-- 2023 revenues up 189% YoY compared to
2022, highlighting continued success globally ----
High value product and services business model reflected in 2023
gross margin of 69% ---- Total net income of $19.9
million, compared to ($87.5 million), a 123% increase YoY
---- Adj. EBITDA of $29.0 million, compared to
($6.0) million, a 587% increase YoY --
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 catapulted to $64.7 million,
marking a substantial 189% increase year-over-year. This
accelerating growth is a testament to Gorilla’s capabilities in
cultivating and harnessing demand, propelling fiscal advancements
and prowess in navigating the currents of market demand. Gorilla
believes its future is one of crafting an era of unmatched fiscal
renaissance, leadership and preeminence within the industry.
- 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:
https://edge.media-server.com/mmc/p/649bk6cd
Telephone: Click here 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 |
|
2022 |
|
Revenue |
|
$ |
64,694,991 |
|
|
$ |
22,408,808 |
|
|
Cost of Revenue |
|
|
(19,976,149 |
) |
|
|
(14,071,902 |
) |
|
Gross Profit |
|
|
44,718,842 |
|
|
|
8,336,906 |
|
|
Gross Margin |
|
|
69.1 |
% |
|
|
37.2 |
% |
|
Total operating expenses |
|
|
(20,295,481 |
) |
|
|
(94,844,401 |
) |
|
Operating income (loss) |
|
|
24,423,361 |
|
|
|
(86,507,495 |
) |
|
Net Profit (Loss) |
|
$ |
19,940,614 |
|
|
$ |
(87,537,224 |
) |
The following table shows our adjusted EBITDA,
together reconciled to the net profit (loss) for the year ended
December 31, 2023, and 2022.
|
Gorilla Technology Group Inc. and
Subsidiaries |
|
Reconciliation of Non-IFRS Financial Measures - Adjusted
EBITDA Calculation |
|
(Expressed in United States dollars) |
|
|
|
|
|
|
|
|
Items |
|
(Unreviewed andUnaudited)Year endedDecember 31, 2023 |
|
|
Year endedDecember 31, 2022 |
|
|
|
|
|
|
|
|
Net Profit (Loss) |
$ |
19,940,614 |
|
$ |
(87,537,224 |
) |
|
Depreciation Expense |
|
522,963 |
|
|
5,938,167 |
|
|
Amortization Expense |
|
1,001,031 |
|
|
1,687,618 |
|
|
Income Tax Expense |
|
4,435,092 |
|
|
430,368 |
|
|
Interest and Finance Costs, net |
|
47,655 |
|
|
599,361 |
|
|
Transaction Costs (onetime) 1 |
|
3,097,764 |
|
|
2,813,803 |
|
|
Share Listing Expense2 |
|
0 |
|
|
70,104,989 |
|
|
Adjusted EBITDA |
$ |
29,045,119 |
|
$ |
(5,962,918 |
) |
(1) Transaction costs are one-off expenses for
one-time employee expenses and professional services related to
asset acquisition, professional services for one-time ERP
implementation project which are considered as one-off corporate
development events and added back for calculation of adjusted
EBITDA.(2) Share listing expense represents non-cash IFRS2 charges
recorded in connection with the consummation of the SPAC
merger.
Revenue for the year ended December 31, 2023,
grew significantly as engagement with the country of Egypt has
begun and in process. Adjusted EBITDA growth of 587% reflects
technology service driven gross margin, aggressive expense control,
and the absence of one-time transaction costs and share listing
expenses related to the Company’s Nasdaq listing, which were the
primary operating expenses of 2022.
The financial statements for the year ended
December 31, 2023 included herein have not been audited or reviewed
by the Company’s independent registered accounting firm.
About Gorilla Technology Group
Inc.
“Empowering Your Tomorrow”
Gorilla, headquartered in London U.K., is a
global solution provider in Security Intelligence, Network
Intelligence, Business Intelligence and IoT technology. Gorilla
provides a wide range of solutions, including, Smart City, Network,
Video, Security Convergence and IoT across select verticals of
Government & Public Services, Manufacturing, Telecom, Retail,
Transportation & Logistics, Healthcare and Education.
The Company’s vision is to empower a connected
tomorrow through innovative and transformative technologies.
Gorilla envisions a world where seamless connectivity transcends
boundaries, enriching lives, industries and societies.
For more information go to
Gorilla-Technology.com.
