Gogoro Inc (GGR) 2026 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Gogoro Q2 2026 earnings conference call.

各位好，感謝您稍候。歡迎參加 Gogoro 2026 年第二季財報電話會議。

(Operator Instructions)

（接線員指示）

Please be advised today's conference is being recorded. I'd now like to hand the conference over to your first speaker today, [Wendy Lee]. Please go ahead.

提醒您，今天的會議將被錄音。現在我想把會議交給今天的第一位講者，[Wendy Lee]。請開始。

Thank you, operator. Welcome to Go World's 2026 second quarter earnings conference call, hosted by our CEO Henry Zhang and CFO Bruce Aitken. Hopefully by now you've had an opportunity to review our earnings release and investor presentation.

謝謝，接線員。歡迎參加 Go World 2026 年第二季財報電話會議，由我們的執行長 Henry Zhang 與財務長 Bruce Aitken 主持。希望各位現在已經有機會查閱我們的財報新聞稿與投資人簡報。

Both of which are available on the Investors Relations section of our website. Harry will begin with an overview of our business performance and strategic priorities, followed by Bruce who will review our financial results in greater detail. We will then open the call for Q&A.

兩者皆可於我們網站的投資人關係（Investor Relations）專區取得。Harry 將先概述我們的營運表現與策略重點，接著由 Bruce 更詳細說明財務結果。之後我們將開放問答。

Before we begin, please note that today's discussion contains forward-looking statements, including statements regarding our business outlook, future financial performance growth, product launches, and future priorities and strategic initiatives.

在開始之前，請注意今天的討論包含前瞻性陳述，包括關於我們的業務展望、未來財務表現成長、產品上市，以及未來優先事項與策略性計畫的陳述。

These statements are subject to risks and uncertainties that could cause actual results to differ materially. Please refer to today's earnings release and our SEC filings for additional information.

這些陳述受到風險與不確定性影響，可能導致實際結果與陳述內容有重大差異。更多資訊請參閱今日的財報新聞稿及我們向美國證券交易委員會（SEC）提交的文件。

A more detailed discussion of the risks and uncertainties that could cause actual results to differ materially is contained in our earnings release issued today and in our filings with the SEC, including our annual report on Form 20-F, each of which is readily available on the investor relations section of our website and at www.sec.gov.

關於可能導致實際結果與陳述內容有重大差異之風險與不確定性的更詳細討論，載於我們今日發布的財報新聞稿以及向 SEC 提交的文件中，包括我們的 Form 20-F 年度報告；上述文件皆可於我們網站的投資人關係專區及 www.sec.gov 方便取得。

Any forward-looking statements, including our guidance. Speak only as of today's date, and we undertake no obligation to update them except as required by law.

任何前瞻性陳述（包括我們的財測指引）僅截至今日有效；除法律要求外，我們不承擔更新之義務。

Today's discussion will also include certain non-IFRS financial measures. Reconciliations to the most directly comparable IFRS measures and additional information can be found in our earnings release. And with that, let me turn the call over to Henry.

今天的討論也將包含若干非 IFRS 財務衡量指標。與最直接可比的 IFRS 指標之調節表及其他資訊可於我們的財報新聞稿中查閱。接下來，讓我把電話交給 Henry。

Thanks, [Wendy]. Thank you, everyone, for joining us today. The second quarter marks an important milestone for Gogoro.

謝謝，[Wendy]。也謝謝各位今天加入我們。第二季對 Gogoro 而言是一個重要的里程碑。

Over the past two years, we've remained focused on strengthening the fundamentals of our business, improving operational discipline, simplifying our cost structure and executing a more focused product strategy. This quarter, we're beginning to see those efforts translate into tangible business results.

過去兩年，我們持續專注於強化業務基本面、提升營運紀律、簡化成本結構，並執行更聚焦的產品策略。本季我們開始看到這些努力轉化為具體的業務成果。

Revenue returned to year-over-year growth. The gross margin reached its highest quarterly level in more than five years. Operating cash flow continued to strengthen.

營收恢復年對年成長。毛利率達到五年多來最高的單季水準。營運現金流持續改善。

At the same time, our newest products gained encouraging customer traction and supported a recovery in our market position. Taken together, these results reinforce our confidence that the strategy we've been executing is working.

同時，我們最新產品獲得令人鼓舞的客戶反應，並支持我們市場地位的回升。綜合而言，這些結果強化了我們對所執行策略正在奏效的信心。

More importantly, they demonstrate that we're building a healthier business, one capable of delivering both sustainable growth and improving profitability.

