TAIPEI, May 8, 2025 /PRNewswire/ — Gogoro Inc. (“Gogoro,” “the Company” or “We”) (Nasdaq: GGR), a global technology leader in battery swapping ecosystems that enable sustainable mobility solutions for cities, today released its financial results for its first quarter ended March 31, 2025.

First Quarter 2025 Summary

Revenue of $63.6 million, down 8.7% year-over-year and down 4.5% on a constant currency basis.

Battery swapping service revenue of $34.5 million, up 6.2% year-over-year and up 11.1% on a constant currency basis.

Sales of hardware and others revenue of $29.1 million, down 21.8% year-over-year and down 18.1% on a constant currency basis.

Gross margin of 4.9%, down from 6.4% in the same quarter last year due to the large quantity of upgraded battery packs. Non-IFRS gross margin of 18.2%, up 3.1% year-over-year.

Net loss of $18.6 million as compared to a net loss of $13.1 million in the same quarter last year.

Adjusted EBITDA of $14.3 million, up from $10.2 million in the same quarter last year.

“The word that best describes our efforts over the past two quarters is focus. At Gogoro, we are focused on delivering an exceptional user experience, driving operational efficiency, and executing with discipline against a clear and ambitious long-term strategy. Our results in the first quarter of 2025 reflect that focus.  We delivered solid gross margin and made critical investments in our future, while also significantly reducing operating expenses year-over-year,” said Henry Chiang, interim CEO of Gogoro. “We remain firmly committed to our profitability milestones and the progress we have made this quarter reinforces our confidence in that trajectory.”

“In the first quarter of 2025, we delivered meaningful financial improvements driven by a focused effort on operational efficiency and disciplined execution compared to the first quarter of 2024. This reflects the early success of our cost optimization initiatives and our commitment to building a more resilient and scalable business. We remain on track to meet our planned financial milestones. These goals are grounded in a clear roadmap and are supported by recurring revenue from our Gogoro Network battery swapping business, which continues to grow in both subscribers and service adoption,” said Bruce Aitken, CFO of Gogoro. “Our capital position was further strengthened by securing a new NT$2 billion credit facility this quarter, which provides us with additional flexibility to support strategic initiatives and product innovation while reinforcing external confidence in our long-term plan. While we continue to face a challenging macroeconomic environment, we are actively managing risk, recalibrating expectations, and maintaining tight financial controls. We are confident that the foundation we are building today will enable sustainable growth and long-term shareholder value creation.” 

First Quarter 2025 Financial Overview

Operating Revenues 

For the first quarter, the total revenue was $63.6 million, down 8.7% year-over-year and down 4.5% year-over-year on a constant currency basis1. Had foreign exchange rates remained constant with the average rate of the same quarter last year, revenue would have been up by an additional $2.9 million.

Battery swapping service revenue for the first quarter was $34.5 million, up 6.2% year-over-year, and up 11.1% year-over-year on a constant currency basis1. Total subscribers at the end of the first quarter was 644,000, up 8% from 595,000 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 which enables us to accumulate more customers to maximize our battery swapping network efficiency.

Sales of hardware and other revenue for the first quarter was $29.1 million, down 21.8% year-over-year, and down 18.1% year-over-year on a constant currency basis1. The year-over-year decrease in sales of hardware and other revenues was driven by (i) a 36.1% decrease in vehicle sales volume on a year-over-year basis primarily due to the delayed launch of an anticipated vehicle; we believe these sales will shift to subsequent quarters, (ii) a $1.3 million decrease in sales revenues associated with selling accessories and parts and performing maintenance in Gogoro Quick Service centers, and (iii) a $2.3 million decrease in sales revenues related to PBGN partners and overseas operations.

Gross Margin 

For the first quarter, gross margin was 4.9%, down from 6.4% in the same quarter last year while non-IFRS gross margin[1] was 18.2%, up from 15.1% in the same quarter last year. The change in gross margin was primarily driven by a combination of factors: (i) a $4.2 million increase in costs associated with our battery upgrade initiative, including derecognition expenses on components removed from battery packs and other directly attributable costs, (ii) higher excess capacity costs due to reduced sales volume, and (iii) a decline in sales of high-margin accessories and parts. The change in non-IFRS gross margin was primarily driven by lower depreciation across our entire install base of battery packs from increased network efficiency as well as the extended lifespan of upgraded batteries and improvements in other operational efficiencies.

