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    Gorilla Technology Group Inc. Reports First Half 2022 Financial Results.

    10/6/22 5:00:00 PM ET
    $GRRR
    Computer Software: Prepackaged Software
    Technology
    Get the next $GRRR alert in real time by email

    TAIPEI, Taiwan and NEW YORK, Oct. 06, 2022 (GLOBE NEWSWIRE) -- Gorilla Technology Group Inc. (NASDAQ: "GRRR" for ordinary shares and "GRRRW" for warrants) ("Gorilla" or the "Company"), a global leader in edge video analytic artificial intelligence, IoT technologies, and cybersecurity, today reported its unaudited financial results for the half year ended June 30, 2022.

    1H22 Highlights:

    • Strategic pivot to Security Convergence gaining traction, with segment revenue up 63.9% y/y; contributing 49.8% of total group revenue, versus 27.8% in the first half of 2021
    • Pivot away from Video IoT as anticipated, with segment revenue decreased 36.5% y/y as projects are completed
    • First half of 2022 gross margin improved 106 basis points (bps) to 33.1% when compared to the first half of 2021, led primarily by higher gross margin of the Video IoT segment driven by greater service sales
    • Progress in building world-class management team with appointment of Dr. Rajesh Natarajan as Chief Innovation Officer
    • Adjusted EBITDA (non-GAAP financial measure) loss was reduced to $1.2 million from $1.5 million when compared to the same period a year ago
    • Net loss of $8.6 million compared to a net loss of $5.8 million from same period a year ago

    Subsequent Events:

    • Closed business combination with Global SPAC Partners Co., becoming publicly traded and raising approximately $45 million in gross funding
    • Appointed Daphne Huang as Chief Financial Officer
    • Announced retirement of founder, Dr. Spincer Koh
    • Chairman Jay Chandan appointed as Chief Executive Officer as well as continuing as Chairman of the Board of Directors

    Jay Chandan, Gorilla's Chairman and CEO, commented, "We are excited to update our investors in this first earnings report as a public company. As a leader in Edge computing—which sits at the intersection of AI, IoT, and Big Data—with significant exposure to the rapid growth of Smart Cities, we believe our Nasdaq listing improves our ability to attract the attention of customers and investors alike and provide us with capital markets access to execute our global expansion strategy more rapidly."

    Mr. Chandan continued, "We are making rapid progress on many fronts. Most importantly, the business combination with Global SPAC Partners Co. brought us significant capital to fund operations as we execute a strategic shift to pursue the larger and higher margin opportunities in Security Convergence. We are using the funding to build a world-class management team, with our recent additions of new Chief Innovation and Chief Financial officers, a head of global human resources, and more to come."

    Commenting on results, Mr. Chandan noted, "We are pleased to see explosive growth in the Security Convergence segment, which is now approximately half of our total revenue. Although we are de-emphasizing Video IoT, within this segment we were able to drive a mix shift to more software, which boosted gross margin substantially, and offset supply chain-related hardware cost pressure in Security Convergence. Operating expenses are under control, growing only slightly versus last year after removing the effect of one-time transaction costs. The net is a modest drawdown of cash when looking at operating cash flows and adjusted EBITDA. Our new business bookings in 2022 remain healthy with approximately $20 million new project wins as of end of August. With substantial momentum building in the Smart Cities offering, we expect to swing to profit in the quarters ahead."

    Looking forward, Mr. Chandan concluded, "Looking toward the year ahead, we have four immediate priorities. First, to build a world-class customer-centric team responsible for commercializing Gorilla's technologies. Second, to globalize the Company by bringing our technologies to the countries that are leading the world in Smart City adoption. Third, to build a robust sales pipeline that will complement our existing products and services, with a special focus on secure surveillance solutions. Finally, to transform our business away from a cost-plus system integrator model and toward a value-based sales model that is rewarded for long-term customer partnership and retention."

    First Half Results Reflect Strategic Shift to Security Convergence

    Unless noted otherwise, all figures are for the six months ended June 30, 2022, and all comparisons are with the corresponding period of 2021.

