Free cash flow remains negative with a -2.2% margin in 2026Q1, reflecting the ongoing burden of capital expenditures which consumed 7.4% of revenue during the same period.
| Cash from Operations | 43.11M | 31.12M | 9.85M | 59.09M | -64.79M | 80.79M | 756K | 25.37M |
| Operating CF Margin % | - | 11.06% | 3.17% | 16.89% | -16.92% | 22.07% | 0.21% | 5.78% |
| Operating CF Growth % | 934.82% | 215.93% | -83.33% | 191.21% | -180.19% | 10587.04% | -97.02% | - |
| Net Income | -69.29M | -80.8M | -122.75M | -76.04M | -98.91M | -67.36M | -49.28M | -12.07M |
| Depreciation & Amortization | 68.69M | 90.97M | 97.01M | 98.38M | 94.81M | 94.82M | 78.57M | 57.17M |
| Stock-Based Compensation | 686K | 0 | 11.64M | 26.32M | 37.91M | 5.04M | 1.06M | 0 |
| Deferred Taxes | 0 | 0 | 0 | 0 | 2K | -9.99M | -1.06M | 0 |
| Other Non-Cash Items | 43.42M | 23.63M | 33.02M | -8.12M | -22.45M | 17.91M | 11.11M | 2.17M |
| Working Capital Changes | 445K | -2.68M | -9.07M | 18.55M | -76.15M | 40.38M | -39.64M | -21.9M |
| Change in Receivables | -323K | -1.61M | -306K | -1.48M | -41K | -3.67M | 5.63M | -7.41M |
| Change in Inventory | 15.85M | 20.52M | 3.77M | 21.71M | -44.61M | 21.2M | -7.93M | -72.2M |
| Change in Payables | -8.4M | -15.95M | 0 | -762K | 0 | 23.39M | -35.91M | 24.66M |
| Cash from Investing | -48.17M | -56.86M | -128.72M | -136.63M | -101.1M | -41.52M | -251.76M | -177.58M |
| Capital Expenditures | -48.03M | -61.3M | -124.42M | -118.28M | -123.1M | -128.41M | -145.68M | -176.97M |
| CapEx % of Revenue | 17.11% | 21.78% | 40.05% | 33.81% | 32.16% | 35.08% | 40.01% | 40.29% |
| Acquisitions | 0 | 0 | 0 | 1.55M | 0 | 3.08M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 904K | 5.44M | -4.3M | -462K | -4.48M | 2.75M | -12K | 590K |
| Cash from Financing | -8.82M | -22.61M | 33.81M | 15.15M | 186.4M | 61.76M | 187.26M | 32.24M |
| Debt Issued (Net) | -14.36M | -9.3M | -40.99M | 27.85M | -32.76M | 68.87M | 88.44M | 32.25M |
| Equity Issued (Net) | 16.7M | 0 | 75M | 0 | 188.76M | 0 | 100M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | -2.09M | -7M | -1.22M | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -11.16M | -13.31M | -192K | -12.7M | 32.48M | -103K | 44K | -15K |
| Net Change in Cash | -15.98M | -46.57M | -56.74M | -62.22M | 18.67M | 98.39M | -64.68M | -117.65M |
| Free Cash Flow | -4.38M | -29.74M | -114.65M | -58.72M | -188.48M | -47.61M | -144.93M | -151.59M |
| FCF Margin % | -1.56% | -10.56% | -36.91% | -16.78% | -49.23% | -13.01% | -39.8% | -34.51% |
| FCF Growth % | 95.94% | 74.06% | -95.24% | 68.85% | -295.87% | 67.15% | 4.4% | - |
| FCF per Share | -0.28 | -0.10 | -8.65 | -5.00 | -16.98 | -7.55 | -16.14 | -12.41 |
| FCF Conversion (FCF/Net Income) | 0.06x | -0.39x | -0.08x | -0.78x | 0.66x | -1.20x | -0.02x | -1.94x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Persistent capital intensity
As reported in financial statements, GGR's operating cash flow frequently diverges from net income, with the OCF/NI ratio reaching -0.39 in 2026Q1, suggesting that reported losses do not fully capture the cash-generative challenges inherent in the company's current business model and infrastructure-heavy operational structure.
The persistent gap between net income and operating cash flow indicates that accounting earnings are heavily influenced by non-cash items, primarily depreciation. Investors should monitor whether this divergence reflects a sustainable reliance on depreciation to mask operational cash burn or if it signals an underlying inability to convert service revenue into actual liquidity.
Based on GGR's reported figures, free cash flow has remained largely negative, with a -2.2% FCF margin in 2026Q1, highlighting the company's ongoing struggle to achieve self-sustaining cash generation despite its established position within the Taiwan battery-swapping market and recurring subscription revenue streams.
The erratic nature of FCF, which swung from a positive 12.2% margin in 2025Q2 to a negative 42.1% in 2025Q1, suggests that capital requirements remain highly sensitive to expansion cycles. This volatility warrants further investigation into whether management can stabilize cash outflows as the network matures or if international expansion will continue to pressure liquidity.
According to recent SEC filings, GGR's capital intensity remains elevated, with CapEx/Revenue reaching 7.4% in 2026Q1, a figure that reflects the continuous, heavy investment required to maintain and expand the proprietary battery-swapping network across its primary operating regions in Taiwan and beyond.
The high level of capital expenditure relative to revenue suggests that the company is trapped in a cycle of constant reinvestment to prevent network obsolescence. Analysts should consider whether this spending is truly growth-oriented or if a significant portion is merely maintenance capex required to keep the existing battery fleet operational.
As evidenced by quarterly data, working capital changes have been highly erratic, including a significant $14.0M outflow in 2026Q1, which suggests that GGR's cash flow is frequently impacted by timing differences in inventory management and the collection of subscription-based receivables from its user base.
These fluctuations in working capital appear to mask the underlying cash-generating capability of the core energy-as-a-service business. Investors should monitor whether these swings are indicative of seasonal demand patterns or if they reflect deeper inefficiencies in how the company manages its inventory of battery packs and vehicle components.
Quick answers to the most common questions about buying GGR stock.
Gogoro Inc. (GGR) generated $31.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Gogoro Inc. (GGR) reported negative free cash flow of $29.7M in 2025, indicating capital requirements exceeded cash from operations.
Gogoro Inc. (GGR) spent $61.3M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.