Gogoro was founded as an innovative energy business and we continue to invest heavily in growing and updating our Gogoro Network by deploying new GoStations, battery packs, and software updates. Over the last three years, we have invested approximately $100 million in capital expenditure annually.   

Additionally, in the past few quarters, we have been undertaking a program to carry out one-time, voluntary upgrades on certain battery packs which are expected to continue through 2025. These upgrades provide multiple benefits — more efficient deployment of our resources than replacing battery packs, increasing lifetime capacity of each battery pack (including extending its first mobility use-case useful life) and solidifying the extra lifetime capacity of each battery pack to validate our second-life thesis. These upgrades are expected to create economic benefits in the long run but will lead to a short-term reduction in our gross margin as we continue carrying out these upgrades. We expect our cash position, gross profit and gross margin will continue to be impacted by the costs of these upgrades during 2025. In order to improve our overall customer experience and to extend battery life, we plan to continue upgrading a substantial quantity of our battery packs which are already in circulation and will improve designs of our battery packs to make them even more rugged, safer and long-lasting.

Net Loss 

For the first quarter, net loss was $18.6 million, representing an increase of $5.5 million from a net loss of $13.1 million in the same quarter last year. The increase in net loss was primarily due to an unfavorable change of $11.4 million in the fair value of financial liabilities associated with outstanding earnout shares, earn-in shares and warrants, which is mainly due to the Gogoro stock price declining to a lesser extent when compared to the same quarter last year, and the decrease of $1.4 million in gross profit, which was partially offset by the decrease of $9.6 million in operating expenses. This decrease in operating expenses was mainly due to lower variable marketing and promotional expenses resulting from reduced sales volume, savings in general and administrative expenses, lower payroll driven by organizational efficiency, and a $2.1 million reduction in share-based compensation.

Adjusted EBITDA

For the first quarter, adjusted EBITDA1 was $14.3 million, representing an increase of $4.1 million from $10.2 million in the same quarter last year. The increase was primarily due to a $7.1 million reduction in operating expenses (excluding share-based compensation, and depreciation and amortization) resulting from various cost-saving initiatives. The increase was partially offset by a decrease in other income and an increase in share of loss of investments accounted for using equity method compared to the same quarter last year.

Liquidity

In the first quarter of 2025, we incurred an operating cash outflow of $8.9 million, compared to an operating cash inflow of $0.9 million in the first quarter of 2024, primarily due to changes in operating assets and liabilities, resulting in a year-over-year decline in operating cash performance. With a cash balance of $93.3 million at the end of the first quarter of 2025, and the additional credit facilities that are available to us, we believe we have sufficient sources of funding to meet our near-term business growth objectives. 

2025 Cost Reduction/Efficiency Plans

In the first quarter, we continued our focus on cost optimization and aligned our operations accordingly. The plan aims to drive operational efficiency, reduce costs, accelerate our path to profitability and reinforce our primary focus as an energy and subscription-based business based on our energy platform leadership.  Gogoro is expected to create approximately $25 million savings in 2025 compared to 2024 as a result of the cost efficiency plans. We expect our Gogoro Network Battery Swapping business to reach profitability on a non-IFRS basis and deliver non-IFRS net income in 2026 and our hardware sales business to reach profitability on a non-IFRS basis in 2028.

2025 Guidance

We believe the Taiwan two-wheeler market in 2025 will remain approximately the same as 2024. For the full year of 2025, we reiterate our revenue forecast of between $295 million to $315 million on a constant currency basis. We estimate that approximately 95% of such full-year revenue will be generated from the Taiwan market. Our gross margin may be continuously negatively impacted in the short term because of our ongoing and accelerated battery upgrade initiatives which are expected to be completed by the end of 2025.

Conference Call Information

Gogoro’s management team will hold an earnings webcast on May 8, 2025, at 8:00 a.m. Eastern Time to discuss the Company’s first quarter 2025 results of operations and outlook.