更重要的是，這些成果顯示我們正在打造一個更健康的企業，能夠同時帶來可持續的成長與獲利能力的提升。

Let me begin with our products. One of the priorities we've discussed over the past year has been transforming our product portfolio from the ground up, reaching new customer segments while preserving the Gogoro riding experience.

先從產品談起。過去一年我們反覆提到的一項優先事項，是從根本改造我們的產品組合：在保留 Gogoro 騎乘體驗的同時，觸及新的客群。

I'm pleased to say that the first phase of our multiyear product renaissance is off to an exceptional start. EZZY, our Disney Toy Story Series and Gogoro Luna represent the first wave of a broader product strategy designed to strengthen our core franchise, attract new consumers and expand our addressable market.

我很高興地表示，我們多年期產品復興計畫的第一階段有了極佳的開局。EZZY、我們的迪士尼《玩具總動員》系列，以及 Gogoro Luna，代表更廣泛產品策略的第一波，旨在強化核心品牌、吸引新消費者並擴大可服務市場。

The EZZY family is strategically designed for consumers seeking simple, hassle-free everyday mobility and its performance continues to exceed our expectations.

EZZY 家族在策略上是為追求簡單、無負擔日常移動的消費者所設計，其表現持續超出我們的預期。

During the quarter, it contributed more than one-third of our scooter sales revenue and attracted family-oriented consumers into the Gogoro ecosystem. We continue to see family-oriented consumers as an important pillar of Gogoro's long-term growth strategy.

本季它貢獻了超過三分之一的機車銷售營收，並吸引以家庭為導向的消費者進入 Gogoro 生態系。我們持續將家庭導向消費者視為 Gogoro 長期成長策略的重要支柱。

Gogoro is a leading scooter brand among female riders. As part of our strategy to expand our product portfolio to this targeted consumer group, we introduced Gogoro Luna toward the end of the quarter, our newest premium scooter designed specifically for female riders.

Gogoro 是女性騎士間的領先機車品牌。作為我們擴展產品組合以服務此目標客群策略的一部分，我們在本季末推出 Gogoro Luna——我們最新的高階機車，專為女性騎士設計。

Gogoro Luna is more than just a new model. It represents the next phase of our product portfolio strategy showing absolute empathy for our consumers is the guiding principle behind Gogoro's product development.

Gogoro Luna 不僅是一款新車型。它代表我們產品組合策略的下一階段，展現對消費者的高度同理心是 Gogoro 產品開發背後的指導原則。

Our goal was to create a scooter that women find effortless to ride, beautiful to look at and practical for daily use.

我們的目標是打造一台讓女性覺得騎乘毫不費力、外觀賞心悅目，且適合日常使用的機車。

As daily life grows increasingly busy and women balance more roles, we believe a Gogoro product should serve as a true partner and supporter, matching the rhythm of life, helping people navigate each and every day smoothly and empowering them to embrace every role with ease and confidence.

隨著日常生活愈加忙碌、女性需要兼顧更多角色，我們相信 Gogoro 產品應成為真正的夥伴與支持者，貼合生活節奏，協助人們順暢度過每一天，並賦予她們以從容與自信擁抱每個角色的力量。

This was our core motivation in crafting a brand-new product tailored specifically for women. We believe this scooter will become a benchmark in the female scooter market, and results have already proven that our empathy truly resonates with consumers.

這正是我們打造一款專為女性量身訂製全新產品的核心動機。我們相信這台機車將成為女性機車市場的標竿，而目前的成果也已證明，我們的同理心確實引起消費者共鳴。

We believe one standout innovation is its innovative effort-saving center stand, requiring just 47 kilograms of stepping force, making parking significantly easier, particularly for petite riders and in tight urban spaces.

我們認為其中一項突出的創新，是其省力的中柱設計，只需 47 公斤的踩踏力即可立起，讓停車顯著更容易，特別適合身形嬌小的騎士以及都會狹窄空間。

The early market response has been very encouraging. Rather than relying on a single flagship model, we're building a portfolio designed around distinct customer needs. We believe this approach better positions us to expand our addressable market while strengthening the long-term competitiveness of our hardware business.

早期市場反應非常正面。我們不再依賴單一旗艦車款，而是打造以不同客戶需求為核心的產品組合。我們相信此作法能在強化硬體業務長期競爭力的同時，更有利於擴大可服務市場。

We're also encouraged by the improvement in our market position. During the quarter, our market share recovered to approximately 6%, reflecting stronger customer demand for our newest products.

