Gogoro Inc (GGR) 2025 Q4 法說會逐字稿

Welcome to the Gogoro Inc. 2025 four quarter and full year earnings call. This conference call is now being recorded and broadcast live over the internet. A webcast replay will be available within an hour after the conference concludes. I would now like to turn the call over to the Gogoro team.

歡迎來到 Gogoro 公司。2025 年四個季度及全年財報電話會議。本次電話會議正在錄音，並透過網路進行直播。會議結束後一小時內即可觀看網路直播回放。現在我想把電話交給 Gogoro 團隊。

Welcome to Gogoro's 2025 fourth quarter and full year earnings conference call, hosted by our CEO Henry Chiang and CFO Bruce Aitken. Hopefully by now you have a chance to review our earnings release. If you haven't, it is available on the reinvestor relations tab on our website, investor.gog.com.

歡迎參加 Gogoro 2025 年第四季及全年業績電話會議，本次會議由執行長 Henry Chiang 和財務長 Bruce Aitken 主持。希望您現在已經有機會查看我們的業績報告。如果您還沒有，可以在我們網站 investor.gog.com 的再投資者關係標籤上找到。

We are hosting this call via live webcast, and the presentation materials will be displayed on your screen as we go. Henry will start with an overview of Gogoro's progress in 2025 and outline our plans for 2026. Followed by Bruce, who will take you through the financial results in more detail.

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。 Henry 將首先概述 Gogoro 在 2025 年的進展，並介紹我們 2026 年的計畫。接下來是布魯斯，他將更詳細地為大家講解財務表現。

After that, we will open the line for Q&A as time allows. Before we begin, please note that today's discussion may include forward-looking statements which are subject to risk and uncertainties that could cause actual results to differ materially.

之後，我們將視時間安排開放問答環節。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有重大差異。

Please refer to our press release and investor presentation for further information. We will also discuss certain non-IFRS financial measures today. Reconciliation to the comparable IFRS measure can be found in our earnings release. With that, let me turn the call over to Henry.

更多資訊請參閱我們的新聞稿和投資者簡報。我們今天也將討論一些非國際財務報告準則（IFRS）的財務指標。與對應的IFRS指標的調節表可在我們的獲利報告中查閱。接下來，我將把電話會議交給亨利。

Thanks, Annie. Thank you for joining us. In 2025 we deliberately stepped back to simplify and sharpen our focus. We made hard choices and actively restructured to meet market challenges. We consolidated our portfolio, optimized our product mix, and tightened our operational discipline. We prioritized long-term sustainability over short-term results, and the results proved that our refocus worked. While 2025 was a year of challenges, both internally and externally. It was essential for establishing the foundation for Gogoro next chapter.

謝謝安妮。感謝您的參與。 2025年，我們刻意放慢了腳步，簡化流程，更專注於核心業務。我們做出了艱難的抉擇，並積極進行重組，以應對市場挑戰。我們整合了產品組合，優化了產品組合，並加強了營運紀律。我們優先考慮長期可持續發展而非短期業績，結果證明我們的重新調整是有效的。2025 年是充滿挑戰的一年，無論是內部還是外部。這對於為五五郎的下一章奠定基礎至關重要。

Our outstanding operational results are the direct payoff of our focus on efficiency. By reinforcing our core strengths and optimizing our supply chain, we achieved a record high full year adjusted EBD of $59.9 million up from $44.7 million in 2024.

我們卓越的營運績效是我們注重效率的直接報酬。透過強化我們的核心優勢並優化我們的供應鏈，我們實現了全年調整後EBID創歷史新高，達到5990萬美元，高於2024年的4470萬美元。

Operating cash flow increased more than 3 times year over year to $31.1 million while strong execution lifted our gross margin to 8.3%, up from 2.6% in 2024, and our non-IFRS margin to an impressive 19.5%, up from 14.9% in 2024. These are not just numbers. They are the direct result of our teams working with discipline and shared accountability.

