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

— 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.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
[e-mail]

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/255991

The Gorilla Technology Group Incorporation Stock at the time of publication of the news with a raise of +1,79 % to 18,78USD on Nasdaq stock exchange (18. Juni 2025, 21:51 Uhr).