TAIPEI (Taiwan News) — Taiwan’s electric scooter maker and battery swapping infrastructure provider Gogoro announced its first quarter financial results on Thursday (May 9). 

Gogoro reported Q1 revenue was US$69.7 million (NT$2.26 billion), down 12.1% year-over-year. Hardware sales accounted for US$37.2 million, down 20.8% from a year earlier, while battery swapping service revenue was US$32.5 million, up 0.6% from a year prior. 

The company said it introduced its new flagship Pulse and entry-level Jego Smartscooters during the first quarter. It said it received more than 5,000 backlog orders for the Jego in Q1 and started shipping them early in Q2.  

Revenue associated with the Q1 Jego backlog orders is estimated to be US$8.6 million, which will not be counted as revenue until the electric scooters are delivered.

Gogoro added that subscribers for its battery swapping service exceeded 595,000, up 10.6% from the 538,000 subscribers at the end of the same quarter last year. It also provided US$1.7 million in rebates for a vehicle recall and battery upgrades in the first quarter. 

The electric scooter maker said government data showed the registration volume for gas-powered scooters in Taiwan during the first quarter was down 11.2% year-over-year, while registration for electric two-wheelers was down 39% from a year earlier.  

The company also said its first-quarter net loss was US$13.1 million. In terms of liquidity, the company had a US$132.5 million cash balance at the end of Q1. 

Looking ahead, Gogoro said it expects to generate revenue of US$385 million to US$420 million in 2024.