經營現金流年增超過三倍，達到 3,110 萬美元；強勁的執行力使毛利率從 2024 年的 2.6% 提升至 8.3%，非 IFRS 利潤率也從 2024 年的 14.9% 提升至令人矚目的 19.5%。這些不僅僅是數字。這是我們的團隊秉持嚴謹的工作態度和共同的責任感所獲得的直接成果。

We realign resources, reduced inventory, and improved production planning, translating tough decisions into real financial improvement. These difficult choices are now clearly reflected in our improved results. We have built a solid foundation. We completed our key milestones in 2025 and are driving our plan forward step by step with clear focus and determination.

我們重新調整資源配置，減少庫存，並改善生產計劃，將艱難的抉擇轉化為實質的財務改善。這些艱難的選擇如今已清楚地體現在我們業績的提升上。我們已奠定了堅實的基礎。我們已完成2025年的關鍵里程碑，並正以清晰的目標和堅定的決心，一步一腳印地推進我們的計劃。

In 2025 we didn't just update our vehicle business, we re-engineered it. We reinforced our technology leadership with the launch of Easy in June and Easy 500 in September. They were the right products at the right price points.

2025年，我們不僅更新了汽車業務，還對其進行了重新設計。我們在 6 月推出了 Easy，9 月推出了 Easy 500，進一步鞏固了我們在技術領域的領先地位。它們都是合適的產品，價格也合適。

The EZ family of products surpassed 8,700 units in cumulative sales from the time of launch to end of year and was the best selling electric scooter of 2025. This success demonstrates our ability to innovate, execute, and capture new target audiences.

EZ系列產品自上市至年底累計銷售超過8,700台，成為2025年最暢銷的電動滑板車。這項成功證明了我們具備創新、執行和開拓新目標受眾的能力。

This isn't just a sales figure. It is proof that when we innovate with precision, we can create and capture new segments. We apply that same discipline to the entire business. We slash portfolio complexity and realign our roadmaps with market demand. We overhauled our retail channels to drive speed and efficiency. We have done the hard work and preparation. And we enter 2026 ready to capture the market.

這不僅僅是一個銷售數字。這證明，當我們精準創新時，就能創造並佔領新的市場領域。我們將同樣的嚴謹作風應用於整個業務。我們大幅簡化產品組合，並根據市場需求調整產品路線圖。我們對零售通路進行了全面改革，以提高速度和效率。我們已經完成了艱苦的工作和準備。我們已做好進入2026年的準備，全力佔領市場。

We deepened our presence in the B2B and government fleet segments. In alignment with Taiwan's net zero policies, adoption by local governments and corporations is accelerating. We are proud to enable this public service transition. We have been working with the police department for the past 5 years, and we are seeing this commitment expand across government agencies.

我們深化了在企業對企業（B2B）和政府車隊領域的佈局。隨著台灣淨零排放政策的推進，地方政府和企業採用我們的產品和服務的速度正在加快。我們很榮幸能夠協助這項公共服務轉型。在過去五年裡，我們一直與警察部門合作，我們看到這種合作精神正在各個政府機構中不斷擴展。

Notably, Taiwan's government postal service, Chunghua Post, added over 1,000 units of the Gogoro crossover as to its fleet for postal delivery services. A powerful validation where durability and reliability matter most. Customers choose Gogoro, are powered by Gogoro Network PBGN. Partners continue to select Gogoro Technology as their core electrification strategy. Yamaha's QC, launched in Q3, generated strong market momentum. While Aiddata's heavy duty 3 wheelers are scaling rapidly with leading delivery platforms.

值得一提的是，台灣中華郵政在其郵件投遞車隊中新增了1000多輛Gogoro跨界車。這有力地證明了該車型在耐用性和可靠性方面的優勢，尤其是在這些領域。客戶選擇 Gogoro，由 Gogoro Network PBGN 提供支援。合作夥伴繼續選擇 Gogoro Technology 作為其核心電氣化策略。雅馬哈QC系列產品於第三季推出，獲得了強勁的市場反應。Aiddata 的重型三輪車正與領先的配送平台迅速合作，實現規模化成長。

Each deployment validates our technology, increases network utilization, expanding our reach and reinforcing our shared path forward. Our strategy is built directly on the operational success of 2025. Last year was about setting the foundation. This year is about execution. Our theme is establish, signifying that we are fully prepared for the next phase of growth.

