CORRECTION ISSUED – Gorilla Reports Record Financial Results for 2023

April 5, 2024 by No Comments

In a previously issued press release under the same headline earlier today by Gorilla Technology Group Inc. (NASDAQ: GRRR), the Consolidated Income Statement table was not included. The Consolidated Income Statement table is included in this release as the sole change. The corrected text is as follows. LONDON, April 04, 2024 — 2023 revenues increased 189% year-over-year compared to 2022, highlighting continued success globally — A high value product and services business model is reflected in the 2023 gross margin of 69% — Total net income of $19.9 million, compared to ($87.5 million), a 123% increase year-over-year — Adjusted EBITDA of $29.0 million, compared to ($6.0) million, a 587% increase year-over-year — 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 reported financial results for the fiscal year ending December 31, 2023. 2023 Financial Highlights Revenue Growth: Full-year 2023 revenues significantly increased to $64.7 million, marking a substantial 189% increase year-over-year. This accelerating growth demonstrates Gorilla’s capabilities in cultivating and harnessing demand, propelling fiscal advancements and prowess in navigating the currents of market demand. Improved Gross Margin: Demonstrating the value of Gorilla’s business model, gross margin surged to 69% for 2023. The increased gross margin indicates the effectiveness and efficiency of the Company’s operations, reflecting its strategic focus on high-margin opportunities and commitment to operational proficiency. Profitability Turnaround: Gorilla recorded net profit of $19.9 million in fiscal year 2023, a dramatic shift of 123% from a loss of $(87.5) million in fiscal year 2022. Adjusted EBITDA has experienced a strong turnaround with an increase of 587% from fiscal year 2022 to fiscal year 2023, reflecting Gorilla’s exceptional operational efficiency, strategic management and its resolute trajectory towards financial excellence. This remarkable transition demonstrates Gorilla’s strategic and operational rebound, highlighting the company’s robust fiscal management and its successful turnaround strategy. Forward Momentum: With an estimated pipeline exceeding $1 billion, expected expansion deals within current geographic regions of operation—MENA, Thailand, South America, and the UK—and successfully won sales amounting to approximately $300 million, Gorilla plans for continued success and shareholder value enhancement in the coming years. Jay Chandan, CEO of Gorilla, stated: “Today, we shatter expectations and redefine what’s possible. Gorilla, with leading innovation and relentless drive, has not just met our financial targets; we have catapulted beyond them. Our earnings are not merely numbers; they are a testament to our technological dominance and visionary foresight. To our investors, you are at the heart of a seismic shift. Gorilla Technology isn’t just leading the charge; we are the charge. Brace yourselves, we’re just getting started,” said Jay Chandan, Chairman & CEO of Gorilla. “Our robust financial health and positive momentum set the stage for even greater achievements in 2024,” Chandan continued. “With a strong sales pipeline and a strategy focused on innovation, operational excellence and customer satisfaction, we are positioned for sustained growth. Our commitment to cost management and operational efficiency continues to yield significant financial benefits, enhancing our ability to invest in new opportunities and navigate market uncertainties with confidence. As we move forward, our dedication to delivering exceptional value to our clients and stakeholders remains unwavering. In the face of doubters, critics and the perennial chorus of naysayers, my leadership has piloted Gorilla through uncharted waters, transforming a crescendo that rebukes the cynics. This triumph is our answer to every skeptic who bet against us, to every pundit who couldn’t see beyond their myopic forecasts. We have not just defied expectations; we have crafted a new lexicon of success. The horizon ahead is brimming with potential, and under my stewardship, Gorilla will continue to conquer the critics, outpace the pessimists and blaze a trail of unprecedented achievements. We no longer will linger in the shadows of feasibility; we bask in the glow of possibility. I stand before you today, humbled by our collective journey and the monumental achievements my team unlocked together. To each and every employee who has stood by us through these difficult times, your unwavering commitment and inventive spirit have been the cornerstone of our success. You are the architects of our future, the pulse of Gorilla Technology. To our esteemed investors, your faith in our vision has fueled our journey, enabling us to push boundaries and redefine paradigms. And to my fellow directors, Ruth Kelly, Gregg Walker, Pina Hirano and Evan Medeiros, your guidance and insight have been invaluable, steering us through challenges and towards our shared aspirations. Together, we have not just reached new heights; we have set the foundation for an era of accelerating innovation and growth. My sincerest gratitude to each one of you for being the catalysts of this remarkable voyage,” closed Jay Chandan. Gorilla further notes that the audit for fiscal year 2023 is underway and that it is anticipated that audited financials will be filed in due course. Earnings Call The Company will host a conference call on Monday, April 8, 2024 at 8:00 AM EDT to discuss the Company’s financial results. Webcast: Telephone: to register and join the event. Upon registering, you will be emailed a dial-in number and unique PIN. 2023 Financial Results Unless noted otherwise, all figures are for the year ended December 31, 2023, and all comparisons are with the corresponding year of 2022. In addition, refer to the Company’s Form 6-K filed on February 1, 2024, which discloses a change in the Company’s independent registered public accounting firm (to Marcum Asia CPAs LLP) effective as of January 31, 2024. The following table summarizes financial results (2023, unreviewed and unaudited): Year ended December 31 2023 2022Revenue $