— Q1 2025 revenue surged to $18.3 million, marking over 109% year-on-year growth. —
—Total cash reserves held firm at $33.8 million, while debt was strategically reduced to $18.4 million, reinforcing our financial agility. —
London, United Kingdom--(Newsfile Corp. - June 18, 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 financial results for Q1 2025 which ended 31 March, 2025.
Key highlights Include:
Exceptional Revenue Growth: Q1 2025 revenue rose to $18.3 million, driven by several mission-critical global agreements. This performance cements Gorilla’s operational strength, market credibility and leadership in AI-powered security and infrastructure.
Strong Balance Sheet: Gorilla ended Q1 with a healthy $33.8 million in cash, including $20.8 million in unrestricted cash. This solid liquidity base provides flexibility to execute on opportunities and power future expansion.
Disciplined Debt Reduction: Gorilla cut debt to $18.4 million, down from $21.4 million at year-end 2024, freeing up pledged deposits and sharpening capital efficiency. We will continue to deleverage aggressively wherever it strengthens value and remains cash-neutral, reinforcing a balance sheet built for scale and speed.
Adjusted EBITDA: Reached $5.16 million, up from $3.50 million in Q1 2024, a 47.5% year-on-year increase that underscores Gorilla’s expanding operating leverage, disciplined execution and profitable growth trajectory.
Adjusted net income: Rose 46.7%, to $4.47 million, compared to $3.05 million in the prior-year quarter, highlighting strong underlying earnings power and margin control despite global scale-up
Adjusted EPS: Climbed to $0.23, marking a sharp turnaround from a basic loss per share of $1.47 in Q1 2024.
Strategic Investment in Long-Term Value: Our SAFE investment in One Amazon strengthens a game-changing partnership at the heart of global sustainability. As the core technology partner, Gorilla is deploying large-scale IoT infrastructure across the Amazon rainforest, cementing our position as a front-runner in climate intelligence and next-generation environmental innovation.
Accelerating Global Momentum: Gorilla’s pipeline now exceeds $5 billion, consisting of qualified leads where we have determined that there is a will and a budget to move forward and that we can close a deal within the next 12 months. This has been fueled by rapid expansion across the United States, MENA, Southeast & East Asia, South America and the United Kingdom. Our 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.
Statement from Jay Chandan
“Gorilla has launched into 2025 with power, precision and clarity of purpose. This quarter is not just a performance milestone - it is proof of trajectory. Revenue is up, margins are firm and profitability is no longer aspirational, it is embedded. With momentum on our side, we are no longer just building our pipeline, we are converting at scale, compounding growth across borders and deepening trust with some of the world’s most ambitious partners.”
“From reshaping energy infrastructure in Thailand to enabling climate-tech at scale in the Amazon, Gorilla is fast becoming the default partner for governments and mid-sized enterprises looking to future-proof their nations. With a strong revenue pipeline and cash base, as well as our relentless operational focus, we are entering our next phase - one of acceleration, execution and measurable value creation.”
