– Q3 revenues far exceeded total revenue of 2022 – – High value Product driven & Services business model reflected in 76.5% gross margin –– Won sales exceeded internal target of $68 million, standing at $300 million (a 441% increase) –– Achieved discounted run rate revenues of $88 million in Q3 –– Solid visibility with sales pipeline over $1 billion – LONDON, Feb. 05, 2024 (GLOBE NEWSWIRE) -- Gorilla Technology Group Inc. ("Gorilla") (NASDAQ:GRRR), a global provider of AI-based edge video analytics, IoT tec ...

Exhibit 99.1 Gorilla Technology Group Reports First Half 2023 Financial Results – Year-on-year growth in fiscal 2023 will be nearly 300% in constant currency – – Booked sales exceeded internal target of $41 million, standing at $272 million (a 563% increase) – – Revenue guidance of $65 million for 2023 and $90 million for 2024 – – Improved Visibility with Revenue Contracted Through 2026 – – 49.4% Gross Margin Af irms Success in Improving Quality of Customer Base – LONDON, August 9, 2023 -- Gorilla Technolog ...

Financial Performance - Gorilla's revenue for 2022 was $22.4 million, a decrease from $42.2 million in 2021[182] - Gross margin for 2022 was $8.3 million, down from $15.8 million in 2021[182] - Operating loss increased significantly to $86.5 million in 2022 from $8.2 million in 2021[182] - Net loss widened to $87.5 million in 2022 compared to $8.5 million in 2021[182] - Revenue decreased by $19.83 million (-47.0%) to $22.41 million in 2022 compared to $42.24 million in 2021, primarily due to reduced hardware, software, and services revenue in the Video IoT segment[198] - Security Convergence segment revenue increased by $0.66 million (5.4%) to $12.71 million in 2022, driven by more projects and hardware revenue[196] - Video IoT segment revenue decreased by $20.49 million (-67.9%) to $9.70 million in 2022 due to reduced hardware, software, and services revenue[196] - Cost of revenue decreased by $12.40 million (-46.8%) to $14.07 million in 2022, with Security Convergence costs increasing by $3.46 million (62.6%) and Video IoT costs decreasing by $15.86 million (-75.8%)[199] - Gross margin decreased by $7.44 million (-47.2%) to $8.34 million in 2022, with Security Convergence gross margin dropping to 29.2% and Video IoT gross margin rising to 47.7%[200] - Operating expenses increased by $70.91 million (296.3%) to $94.84 million in 2022, largely due to $70.11 million in share listing expenses[203] - Research and development expenses decreased by $0.94 million (-6.3%) to $14.11 million in 2022 due to reduced spending on new service offerings[203] - Sales and marketing expenses decreased by $1.32 million (-26.6%) to $3.64 million in 2022 due to reduced marketing efforts during the COVID-19 pandemic[203] - General and administrative expenses increased by $5.76 million (168.0%) to $9.19 million in 2022 due to additional costs associated with becoming a public company[203] - Net loss for the year increased by $78.99 million (924.1%) to $87.54 million in 2022, driven by higher operating expenses and reduced revenue[203] - Financial income (expense), net decreased by $29 thousand, or 4.6%, to $(599) thousand for the year ended December 31, 2022, compared to $(628) thousand for the year ended December 31, 2021[204] - Income tax expense increased by $0.67 million, or 280.7%, to $0.43 million for the year ended December 31, 2022, compared to $0.24 million of income tax benefit for the year ended December 31, 2021[206] - Net cash used in operating activities was $(8.77) million for the year ended December 31, 2022, compared to $1.62 million for the year ended December 31, 2021[210] - Capital expenditures were $3.01 million for the year ended December 31, 2022, primarily for research and development of new technology and services[213] - Research and development expenses were $14.1 million in 2022, accounting for 14.9% of operating expenses[218] - Gorilla's working capital as of December 31, 2022 was $19.50 million, with accounts receivable of $14.04 million and cash and cash equivalents of $16.37 million more than short-term borrowings[210][211] - Cash provided by financing activities was $23.61 million for the year ended December 31, 2022, primarily from PIPE investment and capital reorganization related to the Merger[216] - Gorilla had total unsecured and secured indebtedness of $23.85 million as of December 31, 2022, with compliance with credit agreements and indentures[217] - Gorilla's cash, cash equivalents as of December 31, 2022 was $23.00 million, with restricted cash and time deposits of $6.87 million and $7.50 million of availability under the revolving loan facility[209] Business Strategy and Growth - Gorilla plans to expand sales force and marketing efforts in Europe, MENA, and Asia regions[177] - The company expects increased R&D expenses as a percentage of sales due to labor costs and market competition[190] - Sales and marketing expenses are projected to grow with expansion into new markets and enhanced technical support[191] - Gorilla's future growth depends on its ability to enhance existing services and introduce new services that achieve market acceptance and penetrate new markets[19] - Gorilla's growth strategy includes significant investments in growth opportunities outside the Asia-Pacific, particularly in the European Union and United States[21] - Gorilla's business depends on expanding its base of clients and increasing their use of its services, and any decline in client usage could adversely affect its business[16] - Gorilla's competitive