Latest news with #GorillaTechnology
Malay Mail
03-07-2025
- Business
- Malay Mail
Join Gorilla Technology's Exclusive Live Investor Webinar and Q&A Session on July 10
[email protected] London, United Kingdom - Newsfile Corp. - July 3, 2025 - Gorilla Technology Group Inc. (NASDAQ: GRRR) ("Gorilla" or the "Company"), a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence and IoT technology, is pleased to invite investors to a webinar on July 10, 2025, at 8:30 a.m. exclusive event, hosted by RedChip Companies, will feature Gorilla's Chairman and CEO, Jay Chandan, who will discuss Gorilla's leadership in AI-based Industrial IoT and Security Convergence technologies. With over 23 years of innovation and a recently completed $105 million capital raise, Gorilla is now strongly positioned-both technologically and financially-to scale execution across its global pipeline. The Company is driving critical public safety and infrastructure modernization efforts worldwide, including its flagship Smart City project in Santa Marta, Colombia and a five-year AI partnership with Thailand's Tourist Police. Backed by a $93 million backlog and a $6.6 billion opportunity pipeline, Gorilla has guided for 2025 revenue between $100 million and $110 million with EBITDA margins of 20-25%. With 29 global patents, a veteran leadership team, and a valuation multiple well below SaaS peers, Gorilla offers investors a unique opportunity for growth and value creation.A question-and-answer session will follow the can be pre-submitted to [email protected] or online during the live in London U.K., Gorilla is a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence and IoT technology. We provide 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, by using AI and Deep Learning expertise lies in revolutionizing urban operations, bolstering security and enhancing resilience. We deliver pioneering products that harness the power of AI in intelligent video surveillance, facial recognition, license plate recognition, edge computing, post-event analytics and advanced cybersecurity technologies. By integrating these AI-driven technologies, we empower Smart Cities to enhance efficiency, safety and cybersecurity measures, ultimately improving the quality of life for more information, please visit our website: 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 the Company's intended use of proceeds from the offering, 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 SEC on April 30, 2025 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 Gentry, CEORedChip Companies, Inc.1-407-644-4256 The issuer is solely responsible for the content of this announcement. About Gorilla Technology Group Inc.
Yahoo
01-07-2025
- Business
- Yahoo
Gorilla Technology Taps $105M to Support Bid Bonds & Growth Plans
Gorilla Technology Group Inc. GRRR recently announced a $105 million direct offering of common stock. This includes a $100 million investment from a new institutional investor and additional funds from an existing shareholder. The company will sell 6 million shares (or equivalent warrants) at $17.50 per share. The deal is expected to close around July 2, 2025. This is a major capital raise for GRRR. The participation of a new fundamental institutional investor signals strong external confidence in the company's potential. The fresh capital gives Gorilla more flexibility to pursue large-scale projects, especially those requiring upfront guarantees, reserves, or bid bonds. It will also help fund acquisitions that the company had previously announced. In late June, it agreed to acquire two Thai tech firms, CNS and its subsidiary CANS, gaining access to their mobility-first AI platforms and a strong customer base across all of Thailand. These companies specialize in AI-driven customer engagement, video analytics and cybersecurity. The $17.50 share price indicated a significant discount from its previous closing price of $22.38. However, the influx of $105 million boosts Gorilla's ability to win major contracts, strengthen its balance sheet and expand strategically. If the capital is used efficiently, it could drive long-term growth and market share, especially in smart city and AI-driven security tech, areas where Gorilla is positioning itself as a key player. The funding empowers Gorilla to pursue AI and edge tech acquisitions, diversify revenues and stabilize operations by securing bid bonds, potentially improving its credit profile and access to lower-cost capital. Top peers, such as Palo Alto Networks, Inc. PANW and Zscaler, Inc. ZS, are rapidly scaling their global reach through strategic acquisitions. Palo Alto has strengthened its AI security portfolio with high-profile deals like Protect AI, announced during the RSA Conference, as part of its broader push into cloud-native security for global clients. Meanwhile, Zscaler is expanding its "Zero Trust Exchange" platform internationally, reinforcing it with acquisitions such as Red Canary and Avalor. Earlier deals, including TrustPath and Smokescreen, have also helped boost Zscaler's global delivery capabilities and regional presence. Shares of Gorilla Technology have gained 10.1% year to date, outperforming the broader industry. Image Source: Zacks Investment Research From a valuation standpoint, Gorilla Technology trades at a forward price-to-sales ratio of 3.25X, above the industry average of 2.86X. GRRR carries a Value Score of F. The Zacks Consensus Estimate for Gorilla Technology's 2025 earnings implies a 115.8% improvement year over year, followed by 12.4% growth next year. Image Source: Zacks Investment Research The stock currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Palo Alto Networks, Inc. (PANW) : Free Stock Analysis Report Zscaler, Inc. (ZS) : Free Stock Analysis Report Gorilla Technology Group Inc. (GRRR) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
26-06-2025
- Business
- Yahoo
Can Gorilla's Bold Thailand Acquisition Fuel its Global AI Ambitions?