我們也對市場地位的改善感到鼓舞。本季我們的市占率回升至約 6%，反映客戶對我們最新產品的需求更為強勁。

While Taiwan's overall scooter market remains competitive, we believe our recent launches demonstrate that innovation, thoughtful product positioning and disciplined execution continue to differentiate Gogoro.

儘管台灣整體機車市場仍具競爭性，我們相信近期的產品上市顯示，創新、周延的產品定位與有紀律的執行，仍持續讓 Gogoro 脫穎而出。

Ultimately, our goal is not simply to launch more scooters. We are building a broader and more relevant product portfolio that can bring more consumers into the Gogoro ecosystem, expand our addressable market and create a stronger foundation for sustainable growth.

最終，我們的目標不只是推出更多機車。我們正在建立更廣泛且更具相關性的產品組合，將更多消費者帶入 Gogoro 生態系、擴大可服務市場，並為可持續成長奠定更強的基礎。

Beyond hardware, our recurring energy business continues to provide the stability that sets Gogoro apart. Our subscriber base grew to approximately 677,000, reflecting continued year-over-year growth.

在硬體之外，我們的經常性能源業務持續提供使 Gogoro 與眾不同的穩定性。我們的訂閱用戶數成長至約 677,000 名，持續呈現年對年成長。

Although the continued success of entry-level vehicle has modestly affected average revenue per subscriber, the expansion of our subscriber base strengthens utilization of the Gogoro Network and reinforces the long-term value of our recurring revenue model.

雖然入門級車款的持續成功對每位訂閱用戶平均營收帶來些許影響，但訂閱用戶基礎的擴大提升了 Gogoro Network 的使用率，並強化我們經常性收入模式的長期價值。

Equally important, we continue to improve the economics of our business. We are increasingly seeing the benefits of continuous operational excellence and disciplined execution across our Gogoro Network.

同樣重要的是，我們持續改善業務的經濟效益。我們愈來愈能看到在 Gogoro Network 全面推動持續營運卓越與有紀律執行所帶來的成果。

In Q2, we delivered our strongest operating performance to date with expenses coming in below budget while continuing to improve year-over-year.

在第二季，我們交出迄今最強的營運表現：費用低於預算，且年對年持續改善。

More importantly, these improvements are now translating into tangible financial progress and strengthening the underlying economics of the network.

更重要的是，這些改善如今正轉化為具體的財務進展，並強化網路的底層經濟性。

What is particularly exciting is seeing this progress validate the thesis behind Gogoro Network. We remain deeply committed to delivering clean, efficient and increasingly accessible energy to urban communities, and we are encouraged to see the business model increasingly demonstrate both operational scalability and financial viability.

特別令人振奮的是，看到這些進展驗證了 Gogoro Network 背後的核心論點。我們仍堅定致力於為都會社區提供潔淨、高效率且愈加可負擔的能源；同時也很鼓舞地看到，商業模式正日益展現營運可擴展性與財務可行性。

As we continue to scale the network, improve efficiency and expand adoption, we believe we are building not only a more profitable business but also a sustainable energy platform that can play an important role in the future of urban mobility.

隨著我們持續擴大網路規模、提升效率並擴大採用，我們相信我們不僅在打造更具獲利能力的企業，也在建立一個可持續的能源平台，能在未來的都會移動中扮演重要角色。

This is what we are passionate about building and seeing the model increasingly validated by both our operating results and financial performance gives us tremendous confidence in the opportunity ahead. Looking ahead, our priorities remain unchanged.

這正是我們熱情投入打造的方向；而看到此模式在營運成果與財務表現上持續獲得驗證，讓我們對未來機會充滿信心。展望未來，我們的優先事項維持不變。

We'll continue executing our focused product strategy. We'll continue improving the efficiency and profitability of the Gogoro Network, and we'll continue allocating capital with discipline while investing in opportunities that support sustainable long-term growth.

我們將持續執行聚焦的產品策略；持續提升 Gogoro Network 的效率與獲利能力；並在投資支持可持續長期成長的機會之際，維持有紀律的資本配置。

Before I hand the call over to Bruce, I'd like to take a moment to recognize that today's call marks his final earnings call as Gogoro's Chief Financial Officer following our recent announcement.

在我把電話交給 Bruce 之前，我想花一點時間指出，根據我們近期的公告，今天的電話會議將是他以 Gogoro 財務長身分主持的最後一次財報電話會議。

Bruce has been an exceptional partner over the past eight years and has played an instrumental role in building the financial foundation that supports Gogoro today. I'll have an opportunity to say more before we conclude the call. But on behalf of all of us, Bruce, thank you for your leadership and your many contributions.

