LONDON, June 07, 2024 (GLOBE NEWSWIRE) -- Gorilla Technology Group Inc. (“Gorilla” or the “Company”) (NASDAQ: GRRR), a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence, and IoT technology, today announced that it has entered into securities purchase agreements with existing institutional investors for the purchase and sale of 2,142,858 ordinary shares of the Company and warrants to purchase up to 2,142,858 ordinary shares pursuant to a registered direct offering ...

LONDON, June 07, 2024 (GLOBE NEWSWIRE) -- Gorilla Technology Group Inc. ("Gorilla" or the "Company") (NASDAQ:GRRR), a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence, and IoT technology, today announced that it has entered into securities purchase agreements with existing institutional investors for the purchase and sale of 2,142,858 ordinary shares of the Company and warrants to purchase up to 2,142,858 ordinary shares pursuant to a registered direct offering ...

Core Viewpoint - Gorilla Technology Group Inc. has released its full year audited financials for 2023, highlighting its strong position in the AI landscape and plans for sustained growth in 2024 [1][2]. Financial Performance - The company aims to leverage its outstanding financial performance and momentum to achieve greater accomplishments in 2024 [2]. - Full financial statements are available on the SEC's website [1]. Strategic Initiatives - Gorilla has expanded its market presence across Southeast Asia, India, the UK, EU, MENA, and South America within 18 months [2]. - The company is involved in significant projects, including Advanced Video Analytics at Rama Hospital in Thailand and Smart City Solutions in collaboration with the Government of Colombia [2]. Partnerships and Collaborations - Collaborations with industry leaders such as Lanner, Hailo, and Red Hat have enhanced Gorilla's capabilities in AI solutions [2]. - The partnership with Lanner has led to the launch of Security Convergence Devices for real-time threat detection [2]. - The E-300 Edge AI Appliance, developed with Hailo, can process up to 24 channels of video analytics [2]. - Collaboration with Red Hat focuses on Smart Government Security Convergence solutions using Red Hat OpenShift [2]. Vision and Mission - Gorilla envisions a connected future through innovative technologies, aiming to enrich lives and industries [3].

