From GlobeNewswire: 2024-04-04 14:12:00

Gorilla Technology Group Inc. (NASDAQ: GRRR) reported a 189% increase in revenues for 2023, totaling $64.7 million. The gross margin also rose to 69%, highlighting the success of the high-value business model. Net income saw a significant improvement, reaching $19.9 million compared to last year’s loss of ($87.5 million), with an increase of 123% year-over-year. Adjusted EBITDA rose by 587% to $29.0 million.

Looking ahead, Gorilla anticipates deals exceeding $1 billion in the pipeline and has secured sales of approximately $300 million in various global regions. The Company remains committed to enhancing shareholder value, building on its operational efficiency, strategic management, and trajectory towards financial excellence. Gorilla CEO, Jay Chandan, expressed confidence in the company’s bright future, emphasizing innovation and operational excellence.

The robust financial health and positive momentum of Gorilla set the stage for further achievements in 2024. The company’s commitment to innovation, operational efficiency, and customer satisfaction has positioned it for sustained growth. The leadership of Jay Chandan has navigated Gorilla through challenges, achieving a remarkable turnaround and foundation for future success. Gorilla’s dedication to delivering exceptional value to clients and stakeholders remains unwavering.

A conference call discussing Gorilla’s financial results for 2023 is scheduled for April 8, 2024, at 8:00 AM EDT. The company’s total revenue for 2023 reached $64,694,991, reflecting substantial growth compared to 2022. The financial statements for 2023 are unaudited and subject to further review. Adjusted EBITDA showed remarkable growth, up by 587% year-over-year, driven by technology services and effective expense control. Gorilla Technology Group Inc. is a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence, and IoT technology, with a vision to empower connected futures.



Read more at GlobeNewswire:: CORRECTION – Gorilla Reports Record 2023 Financial Results