Investors may access the webcast, supplemental financial information and investor presentation at Gogoro’s investor relations website (https://investor.gogoro.com) under the “Events” section. A replay of the investor presentation and the earnings call script will be available 24 hours after the conclusion of the webcast and archived for one year.

About Gogoro

Founded in 2011 to rethink urban energy and inspire the world to move through cities in smarter and more sustainable ways, Gogoro leverages the power of innovation to change the way urban energy is distributed and consumed. Recognized by Fortune as a “Change the World 2024” company; Fast Company as “Asia-Pacific’s Most Innovative Company of 2024″; Frost & Sullivan as the “2024 Global Company of the Year for battery swapping for electric two-wheel vehicles”; and, MIT Technology Review as one of “15 Climate Tech Companies to Watch” in 2024, Gogoro’s battery swapping and vehicle platforms offer a smart, proven, and sustainable long-term ecosystem for delivering a new approach to urban mobility. Gogoro has quickly become an innovation leader in vehicle design and electric propulsion, smart battery design, battery swapping, and advanced cloud services that utilize artificial intelligence to manage battery charging and availability. The challenge is massive, but the opportunity to disrupt the status quo, establish new standards, and achieve new levels of sustainable transportation growth in densely populated cities is even greater. For more information, visit www.gogoro.com/news and follow Gogoro on Twitter: @wearegogoro.

Forward-Looking Statements

This communication contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Gogoro’s future financial or operating performance. In some cases, you can identify forward-looking statements because they contain words such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “going to,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of these words or other similar terms or expressions that concern Gogoro’s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this communication include, but are not limited to, statements in the section entitled, “2025 Guidance,” such as estimates regarding Taiwan two-wheeler market and our revenue and gross margin; statements in the section entitled, “2025 Cost Reduction/Efficiency Plans,” such as estimated savings as a result of the cost reduction/efficiency plans and future profitability of Gogoro’s business; statements by Gogoro’s interim chief executive officer and chief financial officer, such as Gogoro’s future business plan and growth strategies and Gogoro’s future profitability; and Gogoro’s battery pack upgrade initiatives (and its expected costs and benefits).

Gogoro’s expectations and beliefs regarding these matters may not materialize, and actual results in future periods are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including risks related to macroeconomic factors including inflation and consumer confidence, risks related to the Taiwan scooter market, risks related to political tensions, Gogoro’s ability to effectively manage its growth, Gogoro’s ability to launch and ramp up the production of its products, control its manufacturing costs and manage its supply chain issues, Gogoro’s risks related to ability to expand its sales and marketing abilities, Gogoro’s ability to expand effectively into new markets, foreign exchange fluctuations, Gogoro’s ability to develop and maintain relationships with its partners, risks related to probable defects of Gogoro’s products and services and product recalls, regulatory risks and Gogoro’s risks related to strategic collaborations, risks related to the Taiwan market, India market, Philippines market and other international markets, alliances or joint ventures including Gogoro’s ability to enter into and execute its plans related to strategic collaborations, alliances or joint ventures in order for such strategic collaborations, alliances or joint ventures to be successful and generate revenue, the ability of Gogoro to be successful in the B2B market, risks related to Gogoro’s ability to achieve operational efficiencies, Gogoro’s ability to raise additional capital, the risks related to the need for Gogoro to invest more capital in strategic collaborations, alliances or joint ventures, risks relating to the impact of foreign exchange and the risk of Gogoro having to adjust the accounting treatment associated with its joint ventures. The forward-looking statements contained in this communication are also subject to other risks and uncertainties, including those more fully described in Gogoro’s filings with the Securities and Exchange Commission (“SEC”), including in Gogoro’s Form 20-F for the year ended December 31, 2024, which was filed on March 31, 2025 and in its subsequent filings with the SEC, copies of which are available on the SEC’s website at www.sec.gov. The forward-looking statements in this communication are based on information available to Gogoro as of the date hereof, and Gogoro disclaims any obligation to update any forward-looking statements, except as required by law.

