Gogoro Inc.

Welcome to the Go-Go-Row Inc. 2025 First Quarter Earnings Call. This conference call is being recorded and broadcast live on the Internet. Webcast replay will be available within an hour after the conference is finished. I'd now like to turn the call over to Go-Go-Row team.

Welcome to Go-Go-Row's 2025 First Quarter Earnings Conference Call, hosted by our interim CEO, Henry Jiang, and myself, CFO Bruce Aikin. Hopefully by now you've seen our earnings release. If you haven't, it's available on the Investor Relations tab of our website, investor.gogoro.com. We are hosting our earnings conference call via live webcast through Gogoro's website, where you can also download all of the earnings release materials. We will be displaying the materials on the webcast screen as we go. If you're joining us through the conference call, your dial-in lines are in listen-only mode. Henry will provide an overview of GOGRO's progress. I will then go into the first quarter financial results in more detail, and we will open the line for questions and answers and answer as many questions as we can. As usual, we would like to remind everyone that today's discussion may contain forward-looking statements that are subject to risks and uncertainties, which could cause actual results to differ materially from those contained in the forward-looking statements. please refer to the forward-looking statements that appear in our press release and investor relations presentation provided today. Additionally, many of the financial figures we will use in our webcast are on a non-IFRS basis. For details about the non-IFRS measures and reconciliation to the corresponding IFRS measures, please refer to our earnings release. And now I would like to turn the call over to Henry.

Thank you. Good morning and good evening, everyone, and thank you for joining us for GoGo's first quarter earnings call for 2025. The word that best describes our hard work in the last quarter of 2024 and the first quarter of 2025 is focus. We are focused on delivering a great experience for our customers, predictable financial results, and a clear vision for the future. We are executing our plan. We have spoken repeatedly about our business priorities in our energy business and our vehicle business. Our profitability timeline commitment remains unchanged. Achieve breakeven in the energy business by 2026, generate positive free cash flow in the energy business in 2027, and breakeven in the vehicle business in 2028. There is significant progress to report in each area. The results of our focus on resetting are clear. In the first quarter, we achieved an non-IFRS gross margin of 18.2%, and reduced operating expenses by $9.9 million, a full 32.1 percent reduction versus the first quarter of 2024 fundamentally our focus on efficiency is paying off which we see in a reduced adjusted net loss by 36.5 percent to 10.9 million in the first quarter from 17.2 million in the first quarter of 2024 additionally Adjusted EBITDA is $14.3 million in the first quarter versus $10.2 million in the first quarter of 2024. These results have been achieved despite a year-over-year drop of 8.7% in revenue for the first quarter. Based on the early positive results of our strategy reset, we have received a new $2 billion NT approximately $61.5 million credit facility, which both provides capital for growth and also indicates market confidence in our plans for the future. Energy business. Our core energy business continues to perform as expected. In the first quarter, we recorded revenue of $34.5 million in the GoGo Network business. in line with our projections and showing 6.2% growth versus the first quarter of 2024. The energy business grows alongside the increasing subscriber base of GoGrowth platform, and we now have a total of 644,000 subscribers. In the first quarter, we launched a new off-peak unlimited mileage plan, which offers subscribers more flexible pricing options. Initial market feedback is positive. We launched a redesigned Gogoro app, delivering a more seamless experience for subscribers, including more clearly surfacing information regarding their writing efficiency, guiding them to the best go station to swap their batteries, and other details which not only improve their experience, but also make their use of go-go vehicle more efficient. Our energy storage collaboration with Thai Power continues to progress as scheduled, and we continue to explore additional second life application for our battery. Vehicle business. We have streamlined our vehicle offerings in the first quarter and have seen an increase in ASP and margin in our hardware sales business. We have multiple vehicle launches planned. While our hardware sales revenue and volume performance was below expectations, we believe this is a push out of revenue rather than a reduction in revenue. Revenue for the hardware business was $29.1 million in the first quarter. We launched a new Delight model to expand reach to younger customers. We launched a new Starlux Airlines co-branded model with record high in sales and market excitement. We anticipate additional launches in the coming months and will announce those as soon as we can. Additionally, we will continue to work closely with PPGM partners and our offering programs to help our PPGM partners launch new vehicles. In international markets, we completed the sign of a joint venture agreement with Castrol to expand internationally and we expect to begin a pilot program together with Castrol in the second half of 2025. The partnership allows Google to focus on collaborating to expand the use of our technology with a large and well-known brand. We are excited about the prospects for this relationship. In India, we are working with several potential candidates to pivot our strategy to providing technology support. We are continuing to closely monitor policy developments regarding battery swapping, and government support for battery swapping platforms. Infrastructure scale and the future. In addition to implementing our strategy, I would like to emphasize that we continue to receive support from both the Taiwan central government as well as local governments to implement EV policies. The Kaohsiung and Tainan city governments now provide subsidies to work customers. monthly subscription spending. In Tainan, a customer can get up to 500 NT dollars, approximately 15 US dollars per month in subsidies. And in Kaohsiung, a customer can get up to 7,200 NT dollars, approximately 225 US dollars of annual subsidy toward their subscription spending. We continue to add to our 600 million infrastructure investment over the last 10 years, which has largely driven our losses. That investment has led to a strong foundation for EV adoption in Taiwan and has created high industry standards. The Taiwan central government, as well as local governments, continue to implement EV adoption policies and retain their commitment to net-zero goals. The combination of our broadly deployed infrastructure and customer adoption indicate a clear future for Gogoro. We are on track to reach our short-term and longer-term goals. We seek to achieve these goals by continuing to focus on financial disciplines, focusing on our energy and vehicle business, and by working with partners for international expansion. NASDAQ status. Finally, as announced in our 6K filing on May 2, 2025, we have transferred our listing from the NASDAQ Global Select Market to the NASDAQ capital market. The global macro environment continues to present significant challenges, including volatility in U.S. markets and ongoing tariff issues, which have contributed to persistent downward pressure on broader markets, consumer confidence, and global share price. Our goal remains to retain our NASDAQ listing status while working to increase awareness in U.S. and global capital markets about the potential of the Asian two-wheeler market and the innovation opportunities within it, which Gogoro is well-positioned to address. Thanks. And now I invite Bruce to give a bit more detail into our financial results from the first quarter.