Gorilla Technology Doubles Revenue in First Half of 2025 Amid International Expansion
— Generated H1 2025 revenue of $39.3 million, representing 90.2% year-over-year growth —
— Signed 3 new projects in Taiwan and UK —
— Reduced debt to $18.1 million from $21.4 million at the end of 2024 and $18.4 million at the end of Q1 2025, strengthening financial flexibility and resilience —
— Completed a $105 million equity offering in July 2025 to fund further growth opportunities —
London, United Kingdom--(Newsfile Corp. - August 14, 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 its financial results for the first half ended June 30, 2025.
- Continued Revenue Growth: H1 2025 revenue reached $39.3 million, reflecting outstanding execution across key global contracts. Topline performance demonstrates Gorilla's operational strength and leadership in AI-driven security and intelligence.
- Strong Liquidity Position: Gorilla ended H1 with $26.1 million in total cash. Subsequent to the close of H1, the Company raised $105 million in an equity offering. In July, Gorilla's largest customer in Egypt made a significant payment, underscoring the strength of its relationships and reinforcing its cash position. The Company intends to use these funds to secure future contracts and drive expansion.
- Disciplined Debt Reduction: Gorilla cut debt to $18.1 million in H1, down from $21.4 million at the end of 2024 and $18.4 million in Q1 2025, improving capital efficiency as it unlocked pledged deposits. The Company will continue reducing debt as long as it remains accretive and cash-neutral, further strengthening its balance sheet.
- Continued Focus on Profitability: Operating loss (IFRS) for the six months ended June 30, 2025 was $9.1 million, while Adjusted EBITDA (Non-IFRS) was $5.7 million. Net loss (IFRS) for the six months ended June 30, 2025 was $8.5 million, while Adjusted Net Income (Non-IFRS) was $5.7 million. Adjusted EBITDA and Adjusted Net Income excludes exchange loss from currency devaluation and fair value remeasurement of financial instruments. Gorilla's performance, excluding non-cash accounting items, demonstrates solid underlying profitability on a normalised basis.
- Retained Focus on Earnings Per Share: Loss Per Share (IFRS) was $0.43. Adjusted Basic Earnings Per Share (Non-IFRS) of $0.29 reflects solid underlying profitability and the scalability of our core operations.
Statement from Jay Chandan
"Gorilla has completed the first half of 2025 with focus, strength and clear momentum. The results show the underlying profitability of our model and an established growth path as we create value for our customers, shareholders and broader stakeholders. We have delivered on major programmes and signed near-term projects that will accelerate performance in 2026 and beyond. Our plans for global expansion will strengthen our position in Southeast Asia and enhance our delivery capability in key markets."
"Our teams are executing with discipline and precision, turning strategic opportunities into tangible outcomes. From advancing critical infrastructure in Asia to enabling climate-technology solutions in the Amazon rainforest, we are demonstrating the value and trust we bring to ambitious partners worldwide. This is a foundation for sustainable growth, deeper market penetration and long-term impact."
Statement from Bruce Bower
"We continue to emphasize financial discipline in everything we do. We have repaid debt by over $3 million this year, while also releasing restricted assets, moving them into unrestricted cash. In the second half, we anticipate continued customer collections and the release of customer guarantees for existing contracts, which should serve to boost our cash flow. Looking forward, we intend to use our large liquidity buffer to capitalize on new commercial opportunities."
Advancing Long-term Strategy
This quarter Gorilla, signed key contracts with the Port of Tyne in the United Kingdom, Wan Hai Port in Taiwan and ADE Corporation in Taiwan. These agreements reflect the execution of strategies Gorilla has consistently communicated to the market and signal further projects already in motion.
Some additional details on these contracts are below:
- AI-Powered Wan Hai Smart Surveillance System - Agreement established a partnership with Asia's leading container shipping companies to deploy next-generation AI automation and computer vision surveillance across a major freight terminal, enhancing yard efficiency, cargo flow management and safety.
- AI-Enabled ADE CIB Criminal Financial Flow Analysis - Supporting Taiwan's leading criminal investigation agency with AI-powered analytics to trace cryptocurrency transactions, uncover fund flows and identify criminal networks, enabling speed and precision.
The Company is in active negotiation on several additional contracts. Gorilla's pipeline now exceeds $5 billion, due to increased capacity across the United States, Middle East and North Africa, Southeast & East Asia, South America and the United Kingdom. Gorilla's 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.
