On May 12, 2022, Gogoro officially released its 2022 Q1 financial report, and things continue to look demonstrably good for the electric scooter technology company. Total first quarter 2022 revenue was $94.5 million, up an impressive 61 percent over the same period in 2021. That amount includes both hardware sales and Gogoro Network sales, and the company’s subscribers to its battery swapping services continued to rise, as well.
Breaking it down, hardware sales in 2022 Q1 were $65.1 million, which represents an 87.1 percent increase over the $34.8 million sold in 2021 Q1. Gogoro says this is due in large part to the increase in its market share in its home market in Taiwan. Notably, registrations of Gogoro-branded scooters also rose by 57.7 percent for 2022 Q1 over the same time frame in 2021.
On the subscriptions side, Gogoro Network revenue in 2022 Q1 was $29.4 million, as compared to the $23.9 million in revenue seen in 2021 Q1. That represents a 23 percent increase, year-on-year. That’s due in part to a rise in subscribers, as the company now reports a subscription base of over 467,000 individuals in Taiwan as of March 31, 2022—an increase of 25.2 percent over the same period in 2021.
What does this mean for the future? As we’ve discussed, Gogoro has big plans for expansion in other markets. So far, it’s announced partnerships in China, Indonesia, India, and Israel—with continued and/or upcoming rollouts of both its hardware and its Gogoro Network infrastructure in all those places. Still, current 2022 guidance from Gogoro includes an estimation that around 90 to 95 percent of its total 2022 revenues will still come from its home market in Taiwan. It does, after all, take time to establish yourself in a new market, particularly as a young brand.
Still, considering the ups and downs the pandemic continues to wreak on both people and supply chains, Gogoro’s reporting indicates that the company is continuing to grow in spite of those challenges. As more users make the switch—even part-time—to electric means of personal transportation, Gogoro aims to be an important solution that riders turn to when looking for a vehicle to fulfill their everyday needs.