Gorilla Technology Group Inc. GRRR recently agreed to acquire two Thai tech firms, CNS and its subsidiary CANS. These companies specialize in AI-driven customer engagement, video analytics and cybersecurity. With this deal, GRRR gains access to their mobility-first AI platforms and a strong customer base across all of Thailand. This is a major strategic move for GRRR, boosting its product portfolio with proven, scalable AI solutions and expanding its regional footprint across Southeast Asia. CNS and CANS bring local expertise, a large enterprise network, and technology already aligned with real-world deployments. GRRR is positioning itself as a leader in AI and digital infrastructure across emerging markets like Southeast Asia, Latin America and other regions. The deal unlocks new recurring revenue streams, especially from AI-powered customer engagement platforms, an industry projected to reach $173.9 billion by 2032. It also gives GRRR access to Southeast Asia's booming $6.8 billion Edge AI and cybersecurity market. Though financial terms weren't disclosed, the acquisition enhances GRRR's ability to scale, diversify revenue and tap into high-growth sectors like smart cities, telecom and public safety. If integrated effectively, this move could significantly accelerate GRRR's top-line growth in the coming years. The global video analytics market is expected to exceed $23.4 billion by 2030, indicating a lucrative opportunity ahead. The deal is expected to close this summer. How Are GRRR's Peers Expanding Their Footprint? Notable peers, such as Palo Alto Networks, Inc. PANW and Zscaler, Inc. ZS, are also aggressively expanding their global footprints. Palo Altohas been broadening its platform through high-profile AI acquisitions, such as Protect AI during the RSA Conference, boosting its AI security offerings and doubling down on cloud-driven expansion. Palo Alto's consistent move into cloud-native security reflects a strategic push to serve global clients. Zscaler, headquartered in San Jose, has extended its cloud-security "Zero Trust Exchange" internationally and fortified its platform via targeted M&A. Recent acquisitions include names like Red Canary and Avalor. Previous deals, such as TrustPath and Smokescreen, enhanced Zscaler's global delivery reach and regional market presence. Gorilla Technology's Price Performance, Valuation and Estimates Shares of Gorilla Technology have gained 14.3% year to date, outperforming the broader industry. Image Source: Zacks Investment Research From a valuation standpoint, Gorilla Technology trades at a forward price-to-sales ratio of 3.39X, above the industry average of 2.86X. GRRR carries a Value Score of F. The Zacks Consensus Estimate for Gorilla Technology's 2025 earnings implies a 115.8% improvement year over year, followed by 12.4% growth next year. Image Source: Zacks Investment Research The stock currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Palo Alto Networks, Inc. (PANW) : Free Stock Analysis Report Zscaler, Inc. (ZS) : Free Stock Analysis Report Gorilla Technology Group Inc. (GRRR) : Free Stock Analysis Report This article originally published on Zacks Investment Research ( Zacks Investment Research Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Globe and Mail
24-06-2025
- Business
- Globe and Mail
Gorilla Technology Enters into a Definitive Agreement to Acquire Innovative Technology Solution Providers CNS and CANS in Thailand, Unlocking New Revenue Streams in AI, Cybersecurity and AI-Powered Customer Engagement Infrastructure
London, United Kingdom--(Newsfile Corp. - June 24, 2025) - Gorilla Technology Group Inc. (NASDAQ: GRRR) ("Gorilla" or the "Company"), a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence and IoT technology, has entered into a definitive agreement to acquire CNS, as well as its communication and mobility subsidiary CANS, two of Thailand's most innovative technology solution providers. The transaction is expected to close in the summer of 2025. Financial terms were not disclosed. This strategic acquisition significantly enhances Gorilla's product portfolio and opens up new monetisation opportunities through a mobile-first AI-powered customer engagement infrastructure platform designed for distributed teams, telecom operators, call centres and public service agencies. This announcement marks another milestone in Gorilla's strategic expansion across Thailand and the broader Association of Southeast Asian Nations (ASEAN) region. Building on a series of high-impact digital infrastructure and AI deployments, the Company continues to strengthen its regional presence through scalable, sovereign-aligned technology that addresses national priorities in public safety, smart