Gorilla Technology Reports First Quarter 2025: Profitability, Global Execution And Momentum Drive 109% Revenue Increase

2025-06-18 07:08:22

(MENAFN- Newsfile Corp) - 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, 2025 (Unaudited)		December 31, 2024 (Audited)
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, 2025 (Unaudited)		December 31, 2024 (Audited)
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 March 31
Items		2025 (Unaudited)			2024 (Unaudited and Unreviewed)
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 loss
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 March 31
			2025 (Unaudited)			2024 (Unaudited and Unreviewed)
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 March 31
	2025 (Unaudited)		2024 (Unaudited and unreviewed)
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 (Unaudited and Unreviewed)		2024 (Unaudited and Unreviewed)
	(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 (Unaudited and Unreviewed)		2024 (Unaudited and Unreviewed)
	(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 .

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
...

To view the source version of this press release, please visit

SOURCE: Gorilla Technology Group Inc.

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