Financials
GORILLA TECHNOLOGY GROUP INC. AND SUBSIDIARIES
UNAUDITED CONDENSED QUARTERLY CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2025 AND DECEMBER 31, 2024
(Expressed in United States dollars)
Items | March 31, | December 31, | ||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 20,813,810 | $ | 21,699,202 | ||||
Financial assets at fair value through profit or loss - current | 1,000 | 1,000 | ||||||
Restricted deposits - current | 12,959,625 | 15,773,099 | ||||||
Unbilled receivables (Contract assets) | 44,289,520 | 34,306,195 | ||||||
Accounts receivable, net | 25,621,462 | 25,670,157 | ||||||
Inventories | 5,138 | 5,199 | ||||||
Prepayments - current | 22,707,832 | 28,632,212 | ||||||
Other receivables, net | 385,234 | 432,696 | ||||||
Other current assets | 137,547 | 151,816 | ||||||
Total current assets | 126,921,168 | 126,671,576 | ||||||
Non-current assets | ||||||||
Property and equipment | 14,899,703 | 14,939,143 | ||||||
Right-of-use assets | 466,391 | 505,345 | ||||||
Intangible assets | 2,830,788 | 2,931,661 | ||||||
Deferred income tax assets | 7,401,420 | 6,938,213 | ||||||
Prepayments - non-current | 287,483 | 315,304 | ||||||
Financial assets at fair value through profit or loss - non-current | 1,500,000 | - | ||||||
Other non-current assets | 1,456,777 | 1,494,740 | ||||||
Total non-current assets | 28,842,562 | 27,124,406 | ||||||
Total assets | $ | 155,763,730 | $ | 153,795,982 |
Items | March 31, | December 31, | ||||||
Liabilities and Equity | ||||||||
Liabilities | ||||||||
Current liabilities | ||||||||
Short-term borrowings | $ | 12,609,505 | $ | 15,073,458 | ||||
Contract liabilities | 264,919 | 273,227 | ||||||
Accounts payable | 22,681,772 | 26,039,076 | ||||||
Other payables | 2,291,424 | 2,451,135 | ||||||
Provisions - current | 58,994 | 37,673 | ||||||
Lease liabilities - current | 209,531 | 210,448 | ||||||
Current income tax liabilities | 10,029,276 | 9,028,829 | ||||||
Warrant liabilities | 1,039,726 | 20,082,272 | ||||||
Long-term borrowings, current portion | 1,888,708 | 1,972,371 | ||||||
Other current liabilities, others | 87,543 | 142,796 | ||||||
Total current liabilities | 51,161,398 | 75,311,285 | ||||||
Non-current liabilities | ||||||||
Long-term borrowings | 3,886,654 | 4,372,188 | ||||||
Provisions - non-current | 37,989 | 22,013 | ||||||
Deferred income tax liabilities | 221,950 | 42,897 | ||||||
Lease liabilities - non-current | 485,201 | 579,699 | ||||||
Guarantee deposits received | 359,788 | 364,047 | ||||||
Total non-current liabilities | 4,991,582 | 5,380,844 | ||||||
Total liabilities | 56,152,980 | 80,692,129 | ||||||
Equity | ||||||||
Equity attributable to owners of parent | ||||||||
Share capital | ||||||||
Ordinary share | 21,407 | 19,443 | ||||||
Capital surplus | ||||||||
Capital surplus | 287,234,895 | 254,585,267 | ||||||
Retained earnings | ||||||||
Accumulated deficit | (152,797,036) | (148,238,729 | ) | |||||
Other equity interest | ||||||||
Financial statements translation differences of foreign operations | (1,641,888) | (55,500 | ) | |||||
Treasury shares | (33,206,628) | (33,206,628 | ) | |||||
Equity attributable to owners of the parent | 99,610,750 | 73,103,853 | ||||||
Total equity | 99,610,750 | 73,103,853 | ||||||
Significant contingent liabilities and unrecognized contract commitments | - | - | ||||||
Total liabilities and equity | $ | 155,763,730 | $ | 153,795,982 |
GORILLA TECHNOLOGY GROUP INC. AND SUBSIDIARIES
UNAUDITED CONDENSED QUARTERLY CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
THREE MONTHS ENDED MARCH 31, 2025 AND 2024
(Expressed in United States dollars)
Three Months Ended | ||||||||