cities and digital transformation. With growing demand for edge AI, cybersecurity and intelligent service platforms, Gorilla is well-positioned to become a foundational layer in Southeast Asia's next wave of innovation. CNS and CANS, founded by CEO Praweena Saingam, have earned a reputation for building scalable, low-latency, CPU-optimised AI systems across video analytics, network defence and intelligent mobile platforms. With a client base of over 200 businesses and a nationwide network spanning all 77 Thai provinces, the companies bring immediate scale and deep operational know-how to Gorilla's strategy in Asian markets. Jay Chandan, Chairman and CEO of Gorilla Technology, stated: "This is a strategic leap forward for Gorilla and for the advancement of AI in Asia. CNS and CANS are leaders in real-world deployment at scale, from public infrastructure to secure enterprise systems. The addition of its mobile-first engagement platform will allow us to offer an AI-powered customer engagement infrastructure solution that is future-ready, mobile-native and globally scalable. We see enormous recurring revenue potential, not just in Thailand but across Southeast Asia, Latin America and beyond." Dr. Rajesh Natarajan, Chief Technology Officer of Gorilla, added: "Incorporating this mobility first, context-aware engagement platform into our portfolio significantly accelerates our roadmap. It gives us the tools to drive hyper-personalized, intelligent communication at the edge; across telcos, smart service providers, contact centres and government agencies; unlocking new levels of operational coordination and customer connection. This transaction positions Gorilla to address a multi-billion-dollar segment in customer engagement and operational coordination as we strengthen our portfolio towards creating Smarter and Safer Cities." Praweena Saingam, Founder and CEO of CNS and CANS, commented:"We built CANS and CNS to solve problems at scale for Thai enterprises and government clients. Joining Gorilla gives our solutions scale and global reach. Together, we are creating intelligent, agile infrastructure that empowers teams and protects communities, whether in Bangkok, Bogotá or Berlin." Expanding Gorilla's Product Portfolio Gorilla will integrate CNS and CANS's collective field-tested products into its global platform, including mobility-first AI-powered engagement platform, alongside CPU-optimised edge AI software for video analytics and endpoint detection. Their 30-strong research and development centre will also support Gorilla's rollout of smart infrastructure projects across the region. Addressable Market Opportunity In Southeast Asia, the Edge AI, Video Analytics and Cybersecurity market is forecast to exceed $6.8 billion by 2027, according to International Data Corporation (IDC). Growth is expected to be fuelled by government investment in smart cities, transport digitisation and national digital infrastructure. Globally, the Video Analytics market is projected to reach $23.4 billion by 2030, while Edge AI is expected to surpass $66.5 billion in the same period, based on projections from Grand View Research. Complementing these trends is the surging demand for intelligent, mobility-first customer engagement platforms. The global market for contact and customer engagement software is projected to reach $173.9 billion by 2032, growing at a CAGR of 21.2 percent according to Precedence Research. Once the transaction is completed, Gorilla will be well positioned to capitalise on this growth, able to deliver real-time, secure and intelligent interaction infrastructure for telecom operators, distributed workforces, emergency services and enterprises navigating digital transformation. About Gorilla Technology Group Inc. Headquartered in London U.K., Gorilla is a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence and IoT technology. We provide 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, by using AI and Deep Learning Technologies. Our expertise lies in revolutionizing urban operations, bolstering security and enhancing resilience. We deliver pioneering products that harness the power of AI in intelligent video surveillance, facial recognition, license plate recognition, edge computing, post-event analytics and advanced cybersecurity technologies. By integrating these AI-driven technologies, we empower Smart Cities to enhance efficiency, safety and cybersecurity measures, ultimately improving the quality of life for residents. For more information, please visit our website: 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, 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 30, 2025 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.
