, there are a number of different options that we could explore for regaining compliance.

我們相信，我們的財務狀況有所改善（希望您今天已經看到了一些），這確實表明我們正走在正確的軌道上，並且正在按照既定計劃進行。因此，我們對股票持長期看法，顯然我們希望未來 180 天左右股價能夠有機上漲。除了有機成長之外，我們還可以探索多種不同的選擇來重新獲得合規性。

Those could include a reverse stock split, for example, or other actions, and we'll carefully consider all of those actions and provide updates to our shareholders and to the public. Markets as we can in the interim, but we do not have any immediate plans and so we'll continue to watch the stock price. We'll continue to evaluate all options over the course of the next few months up until the extended deadline in late October.

例如，這些可能包括反向股票分割或其他行動，我們將仔細考慮所有這些行動，並向我們的股東和公眾提供最新消息。我們將在此期間盡可能多地關注市場，但我們沒有任何短期計劃，因此我們將繼續關注股價。在接下來的幾個月裡，我們將繼續評估所有選擇，直到 10 月底的延長期限。

Thank you. Question number 3.

謝謝。問題 3。

You mentioned the network business and scooter business will break even in 2026 and 2028 respectively, to help us drive Gogoro's value today, what is your longer term, top line and bottom line growth plans?

您提到網路業務和踏板車業務將分別在 2026 年和 2028 年實現收支平衡，為了幫助我們推動 Gogoro 的價值，您的長期、頂線和底線增長計劃是什麼？

Thanks for that one too. I'll take this one so.

我也謝謝你。我就接受這個。

As you said, we anticipate network break even in 206, scooter break even in 2028, and network cash flow positive in 2027. And so we do see the opportunity as soon as we've reached those specific milestones to really have a meaningful shift in operational leverage and a meaningful shift in our profitability.

正如您所說，我們預計網路將在 2006 年實現收支平衡，踏板車將在 2028 年實現收支平衡，網路現金流將在 2027 年實現正值。因此，一旦我們達到這些特定的里程碑，我們就會真正看到營運槓桿和獲利能力發生重大轉變的機會。

So from a top line standpoint, the biggest driver of our growth is the increasing subscription.

因此，從營收角度來看，我們成長的最大動力是訂閱量的增加。

Business that we have, which is predictable, it's recurring. We have 644,000 subscribers right now, and every new subscriber that we add to the network contributes to our top line growth. In addition to that top line growth in the energy business, we do obviously sales, see sales of Gogoro branded vehicles and partner branded vehicles as well being good sources of revenue in the future.

我們的業務是可以預見的，並且是重複性的。我們目前擁有 644,000 名用戶，我們網路中新增的每位新用戶都會為我們的收入成長做出貢獻。除了能源業務的營收成長之外，我們顯然還看到了銷售，認為 Gogoro 品牌汽車和合作夥伴品牌汽車的銷售也將成為未來良好的收入來源。

At a bottom line level, we expect improvement in net income because as the revenue grows, we don't expect our cost base, our fixed cost base to grow at the same speed. So, we should be able to leverage higher margin network services business as that becomes a bigger and bigger part of our overall revenue. So, the key to Gogoro's business.

從底線層面來看，我們預期淨收入將會提高，因為隨著收入的成長，我們預期成本基礎、固定成本基礎不會以相同的速度成長。因此，我們應該能夠利用利潤率較高的網路服務業務，因為它在我們的總收入中所佔的比例越來越大。所以，這就是 Gogoro 業務的關鍵。

This is the recurring revenue nature of our accumulating subscriber base. We're seeing that now. We're predicting break even in 2026. It's possible that we'll even see kind of operational break even to the end of this year. And so, once we've gotten to that point, then I think the story really shifts and we become about growth going into the future.

這是我們不斷累積的用戶群的經常性收入性質。我們現在就看到了這一點。我們預計 2026 年將達到收支平衡。我們甚至有可能在今年年底實現營運收支平衡。所以，一旦我們達到了這一點，那麼我認為故事就會真正轉變，我們將開始關注未來的成長。

Thank you. Question number 4.

