Gorilla Technology Reports 2024 Earnings: Pipeline Getting Bigger?

Company Performance - Gorilla Technology Group Inc. (GRRR) reported 2024 adjusted EPS of $2.02, significantly outperforming the Zacks Consensus Estimate and increasing from the previous year [1] - Total revenues grew by 15.4% year over year to$ 74.67 million in 2024, indicating a company in transformation with a focus on infrastructure, geographic diversification, and optimizing revenue streams for recurring growth [2] - The company achieved a full-year gross margin of 50%, down from 69.1% a year ago due to a change in business mix [3] - Adjusted EBITDA for 2024 was $20.62 million, while adjusted net income was$ 21.3 million [3] Balance Sheet - At the end of 2024, the total cash position was $37.5 million, with unrestricted cash increasing to$ 21.7 million from $5.3 million a year ago [4] - Outstanding debt was reduced to$ 21.4 million at the end of 2024, down by approximately $3.7 million from the previous year [4] 2025 Outlook - GRRR reiterated its revenue guidance for 2025 at$ 100- $110 million, with a backlog of$ 93 million for 2025 and $67 million for 2026 [5] - The company expects 2025 gross margins to be at the top end of the 40-50% range and anticipates EBITDA margins of 20-25% for the year [5] - Positive operating cash flows are expected for 2025 [5] Strategic Initiatives - The company plans to reduce its debt burden by selling its property in Taipei [6] - GRRR has over$ 2 billion in signed contracts in its pipeline, along with an additional $4.6 billion in late-stage contracts and formal MOUs, indicating long-term commercial potential [6]