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning of the “safe harbor” provisions of
the Private Securities Litigation Reform Act of 1995. Gorilla’s
actual results may differ from its expectations, estimates and
projections and consequently, you should not rely on these
forward-looking statements as predictions of future events. Words
such as “expect,” “estimate,” “project,” “budget,” “forecast,”
“anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,”
“believes,” “predicts,” “potential,” “might” and “continues,” and
similar expressions are intended to identify such forward-looking
statements. These forward-looking statements include, without
limitation, statements regarding our beliefs about future revenues,
our ability to attract the attention of customers and investors
alike, the timing of the filing of our audited financial results,
our expectations to swing to profit in the quarters ahead, our
immediate priorities, Gorilla’s strategic shift to enable it to
pursue larger projects with better revenue visibility, Gorilla’s
contract with the Government of Egypt, Gorilla’s ability to win
additional projects and execute definitive contracts related
thereto, along with those other risks described under the heading
“Risk Factors” in the Form 20-F Gorilla filed with the Securities
and Exchange Commission (the “SEC”) on April 28, 2023, those
described under the heading “Risk Factors” in Exhibit 99.5 to the
Form 6-K Gorilla filed with the SEC on August 17, 2023 and those
that are included in any of Gorilla’s future filings with the SEC.
These forward-looking statements involve significant risks and
uncertainties that could cause actual results to differ materially
from expected results. Most of these factors are outside of the
control of Gorilla and are difficult to predict. Should one or more
of these risks or uncertainties materialize, or should underlying
assumptions prove incorrect, actual results may vary materially
from those indicated or anticipated by such forward-looking
statements. Readers are cautioned not to place undue reliance upon
any forward-looking statements, which speak only as of the date
made. Gorilla undertakes no obligation to update forward-looking
statements to reflect events or circumstances after the date they
were made except as required by law or applicable regulation.
Non-IFRS Measures
Certain of the measures included in this press
release are non-IFRS financial measures, including adjusted EBITDA.
Non-IFRS financial measures should not be considered in isolation
from, or as a substitute for, financial information presented in
compliance with IFRS, and non-IFRS financial measures as used by
Gorilla are not reported by all their competitors and may not be
comparable to similarly titled amounts used by other companies.
We believe that the non-IFRS measures such as
adjusted EBITDA provide useful information about our core operating
results, enhance the overall understanding of our past performance
and prospects and allow for greater visibility with respect to key
metrics used by our management in its financial and operational
decision-making. We present adjusted EBITDA to provide more
information and greater transparency to investors about our
operating results.
Adjusted EBITDA represents EBITDA excluding
transaction costs and share listing expenses which are one-off
expenses for professional services related to our Business
Combination, asset acquisition and ERP implementation project,
which are considered as non-recurring corporate development events
and added back for calculation of adjusted EBITDA.
The final table which shows our adjusted EBITDA,
together reconciled to the net profit (loss) for the years ended
December 31, 2023, and 2022 in this results announcement has more