Items | 2025 | 2024 | ||||||
Revenue | $ | 18,258,999 | $ | 8,736,068 | ||||
Cost of revenue | (11,850,617 | ) | (1,299,438 | ) | ||||
Gross profit | 6,408,382 | 7,436,630 | ||||||
Operating expenses: | ||||||||
Selling and marketing expenses | (330,647 | ) | (387,838 | ) | ||||
General and administrative expenses | (3,458,299 | ) | (3,122,292 | ) | ||||
Research and development expenses | (570,240 | ) | (846,355 | ) | ||||
Currency exchange losses, net* | (4,418,096 | ) | (6,455,655 | ) | ||||
Fair value remeasurement of financial instruments | (1,838,049 | ) | (8,037,431 | ) | ||||
Other income | 46,361 | 18,544 | ||||||
Other losses, net | (8,497 | ) | (31,191 | ) | ||||
Total operating expenses | (10,577,467 | ) | (18,862,218 | ) | ||||
Operating loss | (4,169,085 | ) | (11,425,588 | ) | ||||
Non-operating income (expenses) | ||||||||
Interest income | 562,792 | 173,298 | ||||||
Finance costs | (154,992 | ) | (218,789 | ) | ||||
Total non-operating income (expenses) | 407,800 | (45,491 | ) | |||||
Loss before income tax | (3,761,285 | ) | (11,471,079 | ) | ||||
Income tax expense | (797,022 | ) | (51,747 | ) | ||||
Loss for the period | (4,558,307 | ) | (11,522,826 | ) | ||||
Other comprehensive loss | ||||||||
Components of other comprehensive loss that may not be reclassified to profit or | ||||||||
Remeasurement of defined benefit plans | - | 3,223 | ||||||
Components of other comprehensive loss that may be reclassified to profit or loss | ||||||||
Exchange differences on translation of foreign operations | (1,586,388 | ) | (1,191,786 | ) | ||||
Other comprehensive loss for the period, net of tax | (1,586,388 | ) | (1,188,563 | ) | ||||
Total comprehensive loss for the period | (6,144,695 | ) | (12,711,389 | ) | ||||
Loss per share | ||||||||
Basic loss per share | $ | (0.23 | ) | $ | (1.47 | ) | ||
Diluted loss per share | $ | (0.23 | ) | $ | (1.47 | ) | ||
Weighted average shares of ordinary shares outstanding | ||||||||
Basic | 19,497,913 | 7,864,962 | ||||||
Diluted | 19,497,913 | 7,864,962 | ||||||
* During the three months ended March 31, 2025 and 2024, net currency exchange losses amounted to $7,188,047 and $6,533,377, 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 CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 2025 AND 2024
(Expressed in United States dollars)
Three Months Ended | ||||||||
2025 | 2024 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES | ||||||||
Loss before tax | $ | (3,761,285 | ) | $ | (11,471,079 | ) | ||
Adjustments | ||||||||
Adjustments to reconcile loss | ||||||||
Expected credit losses | 6,110 | - | ||||||
Depreciation expenses | 153,083 | 134,665 | ||||||
Amortization expenses | 154,387 | 220,837 | ||||||
Gain on disposal of property, plant and equipment | - | (73 | ) | |||||
Share-based payment expenses | 271,050 | - | ||||||
Share-based compensation expenses | 216 | (137,558 | ) | |||||
Interest expense | 154,992 | 218,789 | ||||||
Interest income | (562,792 | ) | (173,298 | ) | ||||
Unrealized exchange loss | 4,624,595 | 6,413,610 | ||||||
Losses on financial liabilities at fair value through profit or loss | 1,838,049 | 8,037,430 | ||||||
Losses on financial assets at fair value through profit or loss | - | 19,978 | ||||||
Changes in operating assets and liabilities | ||||||||
Changes in operating assets | ||||||||
Unbilled receivables (Contract assets) | (18,224,234 | ) | (6,844,922 | ) | ||||
Accounts receivable, net | 988,290 | 1,352,608 | ||||||
Inventories | - | (946 | ) | |||||
Prepayments | 6,743,194 | 193,630 | ||||||
Other receivables | - | 9,187 | ||||||
Other current assets | 15,707 | 67,079 | ||||||
Other non-current assets | - | 24,573 | ||||||