Condensed Consolidated Financial Statements

The condensed consolidated financial statements are unaudited and have been prepared in accordance with the International Financial Reporting Standards (collectively, “IFRS”) issued by the International Accounting Standards Board and regulations of the U.S. Securities and Exchange Commission (“SEC”) for interim financial reporting. The Company’s condensed consolidated financial statements reflect all normal adjustments that are, in our opinion, necessary to provide a fair statement of results for the interim periods presented, including the accounts of the Company and entities controlled by Gogoro Inc. The audited consolidated financial statements may differ materially from the unaudited condensed consolidated financial statements. Our audited financial statements for the full year ending December 31, 2025 will be included in the Company’s Annual Report on Form 20-F for the year ending December 31, 2025. Accordingly, these condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes for the year ended December 31, 2024 included in the Company’s Annual Report on Form 20-F filed with the SEC on March 31, 2025, which provides a more complete discussion of the Company’s accounting policies and certain other information. The condensed consolidated financial statements may include selected updates, notes and disclosures if there are significant changes since the date of the most recent annual report on Form 20-F which included the audited financial statements of the Company.

Use of Non-IFRS Financial Measures

This press release and accompanying tables contain certain non-IFRS financial measures including foreign exchange effect on operating revenues, non-IFRS gross profit, non-IFRS gross margin, non-IFRS net loss, EBITDA and adjusted EBITDA.

Foreign exchange (“FX”) effect on operating revenues. We compare the dollar amount and the percent change in the operating revenues from the current period to the same period last year using constant currency disclosure. We present constant currency information to provide a framework for assessing how our underlying revenues performed excluding the effect of foreign currency rate fluctuations. To present this information, current period operating revenues for entities reporting in currencies other than USD are converted into USD at the average exchange rates from the equivalent periods last year.

Non-IFRS Gross Profit and Gross Margin. Gogoro defines non-IFRS gross profit and gross margin as gross profit and gross margin excluding share-based compensation, battery upgrade initiatives and battery swapping service rebate.

Share-based Compensation. Share-based compensation consists of non-cash charges related to the fair value of restricted stock units awarded to employees and stock options granted to certain directors, executives, employees and others providing similar services. We believe that the exclusion of these non-cash charges provides for more accurate comparisons of our operating results to our peer companies due to the varying available valuation methodologies, subjective assumptions and the variety of award types. In addition, we believe it is useful to investors to understand the specific impact of share-based compensation on our operating results.

Non-IFRS Net Loss. Gogoro defines non-IFRS net loss as net loss excluding share-based compensation, the change in fair value of financial liabilities including revaluation of change in fair value of earnout, earn-in and warrants associated with the merger of Poema, battery upgrade initiatives, and battery swapping service rebate. These amounts do not reflect the impact of any related tax effects.

EBITDA. Gogoro defines EBITDA as net loss excluding interest expense, net, provision for income tax, depreciation, and amortization. These amounts do not reflect the impact of any related tax effects.

Adjusted EBITDA. Gogoro defines Adjusted EBITDA as EBITDA excluding share-based compensation, the change in fair value of financial liabilities including revaluation of change in fair value of earnout, earn-in and warrants associated with the merger of Poema, battery upgrade initiatives, and battery swapping service rebate. These amounts do not reflect the impact of any related tax effects.

Battery Upgrade Initiatives. As we perform certain voluntary upgrades to our battery packs, this charge represents the (i) derecognition expense on components removed from the battery pack, which we do not expect to generate any future benefits from its disposal and (ii) battery pack retrieval and other directly attributable costs incurred during the battery upgrades. We will only upgrade battery packs in instances where the value created exceeds the cost of the upgrade. The program will improve batteries’ capacity and extend the remaining useful life of certain battery packs. The derecognition expense and the retrieval and other costs are recorded under Cost of Revenues in the Condensed Consolidated Statements of Comprehensive Loss. We exclude such expenditures for purposes of calculating certain non-IFRS measures because these charges do not reflect how management evaluates our operating performance. The adjustments facilitate a useful evaluation of our operating performance and comparisons to past operating results and provide investors with additional means to evaluate our profitability trends. We expect the derecognition expense and retrieval and other costs to recur in future periods as incurred during the implementation phase of the battery upgrade program.

Battery Swapping Service Rebate. We voluntarily offered one-time subscription fee discounts to certain subscribers of Gogoro Network who experienced unusual and infrequent service inconveniences associated with a minor voluntary vehicle recall and battery upgrade, and such battery swapping service rebates are recorded as contra-revenue. We have excluded the impacts of such rebates from our non-IFRS metrics to allow investors to better understand the underlying operation results of the business and to facilitate comparison of current financial results with historical financial results and our peer group companies’ financial results.

