Gogoro Inc (GGR) 2025 Q3 法說會逐字稿

Welcome to the Gogoro Inc. 2025 third-quarter earnings call. This conference call is now being recorded and broadcast live over the Internet. Webcast replay will be available within an hour after the conference is finished.

歡迎參加 Gogoro 公司 2025 年第三季財報電話會議。本次電話會議正在錄音，並透過網路進行現場直播。會議結束後一小時內即可觀看網路直播回放。

I would like to turn the call over now to the Gogoro team.

現在我想把電話交給 Gogoro 團隊。

Welcome to Gogoro third-quarter 2025 earnings conference call. Hosted by our CEO, Henry Chiang; and CFO, Bruce Aitken. Hopefully, you have a chance to review our earnings release. If not, you can find it along with today's presentation materials on the Investor Relations section of our website at investor.gogoro.com.

歡迎參加 Gogoro 2025 年第三季財報電話會議。由我們的執行長Henry Chiang和財務長Bruce Aitken主持。希望您有機會查看我們的盈利報告。如果找不到，您可以在我們網站 investor.gogoro.com 的投資者關係部分找到它以及今天的簡報資料。

We are hosting this call via live webcast and the presentation materials will be displayed on your screen as we go. (Operator Instructions) Henry will start with an overview of Gogoro's progress and the key highlights for the quarter, followed by Bruce, who will take you through the financial results in more detail. After that, we will open the line for Q&A as time allows.

本次電話會議將透過網路直播進行，簡報資料將即時顯示在您的螢幕上。（操作說明）亨利將首先概述 Gogoro 的發展情況和本季度的主要亮點，然後布魯斯將更詳細地帶您了解財務業績。之後，我們會視時間安排開放問答環節。

Before we begin, please note that today's discussion may include forward-looking statements, which are subject to risks and uncertainties that could cause actual results to differ materially. Please refer to our press release and investor presentation for further information.

在開始之前，請注意，今天的討論可能包含前瞻性陳述，這些陳述存在風險和不確定性，可能導致實際結果與預期結果有重大差異。更多資訊請參閱我們的新聞稿和投資者簡報。

We will also discuss certain non-IFRS financial measures today. Reconciliation to the comparable IFRS measure can be found in our earnings release.

今天我們也將討論一些非國際財務報告準則（IFRS）的財務指標。有關與可比較 IFRS 指標的調節表，請參閱我們的獲利報告。

With that, let me turn the call over to Henry.

那麼，我把電話交給亨利吧。

Thanks, George. As we closed the third quarter of 2025, I'm proud of how Gogoro continues to strengthen its foundation, one built on operational discipline, innovation, and long-term focus. The last few quarters have been about reinforcing the fundamentals that will power Gogoro's next chapter. Our focus on operational efficiency continues to deliver results.

謝謝你，喬治。2025 年第三季即將結束，我為 Gogoro 不斷鞏固其基礎而感到自豪，這個基礎建立在營運紀律、創新和長期關注之上。在過去幾個季度，我們一直在鞏固基礎，為 Gogoro 的下一個篇章奠定基礎。我們持續專注於營運效率，並取得了顯著成效。

Over the first nine months of the year, our focus has been on stabilization, efficiency, and cost optimization, and it shows we generated over $25.7 million in operating cash flow, nearly doubling last year's level, and achieved approximately $21 million in operating expense savings compared with the same period in 2024. We grew our adjusted EBITDA to $47 million over the first nine months of the year, a 25% increase over last year, and delivered an adjusted gross margin of 19.3% for the nine months, an improvement over 4.3 percentage points from 2024.

今年前九個月，我們的重點是穩定、提高效率和優化成本，結果顯示我們產生了超過 2,570 萬美元的營運現金流，幾乎是去年同期水準的兩倍，與 2024 年同期相比，節省了約 2,100 萬美元的營運費用。今年前九個月，我們的調整後 EBITDA 成長至 4,700 萬美元，比去年成長 25%；前九個月的調整後毛利率為 19.3%，比 2024 年提高了 4.3 個百分點。

These gains didn't happen by accident. They reflect a company-wide commitment to simplify, streamline, and strengthen. We've tightened all aspects of our operations, including a more efficient deployment of resources, lowering our inventory levels, improving our production planning and increasing the efficiency of our selling channels and marketing efforts. These changes are translating into tangible outcomes, better cash conversion, and improved flexibility to respond to shifting market demand.

