We’ve learned a great deal about the Indian riding conditions through the pilot and we use those learnings to ensure that our vehicle and our network offering will meet customers’ expectations. The technology, now I can say, is ready to go. In the Philippines, we’ve opened a Gogoro Experience Center through our joint venture with Ayala, Globe and 917 Ventures. The GEC opening was a great start to our presence in Manila and we’ll be providing more details about our vehicle and network plans in the coming weeks. If you’re in Manila, come to our Experience Center in the Greenbelt Mall and see how cool Gogoro products are for yourself. You can even take one for a test ride if you like. We’ve always said that Taiwan would represent approximately 95% of the revenue short-term in 2023 and that is exactly the case.
We expect revenue from international markets to grow in 2024 and provide meaningful uplift to our total revenue overall.
Michael Bowen: Okay. Thanks, Horace. We also have another question. For the past quarters, you’ve shown good control on your financial metrics like margin, cash flow, EBITDA and trimming your net loss figures. Could you elaborate on whether you think you’ll be able to keep that trend going?
Bruce Aitken: Thanks, Michael. We’ve been working hard, as you can tell, across the company to ensure that we exercise financial discipline. It’s not just the finance team. It has to happen across our operations, across our international teams, across the entire employee team and we’ve got alignment on that clear goal. We’ve got clear intention from each team member to think like an owner and to be financially responsible. So when volumes are down a bit or when other challenging circumstances arise, we have to keep that focus on our long-term financial stability. That includes establishing and executing to the right metrics, some of which are the ones that you mentioned above. So we’re closely tracking spending for efficiency.
We’re tracking EBITDA, and as mentioned, we’ve been EBITDA positive now for 19 consecutive quarters. We’re making progress towards everyone’s goal, including our own of turning cash flow positive. So we’re doing those things while focusing to invest for growth, both here in Taiwan, but also in international markets. We’ll keep the focus. We’ll keep working closely with the operations team to make wise investments and we intend to continue the trend of solid financial results.
Michael Bowen: All right. Thank you, Bruce and Horace. So, Operator, could you please now open the lineup for the Q&A session?
Operator: Certainly. [Operator Instructions] We have an online question from the audience. Gogoro batteries are the perfect size and capacity to power electric forklifts, lawnmowers, golf carts and portable energy stations. Does Gogoro have any plans on selling your batteries to businesses and consumers around the world and going beyond battery subscriptions? This will help create a diverse ecosystems of devices that Gogoro batteries can power like the way AA batteries have done. Thank you.
Horace Luke: Sure. This is a great question. We’ve always seen batteries as a module of portable power. Of course, with Gogoro today, you’ve seen us taking care of two-wheel vehicle, as well as three-wheel vehicle and very soon you saw us just in the Tokyo Auto Show where we demonstrated how we can actually apply that to four-wheelers as well. The batteries have always been, just as you said, they’re like AA form factor type of configuration where we can use a single battery or two batteries in parallel or in series or even four batteries in either all in series or all in parallel or a two-by-two configuration. Of course, this can empower a lot of different type of equipment such as you mentioned, forklifts, golf carts and others.
But at Gogoro, we are — for the short-term being, we are very, very focused on the largest opportunity ahead of us. Given that we are — we have built the world’s perhaps densest battery with the most amount of energy for the volume and the weight that it has, we believe that there is a great application to the mobility space, which happens to be one of the largest, of course, the opportunity, not only for a financial opportunity, but also for impact opportunity where we can actually change countries like India or cities across Southeast Asia. We believe that that is our, at the moment, a very, very focused goal for us, but also at the same time, we are constantly talking with and planning for in one day, we will apply our battery to other configurations as well and other type of use as well.
Thank you.
Operator: Thank you for the questions. We do have another question from the online audience. Gogoro batteries have been proven to be safe and durable with years of real world data. Do you have any plans on opening up your battery platform and selling batteries to other e-bikes manufacturers? Thank you.