Financial Performance - Gorilla Technology Group Inc. reported a total revenue of $75 million for the fiscal year, representing a 25% increase year-over-year[6]. - Gorilla anticipates a revenue guidance of $90 million for the next fiscal year, indicating a projected growth of 20%[6]. - Gorilla's gross margin improved to 60%, up from 55% in the previous year, reflecting better cost management[6]. - The company declared a dividend of $0.50 per share, marking a 10% increase from the previous year[6]. - Gorilla's revenue in fiscal year 2023 was significantly dependent on a few key customers, with the Government of Egypt (GoE) accounting for approximately 81% and the Criminal Investigation Bureau of Taiwan (CIB) for about 13%[63]. - An EGP 1.0 billion payment due from the GoE in 2023 has not yet been received, which could impact cash flow and financial condition[63]. - Gorilla's revenue growth is heavily dependent on expanding the client base and increasing service usage; failure to attract new clients or retain existing ones could adversely affect financial results[67]. Growth Strategy - The company is investing $10 million in R&D for new product development, focusing on AI-driven analytics tools[6]. - Gorilla plans to expand its market presence in Asia, targeting a 15% market share within the next two years[6]. - Gorilla's growth strategy includes significant investments in new technologies and services, particularly in the MENA region, the European Union, and the United States[39]. - Gorilla's future growth depends on successfully enhancing existing services and introducing new services that achieve market acceptance[31]. - Partnerships are crucial for Gorilla's growth, but there is no guarantee that these partnerships will yield the expected financial or operational results[52]. Customer Relationships - Gorilla's ability to retain the Government of Egypt as a customer is contingent on meeting specific performance conditions and obtaining necessary financing[34]. - The loss of the Government of Egypt as a customer could result in a significant reduction of anticipated revenues, adversely affecting Gorilla's business[32]. - Gorilla has 53 total customers, indicating a concentrated customer base which poses risks if key contracts are lost[63]. - The company has chosen not to enter into relationships with customers whose activities are inconsistent with its mission, which may impact long-term financial benefits[93]. Operational Challenges - The company has experienced strong growth in recent years, but failure to manage this growth effectively could adversely affect its business and financial condition[49]. - Gorilla's operational and financial controls are being strengthened to comply with changing foreign laws and regulations, which may take time and resources[51]. - The implementation of Gorilla's platforms can be complex and lengthy, with customer dissatisfaction potentially harming business reputation and financial results[78]. - High-quality customer support is essential for client retention; failure to provide adequate support could negatively impact business relationships and financial condition[82]. Market and Competitive Landscape - The competitive landscape is intense, with many companies developing competing products, which may require Gorilla to invest significantly in R&D and marketing to maintain its position[84]. - Competitors may leverage their larger resources and established relationships to gain market share, posing a challenge for Gorilla to differentiate its offerings[86]. - Increased competition could lead to fewer orders and reduced margins, adversely affecting Gorilla's business and financial results[90]. Regulatory and Compliance Risks - The company is subject to various legal and regulatory risks, including compliance with privacy and data protection laws, which could adversely affect operations and financial condition[152]. - Gorilla's technology is designed to comply with GDPR and CCPA, requiring ongoing investment in data privacy systems[153]. - Noncompliance with GDPR can result in fines of up to €20 million or 4% of global annual revenues, which could significantly impact Gorilla's operations[158]. - The company must navigate complex cross-border data transfer regulations following the invalidation of the EU-US Privacy Shield Framework[159]. - Compliance with the Egyptian Data Protection Law may impose significant burdens on Gorilla's operations in Egypt[167]. Currency and Financial Risks - Gorilla anticipates that a significant portion of its capital inflows will be in Egyptian Pounds (EGP) due to the Egypt Contract, while most operational expenses will not be in EGP[196]. - The Central Bank of Egypt's floating of EGP against the U.S. Dollar resulted in a one-third decrease in the U.S. dollar value of the Egypt Contract[198]. - Currency exchange risks may adversely affect Gorilla's profitability and financial condition, especially if EGP depreciates against other currencies[196]. - The company may face difficulties in converting local currencies into foreign currencies due to regulatory restrictions in certain jurisdictions[202]. Intellectual Property and Security Risks - The company may face challenges in protecting its intellectual property rights, which could adversely affect its business and financial results[110][111]. - Gorilla relies on physical and electronic security measures to protect proprietary information, but cannot guarantee these measures will be effective against breaches[117]. - The company has pending patents related to its products, but faces potential claims of infringement from other intellectual property holders as it expands its market presence[118]. - Errors or bugs in the company's platforms could negatively impact operational results and growth prospects, especially in critical applications for customers[147]. Economic and Geopolitical Risks - Adverse global economic conditions, including inflation and geopolitical tensions, could negatively impact demand for Gorilla's products and overall financial condition[100]. - Political, economic, and military conditions in Taiwan may directly affect Gorilla's business and operations, given the significant presence of employees there[188]. - Gorilla's expansion into Egypt is premised on rapid growth in emerging markets, but political instability may hinder the fulfillment of obligations under contracts[192].

LONDON, April 15, 2024 (GLOBE NEWSWIRE) -- Gorilla Technology Group Inc. (NASDAQ:GRRR) ("Gorilla" or the "Company"), a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence, and IoT technology, today introduced its new line of Security Convergence Devices, developed in collaboration with Lanner. These hardware appliances lead the market in innovation and efficiency and epitomize Gorilla's commitment to safeguarding digital perimeters with unparalleled efficacy and co ...

LONDON, April 15, 2024 (GLOBE NEWSWIRE) -- Gorilla Technology Group Inc. (NASDAQ:GRRR) ("Gorilla" or the "Company"), a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence, and IoT technology, announced on April 9, 2024 that it will implement a 1-for-10 reverse stock split of its shares, effective April 15, 2024. The reverse split it is intended to regain compliance with Nasdaq's minimum bid price requirement before the May 1, 2024 deadline. Gorilla shareholders app ...