每一次部署都驗證了我們的技術，提高了網路利用率，擴大了我們的覆蓋範圍，並鞏固了我們共同的發展方向。我們的策略直接建立在2025年營運成功的基礎上。去年主要是打基礎。今年是執行力之年。我們的主題是“確立”，這標誌著我們為下一階段的成長做好了充分準備。

We will not chase volume for volume's sake. We are pursuing value creation in both our energy and vehicle businesses. In our energy business, we are elevating our service commitment by actively expanding our network product roadmap.

我們不會為了追求銷量而追求銷量。我們致力於在能源和汽車業務兩大領域創造價值。在能源業務方面，我們正積極拓展網路產品路線圖，以提升服務承諾。

We are developing new swapping infrastructure. Not just as an upgrade but as a strategic extension of our portfolio designed for agility and performance. This new modular swapping station represents a significant technical improvement.

我們正在開發全新的交換基礎架構。這不僅是對現有設施的升級，更是對我們產品組合的策略性擴展，旨在提升靈活性和性能。這種新型模組化交換站代表著一項重大的技術進步。

It addresses key operational challenges with increased heat dissipation efficiency and lower power demand. Its design features a significantly smaller footprint, enabling rapid deployment and drastically reducing installation time. This innovation allows us to add network density with precision, ensuring we meet rider demand exactly where it is needed.

它透過提高散熱效率和降低功率需求，解決了關鍵的運作挑戰。其設計佔地面積顯著縮小，可實現快速部署並大幅縮短安裝時間。這項創新使我們能夠精準地增加網路密度，確保在乘客需要的地方精準滿足其需求。

We are targeting an initial pilot deployment in Taiwan by late 2026. At the same time, we are optimizing our battery life cycle. As we begin to recycle our Gen 1 batteries, we are transitioning them into innovative Second Life applications, maximizing their value beyond mobility. Our vehicle business is pivoting to be more customer centric. The market is evolving as Taiwan's demographic shift. We are seeing a flight to quality. Customers today demand more than just mobility.

我們計劃於2026年底在台灣啟動首個試點部署計畫。同時，我們也在優化電池生命週期。隨著第一代電池的回收利用，我們將把它們轉化為創新的二次利用應用，最大限度地發揮其在移動出行之外的價值。我們的汽車業務正在轉型，變得更加以客戶為中心。隨著台灣人口結構的變化，市場也不斷演變。我們看到的是一場追求高品質產品的浪潮。如今的客戶需要的不僅僅是出行。

They demand exceptional safety, premium design, and superior reliability. To lead this shift, we are streamlining our portfolio to focus strictly on high value segments where demand is resilient and growing. We have identified two powerful drivers, female and family riders. We see a clear, rapid shift among female consumers toward mid to high-end vehicles. They are choosing performance and style over basic utility. In an era of lower birth rates, parents are adopting a quality over quantity mindset. They are investing heavily in safety standards and build quality.

他們追求卓越的安全性、高端的設計和超強的可靠性。為了引領這一轉變，我們正在精簡產品組合，專注於需求穩定且不斷成長的高價值細分市場。我們已經確定了兩個強大的驅動因素：女性騎士和家庭騎士。我們看到女性消費者對中高階汽車的需求出現了明顯且快速的轉變。他們選擇的是性能和風格，而不是基本實用性。在生育率下降的時代，父母越來越注重生育品質而非數量。他們正大力投資安全標準和建築品質。

This aligns perfectly with our DNA. To capture these sophisticated groups, our 2026 roadmap is aggressive. We are launching 2 new models specifically engineered to set a new benchmark for safety and premium experience. We will gain market share inch by inch by satisfying our customers' needs.