These non-IFRS financial measures exclude share-based compensation, interest expense, income tax, depreciation and amortization, change in fair value of financial liabilities associated with outstanding earnout shares, earn-in shares and warrants associated with the merger of Poema, battery upgrade initiative, and battery swapping service rebate. The Company uses these non-IFRS financial measures internally in analyzing its financial results and believes that these non-IFRS financial measures are useful to investors as an additional tool to evaluate ongoing operating results and trends. In addition, these measures are the primary indicators management uses as a basis for its planning and forecasting for future periods.

Non-IFRS financial measures are not meant to be considered in isolation or as a substitute for comparable IFRS financial measures. Non-IFRS financial measures are subject to limitations and should be read only in conjunction with the Company’s condensed consolidated financial statements prepared in accordance with IFRS. Non-IFRS financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. A description of these non-IFRS financial measures has been provided above and a reconciliation of the Company’s non-IFRS financial measures to their most directly comparable IFRS measures have been provided in the financial statement tables included in this press release, and investors are encouraged to review these reconciliations.

View original content to download multimedia:https://www.prnewswire.com/news-releases/gogoro-releases-first-quarter-2025-financial-results-302449838.html

SOURCE Gogoro

Principal Founder and CEO Arkadiy Dobkin to Become Executive Chairman

Balazs Fejes Appointed to Become President and Chief Executive Officer

Succession to be Effective on September 1, 2025

NEWTOWN, Pa., May 8, 2025 /PRNewswire/ — EPAM Systems, Inc. (NYSE: EPAM) (“EPAM” or the “Company”), a leading digital transformation services and product engineering company, today announced that Arkadiy Dobkin, the Company’s Principal Founder, Chairman, Chief Executive Officer and President, will transition to the role of Executive Chairman, on September 1, 2025. As part of the planned succession, Balazs Fejes, EPAM’s President of Global Business & Chief Revenue Officer, will become Chief Executive Officer and President.

As Executive Chairman, Mr. Dobkin will continue his commitment to the Company’s vision and future success. In this role, he will focus on advancing strategic initiatives and supporting the continuity of EPAM’s mission as the Company enters the next phase of its journey. Mr. Dobkin will remain actively engaged in helping to shape EPAM’s long-term strategic direction, maintaining key relationships with clients, partners and investors, providing guidance on critical strategic initiatives and promoting the Company’s brand worldwide. Working closely with the CEO and leadership team, Mr. Dobkin will help ensure that the values, relationships and strategic focus that have defined EPAM for decades continue to guide its future.

“Over the past three decades, EPAM has been the defining project of my professional and personal journey,” said Mr. Dobkin. “We started with a simple belief in the power of global talent and the conviction that software could change the world. Today, with over 61,000 professionals across more than 55 countries, EPAM leads digital transformation efforts worldwide and extends its impact into education, sustainability and humanitarian initiatives. Having successfully navigated multiple waves of change and with continued investments in GenAI-enabled delivery and solutions, I am confident that EPAM is well-positioned to meet future challenges and build on our strong foundation of engineering excellence and innovation.”

“On behalf of the Board, I want to commend Arkadiy’s tremendous dedication to building and growing EPAM from a small engineering services startup to a top-ranked, Digital Engineering and Consulting services company,” said Lead Independent Director, Richard Michael Mayoras. “Arkadiy’s vision and leadership have been instrumental in shaping EPAM’s growth strategy and its succession plan. We are confident that with this thoughtful CEO transition, and Arkadiy’s ongoing role as Executive Chairman, the Company is well positioned to continue its leadership in the IT Services industry and to build on its momentum for long-term growth.”