過去八年來，Bruce 一直是非常出色的夥伴，並在建立支撐今日 Gogoro 的財務基礎方面扮演了關鍵角色。我會在電話會議結束前再多說幾句。但我代表我們所有人，Bruce，感謝你的領導以及你所做的諸多貢獻。

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

接下來，讓我把電話交給 Bruce。

Thank you, Henry. Before I begin, I'd like to echo Henry's comments. It's been a privilege to be part of Gogoro's journey, and I'll share a few personal thoughts towards the end of our call. But first, let me review our second quarter financial results. Overall, we are pleased with the progress we made during this quarter.

謝謝你，Henry。在我開始之前，我想呼應 Henry 的評論。能成為 Gogoro 旅程的一部分是一種榮幸，我會在本次電話會議接近尾聲時分享一些個人的想法。不過首先，讓我回顧我們第二季的財務結果。整體而言，我們對本季取得的進展感到滿意。

The financial results reflect continued operational discipline, improving execution and the benefits of the actions we've taken over the past two years to strengthen the business.

財務結果反映出我們持續的營運紀律、執行力的提升，以及過去兩年為強化業務所採取行動所帶來的效益。

Second quarter revenue was $70.6 million, representing a 7.3% increase year-over-year or approximately 10% growth on a constant currency basis. The return to revenue growth was driven primarily by stronger Gogoro branded scooter sales, supported by the continued success of the EZZY family and initial deliveries of our Luna model.

第二季營收為 7,060 萬美元，年增 7.3%，若以固定匯率計算約成長 10%。營收重回成長主要由更強勁的 Gogoro 品牌機車銷售所帶動，並受惠於 EZZY 系列的持續成功以及 Luna 車款的初期交付。

Hardware revenue also benefited from deliveries under our previously announced WeMo fleet agreement. Battery swapping service revenue remained resilient despite foreign exchange headwinds and the continued mix shift towards entry-level scooters.

硬體營收亦受惠於我們先前公告的 WeMo 車隊合作協議下的交付。儘管面臨外匯逆風以及產品組合持續轉向入門款機車，電池交換服務營收仍維持韌性。

Subscriber growth continued to offset much of the pressure on average revenue per subscriber, highlighting the strength of our recurring revenue model.

訂閱戶成長持續抵銷每位訂閱戶平均營收所承受的大部分壓力，凸顯我們經常性收入模式的強勁。

Overall, we're encouraged to see both our hardware and energy businesses contributing to top line growth. The highlight of the quarter was another meaningful improvement in profitability.

整體而言，我們很高興看到硬體與能源兩大業務共同推動營收成長。本季的亮點是獲利能力再次出現顯著改善。

Gross margin reached 22.6%, the highest it has been in the last five years. Importantly, this improvement reflects structural changes in the business rather than temporary cost reductions.

毛利率達到 22.6%，為過去五年來最高。重要的是，這項改善反映的是業務結構性的變化，而非短期的成本削減。

Completion of our battery upgrade program, improved manufacturing efficiency, lower battery depreciation, better network utilization and continued cost discipline all contributed to the improvement.

電池升級計畫的完成、製造效率提升、電池折舊降低、更佳的網路使用率，以及持續的成本紀律，皆促成了這項改善。

As we've discussed over the past several quarters, these initiatives were designed to permanently improve the economics of the business, and we're now beginning to see those benefits reflected in our financial performance.

正如我們在過去幾季所討論的，這些措施旨在永久改善業務的經濟性，而我們現在開始看到這些效益反映在財務表現上。

Net loss improved by more than $21.6 million year-over-year, while adjusted EBITDA increased to $19.3 million.

淨損較去年同期改善超過 2,160 萬美元，而調整後 EBITDA 提升至 1,930 萬美元。

These improvements demonstrate that higher gross margins, disciplined operating expenses and a simplified organizational structure continue to translate into stronger financial results. Cash generation also remained a key area of progress.

這些改善顯示，更高的毛利率、具紀律的營運費用，以及更精簡的組織架構，持續轉化為更強勁的財務結果。現金創造能力也仍是重要的進展領域。

Operating cash flow during the first half of the year increased by more than 70% compared with the same period last year, reflecting improved operating performance, disciplined working capital management and lower capital expenditures following completion of the battery upgrade program.

今年上半年營運現金流較去年同期增加超過 70%，反映營運表現改善、營運資金管理更具紀律，以及在完成電池升級計畫後資本支出降低。

We ended the quarter with $68.8 million in cash and cash equivalents, further strengthened by the initial investment from Gold Sino under the previously announced equity financing.