Yahoo
18-06-2025
- Business
- Yahoo
Gorilla Technology Reports First Quarter 2025: Profitability, Global Execution and Momentum Drive 109% Revenue Increase
— Q1 2025 revenue surged to $18.3 million, marking over 109% year-on-year growth. — —Total cash reserves held firm at $33.8 million, while debt was strategically reduced to $18.4 million, reinforcing our financial agility. — London, United Kingdom--(Newsfile Corp. - June 18, 2025) - 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 Q1 2025 which ended 31 March, 2025. Key highlights Include: Exceptional Revenue Growth: Q1 2025 revenue rose to $18.3 million, driven by several mission-critical global agreements. This performance cements Gorilla's operational strength, market credibility and leadership in AI-powered security and infrastructure. Strong Balance Sheet: Gorilla ended Q1 with a healthy $33.8 million in cash, including $20.8 million in unrestricted cash. This solid liquidity base provides flexibility to execute on opportunities and power future expansion. Disciplined Debt Reduction: Gorilla cut debt to $18.4 million, down from $21.4 million at year-end 2024, freeing up pledged deposits and sharpening capital efficiency. We will continue to deleverage aggressively wherever it strengthens value and remains cash-neutral, reinforcing a balance sheet built for scale and speed. Adjusted EBITDA: Reached $5.16 million, up from $3.50 million in Q1 2024, a 47.5% year-on-year increase that underscores Gorilla's expanding operating leverage, disciplined execution and profitable growth trajectory. Adjusted net income: Rose 46.7%, to $4.47 million, compared to $3.05 million in the prior-year quarter, highlighting strong underlying earnings power and margin control despite global scale-up Adjusted EPS: Climbed to $0.23, marking a sharp turnaround from a basic loss per share of $1.47 in Q1 2024. Strategic Investment in Long-Term Value: Our SAFE investment in One Amazon strengthens a game-changing partnership at the heart of global sustainability. As the core technology partner, Gorilla is deploying large-scale IoT infrastructure across the Amazon rainforest, cementing our position as a front-runner in climate intelligence and next-generation environmental innovation. Accelerating Global Momentum: Gorilla's pipeline now exceeds $5 billion, consisting of qualified leads where we have determined that there is a will and a budget to move forward and that we can close a deal within the next 12 months. This has been fueled by rapid expansion across the United States, MENA, Southeast & East Asia, South America and the United Kingdom. Our growing contract base, execution track record and market demand position us not just as a growth story, but as a global force in AI-powered transformation. Statement from Jay Chandan 'Gorilla has launched into 2025 with power, precision and clarity of purpose. This quarter is not just a performance milestone - it is proof of trajectory. Revenue is up, margins are firm and profitability is no longer aspirational, it is embedded. With momentum on our side, we are no longer just building our pipeline, we are converting at scale, compounding growth across borders and deepening trust with some of the world's most ambitious partners.' 'From reshaping energy infrastructure in Thailand to enabling climate-tech at scale in the Amazon, Gorilla is fast becoming the default partner for governments and mid-sized enterprises looking to future-proof their nations. With a strong revenue pipeline and cash base, as well as our relentless operational focus, we are entering our next phase - one of acceleration, execution and measurable value creation.'Financials GORILLA TECHNOLOGY GROUP INC. AND SUBSIDIARIESUNAUDITED CONDENSED QUARTERLY CONSOLIDATED BALANCE SHEETSAS OF MARCH 31, 2025 AND DECEMBER 31, 2024(Expressed in United States dollars)Items March 31,2025 (Unaudited) December 31,2024 (Audited) Assets Current assets Cash and cash equivalents $ 20,813,810 $ 21,699,202 Financial assets at fair value through profit or loss - current 1,000 1,000 Restricted deposits - current 12,959,625 15,773,099 Unbilled receivables (Contract assets) 44,289,520 34,306,195 Accounts receivable, net 25,621,462 25,670,157 Inventories 5,138 5,199 Prepayments - current 22,707,832 28,632,212 Other receivables, net 385,234 432,696 Other current assets 137,547 151,816 Total current assets 126,921,168 126,671,576 Non-current assets Property and equipment 14,899,703 14,939,143 Right-of-use assets 466,391 505,345 Intangible assets 2,830,788 2,931,661 