    Revenues declined 8.6% to $13.8 million, compared to $15.1 million in the prior year period. Revenue from both existing and new customers decreased as many projects neared completion in the second half of 2021, leaving a smaller amount of revenue to be recognized in the current period. This revenue decline is a function of the Company's strategic shift toward security convergence and away from video IoT. The Company expects this strategic shift to enable it to pursue larger projects with healthy gross margins.

    Security Convergence segment revenue grew 63.9% to $6.9 million, while a decrease in hardware and software sales in the Video IoT segment led to a 36.5% decrease in segment revenues to $6.9 million.

    Gross profit was $4.6 million, compared to $4.8 million a year ago. Gross margin expanded by 106 bps to 33.1% versus 32.1% in the year-ago period, driven primarily by better margins in the Video IoT segment as customers demanded more services and less hardware and software. Video IoT segment gross margin of 36.2% increased by 398 bps versus last year. In contrast, the Security Convergence segment gross margin decreased by 163 bps to 30.0% as supply-chain constraints resulted in higher hardware costs from vendors.

    Operating expenses were up 18.1% to $12.4 million, reflecting a sharp 235.2% increase in general and administrative expenses. G&A expense growth was primarily due to $2.2 million of professional expenses incurred for the public listing.

    Net loss expanded by 48.2% to $8.6 million, compared with $5.8 million last year. The greater loss was caused primarily by the $2.2 million of transaction costs. However, net cash used in operating activities was approximately $3.8 million, compared to $4.9 million in the prior period. The primary factors affecting operating cash flows between these periods were negatively impacted by increases in accounts receivable and prepayments made to vendors, while benefited from increase in accounts payable and other payables.

    Adjusted EBITDA loss was reduced to $1.2 million from $1.5 million a year ago. Please see "Reconciliation of Non-GAAP Financial Measures – Adjusted EBITDA Calculation (Unaudited)", as it relates to adjusted EBITDA.

    Balance Sheet and Cash Flow Review

    As of June 30, 2022, cash and cash equivalents were $5.6 million as of June 30, 2022, down $4.4 million when compared to December 31, 2021. Financial assets (restricted cash and time deposits with maturity over three months) as of June 30, 2022, was $6.8 million.

    The business combination with Global SPAC Partners Co. that closed in July 2022 added approximately net $32 million of cash (gross funding less transaction expenses) at the business combination closing date, to the balance sheet, which will be reflected in the upcoming reporting period.

    Capital expenditures were $2.8 million compared with $2.3 million in the prior-year period.

    About Gorilla Technologies Group Inc.

    Gorilla, headquartered in Taipei, Taiwan, is a global leader in security intelligence, network intelligence, business intelligence and IoT technology. Gorilla develops a wide range of solutions including Smart Cities, Smart Retail, Enterprise Security, and Smart Media. In addition, Gorilla provides a complete Security Convergence Platform to government institutions, Telecom companies and private enterprises with network surveillance and cyber security.

    Gorilla places an emphasis on offering leading technology, expert service, and precise delivery, and ensuring top-of-the-line, intelligent and strong Edge AI solutions that enable clients to improve operational performance and efficiency. With continuous core technology development, Gorilla will deliver Edge AI solutions to managed service providers, distributors, system integrators, and hardware manufacturers.

    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 Nasdaq listing improving our ability to attract the attention of customers and investors alike, our ability to fund operations as we execute a strategic shift to pursue the larger and higher margin opportunities in Security Convergence, 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 higher gross margins, along with those other risks described under the heading "Risk Factors" in the prospectus Gorilla filed with the Securities and Exchange Commission (the "SEC") on July 7, 2022, 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-GAAP Measures

    Certain of the measures included in this press release are non-GAAP financial measures, including adjusted EBITDA. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with GAAP, and non-GAAP financial measures as used by Gorilla are not reported by all of their competitors and may not be comparable to similarly titled amounts used by other companies.

    Contacts

    Gorilla Technologies Group, Inc.