Throughout his tenure, Mr. Dobkin has led EPAM through key milestones that have shaped its global leadership position:

1993 – Founded EPAM Systems with a vision to deliver world-class software engineering and innovation to global clients.2012 – Led EPAM’s successful Initial Public Offering on the New York Stock Exchange.2015-2021 – Pioneered and firmly established the Digital Product Engineering service model as a global category at enterprise scale and drove EPAM’s global expansion across North America, Europe, APAC and Latin America, broadening its client base and industry reach.2021 – Guided EPAM’s inclusion in the S&P 500 Index, with EPAM named to the Fortune 100 Fastest-Growing Companies list for three consecutive years.2022-2025 – Led EPAM’s humanitarian and strategic initiatives to support tens of thousands of employees during the geopolitical crisis caused by the Russian invasion of Ukraine.2024-2025 – Positioned EPAM as a leader in AI-Native solutions, setting the foundation for the Company’s next era of innovation and growth, while stabilizing operations across Central and Eastern Europe and significantly expanding its presence in India and Latin America.2025 – Led EPAM’s return to growth, positioning the Company to surpass $5 billion in annual revenue.

Mr. Dobkin added, “EPAM’s leadership team has been built over many years, and we believe our roadmap for growth remains clear. Balazs Fejes, better known as FB, joined the Company over 20 years ago and has been a critical part of our growth story. His leadership has been instrumental to EPAM’s development —serving as our first CTO, building our Financial Services Business globally, leading our European and APAC markets and most recently, serving as President of Global Business and Chief Revenue Officer. FB is uniquely positioned to provide both strategic and operational leadership during our next phase of evolution, and his rare combination of business and technical acumen will enable him to continue driving EPAM forward.”

“I am honored to serve as EPAM’s next CEO as we continue advancing the global growth strategy shaped under Arkadiy’s leadership,” said Balazs Fejes. “EPAM is a unique company, with a leadership team that deeply understands and respects what sets us apart in the digital transformation space. I am committed to building on our strong foundation by expanding our engineering and consulting capabilities, helping our global clients accelerate their GenAI-enabled journeys and ensuring we stay ahead as their trusted partner. I am humbled by the trust placed in me by Arkadiy, our leadership team and the Board, and I look forward to working closely with them to achieve our goals.”

First Quarter 2025 Results

In a separate press release issued today, EPAM announced its financial results for its first quarter ended March 31, 2025. The Company will host a conference call at 8:00 AM ET to discuss these results, which will be available live on the EPAM website at https://investors.epam.com.

About Arkadiy Dobkin

Arkadiy Dobkin is the Principal Founder and Executive Chairman of EPAM Systems, Inc. Under his leadership, EPAM has grown from a New Jersey-based start-up with Eastern European roots, into a global leader in digital transformation services, digital platform engineering, and consulting.

Mr. Dobkin has been instrumental in pioneering the software product engineering and IT services industries, helping to open the vast software talent pools of Central and Eastern Europe to the global business community. Over the past three decades, he has guided EPAM through sustained global expansion, innovation leadership, and significant milestones, including its successful Initial Public Offering on the New York Stock Exchange in 2012 and its addition to the S&P 500 and Forbes Global 2000 indices in 2021.

Under Arkadiy’s leadership, EPAM championed and firmly established “Digital Product Engineering” as a global service model category at enterprise scale.

Mr. Dobkin’s leadership and contributions have been recognized globally. He was inducted into the Ernst & Young World Entrepreneur of the Year Academy and the Entrepreneur of the Year Hall of Fame. In 2021, he received the Tatra Summit Business Leadership Award from GLOBSEC for his contributions to the tech business environment across the CEE region and beyond, and he has been recognized as one of Philadelphia Business Journal’s Most Admired CEOs.

He holds a Master of Science degree in Electrical Engineering from Belarusian National Technical University.

About Balazs Fejes

Balazs Fejes serves as EPAM’s President of Global Business & Chief Revenue Officer, where he leads global client engagement, market activities and is responsible for EPAM’s global business operations.

Prior to June 2024, Mr. Fejes served as President of the Europe and APAC Markets, leading business activities in those regions, co-leading global business operations and overseeing EPAM’s banking and financial services business unit. Prior to August 2012, Mr. Fejes served as EPAM’s chief technology officer (CTO) and was responsible for ensuring that EPAM’s global software development centers were at the leading edge of industry standards for efficiency and quality.

Mr. Fejes joined EPAM in 2004 as part of the acquisition of Fathom Technology, a Hungarian software engineering firm which he co-founded and where he served as CTO. Prior to co-founding Fathom Technology Mr. Fejes held senior technical leadership roles at Great Plains (Microsoft Business Solutions) and Scala Business Solutions.