這與我們的品牌基因完美契合。為了贏得這些高端客戶群，我們制定了雄心勃勃的2026年發展路線圖。我們將推出兩款全新車型，它們經過精心設計，旨在建立安全性和卓越體驗的新標竿。我們將透過滿足客戶需求，逐步擴大市場佔有率。

The transformation of Asian mobility is accelerating. Electric two-wheelers and battery swapping remain the most effective and scalable solution for high density urban environments. We are approaching international expansion with a focused strategy.

亞洲出行方式的轉型正在加速。電動兩輪車和換電模式仍然是高密度城市環境中最有效、最具規模化的解決方案。我們正以專注的策略推進國際擴張。

In Vietnam, we are launching a pilot with a strategic market leader, Castrol this partnership leverages their strong brand presence, local market dominance, and deep distribution network to establish a gogoro-like mobility ecosystem tailored to specific local needs.

在越南，我們正與策略市場領導者嘉實多進行試點計畫。此次合作將利用嘉實多強大的品牌影響力、本地市場主導地位和深厚的經銷網絡，建立一個類似 gogoro 的出行生態系統，以滿足當地特定的需求。

This move is timed to capitalize on aggressive government mandates. Hanoi will ban fossil fuel motorbikes in key districts starting July 2026, with the full ban within the city center by 2030. At the same time, Ho Chi Minh City is mandating that all ride-hailing platforms transition to 100% electric fleets by 2030.

此舉旨在利用政府的強硬政策。河內將於2026年7月起在重點區域禁止燃油摩托車通行，並於2030年在市中心全面禁行。同時，胡志明市也強制要求所有叫車平台在2030年前實現100%電動化營運。

The transition is not just an option. It is a strict policy. This regulatory pressure creates an immediate urgent demand for a reliable electric replacement. However, winning in Vietnam requires more than just policy support. The riding environment is unique. To win in this condition, we are launching a new scooter model specifically engineered for durability and performance.

轉型不僅僅是一種選擇。這是一項嚴格的政策。這種監管壓力立即產生了對可靠的電動替代品的迫切需求。然而，要想在越南取得勝利，需要的不僅僅是政策支援。騎乘環境獨一無二。為了在這種條件下取得勝利，我們推出了一款專為耐用性和性能而設計的新型踏板車。

This pilot will validate our model and set the stage for a broader commercial launch target in B2B customers later in 2026. 2025 was defined by grit and discipline. We deliver real financial progress. Now, we are well positioned for 2026. The foundation is set, and I'm confident we will continue to deliver strong financials.

這項試點計畫將驗證我們的模型，並為2026年稍後為B2B客戶進行更廣泛的商業推廣奠定基礎。 2025年的特徵是堅韌和自律。我們取得了實實在在的財務進展。現在，我們已為2026年做好了充分準備。基礎已經打好，我有信心我們將繼續保持強勁的財務表現。

With that I'll turn the call over to Bruce to walk through the 2025 financial results in more detail.

接下來，我會把電話交給布魯斯，讓他更詳細地介紹 2025 年的財務表現。

Thanks, Henry. As Henry emphasized, our strategy in 2025 was defined by a focused discipline. Let me first provide the overall market performance. The Taiwan scooter market faced significant headwinds, declining for a second consecutive year to 708,392 units, down 5.9% year over year, marking the lowest level in 10 years.

謝謝亨利。正如亨利所強調的，我們2025年的策略以專注和嚴謹為核心。首先，讓我介紹一下整體市場表現。台灣踏板車市場面臨嚴峻挑戰，連續第二年下滑，銷量為708,392輛，較去年同期下降5.9%，創下10年來的最低水準。

Despite this drop, and our deliberate decision to prioritize financial health over volume, we maintained our leadership in the electric scooter segment. Gogoro and our partners accounted for 33,228 units, or 68% of the overall electric two-wheeler market of 49,228 units.

儘管銷量有所下降，我們有意將財務健康置於銷量之上，但我們仍然保持了在電動滑板車領域的領先地位。 Gogoro及其合作夥伴共售出33,228輛，佔電動兩輪車市場總銷量49,228輛的68%。

Gogoro alone accounted for 28,176 units, 57% of all electric vehicles, and 4% of overall market share, and our partners accounted for 5,052 units. While vehicle volumes reflected our strategic tightening, Network adoption continued to grow. Subscribers reach 665,000 units, up 4% year over year, supported by new, more flexible rate plans. The energy business continued progressing towards profitability, supported by improved operating leverage and the completion of battery upgrades, positioning us for efficiency and financial gains starting in 2026.

