Gogoro

GGR

Auto - Manufacturers · Consumer Cyclical

Price

$2.27

+0.02 (+0.89%)

Market Cap

$33.5M

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Mar 31, 2026

How the score breaks down

Quality

Weak

Growth

Weak

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

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Share count rising — dilution

+4580.4% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 6.3M (2021) → 295.1M (2025)

Winston Score History

The full picture

Gogoro is a Taiwanese company that makes electric scooters and runs a battery-swapping network, mainly in Taiwan. Instead of plugging in a scooter to charge, riders swap their drained battery for a fully charged one at kiosk stations in seconds. The company sells scooters directly to consumers and also licenses its battery-swapping technology to other scooter brands like Yamaha and Hero MotoCorp.

Gogoro earns money two ways: selling scooters and charging riders a monthly subscription fee to use its swap stations. It operates primarily in Taiwan, where it holds a dominant share of the electric scooter market, but it has been expanding into markets like India, China, and parts of Southeast Asia. The company is not yet profitable, and its main challenge is proving that the battery-swap model can scale profitably outside Taiwan, where it already has dense station coverage built up over many years.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-1.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+61.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$25M/ year

↓ Declining (-27% vs prior year)

9.0% of revenue

2.3x the sector average (4%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

27.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

$93M cash & investments at current burn rate

Revenue declining

Gogoro's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

20.4%

Thin — 20.4% gross margin

Profit after running costs

Operating Margin

-8.1%

Losing money on operations — -8.1%

Return on the money invested

ROCE

-9.5%

Weak — -9.5% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-7.8%

Shrinking sales (-7.8% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

—

Data not available

Spare cash per sale

FCF Margin

-1.5%

Burning cash (-1.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

3.04

Heavy debt load (3.04)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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