本季末我們持有 6,880 萬美元的現金及約當現金，並因先前公告之股權融資中 Gold Sino 的初始投資而進一步強化。

Our balance sheet is considerably stronger than it was a year ago, and it provides us with the flexibility to continue executing our strategic priorities while maintaining prudent financial discipline. Based on our first half performance, we are reaffirming our full year guidance. We continue to expect revenue between $285 million and $305 million for 2026.

我們的資產負債表較一年前顯著更為強健，並為我們在維持審慎財務紀律的同時，持續推進策略優先事項提供彈性。基於上半年表現，我們重申全年財測。我們仍預期 2026 年營收介於 2.85 億至 3.05 億美元之間。

While we remain mindful of macroeconomic conditions and the competitive environment, we're encouraged by the momentum we're seeing in the business.

儘管我們仍留意總體經濟情勢與競爭環境，我們對業務所展現的動能感到鼓舞。

We also remain on track for the Gogoro Network battery swapping business to achieve non-IFRS profitability this year.

我們也仍按計畫推進，預期 Gogoro Network 電池交換業務將於今年達成非 IFRS 口徑的獲利。

The first half of 2026 has demonstrated that the operational improvements we've been implementing are translating into stronger financial performance, giving us confidence in our outlook for the remainder of the year.

2026 年上半年顯示，我們所推動的營運改善正轉化為更強勁的財務表現，讓我們對今年剩餘期間的展望更具信心。

Before I hand the call back to Henry, I'd like to say a few personal words. As Henry mentioned, today is my final earnings call as Chief Financial Officer of Gogoro.

在我把電話交回給 Henry 之前，我想說幾句個人的話。如 Henry 所提，今天是我以 Gogoro 財務長身分主持的最後一次財報電話會議。

After more than eight years with the company, I've decided that it's the right time for my family and for me to begin our next chapter.

在公司服務超過八年後，我決定現在是我與家人開啟下一個篇章的合適時機。

When I joined Gogoro, we were an ambitious young company with a bold vision. Since then, we've grown into a public company, built a strong financial organization, navigated extraordinary challenges and most recently repositioned the business for sustainable, profitable growth.

當我加入 Gogoro 時，我們是一家懷抱宏大願景、充滿企圖心的年輕公司。此後，我們成長為一家上市公司，建立了強健的財務組織，度過了非凡的挑戰，並在最近將業務重新定位，以實現可持續且具獲利性的成長。

I'm proud of what the entire Gogoro team has accomplished together. I'd like to thank Henry for his partnership and leadership, our Board of Directors for their trust and guidance, our employees for their dedication and our shareholders for their continued support throughout this journey.

我為整個 Gogoro 團隊共同完成的成果感到自豪。我想感謝 Henry 的夥伴關係與領導、感謝董事會的信任與指導、感謝員工的投入奉獻，以及感謝股東在這段旅程中持續的支持。

While this is a transitional moment for me personally, I leave with tremendous confidence in the future of Gogoro. The company is stronger, more disciplined and better positioned than when I joined, and I'm excited to watch its next chapter unfold.

雖然對我個人而言這是一個過渡時刻，但我對 Gogoro 的未來充滿信心。公司比我加入時更強健、更有紀律、也更具備良好定位，我很期待見證它的下一個篇章展開。

Thank you for your trust, your partnership and your support over these past eight years. Henry, back to you.

感謝你們在過去八年來的信任、合作與支持。Henry，交回給你。

Thank you, Bruce. On behalf of everyone at Gogoro, I'd like to thank you for your outstanding leadership and your many contributions over the past eight years.

謝謝你，Bruce。我代表 Gogoro 的每一位同仁，感謝你在過去八年來卓越的領導以及你所做的諸多貢獻。

Bruce joined Gogoro in its early days and played a pivotal role in guiding Gogoro through every stage of its evolution from a fast-growing private company to becoming a public company and through the transformation we've undertaken over the past two years to build a stronger, more disciplined business.

Bruce 在 Gogoro 早期便加入，並在引導 Gogoro 走過每個演進階段中扮演關鍵角色——從一家快速成長的私人公司到成為上市公司，以及在過去兩年我們為打造更強健、更有紀律的企業所推動的轉型。

It's been two years since we first hosted an earnings call together, and this is my last earnings release call with you. Where did time go?

距離我們第一次一起主持財報電話會議已經兩年了，而這也是我與你一起進行的最後一次財報發布電話會議。時間都去哪了？

I still remember my first earnings call with you like it was yesterday. While we'll certainly miss working with you, we wish you and your family nothing but the very best in this next chapter. I'd also like to welcome Jacky Lee as our Principal Financial Officer.