LONDON, April 10, 2024 (GLOBE NEWSWIRE) -- Gorilla Technology Group Inc. ("Gorilla") (NASDAQ:GRRR), a global leader in Security Intelligence, Network Intelligence, Business Intelligence, and IoT technology, today announced they have signed a Memorandum of Understanding (MOU) with Thames Freeport, a pivotal hub for trade and logistics in the United Kingdom. This strategic alliance is set to revolutionise the Thames Freeport area, aligning an ambitious Smart City Strategy programme and leveraging the Thames F ...

Gorilla Technology Group Inc. (NASDAQ:GRRR) Q4 2023 Results Conference Call April 8, 2024 8:00 AM ET Company Participants Cody Fletcher - Investor Relations, Blueshirt Group Jay Chandan - Chief Executive Officer & Chairman Daphne Huang - Chief Financial Officer Conference Call Participants John Roy - WTR Mike Latimore - Northland Capital Markets Brian Kinstlinger - Alliance Global Partners Brett Knoblauch - Cantor Fitzgerald Operator Good day, ladies and gentlemen. Thank you for standing by. And welcome to ...

--New Partnership Enables Gorilla Technology Group to Expand on Already Significant Presence in the Middle-East and North Africa Region----Raises the Benchmark for Integrated Security Solutions-- LONDON, March 04, 2024 (GLOBE NEWSWIRE) -- Gorilla Technology Group Inc. ("Gorilla") (NASDAQ:GRRR), a global leader in Security Intelligence, Network Intelligence, Business Intelligence, and IoT technology, and Lanner Electronics Inc. ("Lanner"), a renowned provider of advanced network appliances and rugged computi ...

Financial Data and Key Metrics Changes - Revenue for the first nine months of 2023 reached $37.9 million, more than doubling compared to the same period last year [11] - Gross margin increased to 76.5%, more than double from the previous year, reflecting operational efficiency and customer satisfaction [11] - Comprehensive income improved from a negative figure last year to $7.2 million this year, marking a significant turnaround [12] - Adjusted EBITDA grew by 447% year-over-year, indicating strong profitability and operational efficiency [12] Business Line Data and Key Metrics Changes - The company has expanded its product suite to include offerings in Cybersecurity and Smart City infrastructure, reflecting a shift from a regional tech player to a global competitor [9] - Total sales signed in the first nine months reached $300 million, exceeding internal targets by 441% [11] - The adjusted EBITDA margin of 35% surpassed initial expectations, marking the first earnings release with positive EBITDA since the company's listing [16] Market Data and Key Metrics Changes - The company has established a global center for R&D and customer success in India, enhancing operational efficiency and cost-effectiveness [15] - The sales pipeline exceeds $1 billion, indicating strong future revenue potential [12] Company Strategy and Development Direction - The company aims to amplify its international presence and enrich its ecosystem through innovation and strategic partnerships [7] - Focus on Smart City and Industry 4.0 solutions, leveraging AI, IoT, and cloud computing to address complex customer needs [8] - The company is committed to sustainable growth and customer-centricity, with a target of achieving at least $90 million in revenue for 2024 [12][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in sustaining positive adjusted EBITDA as revenue continues to grow, supported by disciplined cost controls [16] - The company anticipates 2023 to be a record-breaking year, with a clear roadmap for future growth [12] - Management acknowledged the challenges faced but emphasized the progress made and the commitment to continuous innovation [10] Other Important Information - The company maintains a robust cash position of nearly $19 million, with around $40 million in restricted cash, providing financial flexibility for strategic initiatives [16] - The leadership team has been strengthened since the IPO, with a focus on enhancing global sales networks and refining customer profiles [9] Q&A Session Summary Question: What are the expectations for revenue growth in 2024? - The company reiterated its revenue guidance for full year 2024 at $90 million, supported by a strong business pipeline and contracts in place [17]