僅 Gogoro 就貢獻了 28,176 輛電動車，佔所有電動車的 57%，市佔率為 4%；我們的合作夥伴貢獻了 5,052 輛。儘管車輛銷售反映了我們策略上的收緊，但網路用戶數量持續增長。用戶數量達到 66.5 萬戶，年增 4%，這得益於新的、更靈活的資費方案。能源業務在營運槓桿的提升和電池升級完成的推動下，繼續朝著獲利目標邁進，這為我們從 2026 年開始實現效率提升和財務收益奠定了基礎。

For the full year 2025, we delivered revenue of $281.5 million which was within our updated guidance range. Despite a full year 9.4% reduction in revenue from 2024, we achieved a historic high in adjusted EBITDA.

2025年全年，我們實現了2.815億美元的營收，符合我們更新後的預期範圍。儘管全年營收較2024年下降了9.4%，但我們的調整後EBITDA卻創下了歷史新高。

This marks a fundamental shift in our business health. Our net loss improved substantially. Gross margins expanded, and operating cash flow strengthened considerably. These results reflect our focus, discipline, and commitment to improved financial results. And as we enter 2026, we expect new products and operational leverage to drive continued cash flow and set the path towards profitability.

這標誌著我們業務健康狀況的根本性轉變。我們的淨虧損大幅改善。毛利率擴大，經營現金流顯著增強。這些成果反映了我們對提升財務表現的專注、嚴謹和堅定承諾。展望 2026 年，我們預計新產品和營運槓桿將推動現金流持續成長，並為獲利鋪路。

For the fourth quarter we generated total revenue of $74.4 million a 1.7% increase year over year. On a constant currency basis, revenue was down 2.4%, with favorable exchange rates contributing approximately $3 million to the top-line.

第四季度，我們實現了總營收7,440萬美元，年增1.7%。以固定匯率計算，營收下降了 2.4%，有利的匯率為總收入貢獻了約 300 萬美元。

Our recurring revenue engine remains robust. Battery swapping revenue grew 5.9% to $38 million driven by high retention and a subscriber base that expanded by 4% to 665,000 riders. As this base grows, we continue to see better network utilization and improved platform economics.

我們的經常性收入來源依然強勁。電池更換業務收入成長5.9%至3,800萬美元，主要得益於用戶留存率高以及用戶基數成長4%至66.5萬。隨著用戶基數的成長，我們持續看到網路利用率提升和平台經濟效益改善。

Hardware revenue was $36.4 million down slightly by 2.3%. While vehicle volumes were impacted by broader market softness, we largely offset this pressure through two key drivers a higher average selling price resulting from a shift towards premium models and increased component sales to our partners.

硬體收入為3640萬美元，略降2.3%。儘管車輛銷售受到整體市場疲軟的影響，但我們透過兩個關鍵因素基本上抵消了這一壓力：一是由於市場轉向高端車型而推高了平均售價；二是增加了對合作夥伴的零件銷售。

For the full year 2025, total revenue was $281.5 million a 9.4% decline year over year. On a constant currency basis, the decline was 12.2%, with favorable exchange rates preventing an additional $8.9 million impact.

2025年全年總收入為2.815億美元，較去年同期下降9.4%。以固定匯率計算，降幅為12.2%，但有利的匯率因素避免了額外890萬美元的影響。

Our recurring business remains a highlight. Battery swapping revenue grew 8.1% to $149 million demonstrating the strength of our subscription model through steady subscriber expansion and high retention.