    Peter Wright

    +1-617-454-1088

    [email protected]

     
    Gorilla Technology Group Inc. and Subsidiaries

    Condensed Interim Consolidated Balance Sheets

    (Unaudited)

    (Expressed in United States dollars)
         
    Items June 30, 2022 December 31, 2021
    Assets      
    Current Assets      
    Cash and cash equivalents $5,550,103  $9,944,748 
    Financial assets at amortized cost – current  6,776,956   9,008,499 
    Contract assets  1,237,738   1,639,893 
    Accounts receivable  34,799,844   34,821,818 
    Inventories  75,189   152,227 
    Prepayments  1,171,431   231,531 
    Other receivables  1,189,279   19,930 
    Other current assets  3,345   5,971 
    Total current assets  50,803,885   55,824,617 
    Non-current assets      
    Financial assets at amortized cost-non-current  56,699   50,578 
    Property, plant and equipment  31,837,514   34,395,070 
    Right-of-use assets  89,149   123,375 
    Intangible assets  2,323,576   3,419,469 
    Deferred income tax assets  74,784   410,203 
    Other non-current assets  639,999   707,391 
    Total non-current assets  35,021,721   39,106,086 
    Total Assets $85,825,606  $94,930,703 
    Liabilities and Equity      
    Liabilities      
    Current liabilities      
    Short-term borrowings $22,354,524  $22,968,092 
    Contract liabilities  18,808   20,194 
    Notes payable  623   668 
    Accounts payable  9,214,551   8,060,501 
    Other payables  5,269,927   4,532,628 
    Provisions – current  119,370   152,778 
    Lease liabilities – current  49,602   54,588 
    Long-term borrowings, current portion  1,833,732   2,077,634 
    Other current liabilities, others  94,485   129,356 
    Total current liabilities  38,955,622   37,996,439 
    Non-current liabilities      
    Long-term borrowings  10,037,944   10,751,630 
    Provisions - non-current  79,934   105,542 
    Deferred income tax liabilities  109,614   78,402 
    Lease liabilities - non-current  40,433   69,587 
    Total non-current liabilities  10,267,925   11,005,161 
    Total liabilities  49,223,547   49,001,600 
    Equity      
    Equity attributable to owners of parent      
    Share capital      
    Ordinary share  6,197,100   6,191,100 
    Preferred share  5,813,247   5,844,892 
    Advance receipts for share capital  -   33,720 
    Capital surplus      
    Capital surplus  41,514,796   41,301,738 
    Retained earnings      
    Accumulated deficits  (18,090,605)  (9,454,565)
    Other equity interest      
    Financial statements translation differences of foreign operations  1,167,521   2,042,218 
    Treasury shares  -   (30,000)
    Equity attributable to owners of the parent      
    Total equity  36,602,059   45,929,103 
    Total liabilities and equity $85,825,606  $94,930,703 



     
    Gorilla Technology Group Inc. and Subsidiaries

    Condensed Interim Consolidated Statements of Comprehensive Loss

    (Unaudited)

    (Expressed in United States dollars)
         
    Items Six Months Ended June 30, 2022 Six Months Ended June 30, 2021
    Revenue $13,800,930  $15,100,718 
    Cost of revenue  (9,226,561)  (10,256,101)
    Gross profit  4,574,369   4,844,617 
    Operating expenses      
    Selling expenses  (1,980,709)  (2,193,321)
    General and administrative expenses  (1,143,756)  (982,828)
    Transaction costs (one time)  (2,151,856)  - 
    Research and development expenses  (7,766,833)  (7,253,697)
    Other income  11,037   27,326 
    Other gains (losses) – net  629,929   (102,357)
    Total operating expenses  (12,402,188)  (10,504,877)
    Operating loss  (7,827,819)  (5,660,260)
    Non-operating income and expenses      
    Interest income  11,957   22,329 
    Finance costs  (464,048)  (250,526)
    Total non-operating income and expenses  (452,091)  (228,197)
    Loss before income tax  (8,279,910)  (5,888,457)
    Income tax (expense) benefit  (356,130)  60,869 
    Loss for the period $(8,636,040) $(5,827,588)
    Other comprehensive (loss) income      
    Components of other comprehensive (loss) income that may be reclassified to profit or loss      
    Exchange differences on translation of foreign operations $(874,697) $188,520 
    Other comprehensive (loss) income for the period, net of tax $(874,697) $188,520 
    Total comprehensive loss for the period $(9,510,737) $(5,639,068)
    Loss per share      
    Basic loss per share $(0.29) $(0.20)
    Diluted loss per share $(0.29) $(0.20)
           