這些成就並非偶然取得。這體現了公司上下致力於簡化、精簡和加強的決心。我們已經加強了營運的各個方面，包括更有效地部署資源、降低庫存水準、改善生產計劃以及提高銷售管道和行銷工作的效率。這些變化正在轉化為切實可見的成果，包括更好的現金轉換率和更強的應對不斷變化的市場需求的靈活性。

Our product road map is also expanding to position us for future growth. The launch of our EZZY and EZZY 500 models this year broadened Gogoro's reach across price segments, strengthening our competitive positioning in the mass market segments while reinforcing our technology leadership. The EZZY has been the best-selling electric two-wheeler in Taiwan for five consecutive months. And the EZ 500, which has a larger motor in the same light chassis, increasing performance to the 125 cc level became the best-selling 125 cc electric two-wheeler in Taiwan in October. We expect these products to continue to lead their categories for the rest of 2025 and contribute meaningful sales volume and margin throughout 2026.

我們的產品路線圖也不斷擴展，以期為未來的成長做好準備。今年推出的 EZZY 和 EZZY 500 型號擴大了 Gogoro 在各個價格區間的覆蓋範圍，增強了我們在大眾市場領域的競爭地位，同時鞏固了我們的技術領先地位。EZZY 已連續五個月成為台灣最暢銷的電動兩輪車。EZ 500 在保持輕量化車架的同時，配備了更大的電機，性能提升至 125 cc 級別，成為 10 月份台灣最暢銷的 125 cc 電動兩輪車。我們預計這些產品將在 2025 年剩餘時間內繼續引領各自品類，並在 2026 年全年貢獻可觀的銷售和利潤。

Our Powered by Gogoro Network partners continue to scale and innovate. Yamaha's recent launch of the CUXiE in August is a great example of how leading manufacturers are deepening their commitment to Gogoro's ecosystem. Each new PBGN model not only validates the strength of our technology, but also expands the value of our swapping network, creating a reinforcing loop of adoption, efficiency, and trust. It is clear that we have strengthened our operational foundation. We are more agile, more disciplined and better prepared to navigate near-term headwinds while executing for long-term value.

我們的 Powered by Gogoro Network 合作夥伴不斷擴大規模並進行創新。雅馬哈最近在 8 月推出的 CUXiE 就是一個很好的例子，說明領先的製造商是如何加深對 Gogoro 生態系統的承諾的。每個新的 PBGN 模型不僅驗證了我們技術的實力，而且還擴大了我們交換網路的價值，從而形成了一個促進採用、提高效率和增強信任的良性循環。很明顯，我們已經加強了營運基礎。我們更加靈活、更加自律，也更有能力應對短期不利因素，同時為實現長期價值而努力。

In 2025, we have proven that Gogoro can generate strong operating cash flow, expand margins and execute with precision. Now as we prepare for 2026, we are turning that foundation into momentum, leveraging a renewed product and technology portfolio to capture the next wave of electrification across Asia and beyond. This is where vision becomes action and where our leadership shapes the future of urban mobility. It is widely accepted that electrification of two-wheelers will continue and that battery swapping solutions will drive much of that growth. Policymakers and customers alike are seeing the benefits of the battery swapping model.

到 2025 年，我們已經證明 Gogoro 能夠產生強勁的經營現金流，擴大利潤率，並精準執行。現在，在為 2026 年做準備之際，我們將把這一基礎轉化為動力，利用更新的產品和技術組合，抓住亞洲及其他地區下一波電氣化浪潮。在這裡，願景轉化為行動，我們的領導力塑造城市交通的未來。人們普遍認為，兩輪車的電動化進程將會持續，而電池更換解決方案將推動這一成長的大部分。政策制定者和消費者都看到了電池更換模式的好處。

To capitalize on this momentum, we are investing in vehicle, battery, and ecosystem development. The core of an EV's performance is its powertrain, and the heart of the powertrain is a motor. Over Gogoro's history, we've consistently developed the best electric two-wheel powertrain and motors, and we're currently developing another innovative motor, which will improve key metrics like vehicle energy efficiency. These improvements continue to deliver best-in-class performance for our vehicle customers, and we expect this motor to be ready for launch in late 2026.