Throughout his career, Mr. Fejes has been a hands-on innovator, visionary architect and software engineer, receiving multiple awards and programming championship honors.

About EPAM Systems

Since 1993, EPAM Systems, Inc. (NYSE: EPAM) has used its software engineering expertise to become a leading global provider of digital engineering, cloud and AI-enabled transformation services, and a leading business and experience consulting partner for global enterprises and ambitious startups. We address our clients’ transformation challenges by focusing EPAM Continuum’s integrated strategy, experience and technology consulting with our 30+ years of engineering execution to speed our clients’ time to market and drive greater value from their innovations and digital investments.

We leverage AI and GenAI to deliver transformative solutions that accelerate our clients’ digital innovation and enhance their competitive edge. Through platforms like EPAM AI/RUN™ and initiatives like DIALX Lab, we integrate advanced AI technologies into tailored business strategies, driving significant industry impact and fostering continuous innovation.

We deliver globally but engage locally with our expert teams of consultants, architects, designers and engineers, making the future real for our clients, our partners, and our people around the world. We believe the right solutions are the ones that improve people’s lives and fuel competitive advantage for our clients across diverse industries. Our thinking comes to life in the experiences, products and platforms we design and bring to market.

Added to the S&P 500 and the Forbes Global 2000 in 2021 and recognized by Glassdoor and Newsweek as Most Loved Workplace, our multidisciplinary teams serve customers across six continents. We are proud to be among the top 15 companies in Information Technology Services in the Fortune 1000 and to be recognized as a leader in the IDC MarketScapes for Worldwide Experience Build Services, Worldwide Experience Design Services and Worldwide Software Engineering Services.

Learn more at www.epam.com and follow us on LinkedIn.

Forward-Looking Statements

This press release includes estimates and statements which may constitute forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, the accuracy of which are necessarily subject to risks, uncertainties, and assumptions as to future events that may not prove to be accurate. Our estimates and forward-looking statements are mainly based on our current expectations and estimates of future events and trends, which affect or may affect our business and operations. These statements may include words such as “may,” “will,” “should,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or similar expressions. Those future events and trends may relate to, among other things, developments relating to the war in Ukraine and escalation of the war in the surrounding region, political and civil unrest or military action in the geographies where we conduct business and operate, difficult conditions in global capital markets, foreign exchange markets, global trade and the broader economy, the adoption and implementation of artificial intelligence technologies by EPAM and its clients, and the effect that these events may have on client demand and our revenues, operations, access to capital, and profitability. Other factors that could cause actual results to differ materially from those expressed or implied include general economic conditions, the risk factors discussed in the Company’s most recent Annual Report on Form 10-K and the factors discussed in the Company’s Quarterly Reports on Form 10-Q, particularly under the headings “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and “Risk Factors” and other filings with the Securities and Exchange Commission. Although we believe that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made based on information currently available to us. EPAM undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities law.

View original content to download multimedia:https://www.prnewswire.com/news-releases/epam-announces-planned-leadership-succession-302449324.html

SOURCE EPAM Systems, Inc.

Orders from Supermarkets and Department Stores Increased More Than 1.7 Times

HONG KONG, May 8, 2025 /PRNewswire/ — The May Day holiday has just concluded, marked by a surge in  domestic travel and consumer spending. In response to strong consumer demand, instant delivery service platforms played a crucial supporting role. Hangzhou SF Intra-city Industrial Co., Ltd. (“SF Intra-city” or the “Group”, Stock Code: 9699.HK), China’s largest third-party on-demand delivery service provider, is pleased to announce that the orders for comprehensive delivery surged by 87% year-on-year (“YoY”) during May Day holiday, delivery orders from supermarkets and department stores grew by 177%  YoY. Additionally, SF Intra-city launched dedicated solutions for cultural tourism instant delivery scenarios, with consumer services performing exceptionally well in third and fourth-tier cities such as Chaozhou and Dali, where C-end (consumer) order volume grew severalfold to dozens of times year-on-year.