我仍然記得第一次與你一起主持財報電話會議，彷彿就在昨天。雖然我們一定會想念與你共事，但我們衷心祝福你與家人在下一個篇章一切順利、萬事如意。我也想歡迎 Jacky Lee 擔任我們的首席財務主管（Principal Financial Officer）。

Jacky brings deep experience in finance, governance and operational leadership, and we're excited to have him join the executive team as we continue executing our long-term strategy. As we look ahead, I believe Gogoro is entering the second half of the year from a position of strength.

Jacky 在財務、公司治理與營運領導方面具備深厚經驗，我們很高興他加入管理團隊，與我們一同持續執行長期策略。展望未來，我相信 Gogoro 正以強勢姿態進入下半年。

Over the past several quarters, we focused on building a stronger foundation for the business. This quarter demonstrates that those efforts are translating into results. We're returning to revenue growth.

過去幾季，我們專注於為業務建立更強健的基礎。本季顯示，這些努力正轉化為成果。我們正重回營收成長。

We're delivering the highest quarterly gross margin in more than five years. We're strengthening our cash generation, and we're executing a product strategy that's helping us reconnect with customers and expand our market opportunity.

我們交出超過五年來最高的單季毛利率。我們正在強化現金創造能力，並執行產品策略，協助我們重新與客戶連結並擴大市場機會。

While we know there is still work ahead, we're encouraged by the progress we made and remain focused on disciplined execution, sustainable profitability and creating long-term value for our shareholders.

雖然我們知道前方仍有工作要做，但我們對所取得的進展感到鼓舞，並將持續專注於具紀律的執行、可持續的獲利能力，以及為股東創造長期價值。

With that, I will hand the call back to [Wendy].

接下來，我將把電話交回給 [Wendy]。

(Operator Instructions) I will now hand over to Wendy to manage the questions.

（接線員指示）我現在將交由 Wendy 來主持問答。

Okay. I would like to thank Henry and Bruce for the update. And as attendees are formulating their questions, I will ask two questions that we have collected.

好的。我想感謝 Henry 與 Bruce 的最新說明。在與會者整理問題的同時，我先提出我們蒐集到的兩個問題。

Question number one, Henry, so this quarter marked Gogoro's first return to year-over-year revenue growth in some time, while also delivering highest quarterly gross margin in more than five years. How should investors think about balancing growth and profitability as you execute through second half of the year?

第一個問題，Henry，本季 Gogoro 在一段時間後首次實現營收年增，同時也交出超過五年來最高的單季毛利率。投資人應如何看待你們在下半年執行過程中，成長與獲利之間的平衡？

Okay. Thanks, Wendy. Over the past two years, we have focused on strengthening the fundamentals of the business.

好的。謝謝你，Wendy。過去兩年，我們一直專注於強化業務的基本面。

We streamlined our operations, improved our cost structure and completed the battery upgrade program and become much more disciplined in how we allocate resources. Those efforts established a much stronger foundation.

我們精簡了營運、改善了成本結構，完成了電池升級計畫，並在資源配置方式上變得更加自律。這些努力奠定了更強健的基礎。

Now we are seeing the benefit. Revenue has returned to growth. Our gross margin reached its highest level in more than five years, and operating cash flow continues to improve. Just as importantly, we are seeing encouraging customer response to our target product strategy.

現在我們正看到成果。營收已恢復成長。我們的毛利率達到五年多來的最高水準，營運現金流也持續改善。同樣重要的是，我們看到客戶對我們目標產品策略的回應令人鼓舞。

As we look to the second half, we are cautiously optimistic about the opportunities ahead while remaining disciplined in our execution.

展望下半年，我們在保持執行自律的同時，對前方機會抱持審慎樂觀。

While we are mindful of our rising material costs, we will continue introducing products that broaden our customer base while maintaining the operational discipline that has driven our margin improvement. We believe that approach positions us to deliver sustainable growth while continuing to improve profitability over time.

儘管我們留意到原物料成本上升，我們仍將持續推出能擴大客戶基礎的產品，同時維持推動毛利率改善的營運自律。我們相信這樣的做法能讓我們在持續提升獲利能力的同時，實現可持續的成長。

Thank you, Henry. And we have another question. So you've talked over the past several quarters about building a stronger operational foundation. As you look ahead, what gives you the greatest confidence in Gogoro's long-term growth opportunities?