為了充分利用這一發展勢頭，我們正在投資車輛、電池和生態系統開發。電動車性能的核心是動力系統，而動力系統的核心是馬達。在 Gogoro 的發展歷程中，我們始終致力於研發最好的電動兩輪動力系統和電機，目前我們正在研發另一款創新電機，這將提升車輛能源效率等關鍵指標。這些改進將繼續為我們的汽車客戶帶來一流的性能，我們預計這款引擎將於 2026 年底上市。

We are launching three vehicle models in 2026. These vehicles address multiple market segments, the specifications meet and exceed customer expectations, and initial feedback from both channel partners and directly from riders has been very positive. We look forward to sharing those vehicles with markets in 2026.

我們將於 2026 年推出三款車型。這些車輛面向多個市場領域，其規格符合甚至超越客戶的預期，來自通路夥伴和騎士的初步回饋都非常積極。我們期待在 2026 年將這些車輛推向市場。

At the heart of our network and our recurring revenue subscription model is our battery pack. It is the most dense battery of its kind in the industry, and our safety record is also industry leading. To build on our historical success, we've kicked off development on a totally new generation of battery pack, one that will have greater density, improved manufacturability, and lower cost, but is 100% compatible with all of our existing battery packs. This battery will specifically benefit customers in cost-sensitive markets and will further demonstrate the total cost advantages of electric two-wheelers versus ICE vehicles.

我們的網路和持續收入訂閱模式的核心是我們的電池組。它是業界同類電池中能量密度最高的，而且我們的安全記錄也是業界領先的。為了鞏固我們以往的成功，我們已經啟動了全新一代電池組的研發，該電池組將具有更高的能量密度、更好的可製造性和更低的成本，但與我們所有現有的電池組100%相容。這款電池將特別惠及對成本敏感的市場中的客戶，並將進一步證明電動兩輪車相對於內燃機汽車的整體成本優勢。

As a result of both our operational focus as well as our product and technology innovation, we are entering the final quarter of 2025 confident in our ability to deliver on our promise of Gogoro Network profitability in 2026, Gogoro Network generating positive free cash flow in 2027, and hardware sales profitability in 2028.

由於我們專注於營運以及產品和技術創新，我們有信心在 2025 年最後一個季度實現我們的承諾：Gogoro Network 在 2026 年實現盈利，Gogoro Network 在 2027 年產生正的自由現金流，以及硬體銷售在 2028 年實現盈利。

With that, let me hand it over to Bruce, who will take you through the quarter's financial results and provide more details on our outlook.

接下來，我將把發言權交給布魯斯，他將為大家介紹本季的財務業績，並提供更多關於我們未來展望的細節。

Thanks, Henry. We delivered strong non-IFRS performance this quarter and demonstrated that the foundation we have built is ready for the next chapter. Let me take you through our third quarter financial results in more detail. Our energy business continues to grow and is on track to generate income in 2026. Battery swapping service revenue grew 11.5% year over year to $38.9 million, marking another quarter of double-digit growth despite a contracting two-wheeler market in Taiwan.

謝謝你，亨利。本季我們取得了強勁的非國際財務報告準則業績，並證明我們所打下的基礎已經為下一個篇章做好了準備。讓我更詳細地向您介紹一下我們第三季的財務表現。我們的能源業務持續成長，預計在 2026 年獲利。儘管台灣兩輪車市場萎縮，但電池更換服務收入年增 11.5% 至 3,890 萬美元，連續第二季實現兩位數成長。

This growth was driven by a large subscriber base reaching 657,000 riders at quarter end, up 5% year over year. The subscription-based nature of this business allows us to continue improving network utilization and profitability even when vehicle sales fluctuate. Operationally, we made strong progress in efficiency and cost management. Our teams successfully reduced inventory by 34% year over year, a result of more effective procurement and production planning. These improvements reflect the significant work among multiple teams and demonstrate our commitment to cost management both now and in the future.