我們的回頭客業務仍然是一大亮點。電池更換收入成長 8.1% 至 1.49 億美元，證明了我們訂閱模式的實力，用戶數量穩定成長，用戶留存率也很高。

Hardware revenue was $132.5 million down 23.3%. This was primarily due to a substantial drop in vehicle sales, reflecting a broader contraction in the Taiwan vehicle market, which hit its lowest volume level since 2016, and the delayed launch of our key volume driver, the Easy. However, this volume decline was partially mitigated by higher average selling prices from a premium mixed shift and increased component sales to our PBGM partners.

硬體收入為1.325億美元，較去年同期下降23.3%。這主要是由於汽車銷量大幅下滑，反映出台灣汽車市場整體萎縮，銷量跌至2016年以來的最低水平，以及我們主要銷量驅動車型Easy的延遲上市。然而，高階車型組合的調整以及對PBGM合作夥伴零件銷售額的成長，部分抵消了銷量下滑的影響。

Our focused strategy drove significant improvements in profitability. We saw a dramatic improvement in gross margin. Q4 gross margin reached 14.3%, up from 7.4%. versus Q4 of 2024, while full year margin rose to 8.3%, up from 2.6% in the previous year. Q4 non-IFRS margin hit 20.1%, up from 14.7% in the previous period, while full year non-IFRS gross margin hit 19.5%, up from 14.9% for the full year 2024.

我們採取的重點策略顯著提高了獲利能力。我們看到毛利率有了顯著提高。第四季毛利率達14.3%，高於2024年第四季的7.4%；全年毛利率升至8.3%，高於上年的2.6%。第四季非國際財務報告準則（IFRS）毛利率達到20.1%，高於上一季的14.7%；全年非國際財務報告準則毛利率達19.5%，高於2024年全年的14.9%。

Improvements were driven by the completion of battery upgrades, reduced inventory write downs, lower share-based compensation, and efficiency gains from our restructuring and optimized network depreciation.

改進的驅動因素包括電池升級的完成、庫存減損減少、股權激勵降低，以及重組和優化網路折舊帶來的效率提升。

For the fourth quarter, net loss narrowed substantially to $20.8 million an improvement of $50.5 million year over year. This progress was driven by stronger gross profit and a $31 million dollars reduction in operating expenses, primarily due to the absence of last year's one-time impairment charges and improved organizational efficiency.

第四季淨虧損大幅收窄至 2,080 萬美元，較上年同期減少 5,050 萬美元。這項進展主要得益於毛利的提高和營運費用減少了 3,100 萬美元，這主要是由於去年的一次性減損費用取消以及組織效率的提高。

For the full year we narrowed our net loss by $42 million year over year to $80.8 million down from the previous year's $122.8 million. This reduction was fueled by significant OEX reductions, including lower general and administrative expenses, marketing expenses, R&D expenses, and share-based compensation expenses, as well as increased gross profits and lower one-time asset impairments.

全年來看，我們的淨虧損年減了 4,200 萬美元，降至 8,080 萬美元，低於上年的 1.228 億美元。此次降幅主要得益於 OEX 的大幅下降，包括一般及行政費用、行銷費用、研發費用和股權激勵費用的降低，以及毛利的增加和一次性資產減損的減少。

Adjusted EBITDA reached $59.5 million an all-time high, and an increase of $15.2 million over 2024. Q4 adjusted EBITDA rose to $12.9 million. These gains reflect higher gross profit combined with discipline, cost saving initiatives, and organizational restructuring.

調整後 EBITDA 達到 5,950 萬美元，創歷史新高，比 2024 年增加 1,520 萬美元。第四季調整後 EBITDA 增至 1,290 萬美元。這些收益反映了更高的毛利，以及嚴格的紀律、成本節約措施和組織結構調整。

Our improved efficiency translated directly into cash. We generated $31.1 million in operating cash inflow, more than triple the amount from 2024.

效率的提高直接轉化為現金流。我們產生了 3,110 萬美元的經營現金流入，是 2024 年預期金額的三倍多。

We ended the year with $70.6 million in cash to strengthen our liquidity position. We have secured an $80 million equity investment commitment for 2026 from our largest shareholder, so we are fully funded to execute to our near term objectives.