position depends on its ability to operate with third-party products and services, and failure to maintain compatibility could adversely impact its business[16] - Gorilla's market for edge AI services and products is relatively new and may decline or experience limited growth, impacting its business[16] - Gorilla experienced moderate growth in the past five years, except for the most recent fiscal year, with significant growth in data consumers, usage, and data volume supported by its platform[24] - Gorilla's largest customer in 2022 accounted for 24% of its revenue, while two governmental entities in Taiwan accounted for 10% and 16% respectively[29] - Gorilla anticipates its largest customer in 2023 will be a governmental entity in the MENA region[29] - Gorilla's business growth depends on expanding its client base and increasing client usage of its services, with many clients having no long-term contractual commitments[29] - Gorilla faces challenges in managing growth, including operational infrastructure, compliance programs, and adapting to foreign laws and regulations[24] - Partnerships are critical for Gorilla's growth, but integration costs and IT/data security issues may hinder success[24] - Gorilla's international expansion is complex and costly, with risks including regulatory compliance, cultural differences, and market-specific challenges[26] - Investments and acquisitions may not succeed due to integration difficulties, unforeseen costs, or failure to meet financial expectations[27] - Gorilla's ability to adapt to rapid technological changes and evolving industry standards is crucial for maintaining competitiveness[29] - Gorilla's reliance on a single customer and governmental entities poses significant revenue risks if these relationships are lost[29] - The edge AI market is relatively new and Gorilla's future success depends on the growth of this market and the adoption of its IVAR real-time analytics technology[31] - Gorilla's IVAR platform delivers edge AI services to clients in healthcare, transportation, manufacturing, and retail sectors[31] - Gorilla plans to focus on educating potential customers about the benefits of its services and expanding its range of offerings to increase market acceptance[31] - The company's competitive position relies on maintaining compatibility with third-party hardware, software, and infrastructure[31] - Gorilla partners with leading technology companies, including cloud infrastructure providers, telecoms, and chipset vendors, to provide end-to-end solutions[31] - The implementation of Gorilla's platforms can be complex and lengthy, requiring customer-specific configurations and training[31] - Gorilla faces intense competition from large enterprise software companies, government contractors, and emerging startups[34] - Competitors may offer broader product lines, lower costs, or more established relationships, which could impact Gorilla's market position[34] - Gorilla does not work with the Chinese Communist Party or host its platforms in China, which may limit its growth prospects[39] - The company's decision to avoid the Chinese market could adversely impact its business and competitive position[39] COVID-19 Impact - COVID-19 has impacted operations, including lengthened sales cycles and delayed service deliveries[183] - The COVID-19 pandemic has disrupted Gorilla's operations, leading to reduced travel and office expenditures but potential future increases in travel costs[42] - COVID-19 has caused delays in customer purchasing cycles, extended payment terms, and reduced IT budgets, negatively impacting Gorilla's sales and cash flows[42] - The global economic downturn caused by COVID-19 is expected to decrease technology spending, potentially reducing demand for Gorilla's platforms and services[42] - The duration of the COVID-19 pandemic and the pace of economic recovery remain uncertain, posing ongoing risks to Gorilla's business operations and financial results[42] Regulatory and Compliance - Gorilla's business combination with Global SPAC resulted in additional public company costs and regulatory requirements[174] - Gorilla is subject to GDPR and UK GDPR, with potential fines of up to €20 million or 4% of global annual revenues for noncompliance[69] - Gorilla may face significant costs and regulatory actions due to evolving EU and UK privacy laws on cookies and e-marketing, including potential fines and system changes[71] - The California Consumer Privacy Act (CCPA) imposes civil penalties and private rights of action for data breaches, potentially increasing Gorilla's compliance costs and liability[71] - Gorilla is reviewing its technology and systems to comply with evolving data privacy regulations, including GDPR, CCPA, and others[71] - Data localization laws in certain jurisdictions may restrict Gorilla's ability to expand or operate in those markets without significant additional costs[71] - Gorilla may face increased compliance costs and regulatory scrutiny due to evolving privacy and data protection laws in the US, EU, and other jurisdictions[71] - Noncompliance with privacy laws could result in governmental investigations, fines, litigation, and reputational damage for Gorilla[71] - Gorilla's business may be adversely affected by changes in the regulatory framework for artificial intelligence and machine learning technology[74] - Changes to foreign ownership restrictions or currency controls in Hong Kong could materially impact Gorilla's operations and results[74] - Gorilla's compliance with complex