這一成長得益於龐大的用戶群，截至季末，用戶數量達到 657,000 人，較去年同期成長 5%。這種基於訂閱模式的業務使我們能夠在車輛銷售波動的情況下，繼續提高網路利用率和獲利能力。在營運方面，我們在效率和成本控制方面取得了顯著進展。由於採購和生產計劃更加有效，我們的團隊成功地將庫存比去年同期減少了 34%。這些改進體現了多個團隊的辛勤付出，也展現了我們對當前和未來成本控制的承諾。

Our energy business continues to be the financial backbone of Gogoro, generating recurring cash flow, expanding margins and demonstrating the stability of our platform. Turning to our hardware and other revenues. This segment, which includes vehicles and component sales faced headwinds in the quarter as Taiwan's overall two-wheeler market contracted to 196,000 units, its lowest third level quarter in a decade. Hardware and other revenue was $38.7 million, down 25.5% year over year, primarily due to a 43.7% decline in vehicle sales volume. This decline reflects a combination of macroeconomic headwinds, weaker consumer sentiment and decreased discretionary spending, which affected both gasoline and electric motorcycles alike.

我們的能源業務一直是 Gogoro 的財務支柱，能夠產生持續的現金流，擴大利潤率，並展現我們平台的穩定性。接下來談談我們的硬體和其他收入來源。該業務部門（包括整車及零件銷售）在本季遭遇不利因素，因為台灣整體兩輪車市場萎縮至 19.6 萬輛，創下十年來第三季最低銷量紀錄。硬體及其他收入為 3,870 萬美元，年減 25.5%，主要原因是汽車銷量下降了 43.7%。這一下滑反映了宏觀經濟逆風、消費者信心疲軟以及可自由支配支出減少等多種因素的綜合影響，汽油摩托車和電動摩托車都受到了影響。

While this environment remains challenging, we've taken proactive steps to rightsize our cost structure, streamline our vehicle portfolio and focus our R&D investment on models and technologies that will yield the best long-term return. The launches of EZZY and EZZY 500 are good examples of this focused approach designed to expand our addressable market across different price segments while maintaining healthy margins. We view 2025 as a transitional year for our hardware business, one in which we are strengthening fundamentals and preparing for the renewed growth momentum in 2026, supported by new products, both our own and partners.

儘管當前環境仍充滿挑戰，但我們已採取積極措施來調整成本結構，精簡車輛產品組合，並將研發投資集中在能夠帶來最佳長期回報的車型和技術上。EZZY 和 EZZY 500 的推出就是這種專注策略的一個很好的例子，該策略旨在擴大我們在不同價格區間的目標市場，同時保持健康的利潤率。我們認為 2025 年是我們硬體業務的過渡之年，我們將在這一年中加強基本面，並為 2026 年在新產品（包括我們自己的產品和合作夥伴的產品）的支持下重新獲得增長動力做好準備。

From a macro perspective, Taiwan's market environment remains soft with motorcycle retail sales, gasoline and electric combined, down roughly 9% year over year and consumer confidence at its lowest point since early 2024. We don't expect a near-term rebound in consumer demand and our planning assumptions reflect that view. However, the structural shift towards electrification continues, and our partnerships with major OEMs and city governments puts us in a strong position to capture that transition once sentiment improves. Our financial discipline and operational improvements over the past year have made us more resilient to these cyclical fluctuations.

從宏觀角度來看，台灣市場環境依然疲軟，摩托車零售銷售、汽油車和電動車合計年減約 9%，消費者信心處於 2024 年初以來的最低點。我們預期短期內消費者需求不會反彈，我們的規劃假設也反映了這個觀點。然而，向電氣化的結構性轉變仍在繼續，我們與主要汽車製造商和市政府的合作關係使我們處於有利地位，一旦市場情緒好轉，我們就能抓住這一轉變帶來的機會。過去一年，我們的財務紀律和營運改進使我們更能抵禦這些週期性波動。

Moving to profitability. Our gross margin improved significantly to 12.2%, up from 5.4% in the same quarter last year. On a non-IFRS basis, gross margin reached 22.2%, up 5.9 percentage points year over year, representing our highest quarterly level since 2022. This margin expansion was primarily driven by improved inventory management, reduced service and repair costs, and fewer inventory write downs. Our voluntary battery upgrade program continues, which does have a short-term impact on gross margin but it strengthens our long-term economics by extending battery life and improving reliability.