details on the non-IFRS financial measures and the related
reconciliations between these financial measures.
Investor Relations
Contact:
Cody Fletcher The Blueshirt Group for
Gorilla +1 (434)
251-7165 gorillair@blueshirtgroup.com
Media Contact:James
McCuskerCanaan Parish Group Inc.+1 (203)
585-4750canaanparishgroup@gmail.com
|
|
|
|
|
|
|
|
|
Gorilla Technology Group |
|
Consolidated Balance Sheet |
|
December 31, 2023 and 2022 |
|
(Expressed in USD) |
|
|
|
|
|
|
|
|
|
Items |
|
(Unaudited and Unreviewed)December 31, 2023 |
|
December 31, 2022 |
|
Assets |
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
5,306,857 |
|
|
$ |
22,996,377 |
|
|
Financial assets at fair value through profit or loss –
current |
|
|
995,101 |
|
|
|
1,073,229 |
|
|
Financial assets at amortized cost - current |
|
|
27,827,915 |
|
|
|
6,871,187 |
|
|
Contract assets |
|
|
34,213,379 |
|
|
|
725,441 |
|
|
Accounts receivable |
|
|
9,087,304 |
|
|
|
14,041,611 |
|
|
Inventories |
|
|
23,116 |
|
|
|
68,629 |
|
|
Prepayments – current |
|
|
7,445,195 |
|
|
|
1,266,442 |
|
|
Other receivables |
|
|
107,228 |
|
|
|
648,617 |
|
|
Other current assets |
|
|
170,461 |
|
|
|
61,803 |
|
|
Total current assets |
|
|
85,176,556 |
|
|
|
47,753,336 |
|
|
Non-current assets |
|
|
|
|
|
|
|
Financial assets at amortized cost - non-current |
|
|
13,643,000 |
|
|
|
- |
|
|
Property, plant and equipment |
|
|
15,878,965 |
|
|
|
16,132,567 |
|
|
Right-of-use assets |
|
|
53,036 |
|
|
|
16,675 |
|
|
Intangible assets |
|
|
8,594,512 |
|
|
|
56,342 |
|
|
Deferred income tax assets |
|
|
77,059 |
|
|
|
29,905 |
|
|
Prepayments - non-current |
|
|
451,580 |
|
|
|
612,982 |
|
|
Other non-current assets |
|
|
1,034,000 |
|
|
|
659,071 |
|
|
Total non-current assets |
|
|
39,732,152 |
|
|
|
17,507,542 |
|
|
Total assets |
|
$ |
124,908,708 |
|
|
$ |
65,260,878 |
|
|
|
|
|
|
|
|
|
|
Items |
|
December 31, 2023 |
|
December 31, 2022 |
|
Liabilities and Equity |
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
Short-term borrowings |
|
$ |
16,449,110 |
|
|
$ |
13,492,935 |
|
|
Contract liabilities |
|
|
107,603 |
|
|
|
58,475 |
|
|
Notes payable |
|
|
603 |
|
|
|
602 |
|
|
Accounts payable |
|
|
11,045,758 |
|
|
|
6,674,528 |
|
|
Other payables |
|
|
6,080,563 |
|
|
|
3,620,998 |
|
|
Provisions - current |
|
|
68,510 |
|
|
|
88,469 |
|
|
Lease liabilities - current |
|
|
30,327 |
|
|
|
16,981 |
|
|
Current income tax liabilities |
|
|
4,664,091 |
|
|
|
- |
|
|
Warrant liabilities |
|
|
6,221,482 |
|
|
|
2,042,410 |
|
|
Convertible Preference Shares Liabilities |
|
|
7,767,238 |
|
|
|
- |
|
|
Long-term borrowings, current portion |
|
|
1,817,873 |
|
|
|
2,108,896 |
|
|
Other current liabilities, others |
|
|
89,614 |
|
|
|
152,373 |
|
|
Total current liabilities |
|
|
54,342,772 |
|
|
|
28,256,667 |
|
|
Non-current liabilities |
|
|
|
|
|
|
|
Long-term borrowings |
|
|
6,822,438 |
|
|
|
8,251,788 |
|
|
Provisions - non-current |
|
|
63,947 |
|
|
|
61,057 |
|
|
Deferred income tax liabilities |
|
|
59,807 |
|
|
|
148,183 |
|
|
Lease liabilities - non-current |
|
|
23,011 |
|
|
|
- |
|
|
Total non-current liabilities |
|
|
6,969,203 |
|
|
|
8,461,028 |
|
|
Total liabilities |
|
|
61,311,975 |
|
|
|
36,717,695 |
|
|
Equity |
|
|
|
|
|
|
|
Equity attributable to owners of parent |
|
|
|
|
|
|
|
Share capital |
|
|
|
|
|
|
|
Ordinary share |
|
|
7,846 |
|
|
|
7,136 |
|
|
Capital surplus |
|
|
|
|
|
|
|
Capital surplus |
|
|
169,168,318 |
|
|
|
154,730,389 |
|
|
Retained earnings |
|
|
|
|
|
|
|
Accumulated deficit |
|
|
(76,954,309 |
) |
|
|
(96,984,380 |
) |
|
Other equity interest |
|
|
|
|
|
|
|
Financial statements translation differences of foreign
operations |
|
|
955,018 |
|
|
|
370,178 |
|
|
Treasury shares |
|
|
(29,580,140 |
) |
|
|
(29,580,140 |
) |
|
