Business
Gorilla Technology Group Reports 2022 Financial Results
--2022 Transition Year post IPO—--Starts 2023 with Groundbreaking MENA Smart City Cybersecurity Win–-- Clear Revenue Visibility for 2023 and 2024
About this update from Gorilla Technology Group Inc.
[{"type":"text","content":"--2022 Transition Year post IPO—--Starts 2023 with Groundbreaking MENA Smart City Cybersecurity Win–-- Clear Revenue Visibility for 2023 and 2024 ----Initiates 2023 Revenue Guidance of $65 to $75 million-- LONDON, April 04, 2023 (GLOBE NEWSWIRE) -- Gorilla Technology Group Inc. (“Gorilla”) (NASDAQ: GRRR), a global provider of AI-based edge video analytics, IoT technologies, and cybersecurity, today reported its unaudited financial results for the year ended December 31, 2022. 2022 Highlights: Strategic pivot to security convergence as complement to advanced AI video analyticsBeefed up video analytics offering with acquisition of assets of SeeQuestorGreater access to capital from listing on Nasdaq via reverse merger with Global SPAC PartnersMoved from Taiwan-based regional supplier to London-based global leaderBroad upgrade of leadership with new CEO, CFO, CIO, Global HRImplemented financial and operational discipline by transitioning out of marginal or unprofitable projects Subsequent Events: Won a significant Smart City cybersecurity implementation project in MENA valued over $100 millionDeveloping next generation edge AI appliance with Hailo and Lanner ElectronicsWon first U.K. customer for Smart Port projectStrengthening team with Dr. Evan Medeiros on Board, Lawrence Ng as Head of Asia2023 revenue guidance of $65 to $75 million Gorilla Chief Executive Officer Jay Chandan commented, “After consummating the merger to go public, we began a significant transformation that is already paying off. We started the year as a strong regional player in video analytics and ended the year as an emerging global leader in security convergence. The capital and visibility provided by our U.S. listing enabled meaningful and positive change. We moved our headquarters to London and started building our European operations. We expanded our marketing efforts around the world with a focus on Europe, MENA and Asia. We rationalized our existing book of business by discontinuing non-strategic or marginally profitable customer relationships. And we accelerated our technology development with both the SeeQuestor technology purchase and the development partnership for our next-gen Edge AI appliance.” Chandan continued, “Elements of the transformation were difficult, such as our former CEO’s retirement and the exiting of many unfavorable customer accounts,...