     
    Gorilla Technology Group Inc. and Subsidiaries

    Reconciliation of Non-GAAP Financial Measures – Adjusted EBITDA Calculation

    (Unaudited)

    (Expressed in United States dollars)
         
    Items Six Months Ended June 30, 2022 Six Months Ended June 30, 2021
    Adjusted EBITDA1      
    Loss for the period $(8,636,040) $(5,827,588)
    Depreciation Expense  3,420,393   2,958,335 
    Amortization Expense  1,030,193   1,198,619 
    Income Tax  356,130   (60,869)
    Interest and Finance Costs  452,091   228,197 
    Transaction Costs (one time)  2,151,856   0 
    Adjusted EBITDA $(1,225,377) $(1,503,306)
           

    __________________________

    1 This is a non-GAAP financial measurement.



     
    Gorilla Technology Group Inc. and Subsidiaries

    Condensed Interim Consolidated Statements of Cash Flows

    (Unaudited)

    (Expressed in United States dollars)
         
    Items Six Months Ended June 30, 2022 Six Months Ended June 30, 2021
    Cash Flows from Operating Activities      
    Loss before tax $(8,279,910) $(5,888,457)
    Adjustments      
    Adjustments to reconcile profit (loss)      
    Depreciation expenses  3,420,393   2,958,335 
    Amortization expenses  1,030,193   1,198,619 
    Share option expenses  184,943   37,319 
    Interest expense  464,048   250,526 
    Interest income  (11,957)  (22,329)
    Changes in operating assets and liabilities      
    Changes in operating assets      
    Contract assets  402,155   (653,234)
    Accounts receivable  (1,175,393)  209,422 
    Inventories  77,038   (146,186)
    Prepayments  (939,900)  (118,302)
    Other receivables  (4,010)  1,648 
    Other current assets  2,626   (2,079)
    Other non-current assets  33,359   (25,368)
    Changes in operating liabilities      
    Contract liabilities  (1,386)  - 
    Notes payable  (45)  (36,503)
    Accounts payable  927,603   (2,047,833)
    Other payables  542,481   (368,380)
    Provisions  (59,016)  3,974 
    Other current liabilities  (34,871)  (5,904)
    Cash outflow generated from operations  (3,421,649)  (4,654,732)
    Interest received  11,957   22,329 
    Interest paid  (313,902)  (250,248)
    Tax paid  (360)  - 
    Net cash flows used in operating activities  (3,723,954)  (4,882,651)
    Cash Flows from Investing Activities      
    Acquisition of property, plant and equipment  (2,815,381)  (2,314,652)
    Acquisition of intangible assets  (14,252)  (5,540)
    Investment in financial assets at amortized cost  -   (1,175,021)
    Disposal of financial assets at amortized cost  2,225,422   - 
    Decrease (increase) in guarantee deposits  34,033   (36,292)
    Net cash flows used in investing activities  (570,178)  (3,531,505)
    Cash Flows from Financing Activities      
    Proceeds from short-term borrowings  867,694   701,257 
    Exercise of share options  -   101,800 
    Proceeds from long-term borrowings  1,574,876   - 
    Repayments of long-term borrowings  (1,793,622)  (487,167)
    Principal repayment of lease liabilities  (26,503)  (8,520)
    Loan to Global SPAC Partners Co.  (1,165,339)  - 
    Payment of transaction costs  (87,419)  - 
    Net cash flows from financing activities  (630,313)  307,370 
    Effect of foreign exchange rate changes  529,800   159,920 
    Net decrease in cash and cash equivalents  (4,394,645)  (7,946,866)
    Cash and cash equivalents at beginning of period  9,944,748   12,153,256 
    Cash and cash equivalents at end of period $5,550,103  $4,206,390 



     
    Gorilla Technology Group Inc. and Subsidiaries

    Revenue by Customer Type

    (Unaudited)

    (Expressed in United States dollars)
       
    ItemsSix Months Ended June 30, 2022 Six Months Ended June 30, 2021
     Government

