On May 12, 2022, Gogoro officially released its first quarter 2022 financial report, and things continue to look demonstrably good for the electric scooter tech company. Total revenue for the first quarter of 2022 was $94.5 million, up an impressive 61% from the same period in 2021. This amount includes both hardware sales and Gogoro Network sales , and the company’s subscribers to its battery swap services also continued to grow.
Breaking it down, hardware sales in the first quarter of 2022 were $65.1 million, which is an 87.1% increase from the $34.8 million sold in the first quarter of 2021. Gogoro claims that this is largely due to its increased market share in its home market in Taiwan. Notably, Gogoro-branded scooter registrations also increased by 57.7% for the first quarter of 2022 compared to the same period in 2021.
On the subscription side, Gogoro Network’s revenue in the first quarter of 2022 was $29.4 million, compared to $23.9 million in revenue in the first quarter of 2021. This represents a 23% year-over-year increase. ‘other. This is partly due to an increase in subscribers, as the company now reports a subscription base of more than 467,000 people in Taiwan as of March 31, 2022, a 25.2% increase from at the same time in 2021.
What does this mean for the future? As we discussed, Gogoro has big plans to expand into other markets. So far, it has announced partnerships in China, Indonesia, India and Israel, with ongoing and/or upcoming deployments of its Gogoro Network hardware and infrastructure in all of these locations. Yet Gogoro’s current forecast for 2022 includes an estimate that around 90-95% of its total revenue for 2022 will still come from its home market in Taiwan. After all, it takes time to establish yourself in a new market, especially as a young brand.
Yet, given the ups and downs the pandemic continues to cause for both people and supply chains, Gogoro’s reports indicate that the company continues to grow despite these challenges. As more and more users switch to electric personal transportation, even on a part-time basis, Gogoro aims to be an important solution that drivers turn to when looking for a vehicle to meet their daily needs.