Gorilla Technology Group Inc. (“Gorilla”) (NASDAQ:GRRR), a global provider of Smart Country AI, IoT technologies, and Cybersecurity, today updated investors on operating and financial progress.
Business Highlights
- Strong cash flow from operations with receipt of over $25 million in milestone payments from new projects.
- Achieved material top-line growth driven by project advancements.
- Continuous improvement achieved in operational efficiencies.
- Announced $25 million registered direct offering of convertible preferred stock.
Operational Highlights
- Established partnerships with industry leaders such as Redhat, Lanner, Protactic, Infosec Global, and GST, enhancing overall capabilities.
- In a rapidly evolving industry, introduced AI based investigation products iCCTV and Post Event, a new Cyber Security Operations Management solution and service, each pushing the boundaries of what’s possible to meet the continually evolving customer needs.
- Implemented effective cost optimization strategies, accelerating movement toward profitability and boosting competitive advantage.
- Steadily ramping sales and marketing efforts in Taiwan, Thailand, India, UK, Latin America, Middle East and North Africa, building visibility toward a strong sales pipeline of over $1 billion.
“We believe we are in great shape heading into 2024, having completed several transformational initiatives and secured the largest client win in our history,” stated Jay Chandan, CEO of Gorilla. “Our progress in Egypt gives us great visibility on near-term growth and is laying the foundation for expansion across global markets. We are continually innovating to the ever-evolving needs of our demanding global clientele. We have tasked ourselves to building towards a global sales pipeline of $1 billion. With a strong financial foundation, strategic initiatives and a forward-looking approach, Gorilla is well-positioned for continued success and growth in the months ahead. We remain relentless in our pursuit of excellent results for clients, employees, and shareholders.”
Earnings Reporting
As a foreign private issuer under U.S. Securities and Exchange Commission (SEC) regulations, Gorilla is only required to disclose financial results annually on Form 20-F. This business update is intended to provide additional visibility into operating progress. Audited results for the full year 2023 will be announced in the first half of 2024.