Deferred income tax assets 7,401,420 6,938,213 Prepayments - non-current 287,483 315,304 Financial assets at fair value through profit or loss - non-current 1,500,000 - Other non-current assets 1,456,777 1,494,740 Total non-current assets 28,842,562 27,124,406 Total assets $ 155,763,730 $ 153,795,982 Items March 31,2025 (Unaudited) December 31,2024 (Audited) Liabilities and Equity Liabilities Current liabilities Short-term borrowings$ 12,609,505$ 15,073,458 Contract liabilities 264,919 273,227 Accounts payable 22,681,772 26,039,076 Other payables 2,291,424 2,451,135 Provisions - current 58,994 37,673 Lease liabilities - current 209,531 210,448 Current income tax liabilities 10,029,276 9,028,829 Warrant liabilities 1,039,726 20,082,272 Long-term borrowings, current portion 1,888,708 1,972,371 Other current liabilities, others 87,543 142,796 Total current liabilities 51,161,398 75,311,285 Non-current liabilities Long-term borrowings 3,886,654 4,372,188 Provisions - non-current 37,989 22,013 Deferred income tax liabilities 221,950 42,897 Lease liabilities - non-current 485,201 579,699 Guarantee deposits received 359,788 364,047 Total non-current liabilities 4,991,582 5,380,844 Total liabilities 56,152,980 80,692,129 Equity Equity attributable to owners of parent Share capital Ordinary share 21,407 19,443 Capital surplus Capital surplus 287,234,895 254,585,267 Retained earnings Accumulated deficit (152,797,036) (148,238,729 )Other equity interest Financial statements translation differences of foreign operations (1,641,888) (55,500 )Treasury shares (33,206,628) (33,206,628 )Equity attributable to owners of the parent 99,610,750 73,103,853 Total equity 99,610,750 73,103,853 Significant contingent liabilities and unrecognized contract commitments - - Total liabilities and equity$ 155,763,730$ 153,795,982 GORILLA TECHNOLOGY GROUP INC. AND SUBSIDIARIESUNAUDITED CONDENSED QUARTERLY CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSSTHREE MONTHS ENDED MARCH 31, 2025 AND 2024(Expressed in United States dollars) Three Months Ended March 31 Items 2025 (Unaudited) 2024 (Unaudited and Unreviewed) Revenue$ 18,258,999$ 8,736,068 Cost of revenue (11,850,617 )(1,299,438 )Gross profit 6,408,382 7,436,630 Operating expenses: Selling and marketing expenses (330,647 )(387,838 )General and administrative expenses (3,458,299 )(3,122,292 )Research and development expenses (570,240 )(846,355 )Currency exchange losses, net* (4,418,096 )(6,455,655 )Fair value remeasurement of financial instruments (1,838,049 )(8,037,431 )Other income 46,361 18,544 Other losses, net (8,497 )(31,191 )Total operating expenses (10,577,467 )(18,862,218 )Operating loss (4,169,085 )(11,425,588 )Non-operating income (expenses) Interest income 562,792 173,298 Finance costs (154,992 )(218,789 )Total non-operating income (expenses) 407,800 (45,491 )Loss before income tax (3,761,285 )(11,471,079 )Income tax expense (797,022 )(51,747 )Loss for the period (4,558,307 )(11,522,826 )Other comprehensive loss Components of other comprehensive loss that may not be reclassified to profit or loss Remeasurement of defined benefit plans - 3,223 Components of other comprehensive loss that may be reclassified to profit or loss Exchange differences on translation of foreign operations (1,586,388 )(1,191,786 )Other comprehensive loss for the period, net of tax (1,586,388 )(1,188,563 )Total comprehensive loss for the period (6,144,695 )(12,711,389 )Loss per share Basic loss per share$ (0.23 ) $ (1.47 )Diluted loss per share$ (0.23 ) $ (1.47 )Weighted average shares of ordinary shares outstanding Basic 19,497,913 7,864,962 Diluted 19,497,913 7,864,962* During the three months ended March 31, 2025 and 2024, net currency exchange losses amounted to $7,188,047 and $6,533,377, respectively, due to devaluation of monetary assets denominated in the Egyptian pound arising from the sharp depreciation of the Egyptian pound against the U.S. dollar in March 2024. GORILLA TECHNOLOGY GROUP INC. AND SUBSIDIARIESUNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWSTHREE MONTHS ENDED MARCH 31, 2025 AND 2024(Expressed in United States dollars) Three Months Ended March 31 2025 (Unaudited) 2024 (Unaudited and Unreviewed) CASH FLOWS FROM OPERATING ACTIVITIES Loss before tax$ (3,761,285 ) $ (11,471,079 )Adjustments Adjustments to reconcile loss Expected credit losses 6,110 - Depreciation expenses 153,083 134,665 Amortization expenses 154,387 220,837 Gain on disposal of property, plant and equipment - (73 )Share-based payment expenses 271,050 - Share-based compensation