Gogoro announced total revenue in the first quarter of 2022 of $94.5 million, up 61 percent over Q1 2021. Gogoro’s revenue consists of hardware sales and Gogoro Network sales, and enterprise customers for battery swapping services.
Hardware sales dominated Gogoro’s revenue in Q1 2022 at $65.1 million. This amount is an increase of 87.1 percent from $34.8 million sold in Q1 2021. Gogoro sees this as an increase in its market share in its home market in Taiwan. this can be seen from the registration of Gogoro scooters which rose 57.7 percent for Q1 2022 compared to the same period in 2021.
Meanwhile Gogoro Network revenue in Q1 2022 was $29.4 million, a 23 percent increase compared to revenue in Q1 2021 of $23.9 million. The number of subscribers to this service is more than 467,000 people in Taiwan as of March 31, 2022, an increase of 25.2 percent over the same period in 2021.
Until now, 90 to 95 percent of the total 2022 revenue will still come from the domestic market in Taiwan. With a stable market in Taiwan, Gogoro has big plans for expansion in other markets such as China, Indonesia, India, and Israel.
However, taking into account the impact of the Covid-19 pandemic and the supply chain, Gogoro’s financial reports show that the company continues to grow despite these challenges.