During the holiday, consumer sentiment was strong, with robust demand in the new-style tea beverage market. SF Intra-city’s beverage delivery orders surged by 106% YoY during the May Day holiday period. As the preferred instant delivery service provider for new-style tea and coffee brands such as CHAGEE, Mixue Ice Cream & Tea, GuMing, and Luckin Coffee, the Group leveraged its flexible delivery capacity model of “in-store + commercial district + citywide” to ensure efficient fulfillment of online orders and smooth handling of peak periods.

Beyond tea beverage stores, the Group closely collaborated with merchants across all scenarios in commercial districts, with supermarket and department store orders growing rapidly by 177% YoY. Other product categories, including pharmaceuticals, digital products, beauty products, and  mother-and-baby products also recorded high double-digit year-on-year growth. This reflects that a growing consumer preference for instant delivery services for urgent and essential items, and a shift toward a new consumption pattern of “traveling light and purchasing on demand.”

During the May Day holiday period, major food delivery and local lifestyle platforms seized the holiday business opportunities by offering promotional subsidies. As a third-party instant delivery platform without being tied to any specific commerce flow, SF Intra-city deeply collaborated with platforms such as Douyin, WeChat, and Alibaba, allowing merchants to access delivery services across various food delivery and new retail platforms with one-click integration. This not only helped merchants grow their business efficiently but also provided consumers with a better instant delivery experience.

“Cultural tourism + instant delivery” has become a new highlight in local tourism development. SF Intra-city launched a “pickup, delivery, and concierge” solution for cultural tourism, offering services such as luggage handling, hanfu costume returns, shopping assistance, and queue-waiting. These services meet tourists’ personalized needs while helping upgrade the cultural tourism industry. As “county tourism fever” sweeps across the country, instant delivery platforms are becoming increasingly crucial in providing infrastructure services for in-depth county-level tourism. During this year’s May Day holiday period, SF Intra-city’s consumer services saw particularly significant growth in third and fourth-tier cities and counties. C-end order volume in cities such as Chaozhou, Dali, Enshi, Ganzi, Jinzhong, Shigatse, and Tieling grew severalfold to dozens of times, highlighting the enormous potential of instant delivery services in county-level tourism markets.

Additionally, SF Intra-city’s last-mile delivery provides diverse transfer and door-to-door collection and delivery services for express companies and logistics service providers, helping accelerate various aspects of traditional express delivery. During the May Day holiday period, its last-mile delivery order volume grew by 102% YoY, enabling home-based users to receive their purchased products faster and ensuring goods arrived home before traveling users returned.

The May Day ‘Golden Week’, being a significant milestone in travel and consumption, has garnered attention from both consumers and businesses alike. The continued boom in holiday economics has stimulated rising demand for instant delivery, highlighting the increasingly critical role of the instant delivery industry as consumption infrastructure. As local lifestyle consumption scenarios and consumption patterns continue to evolve, SF Intra-city will  strive to broaden the boundaries of on-demand fulfillment services, enhance our technological capabilities, and forge deeper collaborations amid the ongoing innovation in consumer behavior. Together, the Group will champion the sustained growth of new consumption trends, and collaborate with more business partners, adhering to our operational goal of achieving ‘high-quality, efficient and comprehensive third-party on-demand delivery services’ and better fulfilling our mission of ‘bringing enjoyable lifestyle to your fingertips’, firmly rooting ourselves in third-party on-demand delivery service.

About Hangzhou SF Intra-city Industrial Co., Ltd. (Stock code: 9699.HK)

SF Intra-city focuses on the emerging opportunities of intra-city on-demand delivery services. Since 2019, SF Intra-city has operated as an independent legal entity to capture the growth opportunities arising from the new consumption trends. SF Intra-city adopts a multi-scenario business model, providing full coverage of delivery scenarios for all types of products and services. The Company’s extensive service coverage, ranging from mature scenarios such as food delivery to growth scenarios such as local retail, local e- commerce and local services, has enabled it to respond to the evolving customer needs resulting from the development and upgrade of the local consumer market. For more details, please visit the Company’s website: https://ir.sf-cityrush.com/en/investor-relations/.

View original content:https://www.prnewswire.com/news-releases/sf-intra-city-9699hk-delivery-orders-of-comprehensive-delivery-increased-87-during-may-day-holiday-302449885.html

SOURCE SF Intra-city