年底我們擁有7060萬美元現金，增強了我們的流動性狀況。我們已從最大股東處獲得 8,000 萬美元的股權投資承諾，用於 2026 年的投資，因此我們資金充足，可以實現近期目標。

In 2026, we anticipate a modest revenue recovery, forecasting a range of $285 million to $305 million. We estimate that approximately 95% of fully revenue will be generated from the Taiwan market. Our strategic priority remains profitability.

我們預計2026年營收將溫和復甦，預計在2.85億美元至3.05億美元之間。我們估計約95%的營收將來自台灣市場。我們的策略重點仍然是盈利能力。

We expect our battery swapping business to achieve non-IFRS profitability in 2026, with our hardware business following suit in 2028. With new products launching and continued operating leverage, we are well positioned to drive strong cash generation in the year ahead. Thanks.

我們預計電池更換業務將於 2026 年實現非 IFRS 獲利，硬體業務將於 2028 年實現同樣的獲利。隨著新產品的推出和持續的營運槓桿效應，我們已做好充分準備，在未來一年實現強勁的現金流成長。謝謝。

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

感謝亨利和布魯斯提供的最新資訊。在各位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. You've been executing well on the first phase of your strategy, stabilizing the business, stopping the cash burn, and positioning Gogoro Network to reach profitability in 2026.

第一個問題。您在策略的第一階段執行得很好，穩定了業務，停止了現金消耗，並使 Gogoro Network 能夠在 2026 年實現盈利。

Assuming the energy business achieves probability as planned this year, how should we think about your strategy for the scooter business, which from an external perspective appears to be underperforming and absorbing a disproportionate share of group losses.

假設能源業務今年按計畫實現機率目標，我們該如何看待你們的滑板車業務策略？從外部來看，滑板車業務似乎表現不佳，並承擔了集團不成比例的虧損。

The first thing to remember is our focus over the past period stabilize the business, get execution back on track, and put Gogoro on a path to profitability in 2026. That's the foundation we needed before tackling any broader challenge.

首先要記住的是，過去一段時間我們的重點是穩定業務，使執行重回正軌，並使 Gogoro 走上 2026 年實現盈利的道路。這是我們在應對任何更廣泛的挑戰之前所需要的基礎。

On the scooter business, we know it hasn't yet delivered our desired results. Our approach isn't about growth at any cost. This means being more selective about models, geographies, and channels, reducing complexity and aligning investment levels with demonstrated returns.

在踏板車業務方面，我們知道它尚未達到我們預期的效果。我們的方法並非不惜一切代價追求成長。這意味著要更加重視模型、地理和通路的選擇，降低複雜性，並將投資水準與已證明的回報相匹配。

Importantly, we are managing the scooter business with clear financial guardrails so that it does not jeopardize the profitability trajectory of GN and Gogoro as a group. With this approach, the scooter business will regain traction by rolling out superior new products and expanding margins by leveraging the economics of scale, producing more units, lowering per unit costs, optimizing our supply chain, and further streamlining operations.

重要的是，我們對踏板車業務的管理制定了明確的財務準則，以確保其不會影響GN和Gogoro集團的整體獲利能力。透過這種方式，我們將推出更優質的新產品，並利用規模經濟效應擴大利潤率，從而重振踏板車業務。具體措施包括：提高產量、降低單位成本、優化供應鏈、進一步精簡營運。

By focusing on high potential markets and the most attractive customer segments, we can improve utilization of our infrastructure and distribution network.

透過專注於高潛力市場和最具吸引力的客戶群，我們可以提高基礎設施和分銷網路的利用率。

Combined with disciplined pricing, a refined product mix, and stronger after sales services, the scooter business will become a major growth engine over time, generating sustainable profitability and contributing meaningfully to Gogoro's long-term financial targets.

透過嚴格的定價、優化的產品組合和更強大的售後服務，踏板車業務將逐漸成為主要的成長引擎，產生可持續的獲利能力，並為 Gogoro 的長期財務目標做出有意義的貢獻。

Question number 2. You put in lots of hard work in reducing OpEx in 2025. Can you sustain that level of OpEx savings and can we expect ongoing improvements in gross margin?