Financials
GORILLA TECHNOLOGY GROUP INC. AND SUBSIDIARIES
UNAUDITED CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 2025 AND DECEMBER 31, 2024
(Expressed in United States dollars)
| Items | June 30, 2025 (Unaudited) | December 31, 2024 (Audited) | |||||
| Assets | |||||||
| Current assets | |||||||
| Cash and cash equivalents | $ | 10,110,206 | $ | 21,699,202 | |||
| Financial assets at fair value through profit or loss | 1,000 | 1,000 | |||||
| Restricted deposits | 16,019,748 | 15,773,099 | |||||
| Unbilled receivables (Contract assets) | 36,883,629 | 34,306,195 | |||||
| Accounts receivable, net | 43,794,936 | 25,670,157 | |||||
| Inventories | - | 5,199 | |||||
| Prepayments | 18,035,818 | 28,632,212 | |||||
| Other receivables, net | 401,684 | 432,696 | |||||
| Other current assets | 176,903 | 151,816 | |||||
| Total current assets | 125,423,924 | 126,671,576 | |||||
| Non-current assets | |||||||
| Property and equipment | 16,831,268 | 14,939,143 | |||||
| Right-of-use assets | 436,504 | 505,345 | |||||
| Intangible assets | 2,675,916 | 2,931,661 | |||||
| Deferred tax assets | 11,266,450 | 6,938,213 | |||||
| Prepayments | 259,662 | 315,304 | |||||
| Financial assets at fair value through profit or loss | 4,000,000 | - | |||||
| Other non-current assets | 1,852,330 | 1,494,740 | |||||
| Total non-current assets | 37,322,130 | 27,124,406 | |||||
| Total assets | $ | 162,746,054 | $ | 153,795,982 | |||
| Liabilities and Equity | |||||||
| Liabilities | |||||||
| Current liabilities | |||||||
| Short-term borrowings | $ | 12,187,029 | $ | 15,073,458 | |||
| Contract liabilities | 265,236 | 273,227 | |||||
| Accounts payable | 30,495,390 | 26,039,076 | |||||
| Other payables | 1,189,270 | 2,451,135 | |||||
| Provisions | 70,664 | 37,673 | |||||
| Lease liabilities | 206,193 | 210,448 | |||||
| Income tax liabilities | 11,063,923 | 9,028,829 | |||||
| Warrant liabilities | 732,887 | 20,082,272 | |||||
| Long-term borrowings, current portion | 1,747,816 | 1,972,371 | |||||
| Other current liabilities | 96,574 | 142,796 | |||||
| Total current liabilities | 58,054,982 | 75,311,285 | |||||
| Non-current liabilities | |||||||
| Long-term borrowings | 4,159,459 | 4,372,188 | |||||
| Provisions | 25,159 | 22,013 | |||||
| Deferred tax liabilities | 1,435,534 | 42,897 | |||||
| Lease liabilities | 480,984 | 579,699 | |||||
| Guarantee deposits received | 408,942 | 364,047 | |||||
| Total non-current liabilities | 6,510,078 | 5,380,844 | |||||
| Total liabilities | 64,565,060 | 80,692,129 | |||||
| Equity | |||||||
| Equity attributable to owners of parent | |||||||
| Share capital | |||||||
| Ordinary share | 21,625 | 19,443 | |||||
| Capital surplus | |||||||
| Capital surplus | 288,904,900 | 254,585,267 | |||||
| Retained earnings | |||||||
| Accumulated deficit | (156,741,789 | ) | (148,238,729 | ) | |||
| Other equity interest | |||||||
| Financial statements translation differences of foreign operations | 1,001,735 | (55,500 | ) | ||||
| Treasury shares | (35,005,477 | ) | (33,206,628 | ) | |||
| Equity attributable to owners of the parent | 98,180,994 | 73,103,853 | |||||
| Total equity | 98,180,994 | 73,103,853 | |||||
| Total liabilities and equity | $ | 162,746,054 | $ | 153,795,982 | |||
GORILLA TECHNOLOGY GROUP INC. AND SUBSIDIARIES
UNAUDITED CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
SIX MONTHS ENDED JUNE 30, 2025 AND 2024
(Expressed in United States dollars)
| Six Months Ended June 30 | |||||||
| Items | 2025 (Unaudited) | 2024 (Unaudited) | |||||
| Revenue | $ | 39,325,839 | $ | 20,674,691 | |||
| Cost of revenue | (25,877,004 | ) | (2,995,637 | ) | |||
| Gross profit | 13,448,835 | 17,679,054 | |||||
| Operating expenses: | |||||||
| Selling and marketing expenses | (742,592 | ) | (666,312 | ) | |||
| General and administrative expenses | (7,270,555 | ) | (6,381,907 | ) | |||
| Research and development expenses | (1,226,139 | ) | (1,149,834 | ) | |||
| Currency exchange losses, net* | (11,552,001 | ) | (5,028,955 | ) | |||
| Fair value remeasurement of financial instruments | (1,531,210 | ) | (3,278,410 | ) | |||
| Other income | 90,529 | 84,870 | |||||