Equity attributable to owners of the parent |
|
|
63,596,733 |
|
|
|
28,543,183 |
|
|
Total equity |
|
|
63,596,733 |
|
|
|
28,543,183 |
|
|
Significant contingent liabilities and unrecognized contract
commitments |
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ |
124,908,708 |
|
|
$ |
65,260,878 |
|
|
Gorilla Technology
GroupConsolidated Income Statement |
| For
the Year Ended December 31, 2023
and 2022 |
| (Expressed
in USD) |
| |
|
|
|
|
|
|
|
| |
|
Year ended December 31 |
|
|
Items |
|
(Unaudited and Unreviewed)2023 |
|
2022 |
|
|
Revenue |
|
$ |
64,694,991 |
|
$ |
22,408,808 |
|
|
Cost of revenue |
|
|
(19,976,149) |
|
|
(14,071,902) |
|
|
Gross profit |
|
|
44,718,842 |
|
|
8,336,906 |
|
|
Operating expenses |
|
|
|
|
|
|
|
|
Selling and marketing expenses |
|
|
(1,562,837) |
|
|
(3,644,316) |
|
|
General and administrative expenses |
|
|
(16,558,226) |
|
|
(9,191,505) |
|
|
Share listing expenses |
|
|
0 |
|
|
(70,104,989) |
|
|
Research and development expenses |
|
|
(3,976,796) |
|
|
(14,110,408) |
|
|
Expected credit losses |
|
|
(4,513,996) |
|
|
0 |
|
|
Other income |
|
|
283,555 |
|
|
983,932 |
|
|
Other gains – net |
|
|
6,032,819 |
|
|
1,222,885 |
|
|
Total operating expenses |
|
|
(20,295,481) |
|
|
(94,844,401) |
|
|
Operating income (loss) |
|
|
24,423,361 |
|
|
(86,507,495) |
|
|
Non-operating income and expenses |
|
|
|
|
|
|
|
|
Interest income |
|
|
770,410 |
|
|
235,912 |
|
|
Finance costs |
|
|
(818,065) |
|
|
(835,273) |
|
|
Total non-operating income and expenses |
|
|
(47,655) |
|
|
(599,361) |
|
|
Profit (Loss) before income tax |
|
|
24,375,706 |
|
|
(87,106,856) |
|
|
Income tax (expense) |
|
|
(4,435,092) |
|
|
(430,368) |
|
|
Profit (Loss) for the year |
|
$ |
19,940,614 |
|
$ |
(87,537,224) |
|
|
Other comprehensive (loss) income |
|
|
|
|
|
|
|
|
Components of other comprehensive loss that may not be
reclassified to profit or loss |
|
|
|
|
|
|
|
|
Remeasurement of defined benefit plans |
|
|
(89,457) |
|
|
7,409 |
|
|
Components of other comprehensive income (loss) that
may be reclassified to profit or loss |
|
|
|
|
|
|
|
|
Exchange differences on translation of foreign operations |
|
$ |
(584,840) |
|
$ |
(1,672,040) |
|
|
Other comprehensive loss for the year, net of
tax |
|
$ |
(674,297) |
|
$ |
(1,664,631) |
|
|
Total comprehensive income (loss) for the
year |
|
$ |
19,266,317 |
|
$ |
(89,201,855) |
|
|
|
|
Gorilla Technology Group Inc. and
Subsidiaries |
|
Reconciliation of Non-IFRS Financial Measures – Adjusted
EBITDA Calculation |
|
(Expressed in United States dollars) |
|
|
|
|
|
|
|
|
Items |
|
(Unaudited andUnreviewed)Year ended December 31,2023 |
|
|
(Unaudited andUnreviewed)Year ended December 31,2022 |
|
|
|
|
|
|
|
|
Profit (loss) for the year |
$ |
19,940,614 |
|
$ |
(87,537,224 |
) |
|
Depreciation Expense |
|
522,963 |
|
|
5,938,167 |
|
|
Amortization Expense |
|
1,001,031 |
|
|
1,687,618 |
|
|
Income Tax Expense |
|
4,435,092 |
|
|
430,368 |
|
|
Interest and Finance Costs, net |
|
47,655 |
|
|
599,361 |
|
|
Transaction Costs (onetime) 1 |
|
3,097,764 |
|
|
2,813,803 |
|
|
Share Listing Expense2 |
|
0 |
|
|
70,104,989 |
|
|
Adjusted EBITDA |
$ |
29,045,119 |
|
$ |
(5,962,918 |
) |
(1) Transaction costs are one-off expenses for
one-time employee expenses and professional services related to
asset acquisition, professional services for one-time ERP
implementation project which are considered as one-off corporate
development events and added back for calculation of adjusted
EBITDA.(2) Share listing expense represents non-cash IFRS2 charges
recorded in connection with the consummation of the SPAC
merger.
Grafico Azioni Gorilla Technology (NASDAQ:GRRR)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni Gorilla Technology (NASDAQ:GRRR)
Storico
Da Dic 2023 a Dic 2024