邁向盈利。我們的毛利率顯著提高至 12.2%，高於去年同期的 5.4%。以非國際財務報告準則計算，毛利率達到 22.2%，年增 5.9 個百分點，是自 2022 年以來最高的季度水準。利潤率的提升主要得益於庫存管理的改善、服務和維修成本的降低以及庫存減損減少。我們的自願電池升級計畫仍在繼續，雖然短期內會對毛利率產生影響，但透過延長電池壽命和提高可靠性，增強了我們的長期經濟效益。

Our adjusted EBITDA rose to $20.2 million, up from $15.5 million last year, another record level since 2022. This improvement reflects higher non-IFRS gross profit, tighter cost control, and improved nonoperating income. We generated $25.7 million in operating cash flow in the first nine months of 2025, almost double last year's level, supported by stronger working capital management and expense efficiency. Our net loss narrowed to $14.9 million compared with $18.2 million in the same quarter last year, reflecting a healthier operating structure and continued improvement in profitability metrics. Through these actions, we've strengthened our balance sheet and enhanced financial flexibility, giving us a strong foundation to pursue profitable growth in 2026 and beyond.

我們的調整後 EBITDA 增至 2,020 萬美元，高於去年的 1,550 萬美元，這是自 2022 年以來的另一個創紀錄水準。這項改善反映了非國際財務報告準則毛利的提高、成本控制的加強以及非營業收入的改善。2025 年頭九個月，我們實現了 2,570 萬美元的營運現金流，幾乎是去年同期的兩倍，這得益於更強的營運資本管理和更高的費用效率。與去年同期的 1,820 萬美元相比，我們的淨虧損收窄至 1,490 萬美元，反映出更健康的營運結構和獲利指標的持續改善。透過這些措施，我們加強了資產負債表，提高了財務靈活性，為我們在 2026 年及以後追求獲利成長奠定了堅實的基礎。

Given the softer market conditions, we are adjusting our full year 2025 revenue outlook to between $270 million and $285 million, reflecting the continued contraction in Taiwan's two wheeler market. We expect gross margin in the fourth quarter to remain temporarily impacted by our accelerated battery upgrade program, which we expect to complete by year end. These investments are deliberate and strategic, aimed at improving battery durability, customer satisfaction and long-term profitability. We remain focused on finishing this year with strong operational execution, continued cost discipline and healthy cash generation.

鑑於市場環境疲軟，我們將 2025 年全年營收預期調整為 2.7 億至 2.85 億美元之間，反映出台灣兩輪車市場的持續萎縮。我們預計第四季度的毛利率將暫時受到加速電池升級計畫的影響，我們預計將在年底前完成該計畫。這些投資是經過深思熟慮和策略性的，旨在提高電池耐用性、客戶滿意度和長期獲利能力。我們將繼續專注於以強勁的營運執行力、持續的成本控制和健康的現金流來結束今年的工作。

With the structural improvements we've made, Gogoro enters 2026 with greater efficiency, agility and confidence in delivering sustainable profitability. Thanks, and now we'll take some questions.

透過我們所做的結構性改進，Gogoro 進入 2026 年時將擁有更高的效率、靈活性和實現可持續盈利的信心。謝謝，現在我們來回答一些問題。

Thank you, Henry and Bruce, for the updates. (Operator Instructions)

謝謝亨利和布魯斯提供的最新消息。（操作說明）

As attendees are formulating their questions, I will ask two questions that we have collected.

在與會者準備提問之際，我將提出我們收集到的兩個問題。

Question number one. Congratulations, Henry, on your appointment as an official CEO. Over the past year as Interim CEO, you have overseen quite a few strategic and operational changes at Gogoro. Can you share what this appointment means to you personally and what your vision and priorities are for Gogoro over the next 12 months?

