Last week, we announced our newest partnership with Copec, the leading energy company in Latin America, to introduce our battery swapping technology and smart scooters in Chile and Colombia in Q2 2024. Together with Copec, we are establishing the first network of battery swapping stations in Latin America. Building brand recognition and trust across a diverse global audience takes time. Developing a robust distribution network, navigating complex supply chains, and ensuring supply chain localization are essential components of international growth. It is crucial to recognize that each market has its unique challenges and opportunities, and successful expansion requires a long-term perspective with a willingness to invest in building lasting relationships and adapting to evolving market dynamics.
We expect international markets to contribute approximately 10% of our 2024 revenue, and we will continue to invest in those markets for future growth. Now I’ll turn to Q4 2023 as well as full-year 2023 financial results. For the fourth quarter, total revenue was $91.5 million, down 4.1% year over year and down 2.8% year over year on a constant currency basis. Had foreign exchange rates remained constant with the average rate of the same quarter last year, revenue would have been up by an additional $1.3 million. Sales of hardware and other revenue for the quarter were $59 million, down 7.9% year over year and down 7.1% year over year on a constant currency basis. Both electric-powered two wheelers and powered by Gogoro network markets were impacted by the continued deep discounts on ICE vehicles offered by Taiwan’s scooter manufacturers as well as the increased purchases of ICE vehicles as a last call effect given the discontinuation of certain government subsidies for scooter purchases.
While we lowered prices, our average selling price reduced by 9.3% in the fourth quarter of 2023 compared to that in the same quarter of 2022, we refrain from matching the deep discounts provided by ICE OEMs as we believe that it’s not in the best interest of our long-term growth strategy. Compared to the same quarter last year, sales of total electric-powered, two-wheel vehicles were down 13.4%, while Gogoro-branded vehicle sales were down 6.5%. Battery swapping service revenue for the first quarter was $32.5 million, up 3.7% year over year and up 6.0% year over year on a constant currency basis. Total subscribers at the end of the fourth quarter exceeded 587,000, up 11.6% from 526,000 subscribers at the end of the same quarter last year. The year-over-year increase in battery swapping service revenue was primarily due to our larger subscriber base compared to the same quarter last year and the high retention rate of our subscribers.
We continue to see the strength of our subscription-based business model to accumulate more customers to maximize our battery swapping network efficiency. For the full year, total revenue was $34.9 million, down 8.6% year over year and down 4.6% year over year on a constant currency basis. Had the foreign exchange rates remained consistent with average rate in each of the comparable quarters of the last year, revenue would have been up by an additional $15.6 million. Sales of hardware and other revenues for the year were $218 million, down 16.5% year over year and down 12.8% year over year on a constant currency basis. Compared to last year, sales of total electric power two-wheel vehicles were down 9.0%, while Gogoro-branded vehicles were down 12.3%.
Local ICE vehicle price competition and overall macro economic uncertainty hindered the pace of electrification in the Taiwan market in 2023. Battery swapping service revenue for the year was $131.8 million, up 8.3% year over year and up 13.3% year over year on a constant currency basis. For the fourth quarter, gross margin was 11.0%, down from 15.0% in the same quarter last year, while non-IFRS gross margin was 14.2% down from 17.2% in the same quarter last year. The decrease in gross margin was driven by a reduction in vehicle prices in the fourth quarter and ASP reduction resulting from a higher percentage of lower-priced vehicles sold, higher production cost per vehicle due to lower sales volume, decreased revenue associated with retail discounts, and some minor impacts related to our discounting charges for customers adversely impacted by voluntary and minor vehicle recall and battery upgrade.
This unfavorable change was partially offset by the improved cost efficiencies of Gogoro’s battery swapping service and improvements in other operational efficiencies. For the full-year 2023 gross margin was 14.4%, down from 15.1% last year, whereas non-IFRS gross margin was 15.8%, down from 16.8% last year. For the fourth quarter, net loss was $27.5 million, representing an increase of $15 million from a net loss of $12.5 million in the same quarter last year. This increase in net loss was primarily due to an unfavorable change of $16.5 million in the fair value of financial liabilities associated with the outstanding earn-out shares, earned in shares, and warrants compared to last year as a result of the decrease of Gogoro’s stock price and the decrease of $4.2 million in gross profit, which are partially offset by the decrease of $7 million in operating expenses.
For the full-year 2023, net loss was $76.9 million, representing a decrease of $22 million from a net loss of $98.9 million last year. The decrease in net loss was primarily due to a $218.4 million decrease in operating expenses, which was offset by an unfavorable change of $189.8 million in the fair value of financial liabilities and a $7.3 million decrease in gross profit. For the fourth quarter, adjusted EBITDA was $8.2 million, representing a decrease of $1 million from $9.2 million in the same quarter last year. The decrease was primarily due to a $1.3 million loss on investment using the equity method compared to the same quarter last year. The decrease was partially offset by a decrease in operating expenses from various cost savings initiatives this quarter.