and evolving regulatory requirements may require significant resources and could negatively impact its business[73] - The PRC government may intervene in the company's Hong Kong operations, potentially leading to material changes and adverse financial impacts[76] - Uncertainties in the PRC's legal system, including evolving laws and regulations, could adversely affect the company's business and operations[77] - The company's incorporation in the Cayman Islands may limit shareholders' ability to protect their interests and enforce judgments in U.S. courts[79] - Recent economic substance legislation in the Cayman Islands may require the company to allocate additional resources for compliance, potentially impacting operations[80] - Political, economic, and military conditions in Taiwan could materially and adversely affect the company's business and operations[82] - The company is exposed to liabilities under the U.S. Foreign Corrupt Practices Act (FCPA) and Chinese anti-corruption laws, which could negatively impact its business and financial condition[83] - Currency exchange fluctuations and repatriation risks in international operations may materially affect the company's revenues and net income[85] - Gorilla faces significant foreign currency exchange rate risks due to transactions and expenses in multiple currencies, which could negatively impact its financial results[86] - Regulatory restrictions in certain jurisdictions, such as Asia and the MENA region, may limit Gorilla's ability to repatriate funds, increasing foreign exchange risk and impacting liquidity[86] Internal Controls and Financial Reporting - Gorilla identified material weaknesses in internal control over financial reporting, including insufficient accounting expertise and lack of policies for complex transactions[88] - Gorilla's management is implementing remedial measures to address internal control weaknesses, but there is no guarantee these will fully resolve the issues[88] - As a public company, Gorilla incurs increased legal, accounting, and compliance costs, which may rise further after it ceases to be an emerging growth company[91] - Gorilla's securities may experience significant price fluctuations and liquidity issues, especially if delisted from Nasdaq and traded on the OTC Bulletin Board[92] - Gorilla's financial forecasts rely on assumptions that may prove incorrect, potentially leading to actual results significantly below expectations[93] - Gorilla, as a foreign private issuer, is exempt from certain U.S. proxy rules and has less frequent reporting obligations compared to U.S. domestic companies[95] - Gorilla may lose its foreign private issuer status if more than 50% of its voting securities are owned by U.S. residents and a majority of its directors or executives are U.S. citizens, leading to significant additional legal and accounting costs[96] - Gorilla's stock price and trading volume may be volatile due to factors such as market fluctuations, analyst estimates, key personnel changes, and compliance issues with Nasdaq or Sarbanes-Oxley Act[97][98] - Gorilla's quarterly operating results may fluctuate significantly due to labor costs, product profitability, interest rate changes, macroeconomic conditions, and commodity price fluctuations[98] - If securities or industry analysts cease publishing research or issue unfavorable reports about Gorilla, the price and trading volume of its securities could decline[100] - Gorilla's failure to meet Nasdaq's continued listing requirements, such as corporate governance or minimum bid price, could result in delisting, negatively impacting liquidity and price[101] - Gorilla qualifies as an emerging growth company, allowing it to take advantage of certain exemptions from reporting requirements, which may make its securities less attractive to investors[101] Intellectual Property and Cybersecurity - Gorilla relies on patents, copyrights, and trade secrets to protect its intellectual property, but enforcement can be costly and may not prevent unauthorized use or reverse engineering[50] - Gorilla relies on confidentiality agreements and security measures to protect proprietary information, but risks of unauthorized disclosure or third-party infringement remain, potentially harming its competitive position[52] - Gorilla faces potential intellectual property disputes, which could lead to costly litigation, licensing fees, or changes in product branding, adversely affecting its business[52] - Gorilla has indemnity agreements with customers and partners, but intellectual property infringement claims could harm customer relationships and expose the company to significant legal expenses[52] - Cybersecurity threats, including data breaches and unauthorized access, could result in reputational damage, financial losses, and regulatory penalties for Gorilla[54] - Gorilla's reliance on third-party vendors like AWS for infrastructure and services exposes it to risks of service disruptions, performance issues, and increased costs[57] - AI integration in Gorilla's platforms carries risks of flawed algorithms, biased data, and reputational harm, potentially leading to legal liability and competitive disadvantages[55] - Gorilla's platforms are critical to customer operations, and service interruptions could lead to contract terminations, financial penalties, and reputational damage[57] - Gorilla's disaster recovery planning may not account for all eventualities, and catastrophic events could severely disrupt its business operations[57] - Gorilla's insurance coverage