| Other gains (losses), net | (287,314 | ) | 515,123 | ||||
| Total operating expenses | (22,519,282 | ) | (15,905,425 | ) | |||
| Operating income (loss) | (9,070,447 | ) | 1,773,629 | ||||
| Non-operating income (expenses) | |||||||
| Interest income | 1,177,271 | 392,455 | |||||
| Finance costs | (293,673 | ) | (416,605 | ) | |||
| Total non-operating income (expenses) | 883,598 | (24,150 | ) | ||||
| Profit (loss) before income tax | (8,186,849 | ) | 1,749,479 | ||||
| Income tax expense | (316,211 | ) | (137,891 | ) | |||
| Profit (loss) for the period | (8,503,060 | ) | 1,611,588 | ||||
| Other comprehensive income (loss) | |||||||
| Components of other comprehensive income (loss) that may not be reclassified to profit or loss | |||||||
| Remeasurement of defined benefit plans | - | 2,112 | |||||
| Components of other comprehensive income (loss) that may be reclassified to profit or loss | |||||||
| Exchange differences on translation of foreign operations | 1,057,235 | (1,949,532 | ) | ||||
| Other comprehensive income (loss) for the period, net of tax | 1,057,235 | (1,947,420 | ) | ||||
| Total comprehensive loss for the period | (7,445,825 | ) | (335,832 | ) | |||
| Earning (loss) per share | |||||||
| Basic earning (loss) per share | $ | (0.43 | ) | $ | 0.17 | ||
| Diluted earning (loss) per share | $ | (0.43 | ) | $ | 0.15 | ||
| Weighted average shares of ordinary shares outstanding | |||||||
| Basic | 19,819,284 | 9,330,948 | |||||
| Diluted | 19,819,284 | 10,413,870 | |||||
| * During the six months ended June 30, 2025 and 2024, net currency exchange losses amounted to $12,630,726 and $5,883,074, 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 SUBSIDIARIES
UNAUDITED CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
SIX MONTHS ENDED JUNE 30, 2025 AND 2024
(Expressed in United States dollars)
| Six months ended June 30 | ||||||
| 2025 | 2024 | |||||
| CASH FLOWS FROM OPERATING ACTIVITIES | ||||||
| Profit (loss) before tax | $ | (8,186,849 | ) | $ | 1,749,479 | |
| Adjustments | ||||||
| Adjustments to reconcile profit (loss) | ||||||
| Expected credit losses | 6,107 | 364,640 | ||||
| Depreciation expenses | 325,824 | 275,746 | ||||
| Amortization expenses | 317,806 | 442,242 | ||||
| Gain on disposal of property and equipment | - | (73 | ) | |||
| Share-based payment expenses | 271,050 | 722,176 | ||||
| Share-based compensation expenses | 472,642 | - | ||||
| Interest expense | 293,673 | 416,605 | ||||
| Interest income | (1,177,271 | ) | (392,455 | ) | ||
| Unrealized exchange loss | 11,224,264 | 3,993,733 | ||||
| Loss on financial liabilities at fair value through profit or loss | 1,531,210 | 3,278,410 | ||||
| Gain on financial assets at fair value through profit or loss | - | (548,944 | ) | |||
| Changes in operating assets and liabilities | ||||||
| Changes in operating assets | ||||||
| Unbilled receivables (Contract assets) | (39,419,954 | ) | (20,027,585 | ) | ||
| Accounts receivable, net | 6,933,000 | 3,051,025 | ||||
| Inventories | 5,362 | 1,316 | ||||
| Prepayments | 12,749,966 | (685,966 | ) | |||
| Other receivables | - | (433,302 | ) | |||
| Other current and non-current assets | (18,406 | ) | 528,649 | |||
| Changes in operating liabilities | ||||||
| Contract liabilities | (37,362 | ) | (59,403 | ) | ||
| Notes payable | - | 34 | ||||
| Accounts payable | 4,232,202 | (2,160,932 | ) | |||
| Other payables | (1,472,181 | ) | (1,500,939 | ) | ||
| Provisions | 24,003 | (79,505 | ) | |||
| Other current and non-current liabilities | (54,820 | ) | 48,669 | |||
| Guarantee deposits received | 512 | - | ||||
| Cash flows used in operations | (11,979,222 | ) | (11,016,380 | ) | ||
| Interest received | 1,205,745 | 448,299 | ||||
| Interest paid | (324,623 | ) | (672,592 | ) | ||
| Tax paid | (1,420,411 | ) | (18,106 | ) | ||
| Net cash used in operating activities | (12,518,511 | ) | (11,258,779 | ) | ||
| CASH FLOWS FROM INVESTING ACTIVITIES | ||||||
| Acquisition of property and equipment | (328,833 | ) | (363,096 | ) | ||
| Proceeds from disposal of property and equipment | - | 143 | ||||
| Acquisition of intangible assets | (54,987 | ) | (57,982 | ) | ||