謝謝你，Henry。我們還有下一個問題。你在過去幾個季度談到建立更強的營運基礎。展望未來，什麼讓你對 Gogoro 的長期成長機會最有信心？

I think the most important thing is to see positive momentum across multiple parts of the business, not just in one area.

我認為最重要的是看到業務多個面向都出現正向動能，而不只是某一個領域。

Our newest products are attracting new customers and helping us recover market share. Our subscriber base continued to grow, reinforcing the strength of our recurring revenue model.

我們最新的產品正在吸引新客戶並幫助我們收復市占率。我們的訂閱用戶基礎持續成長，進一步強化我們經常性收入模式的優勢。

At the same time, the operational improvements we have made across manufacturing and the Gogoro Network are improving the economies -- economics of the business. Those are structural improvements, and they give us greater confidence in our ability to grow sustainably.

同時，我們在製造端與 Gogoro Network 所做的營運改善，正在提升業務的經濟效益。這些是結構性的改善，讓我們對可持續成長的能力更有信心。

We also continue to invest throughout -- thoughtfully in innovation, whether it's expanding our product portfolio, enhancing the Gogoro Network or pursuing opportunity in new markets.

我們也持續在創新上審慎投入，不論是擴充產品組合、強化 Gogoro Network，或是在新市場追求機會。

Our objectives remain the same to build a larger ecosystem that continue to create long-term value for our customers, our partners and our shareholders. While we are encouraged by the progress we have made, we are still early in the next phase of our journey.

我們的目標仍然一致：打造更大的生態系，持續為客戶、合作夥伴與股東創造長期價值。儘管我們對已取得的進展感到鼓舞，但我們仍處於下一段旅程的早期階段。

Our focus remains on the disciplined execution, and we believe that staying consistent with the approach will continue to create value over the long term. Thank you again for joining us today.

我們仍將專注於自律的執行，並相信持續一致地採取這種做法，將在長期持續創造價值。再次感謝各位今天與會。

Okay. Let me see if we have any questions on the line.

好的。我來看看線上是否有任何提問。

No questions on the phone lines. (Operator Instructions)

電話線上沒有問題。（接線員指示）

Okay. We have a question from online. So a question from [Stephen]. So Bruce, after you spending several years helping lead Gogoro through both challenges and opportunities, what is one lesson or experience from your time here that you will take with you? And what do you hope to see Gogoro accomplish next? Bruce?

好的。我們有一個來自線上的問題。這是來自 [Stephen] 的提問。Bruce，在你花了數年協助帶領 Gogoro 面對挑戰與機會之後，你會帶走的一個教訓或經驗是什麼？你希望接下來看到 Gogoro 達成什麼？Bruce？

Thanks. So as I said, it's been a privilege to help lead Gogoro for the last 8 years as the CFO. And most specifically, I think in the last two years, what we have tried to focus on is that word focus. We've used it a number of different times. It's going back to basics, focusing on operating cash flow, it's focusing on efficiency of operations, on resource allocation that meets the business growth needs.

謝謝。如我所說，過去 8 年以 CFO 身分協助帶領 Gogoro 是一種榮幸。更具體地說，我認為在過去兩年，我們努力聚焦在那個詞：專注。我們用過很多次。也就是回歸基本功，專注於營運現金流，專注於營運效率，專注於符合業務成長需求的資源配置。

And I think we've really tried to establish, as Henry said, a solid foundation on which the business can grow. And so I think it's, while it's not a new lesson in that sense of the word, focusing on the fundamentals has been critical.

我認為我們確實如 Henry 所說，努力建立一個讓業務得以成長的穩固基礎。因此我想，雖然就這個詞的意義而言這不是全新的教訓，但專注於基本面一直至關重要。

And getting those fundamentals right, I think, sets us up well for the next stage of growth. And the second part of the question is what do I see coming in the future? Gogoro technology continues to be world-class, continues to lead the way.

把這些基本面做好，我認為能讓我們為下一階段的成長做好準備。至於問題的第二部分：我對未來有何看法？Gogoro 的技術仍然是世界級的，並持續引領方向。

And I think with the solid financial foundation that's in place and with the future product lineup that is going to be rolled out and with the future opportunities for growth in a variety of markets, I think we're going to see exciting things from Gogoro in the future.

我認為，憑藉已建立的穩健財務基礎、即將推出的未來產品陣容，以及在多個市場的未來成長機會，我們將在未來看到 Gogoro 帶來令人振奮的成果。

And I hope that Gogoro continues to lead the push for cleaner greener urban mobility because that's really the mission, and that's really why Gogoro exists, and we should continue to see that through to conclusion over the course of the next coming years. And I wish Henry and the team all the best as they try to pursue that mission aggressively.