may not fully protect against cybersecurity incidents or intellectual property claims, potentially exposing the company to significant financial liabilities[54] - Gorilla's ability to maintain relationships with third-party providers and ensure error-free services is crucial for delivering effective products and solutions to customers[57] - The company may face adverse business and reputational consequences due to its policies on customer confidentiality and privacy, including potential legal challenges to government requests for information[59] - The company's success depends on protecting its intellectual property, but unauthorized use or infringement by third parties could harm its competitive position[60] - The company may face costly intellectual property claims, which could result in significant damages, licensing fees, or the need to develop alternative technologies[62] - Errors, defects, or bugs in the company's platforms could harm its reputation, revenue, and market share, especially in critical customer applications[63] - Real or perceived platform failures could lead to customer terminations, claims, or additional resource expenditures, despite liability limitations in agreements[65] - Mishandling or perceived mishandling of sensitive customer data could harm the company's business, reputation, and demand for its products[66] - The company's operations and platforms must comply with privacy and data protection laws, such as GDPR and CCPA, to avoid harming its business and financial condition[67] Market and Competitive Risks - Gorilla's quarterly financial results may fluctuate due to factors such as timing of revenues, pricing changes, customer retention, and market adoption of its data service platform[40] - Political and economic instability, including tensions between China and Taiwan and the conflict in Ukraine, could negatively affect Gorilla's business and financial condition[44] - Gorilla does not hold cash deposits or securities at Silicon Valley Bank or Signature Bank and has not experienced liquidity issues, but broader financial industry uncertainty remains a risk[46] - Gorilla faces challenges in attracting and retaining highly skilled personnel, particularly engineers and sales professionals, due to intense competition and immigration restrictions[49] - Gorilla's ability to meet financial expectations or those of analysts and investors could be adversely affected by quarterly fluctuations, leading to a decline in its share price[40] - The company's decision to avoid the Chinese market could adversely impact its business and competitive position[39] - Gorilla's competitive position depends on its ability to operate with third-party products and services, and failure to maintain compatibility could adversely impact its business[16] - Gorilla's market for edge AI services and products is relatively new and may decline or experience limited growth, impacting its business[16] - Gorilla faces intense competition from large enterprise software companies, government contractors, and emerging startups[34] - Competitors may offer broader product lines, lower costs, or more established relationships, which could impact Gorilla's market position[34] - Gorilla's ability to adapt to rapid technological changes and evolving industry standards is crucial for maintaining competitiveness[29] - Gorilla's reliance on a single customer and governmental entities poses significant revenue risks if these relationships are lost[29] - The edge AI market is relatively new and Gorilla's future success depends on the growth of this market and the adoption of its IVAR real-time analytics technology[31] - Gorilla's IVAR platform delivers edge AI services to clients in healthcare, transportation, manufacturing, and retail sectors[31] - Gorilla plans to focus on educating potential customers about the benefits of its services and expanding its range of offerings to increase market acceptance[31] - The company's competitive position relies on maintaining compatibility with third-party hardware, software, and infrastructure[31] - Gorilla partners with leading technology companies, including cloud infrastructure providers, telecoms, and chipset vendors, to provide end-to-end solutions[31] - The implementation of Gorilla's platforms can be complex and lengthy, requiring customer-specific configurations and training[31] - Gorilla's business growth depends on expanding its client base and increasing client usage of its services, with many clients having no long-term contractual commitments[29] - Gorilla faces challenges in managing growth, including operational infrastructure, compliance programs, and adapting to foreign laws and regulations[24] - Partnerships are critical for Gorilla's growth, but integration costs and IT/data security issues may hinder success[24] - Gorilla's international expansion is complex and costly, with risks including regulatory compliance, cultural differences, and market-specific challenges[26] - Investments and acquisitions may not succeed

Exhibit 99.1 Gorilla Technology Group Reports 2022 Financial Results --2022 Transition Year post IPO— --Starts 2023 with Groundbreaking MENA Smart City Cybersecurity Win– -- Clear Revenue Visibility for 2023 and 2024 -- --Initiates 2023 Revenue Guidance of $65 to $75 million-- LONDON, April 4, 2023 -- Gorilla Technology Group Inc. ("Gorilla") (NASDAQ: GRRR), a global provider of AI-based edge video analytics, IoT technologies, and cybersecurity, today reported its unaudited financial results for the year en ...