Changes in operating liabilities | ||||||||
Contract liabilities | (4,750 | ) | (48,645 | ) | ||||
Accounts payable | (3,328,962 | ) | (1,377,745 | ) | ||||
Other payables | (121974 | ) | (407,626 | ) | ||||
Provisions | 38,251 | (48,682 | ) | |||||
Other current and non-current liabilities | (56,910 | ) | 73,450 | |||||
Cash outflow generated from operations | (11,072,983 | ) | (3,744,738 | ) | ||||
Interest received | 610,494 | 170,112 | ||||||
Interest paid | (184,878 | ) | (150,651 | ) | ||||
Tax paid | (12,499 | ) | (15,033 | ) | ||||
Net cash flows used in operating activities | (10,659,866 | ) | (3,740,310 | ) | ||||
Three Months Ended | ||||||||
2025 | 2024 | |||||||
CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES | ||||||||
Acquisition of property and equipment | (237,893 | ) | (104,144 | ) | ||||
Acquisition of intangible assets | (54,230 | ) | (23,859 | ) | ||||
Investment in financial assets at fair value through profit or loss - non-current | (1,500,000 | ) | - | |||||
Disposal (increase) in financial assets at amortized cost | 2,699,420 | (3,441 | ) | |||||
Decrease in guarantee deposits | 40,942 | 28,879 | ||||||
Net cash flows from (used in) investing activities | 948,239 | (102,565 | ) | |||||
CASH FLOWS FROM FINANCING ACTIVITIES | ||||||||
Proceeds from short-term borrowings | 8,002,807 | 7,000,210 | ||||||
Repayments of short-term borrowings | (10,270,816 | ) | (6,172,559 | ) | ||||
Repayments of long-term borrowings | (500,531 | ) | (366,296 | ) | ||||
Principal repayment of lease liabilities | (95,268 | ) | (45,981 | ) | ||||
Proceeds from preferred shares and private warrants | 11,499,731 | 9,650,000 | ||||||
Net cash flows from financing activities | 8,635,923 | 10,065,374 | ||||||
Effect of foreign exchange rate changes | 190,312 | (1,509,558 | ) | |||||
Net (decrease) increase in cash and cash equivalents | (885,392 | ) | 4,712,941 | |||||
Cash and cash equivalents at beginning of the period | 21,699,202 | 5,306,857 | ||||||
Cash and cash equivalents at end of the period | $ | 20,813,810 | $ | 10,019,798 | ||||
Reconciliation of Adjusted Operating Income and Adjusted Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) to Operating loss as per International Financial Reporting Standards (IFRS)
Three Months Ended | ||||||||
March 31 | ||||||||
Items | 2025 | 2024 | ||||||
(Amount in USD) | ||||||||
Operating loss (IFRS) | $ | (4,169,085 | ) | $ | (11,425,588 | ) | ||
Add: Exchange loss from currency devaluation | 7,188,047 | 6,533,377 | ||||||
Add: Fair value remeasurement of financial instruments | 1,838,049 | 8,037,430 | ||||||
Adjusted Operating income (Non-IFRS) | $ | 4,857,011 | $ | 3,145,219 | ||||
Add: Depreciation expenses | 153,083 | 134,665 | ||||||
Add: Amortization expenses | 154,387 | 220,837 | ||||||
Adjusted EBITDA (Non-IFRS) | $ | 5,164,481 | $ | 3,500,721 | ||||
Reconciliation of Adjusted Net Income (Non-IFRS) to IFRS Net loss
Three Months Ended | ||||||||
March 31 | ||||||||
Items | 2025 | 2024 | ||||||
(Amount in USD) | ||||||||
Net loss (IFRS) | $ | (4,558,307) | $ | (11,522,826 | ) | |||
Add: Exchange loss from currency devaluation | 7,188,047 | 6,533,377 | ||||||
Add: Fair value remeasurement of financial instruments | 1,838,049 | 8,037,430 | ||||||
Adjusted Net income (Non-IFRS) | $ | 4,467,789 | $ | 3,047,981 | ||||
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 attract the attention of customers and investors alike, Gorilla's 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.
Investor Relations Contact:
Dave Gentry
RedChip Companies, Inc.
1-407-644-4256
GRRR@redchip.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/255991