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Gorilla Technology Group’s latest business update highlights key achievements

Gorilla Technology Group’s latest business update highlights key achievements

Thursday, December 7, 2023

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Gorilla Technology Group’s latest business update highlights key achievements

Gorilla Technology Group Inc. (“Gorilla”) (NASDAQ: GRRR), a global leader in Smart Country AI, IoT technologies, and Cybersecurity, issued an update for investors today on both operational and financial advancements.

Business Highlights:

  1. Demonstrated robust cash flow from operations, securing over $25 million in milestone payments from newly initiated projects.
  2. Achieved substantial top-line growth propelled by progress in ongoing projects.
  3. Attained continuous enhancements in operational efficiencies.
  4. Disclosed a $25 million registered direct offering of convertible preferred stock.

Operational Highlights:

  1. Forged strategic partnerships with industry leaders like Redhat, Lanner, Protactic, Infosec Global, and GST, significantly bolstering overall capabilities.
  2. Introduced cutting-edge AI-based investigation products, iCCTV and Post Event, along with a new Cyber Security Operations Management solution and service, addressing the dynamic needs of customers in a rapidly evolving industry.
  3. Executed effective cost optimization strategies, accelerating the path to profitability and strengthening the competitive advantage.
  4. Progressively expanded sales and marketing initiatives in key regions such as Taiwan, Thailand, India, UK, Latin America, Middle East, and North Africa, resulting in a robust sales pipeline exceeding $1 billion.

Jay Chandan, CEO of Gorilla, expressed confidence heading into 2024, citing completion of transformative initiatives and securing the largest client win in the company’s history. Chandan highlighted the progress in Egypt as a key driver of near-term growth and a foundation for global expansion. He emphasized Gorilla’s commitment to innovation, aiming to build a global sales pipeline of $1 billion. With a solid financial foundation, strategic initiatives, and a forward-looking approach, Gorilla is well-positioned for sustained success and growth.

Earnings Reporting:

As a foreign private issuer under U.S. Securities and Exchange Commission (SEC) regulations, Gorilla is obligated to disclose financial results annually on Form 20-F. This business update serves to provide additional visibility into ongoing operational progress. The audited results for the full year 2023 will be officially announced in the first half of 2024.

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