Business
Gorilla Technology Group Reports First Half 2023 Financial Results
– Year-on-year growth in fiscal 2023 will be nearly 300% in constant currency – – Booked sales exceeded internal target of $41 million, standing at $272
About this update from Gorilla Technology Group Inc.
[{"type":"text","content":"– Year-on-year growth in fiscal 2023 will be nearly 300% in constant currency – – Booked sales exceeded internal target of $41 million, standing at $272 million (a 563% increase) – – Revenue guidance of $65 million for 2023 and $90 million for 2024 – – Improved Visibility with Revenue Contracted Through 2026 – – 49.4% Gross Margin Affirms Success in Improving Quality of Customer Base – LONDON, Aug. 09, 2023 (GLOBE NEWSWIRE) -- Gorilla Technology Group Inc. (“Gorilla” or the “Company”) (NASDAQ: GRRR), a global provider of AI-based edge video analytics, IoT technologies, and cybersecurity, today reported its unaudited financial results for the six months ended June 30, 2023. Highlights Booked sales exceeded internal target of $41 million, standing at $272 million, a 563% increaseEvolved from a Project centric business to a Product & Services Business, as demonstrated by multi-hundred-million-dollar contract for Government of EgyptImplemented financial and operational discipline by transitioning out of marginal or unprofitable projectsWill implement Smart Government Security Convergence solution for the Government of EgyptLargest contract in company history, with total revenues of $270 million over three yearsAggressive actions to safeguard shareholders from illegal stock manipulationRecorded gross margin of 49.4%, a significant increase from the previous year's margin of 33.1%, standing as compelling evidence of a successful transformation to position the company for sustainable and profitable growth at scaleOperating expense decreased by $1.9 million compared with the prior year2023 and 2024 revenue guidance at $65 million and $90 million, respectively Gorilla Chief Executive Officer Jay Chandan commented, “Just after quarter-end we announced a transformational contract with the Government of Egypt, in which we will implement a Smart Government Security Convergence solution. This contract affirms our standing as a reliable global solutions provider, which is important because MENA-region governments are actively seeking innovative partners to support their transformation from conventional systems to digital technologies. Egypt is a notable milestone in our globalization strategy and puts us on a path to profitability by the end of 2024. This contract and other wins give us outstanding visibility in revenue and profitability for t...