Financial and Operational Progress Update from Gorilla Technology Group Inc.
Gorilla Technology Group Inc. (NASDAQ: GRRR), a global leader in Smart Country AI, IoT technologies, and Cybersecurity, released its latest investor update, highlighting its operational and financial progress as of December 7, 2023.
Cash Flow and Project Advancements
The company reported strong cash flow from operations, with over $25 million in milestone payments from new projects. This accomplishment was fueled by material top-line growth driven by project advancements, reflecting the company’s commitment to operational efficiencies and innovation.
Financial Offerings and Partnerships
Gorilla announced a $25 million registered direct offering of convertible preferred stock, underlining its strategic financial moves. Additionally, the company forged partnerships with industry leaders such as Redhat, Lanner, Protactic, Infosec Global, and GST, enhancing its overall capabilities in the rapidly evolving industry.
Operational Innovations and Expansion
In response to the ever-evolving needs of its global clientele, Gorilla introduced AI-based investigation products iCCTV and Post Event, as well as a new Cyber Security Operations Management solution and service. Furthermore, the company has implemented effective cost optimization strategies and is steadily ramping sales and marketing efforts in key regions, building visibility toward a strong sales pipeline of over $1 billion.
As highlighted by Jay Chandan, CEO of Gorilla, the company has completed several transformational initiatives and secured the largest client win in its history. With progress in Egypt providing visibility on near-term growth and laying the foundation for expansion across global markets, Gorilla is well-positioned for continued success and growth in the months ahead.
Earnings Reporting and Future Outlook
As a foreign private issuer under U.S. Securities and Exchange Commission (SEC) regulations, Gorilla plans to disclose audited financial results for the full year 2023 in the first half of 2024, providing additional visibility into its operating progress. The company remains relentless in its pursuit of excellent results for clients, employees, and shareholders.
About Gorilla Technology Group Inc.
Gorilla Technology Group Inc., headquartered in London, U.K., is a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence, and IoT technology. The company envisions a connected tomorrow through innovative and transformative technologies, striving to create an ecosystem where individuals, businesses, and communities thrive in an era of digital empowerment.
Gorilla offers a wide range of solutions, including Smart City, Network, Video, Security Convergence, and IoT across select verticals such as Government & Public Services, Manufacturing, Telecom, Retail, Transportation & Logistics, Healthcare, and Education.
For more information about Gorilla Technology Group Inc., visit Gorilla-Technology.com.
Media and Investor Relations for Gorilla Technology Group Inc.
For media inquiries, please contact:
Jeff Fox
The Blueshirt Group for Gorilla
+1 (415) 828-8298
jeff@blueshirtgroup.com
For investor relations, please contact:
Gary Dvorchak
The Blueshirt Group for Gorilla
+1 (323) 240-5796
gary@blueshirtgroup.com
Scott McCabe
The Blueshirt Group for Gorilla
+1 (917) 434-3275
scott@blueshirtgroup.com