謝謝。問題 4。

Congratulations on making good progress on controlling cost. I'm wondering whether your current operating efficiency model is sustainable and scalable when Gogoro grows beyond break even points. And can you touch on your cost structure and gross margin between the two different business models, i.e., network business and scooter business model. Thanks.

恭喜您在控製成本方面取得了良好進展。我想知道，當 Gogoro 發展到盈虧平衡點時，您目前的營運效率模型是否可持續且可擴展。您能否談談兩種不同商業模式（即網路業務和踏板車業務模式）之間的成本結構和毛利率？謝謝。

Thank you for the questions and for also recognizing the progress we have made on cost control. To address your first point, yes, we believe our current operating efficiency model is both sustainable and scalable. Over the past few quarters, we have made deliberate efforts to streamline operations, optimize our supply chain, and leverage automation where possible. As we move beyond break even and scale into new markets, these Efficiencies gives us a strong foundation.

感謝您的提問，也感謝您對我們在成本控制方面所取得進展的認可。對於您的第一點，是的，我們相信我們目前的營運效率模式是可持續的和可擴展的。在過去的幾個季度中，我們做出了刻意的努力來簡化運營，優化供應鏈，並盡可能地利用自動化。當我們超越收支平衡並擴展到新市場時，這些效率為我們奠定了堅實的基礎。

And most importantly, our platform reports, especially with our battery socket network allows us to scale without a linear increase in operating cost. That's the key advantage.

最重要的是，我們的平台報告，特別是我們的電池插座網路使我們能夠擴大規模，而無需線性增加營運成本。這是關鍵優勢。

And now on the cost structure and gross margin between the two business models, in our network business, which includes battery swapping and energy services, we see predictable and repeatable growth margin. This is largely due to the recurring nature of the revenue and the capital efficiency of the infrastructure once it's deployed.

現在，就兩種商業模式之間的成本結構和毛利率而言，在我們的網路業務（包括電池更換和能源服務）中，我們看到了可預測和可重複的成長利潤率。這主要是由於收入的經常性以及基礎設施部署後的資本效率。

So as utilization grows, margins improve further due to operating leverage.

因此，隨著利用率的提高，利潤率會因經營槓桿而進一步提高。

So, and on the scooter business side, gross margins are more sensitive to component cost and volume. So, however, we view the vehicle business as a strategic enabler. It drives adoptions of our energy platform and help helps build the ecosystem.

因此，在踏板車業務方面，毛利率對零件成本和產量更為敏感。因此，我們將汽車業務視為策略推動因素。它推動了我們能源平台的採用並有助於建立生態系統。

So going forward, we remain focused on improving margins across those 6 segments, but particularly on expanding the business as the core engine of the long-term profitability. So, Thanks again for the question. It's really Give us an opportunity to explain our thoughts.

因此，展望未來，我們將繼續專注於提高這六個部門的利潤率，尤其是擴大業務作為長期獲利的核心引擎。所以，再次感謝您的提問。這確實給了我們一個解釋我們的想法的機會。

And those were all the questions that I had.

這些就是我所有的問題。

Okay, so let's continue. Thanks for attending today's call. It should be clear that our focus is paying off. We are seeing improved financial performance, and we will continue to execute on this path to profitability.

好的，我們繼續。感謝您參加今天的電話會議。顯然，我們的努力正在獲得回報。我們的財務表現正在改善，我們將繼續沿著這條獲利之路前進。

We thank our customers for their trust in Gogoro, and we thank all of you that you joined the call, we will keep working to provide the best factory swapping service in the world while also innovating for the future.

感謝顧客對 Gogoro 的信任，也感謝大家的參與，我們將持續努力提供全球最佳的換廠服務，同時也為未來不斷創新。

The conference call has now concluded.

電話會議現已結束。

Thank you for attending today. You may now disconnect.

感謝大家今天的出席。您現在可以斷開連線。