問題2。您在 2025 年降低營運成本方面付出了很多努力。你們能否維持這種營運成本節約水準？我們能否期待毛利率持續增加？

Thanks for the question. You're right that the team worked super hard on cost savings in 2025. Our total OE reduction on an IFRS basis was $51.9 million which does include some one-time impairments.

謝謝你的提問。你說得對，團隊在 2025 年確實為節省成本付出了巨大的努力。根據國際財務報告準則，我們的營運成本削減總額為 5,190 萬美元，其中包括一些一次性減損損失。

Without including the impairments, we still saved nearly $24 million. So thanks to everyone on our team for contributing. Whether through lower variable marketing and promotional expenses which resulted from lower vehicle sales, savings in research and development expenses by focusing the vehicle business on a streamlined product portfolio, lower payroll driven by operation efficiency, or savings and share-based compensation, this is a huge achievement. It's a clear indication that we're tightening things up and that we're focusing, and again, we really appreciate the hard work of all Gogoro employees to contribute to this.

即使不計入減損損失，我們仍然節省了近 2,400 萬美元。感謝團隊中每一位成員的貢獻。無論是因為汽車銷售下降而導致的可變行銷和促銷費用降低，還是由於汽車業務專注於精簡的產品組合而節省的研發費用，亦或是營運效率提高帶來的工資支出降低，還是節省和基於股份的薪酬，這都是一項巨大的成就。這清楚地表明我們正在加強管理，集中精力，再次感謝所有 Gogoro 員工為此付出的辛勤努力。

In 2026, it will be hard to replicate that same level of OpEx savings, so we need to look to reduce bomb costs, increase our manufacturing efficiencies, and execute system value engineering projects to continue to drive margin improvement, which is critical to our ongoing success. We're committed to those cost savings across the board. We're committed to associated margin improvement, but it's unlikely that we'll be able to replicate the size of the savings from 2025. These were substantial and necessary cuts that we made to right size the organization and refocus our efforts on value adding investments. Thanks.

到 2026 年，很難再達到同樣的營運成本節約水平，因此我們需要著眼於降低炸彈成本、提高製造效率，並執行系統價值工程項目，以繼續推動利潤率的提高，這對我們持續的成功至關重要。我們致力於全面降低成本。我們致力於提高相關利潤率，但不太可能複製 2025 年的節約規模。這些都是我們為調整組織規模、重新聚焦增值投資而進行的必要且幅度較大的裁員。謝謝。

Thank you, Henry and Bruce. Now we open the line for more question.

謝謝亨利和布魯斯。現在我們開放提問環節。

Thank you. (Operator Instructions).The questions, I'll turn the call over to Henry for closing remarks.

謝謝。 （操作員指示）問題都回答完了，現在我把電話交給亨利，請他做總結發言。

Before we close, I want to reinforce one message. Financial discipline remains our top priority. We will not buy revenue or chase empty volume. Growth must be organic, gross margin positive, and aligned with our efforts to establish long-term profitability. Operating cash flow is the true measure of our success.

在結束之前，我想再次強調一點。財務紀律仍然是我們的首要任務。我們不會購買營收或追逐空頭部位。成長必須是內生的，毛利率必須為正，並且與我們實現長期獲利的目標一致。經營現金流才是衡量我們成功的真正標準。

We are laser focused on long-term sustainability. Our 2025 performance serves as solid evidence in our critical target. Goal network pursuing profitability in 2026. I have confidence that the energy business will demonstrate profitability by the end of the year as promised to reestablish Gogoro's Foundation for the future.

我們始終專注於長期永續發展。 2025年的業績是我們實現關鍵目標的有力證明。我們的目標網絡力爭在2026年獲利。我相信，能源業務將在年底前實現盈利，正如我們承諾的那樣，這將為重建五五郎家族的未來奠定堅實的基礎。

Thank you for joining us today. We look forward to updating you on your, our progress throughout the year.

感謝您今天蒞臨。我們期待在這一年向您報告我們和您的進展。

That does conclude today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與。您現在可以斷開連線了。