我也希望 Gogoro 能持續引領更乾淨、更綠色的都市移動推進，因為那正是使命，也是 Gogoro 存在的原因；我們應在未來幾年持續把這件事做到最後。我也祝福 Henry 與團隊在積極追求這項使命時一切順利。

Thank you, Bruce. And then we have two questions from Leanne. So the first question is, do you have any updates on the Castrol partnership in Vietnam? When do you expect to see meaningful contribution from overseas operations?

謝謝你，Bruce。接著我們有兩個來自 Leanne 的問題。第一個問題是：關於越南的 Castrol 合作夥伴關係，有任何最新進展嗎？你們預期何時海外營運會有具體且有意義的貢獻？

Yes. Thanks for the question. We are anticipating the grand launch very soon. We are seeing a very strong need of electric vehicles in Vietnam, especially in both Ho Chi Minh City and Hanoi. And we can see that the whole EV industry is accelerating.

是的，謝謝提問。我們預計很快就會盛大上市。我們看到越南對電動車有非常強烈的需求，特別是在胡志明市與河內。同時我們也看到整個電動車產業正在加速。

And under that background, we believe that Gogoro has one of the most experienced systems in the world. We are operating more than 1.5 million batteries in Taiwan, and we have operated for more than 10 years. And we see that a great opportunity for us to not only bring the industry to the new market, but also to expand our footprint in the Southeast Asia. So yes, we think it's very exciting, and we are anticipating a very meaningful contribution for the next couple of quarters and years.

在這樣的背景下，我們相信 Gogoro 擁有全球最具經驗的系統之一。我們在台灣營運超過 150 萬顆電池，且已營運超過 10 年。我們看到這對我們而言是很大的機會，不僅能把這個產業帶進新市場，也能擴大我們在東南亞的版圖。所以是的，我們認為這非常令人振奮，並預期在接下來幾個季度與幾年會有非常有意義的貢獻。

Thank you, Henry. And the second question from [Leanne] is Taiwan's Ministry of Transportation and Communications is targeting 35% of new scooter sales to be electric by 2030. Do you believe these goals are attainable with incentives as they are today?

謝謝你，Henry。Leanne 的第二個問題是：台灣交通部目標在 2030 年讓新機車銷售中有 35% 為電動車。你認為以目前的補助誘因，這些目標可達成嗎？

Yes. That's the overall Taiwan policy. And we are anticipating that our government will continue to support the transformation, especially we are seeing the needs of EV is steadily increasing, while we are seeing the new generation is perceiving electric vehicles as part of the nature.

是的。這是台灣整體政策。我們預期政府會持續支持轉型，特別是我們看到電動車需求正穩定增加，同時也看到新世代把電動車視為理所當然的一部分。

So we can anticipate that the country will continue to support the whole EV transformation. While we are very cautiously around the policy, we are looking forward for additional and even stronger push on the policy side to make the industry and the market accelerating towards the EV as fast as it could be, right?

因此我們可以預期國家會持續支持整體電動車轉型。雖然我們對政策保持非常審慎的態度，但我們也期待在政策面能有更多、甚至更強的推動，讓產業與市場朝向電動化加速，能多快就多快，對吧？

So I think -- yes, I think it's still a great target, attainable target, but we definitely can always looking for something stronger and bigger.

所以我想——是的，我認為這仍是一個很好的目標、可達成的目標，但我們當然也總是期待能有更強、更大的推力。

Thank you, Henry. And there does not seem to be any more questions.

謝謝你，Henry。看起來沒有更多問題了。

Thank you. And there seems to be no further questions at this time. So I will turn the call over to Henry for closing remarks. Thank you.

謝謝。目前似乎沒有進一步的問題。因此我將把電話會議交回給 Henry 作結語。謝謝。

Thank you, operator. Thank you again for joining us today and for your continued support of Gogoro. And it's the last earnings call I have worked with Bruce, and we really wish Bruce have a very good next chapter back in Scotland, and we look forward to updating you on our progress throughout the year.

謝謝你，接線員。再次感謝各位今天與會，並持續支持 Gogoro。這是我與 Bruce 一起合作的最後一場法說會，我們真心祝福 Bruce 回到蘇格蘭展開非常美好的下一篇章，也期待在今年持續向各位更新我們的進展。

Great. Thank you.

很好。謝謝。

Thank you. This concludes today's conference call. Thank you for participating, and you may now disconnect. Speakers, please stand by.

謝謝。本日電話會議到此結束。感謝各位參與，您現在可以掛線。各位講者請稍候。