第一個問題。恭喜亨利正式就任執行長。過去一年，作為臨時首席執行官，您監督了 Gogoro 的多項策略和營運變革。您能否分享這項任命對您個人意味著什麼，以及您對 Gogoro 未來 12 個月的願景和工作重點是什麼？

Thank you, George, and thank you, and I really appreciate the kind words. It has been a privilege to lead Gogoro over the past year and to now take on the role as a permanent CEO. Throughout history, any transformation requires full dedication to fundamentals, like products, technology and execution. Gogoro has been investing in shaping and even creating the industry for the past decade. Over the past year, beyond the quarterly number, we have been diving deep to understand the true core and spirit of Gogoro.

謝謝你，喬治，也謝謝你，我真的很感激你的好意。過去一年能夠領導 Gogoro 是我的榮幸，現在能夠擔任正式 CEO 一職更是我的榮幸。縱觀歷史，任何變革都需要對基本要素（如產品、技術和執行）給予充分的關注。過去十年，五五郎一直在投資塑造甚至創造這個產業。過去一年，除了季度數據之外，我們還深入挖掘，以了解五五郎的真正核心和精神。

The more I uncover and the more I see a company with a numerous potential and untapped upside. Of course, challenges remain and many more lie ahead. But at the heart of it all are our solid fundamentals, a resilient team and a clear mission. My vision for turning Gogoro around begins with streamlined operation and ensuring our financial results consistently meet expectations while building the operational resilience to thrive in dynamic markets. With this strong foundation in place, we can confidently focus on creating sustainable long-term value and unlocking the full potential of Gogoro's innovation and impact.

我越深入了解，就越發現這家公司擁有巨大的潛力和尚未開發的成長空間。當然，挑戰依然存在，未來還有更多挑戰在等著我們。但這一切的核心是我們堅實的基礎、一支堅韌的團隊和一個清晰的使命。我扭轉 Gogoro 頹勢的願景始於精簡運營，確保我們的財務表現持續達到預期，同時建立營運韌性，以在動態市場中蓬勃發展。有了這個堅實的基礎，我們就可以自信地專注於創造可持續的長期價值，並釋放 Gogoro 的創新和影響力的全部潛力。

With our operations stabilized, we are now focusing on product and technology innovations. This is the season we are anticipating in 2026. We have seen policy tailwinds in Southeast Asia and that indicates broad adoption of battery swapping and electrification. I'm excited, active and also cautious as I look into expansion opportunities, and I look forward to sharing more with you in the coming quarters.

隨著營運趨於穩定，我們現在專注於產品和技術創新。這就是我們期待在 2026 年看到的賽季。我們已經看到東南亞的政策利多因素，這表明電池更換和電氣化將被廣泛應用。我既興奮又積極，同時也保持謹慎，正在積極探索各種擴張機會，期待在接下來的幾季與大家分享更多資訊。

My vision is clear and remains unchanged: to change the way people use and share energy and build cleaner and smarter cities for the future through battery swapping, which is the best solution for dense urban mobility. Thanks again for the question, and we will continue to push forward toward a better future.

我的願景很明確，而且始終未改變：透過電池更換來改變人們使用和共享能源的方式，並為未來建立更清潔、更智慧的城市，這是解決城市交通密集問題的最佳方案。再次感謝您的提問，我們將繼續努力，邁向更美好的未來。

Question number two. Your stock has declined following the 20:1 (sic – 1-for-20) reverse stock split you executed in early October. Can you provide your view on this decline? Do you have any concerns? How do you view the long-term prospects for Gogoro?

第二個問題。10 月初，您執行了 20:1（原文如此，應為 1 比 20）的反向股票分割，此後您的股票價格下跌。您能否談談您對這種下滑趨勢的看法？還有什麼顧慮嗎？您如何看待 Gogoro 的長期前景？

There's two ways to look at stock performance. One is the immediate response to the reverse stock split, which I'll address first, but then also there's a strategic perspective on the stock in general. So you're absolutely right. We have experienced a decline since the reverse stock split in early October. We think that's largely a near term and largely a technical reaction.

看待股票表現有兩種方法。首先是對反向股票分割的直接反應，我將首先討論這一點，但除此之外，還有對該股票的整體策略看法。所以你的說法完全正確。自 10 月初的反向股票分割以來，我們經歷了股價下跌。我們認為這主要是短期內的一種技術性反應。

Many companies that do a reverse stock split do, in fact, experience a decline in the near term, immediately after this split. So we've observed that pattern in other companies. We're not surprised by the stock price decline. But obviously, we'll do everything we can to reestablish confidence among the investor group. But really, the short-term movement doesn't change the underlying fundamentals of the business.