     Non-Government

     Government

     Non-Government

    Hardware Sales      
    Video IoT 464   1,007,545   -   1,877,325 
    Security Convergence -   1,540,812   -   1,048,028 
    Hardware Sales – Total 464   2,548,357   -   2,925,353 
    Software Sales      
    Video IoT 24,402   1,962,839   -   6,389,615 
    Security Convergence -   3,063,250   -   1,258,930 
    Software Sales – Total 24,402   5,026,089   -   7,648,545 
    Service Revenue      
    Video IoT 2,126,322   1,804,438   1,930,553   709,216 
    Security Convergence 2,143,845   127,013   1,308,669   578,382 
    Services Revenue – Total 4,270,167   1,931,451   3,239,222   1,287,598 
    Total Sales$4,295,033  $9,505,897  $3,239,222  $11,861,496 



     
    Gorilla Technology Group Inc. and Subsidiaries

    Revenue by Geography

    (Unaudited)

    (Expressed in United States dollars)
         
    Items Six Months Ended June 30, 2022 Six Months Ended June 30, 2021
    Region        
    Asia $13,797,420  $15,097,208 
    Americas $3,510  $3,510 





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      1/3/25 9:00:00 AM ET
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    • Gorilla Technology Appoints AI Visionary Satish Venkatesan to Lead Americas Innovation Drive

      Company also reiterates capital allocation priorities through its previously announced share buyback programmeLondon, United Kingdom--(Newsfile Corp. - April 14, 2025) - Gorilla Technology Group Inc. (NASDAQ:GRRR) ("Gorilla" or the "Company"), global solution provider in Security Intelligence, Network Intelligence, Business Intelligence and IoT technology, today announced the appointment of Satish Venkatesan as Chief Solutions Strategist - Americas, effective 14 April 2025.To view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/10783/248385_b66e575ea4d31985_001full.jpgIn this newly created role, Venkatesan will lead Gorilla's solution strategy, ecosyst

      4/14/25 8:00:00 AM ET
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    • Gorilla Technology Group Adds Tech Luminary Thomas Sennhauser to Board of Directors

      London, United Kingdom--(Newsfile Corp. - December 2, 2024) - Gorilla Technology Group Inc. (NASDAQ:GRRR) ("Gorilla" or the "Company"), proudly announces the appointment of Thomas Sennhauser to its esteemed Board of Directors, effective 1st December 2024.With a stellar career spanning over two decades, Thomas brings unparalleled expertise in technology leadership, R&D and digital transformation. Currently serving as the CTO and Business Lead, APJ, at Intel Corporation, he has driven ground-breaking advancements in AI, IoT, SDN and Cloud Infrastructure, forging partnerships that have reshaped industries across the Asia-Pacific region and beyond."Thomas's appointment signals a new era for Gori

      12/2/24 8:00:00 AM ET
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    • Gorilla Technology and Lanner Electronics Inc. Announce Joint Venture to Manufacture Gorilla's Next Generation Security Convergence Appliances in Thailand

      London, United Kingdom--(Newsfile Corp. - September 9, 2024) - Gorilla Technology Group Inc. (NASDAQ:GRRR) ("Gorilla" or the "Company"), today announced a ground-breaking joint venture agreement with Lanner Electronics, set to manufacture Gorilla's Next Generation Security Convergence appliances in Thailand.The joint venture between Lanner and Gorilla, following their recent MOU, represents a significant enhancement within Lanner's existing facility in Thailand. This development introduces a new line of Artificial Intelligence (AI)-enabled cybersecurity products, tailored to meet the growing needs of global organizations. With a focus on localization, Gorilla aims to strengthen its regional

      9/9/24 8:00:00 AM ET
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    • Amendment: SEC Form SCHEDULE 13G/A filed by Gorilla Technology Group Inc.

      SCHEDULE 13G/A - Gorilla Technology Group Inc. (0001903145) (Subject)

      5/2/25 4:10:10 PM ET
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    • SEC Form 20-F filed by Gorilla Technology Group Inc.

      20-F - Gorilla Technology Group Inc. (0001903145) (Filer)

      4/30/25 4:57:23 PM ET
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    • SEC Form 6-K filed by Gorilla Technology Group Inc.

      6-K - Gorilla Technology Group Inc. (0001903145) (Filer)

      4/16/25 8:00:02 AM ET
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