| Financial assets at fair value through profit or loss | (4,000,000 | ) | - | |||
| Investment in restricted deposits | (179,930 | ) | - | |||
| Guarantee deposits paid | (289,069 | ) | (41,291 | ) | ||
| Net cash flows used in investing activities | (4,852,819 | ) | (462,226 | ) | ||
| CASH FLOWS FROM FINANCING ACTIVITIES | ||||||
| Proceeds from short-term borrowings | 14,327,643 | 7,050,890 | ||||
| Repayments of short-term borrowings | (18,680,180 | ) | (6,622,572 | ) | ||
| Repayments of long-term borrowings | (1,105,138 | ) | (750,819 | ) | ||
| Principal repayment of lease liabilities | (106,870 | ) | (68,252 | ) | ||
| Repayments of loan from shareholders | - | (3,000,000 | ) | |||
| Buyback of treasury stocks | (1,798,849 | ) | - | |||
| Exercise of share options | 17,796 | - | ||||
| Proceeds from preferred shares and private warrants | 12,679,732 | 9,650,000 | ||||
| Exercise of restricted share units | - | (39,056 | ) | |||
| Proceeds from issuance ordinary share | - | 11,290,004 | ||||
| Net cash flows from financing activities | 5,334,134 | 17,510,195 | ||||
| Effect of foreign exchange rate changes | 448,200 | 122,449 | ||||
| Net (decrease) increase in cash and cash equivalents | (11,588,996 | ) | 5,911,639 | |||
| Cash and cash equivalents at beginning of period | 21,699,202 | 5,306,857 | ||||
| Cash and cash equivalents at end of period | $ | 10,110,206 | $ | 11,218,496 | ||
RECONCILIATION OF OPERATING INCOME (LOSS) AS PER INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) TO ADJUSTED OPERATING INCOME AND ADJUSTED EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION (EBITDA)
| Six Months Ended June 30 | |||||||
| Items | 2025 (Unaudited and Unreviewed) | 2024 (Unaudited and Unreviewed) | |||||
| (Amount in USD) | |||||||
| Operating income (loss) (IFRS) | $ | (9,070,447 | ) | $ | 1,773,629 | ||
| Add: Exchange loss from currency devaluation | 12,630,726 | 5,883,074 | |||||
| Add: Fair value remeasurement of financial instruments | 1,531,210 | 3,278,410 | |||||
| Adjusted Operating income (Non-IFRS) | $ | 5,091,489 | $ | 10,935,113 | |||
| Add: Depreciation expenses | 325,824 | 275,746 | |||||
| Add: Amortization expenses | 317,806 | 442,242 | |||||
| Adjusted EBITDA (Non-IFRS) | $ | 5,735,119 | $ | 11,653,101 | |||
RECONCILIATION OF IFRS NET INCOME (LOSS) TO ADJUSTED NET INCOME (NON-IFRS)
| Six Months Ended June 30 | |||||||
| Items | 2025 (Unaudited and Unreviewed) | 2024 (Unaudited and Unreviewed) | |||||
| (Amount in USD) | |||||||
| Net income (loss) (IFRS) | $ | (8,503,060 | ) | $ | 1,611,588 | ||
| Add: Exchange loss from currency devaluation | 12,630,726 | 5,883,074 | |||||
| Add: Fair value remeasurement of financial instruments | 1,531,210 | 3,278,410 | |||||
| Adjusted Net income (Non-IFRS) | $ | 5,658,876 | $ | 10,773,072 | |||
RECONCILIATION OF EARNINGS (LOSS) PER SHARE (IFRS) TO ADJUSTED EARNINGS PER SHARE (NON-IFRS)
| Six Months Ended June 30 | |||||||
| Items | 2025 (Unaudited and Unreviewed) | 2024 (Unaudited and Unreviewed) | |||||
| (Amount in USD) | |||||||
| Basic Earnings (loss) per share (IFRS) | $ | (0.43 | ) | $ | 0.17 | ||
| Add: EPS impact of Exchange loss from currency devaluation | 0.08 | 0.35 | |||||
| Add: EPS impact of Fair value remeasurement of financial instruments | 0.64 | 0.63 | |||||
| Adjusted Basic Earnings per share (Non-IFRS) | $ | 0.29 | $ | 1.15 | |||
Note: All per share amounts in above table are calculated using the basic weighted average ordinary shares outstanding of 19,819,284 and 9,330,948 for the six months ended June 30, 2025 and 2024, respectively.
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: 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 convert our pipeline, our ability to and the circumstances under which we would reduce our debt, our ability to attract the attention of customers and investors alike, our expansion into southeast Asia, Gorilla's largest projects and 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.
Public Relations Contact:
Samantha Dowd
Prosek Partners
[email protected]
Investor Relations Contact:
Dave Gentry
RedChip Companies, Inc.
1-407-644-4256
[email protected]
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/262445