expenses 216 (137,558 )Interest expense 154,992 218,789 Interest income (562,792 )(173,298 )Unrealized exchange loss 4,624,595 6,413,610 Losses on financial liabilities at fair value through profit or loss 1,838,049 8,037,430 Losses on financial assets at fair value through profit or loss - 19,978 Changes in operating assets and liabilities Changes in operating assets Unbilled receivables (Contract assets) (18,224,234 )(6,844,922 )Accounts receivable, net 988,290 1,352,608 Inventories - (946 )Prepayments 6,743,194 193,630 Other receivables - 9,187 Other current assets 15,707 67,079 Other non-current assets - 24,573 Changes in operating liabilities Contract liabilities (4,750 )(48,645 )Accounts payable (3,328,962 )(1,377,745 )Other payables (121974 )(407,626 )Provisions 38,251 (48,682 )Other current and non-current liabilities (56,910 )73,450 Cash outflow generated from operations (11,072,983 )(3,744,738 )Interest received 610,494 170,112 Interest paid (184,878 )(150,651 )Tax paid (12,499 )(15,033 )Net cash flows used in operating activities (10,659,866 )(3,740,310 ) Three Months Ended March 31 2025 (Unaudited)2024 (Unaudited and unreviewed) CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES Acquisition of property and equipment (237,893 )(104,144 )Acquisition of intangible assets (54,230 )(23,859 )Investment in financial assets at fair value through profit or loss - non-current (1,500,000 )- Disposal (increase) in financial assets at amortized cost 2,699,420 (3,441 )Decrease in guarantee deposits 40,942 28,879 Net cash flows from (used in) investing activities 948,239 (102,565 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from short-term borrowings 8,002,807 7,000,210 Repayments of short-term borrowings (10,270,816 )(6,172,559 )Repayments of long-term borrowings (500,531 )(366,296 )Principal repayment of lease liabilities (95,268 )(45,981 )Proceeds from preferred shares and private warrants 11,499,731 9,650,000 Net cash flows from financing activities 8,635,923 10,065,374 Effect of foreign exchange rate changes 190,312 (1,509,558 )Net (decrease) increase in cash and cash equivalents (885,392 )4,712,941 Cash and cash equivalents at beginning of the period 21,699,202 5,306,857 Cash and cash equivalents at end of the period$ 20,813,810$ 10,019,798 Reconciliation of Adjusted Operating Income and Adjusted Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) to Operating loss as per International Financial Reporting Standards (IFRS)Three Months Ended March 31 Items2025 (Unaudited andUnreviewed)2024(Unaudited andUnreviewed) (Amount in USD) Operating loss (IFRS)$ (4,169,085 ) $ (11,425,588 )Add: Exchange loss from currency devaluation 7,188,047 6,533,377 Add: Fair value remeasurement of financial instruments 1,838,049 8,037,430 Adjusted Operating income (Non-IFRS)$ 4,857,011$ 3,145,219 Add: Depreciation expenses 153,083 134,665 Add: Amortization expenses 154,387 220,837 Adjusted EBITDA (Non-IFRS)$ 5,164,481$ 3,500,721 Reconciliation of Adjusted Net Income (Non-IFRS) to IFRS Net lossThree Months Ended March 31 Items2025 (UnauditedandUnreviewed)2024(Unaudited andUnreviewed) (Amount in USD) Net loss (IFRS)$ (4,558,307)$ (11,522,826 )Add: Exchange loss from currency devaluation 7,188,047 6,533,377 Add: Fair value remeasurement of financial instruments 1,838,049 8,037,430 Adjusted Net income (Non-IFRS)$ 4,467,789$ 3,047,981About Gorilla Technology Group Inc. Headquartered in London U.K., Gorilla is a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence and IoT technology. We provide 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, by using AI and Deep Learning Technologies. Our expertise lies in revolutionizing urban operations, bolstering security and enhancing resilience. We deliver pioneering products that harness the power of AI in intelligent video surveillance, facial recognition, license plate recognition, edge computing, post-event analytics and advanced cybersecurity technologies. By integrating these AI-driven technologies, we empower Smart Cities to enhance efficiency, safety and cybersecurity measures, ultimately improving the quality of life for residents. For more information, please visit our website: 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, 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 30, 2025 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. Investor Relations Contact: Dave GentryRedChip Companies, Inc.1-407-644-4256GRRR@ To view the source version of this press release, please visit Sign in to access your portfolio