事實上，許多進行反向股票分割的公司在分割後的短期內都會經歷股價下跌。我們在其他公司也觀察到了這種模式。股價下跌我們並不覺得意外。但很顯然，我們將盡一切努力重建投資者群體的信心。但實際上，短期波動並不會改變企業的根本面貌。

So with our operational discipline that Henry spoke about earlier, our cash flow generation capability, our cost control and the growth opportunities that we have in front of us, we'll continue to focus on executing. We'll continue to focus on strengthening the balance sheet and we'll try to deliver long-term value for shareholders. And if you look at the stock price from that more strategic lens, then we don't believe that the stock price reflects the intrinsic value of our business. We think the most challenging period for Gogoro is behind us. We believe there's better data in the future.

因此，憑藉亨利之前提到的營運紀律、現金流產生能力、成本控制以及我們面前的成長機會，我們將繼續專注於執行。我們將繼續專注於加強資產負債表，並努力為股東創造長期價值。如果從更具策略性的角度來看待股價，那麼我們認為股價並不能反映我們業務的內在價值。我們認為 Gogoro 最艱難的時期已經過去了。我們相信未來會有更好的數據。

Whether you look at policy tailwinds, you look at the speed with which cities are accelerating their electrification, whether you look at customer and partner engagement, all of those point to a faster adoption of electric mobility in the future. And as Henry pointed out, for dense urban cities, the battery swapping technology is the preferred option. It's probably the only option that will work in many locations and for many customers.

無論從政策利好因素來看，或是從城市加速電氣化的速度來看，亦或是從客戶和合作夥伴的參與度來看，所有這些都顯示未來電動出行將會得到更快的普及。正如亨利所指出的那樣，對於人口密集的城市而言，電池更換技術是首選方案。這可能是唯一在許多地方和許多客戶中都行得通的選擇。

So our message to investors is clear, focus on those long-term fundamentals, focus on the platform's growth, focus on our mission. We're committed to delivering sustainable value to our shareholders over the long haul.

因此，我們向投資人傳達的訊息很明確：關注長期基本面，關注平台的成長，關注我們的使命。我們致力於為股東創造長期可持續的價值。

Now we open the line for further questions.

現在我們開通提問專線。

There seems to be no further questions. I'll turn the call over to Henry for some few closing remarks.

似乎沒有其他問題了。我將把電話交給亨利，請他做幾句總結發言。

Okay. Thank you. As we close this quarter, I want to thank our team, partners and customers for their continued dedication and support. Over the past few quarters, we have strengthened our operations, improved efficiency and laid a solid foundation for our sustainable growth. This is a strong and continuous commitment to our customers and shareholders.

好的。謝謝。在本季末之際，我要感謝我們的團隊、合作夥伴和客戶一直以來的奉獻和支持。在過去的幾個季度裡，我們加強了運營，提高了效率，為永續發展奠定了堅實的基礎。這是我們對客戶和股東的堅定而持續的承諾。

Looking ahead to 2026, we are laser-focused on delivering value through innovation. We strongly believe that battery swapping is taking off, and Gogoro's product and technology will continue to lead the way. We remain committed to the milestone we have shared with the public, achieving energy network profitability in 2026, generating positive free cash flow from the energy network business in 2027, and delivering sustained company-wide profitability in 2028.

展望2026年，我們將全力以赴，透過創新創造價值。我們堅信電池更換技術正在蓬勃發展，而 Gogoro 的產品和技術將繼續引領這一潮流。我們仍然致力於實現我們與公眾分享的里程碑，即在 2026 年實現能源網絡盈利，在 2027 年從能源網絡業務中產生正的自由現金流，並在 2028 年實現公司整體的持續盈利。

Thank you for your trust and confidence in Gogoro, and we look forward to keeping you updated on our progress in the quarters ahead.

感謝您對 Gogoro 的信任和信心，我們期待在接下來的幾季中繼續向您報告我們的進展。