-- 2023 revenues up 189% YoY compared to 2022, highlighting continued success globally --
-- High value product and services business model reflected in 2023 gross margin of 69% --
-- Total net income of
-- Adj. EBITDA of
2023 Financial Highlights
- Revenue Growth: Full-year 2023 revenues catapulted to
$64.7 million , marking a substantial 189% increase year-over-year. This accelerating growth is a testament to Gorilla’s capabilities in cultivating and harnessing demand, propelling fiscal advancements and prowess in navigating the currents of market demand. Gorilla believes its future is one of crafting an era of unmatched fiscal renaissance, leadership and preeminence within the industry. - Improved Gross Margin: Demonstrating the value of Gorilla’s business model, gross margin surged to 69% for 2023. The increased gross margin indicates the effectiveness and efficiency of the Company’s operations, reflecting its strategic focus on high-margin opportunities and commitment to operational proficiency.
- Profitability Turnaround: Gorilla recorded net profit of
$19.9 million in fiscal year 2023, a dramatic shift of 123% from a loss of$(87.5) million in fiscal year 2022. Adjusted EBITDA has experienced a strong turnaround with an increase of 587% from fiscal year 2022 to fiscal year 2023, reflecting Gorilla's exceptional operational efficiency, strategic management and its resolute trajectory towards financial excellence. This remarkable transition demonstrates Gorilla’s strategic and operational rebound, highlighting the company's robust fiscal management and its successful turnaround strategy. - Forward Momentum: With an estimated pipeline exceeding
$1 billion , expected expansion deals within current geographic regions of operation—MENA,Thailand ,South America , and the UK—and successfully won sales amounting to approximately$300 million , Gorilla plans for continued success and shareholder value enhancement in the coming years.
“Our robust financial health and positive momentum set the stage for even greater achievements in 2024,” Chandan continued. “With a strong sales pipeline and a strategy focused on innovation, operational excellence and customer satisfaction, we are positioned for sustained growth. Our commitment to cost management and operational efficiency continues to yield significant financial benefits, enhancing our ability to invest in new opportunities and navigate market uncertainties with confidence. As we move forward, our dedication to delivering exceptional value to our clients and stakeholders remains unwavering. In the face of doubters, critics and the perennial chorus of naysayers, my leadership has piloted Gorilla through uncharted waters, transforming a crescendo that rebukes the cynics. This triumph is our answer to every skeptic who bet against us, to every pundit who couldn't see beyond their myopic forecasts. We have not just defied expectations; we have crafted a new lexicon of success. The horizon ahead is brimming with potential, and under my stewardship, Gorilla will continue to conquer the critics, outpace the pessimists and blaze a trail of unprecedented achievements. We no longer will linger in the shadows of feasibility; we bask in the glow of possibility. I stand before you today, humbled by our collective journey and the monumental achievements my team unlocked together. To each and every employee who has stood by us through these difficult times, your unwavering commitment and inventive spirit have been the cornerstone of our success. You are the architects of our future, the pulse of
Gorilla further notes that the audit for fiscal year 2023 is underway and that it is anticipated that audited financials will be filed in due course.
Earnings Call
The Company will host a conference call on
Webcast: https://edge.media-server.com/mmc/p/649bk6cd
Telephone: Click here to register and join the event. Upon registering, you will be emailed a dial-in number and unique PIN.
2023 Financial Results
Unless noted otherwise, all figures are for the year ended
The following table summarizes financial results (2023, unreviewed and unaudited):
Year ended | ||||||||
2023 | 2022 | |||||||
Revenue | $ | 64,694,991 | $ | 22,408,808 | ||||
Cost of Revenue | (19,976,149 | ) | (14,071,902 | ) | ||||
Gross Profit | 44,718,842 | 8,336,906 | ||||||
Gross Margin | 69.1 | % | 37.2 | % | ||||
Total operating expenses | (20,295,481 | ) | (94,844,401 | ) | ||||
Operating income (loss) | 24,423,361 | (86,507,495 | ) | |||||
Net Profit (Loss) | $ | 19,940,614 | $ | (87,537,224 | ) |
The following table shows our adjusted EBITDA, together reconciled to the net profit (loss) for the year ended
Reconciliation of Non-IFRS Financial Measures - Adjusted EBITDA Calculation | |||||||
(Expressed in | |||||||
Items | (Unreviewed and Unaudited) Year ended | Year ended | |||||
Net Profit (Loss) | $ | 19,940,614 | $ | (87,537,224 | ) | ||
Depreciation Expense | 522,963 | 5,938,167 | |||||
Amortization Expense | 1,001,031 | 1,687,618 | |||||
Income Tax Expense | 4,435,092 | 430,368 | |||||
Interest and Finance Costs, net | 47,655 | 599,361 | |||||
Transaction Costs (onetime) 1 | 3,097,764 | 2,813,803 | |||||
Share Listing Expense2 | 0 | 70,104,989 | |||||
Adjusted EBITDA | $ | 29,045,119 | $ | (5,962,918 | ) |
(1) Transaction costs are one-off expenses for one-time employee expenses and professional services related to asset acquisition, professional services for one-time ERP implementation project which are considered as one-off corporate development events and added back for calculation of adjusted EBITDA.
(2) Share listing expense represents non-cash IFRS2 charges recorded in connection with the consummation of the SPAC merger.
Revenue for the year ended
The financial statements for the year ended
About
“Empowering Your Tomorrow”
Gorilla, headquartered in
The Company’s vision is to empower a connected tomorrow through innovative and transformative technologies. Gorilla envisions a world where seamless connectivity transcends boundaries, enriching lives, industries and societies.
For more information go to 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, the timing of the filing of our audited financial results, our expectations to swing to profit in the quarters ahead, our immediate priorities, Gorilla’s strategic shift to enable it to pursue larger projects with better revenue visibility, Gorilla’s contract with the Government of
Non-IFRS Measures
Certain of the measures included in this press release are non-IFRS financial measures, including adjusted EBITDA. Non-IFRS financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with IFRS, and non-IFRS financial measures as used by Gorilla are not reported by all their competitors and may not be comparable to similarly titled amounts used by other companies.
We believe that the non-IFRS measures such as adjusted EBITDA provide useful information about our core operating results, enhance the overall understanding of our past performance and prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. We present adjusted EBITDA to provide more information and greater transparency to investors about our operating results.
Adjusted EBITDA represents EBITDA excluding transaction costs and share listing expenses which are one-off expenses for professional services related to our Business Combination, asset acquisition and ERP implementation project, which are considered as non-recurring corporate development events and added back for calculation of adjusted EBITDA.
The final table which shows our adjusted EBITDA, together reconciled to the net profit (loss) for the years ended
Investor Relations Contact:
Cody Fletcher
+1 (434) 251-7165
gorillair@blueshirtgroup.com
Media Contact:
+1 (203) 585-4750
canaanparishgroup@gmail.com
Consolidated Balance Sheet | ||||||||
(Expressed in USD) | ||||||||
Items | (Unaudited and Unreviewed) | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 5,306,857 | $ | 22,996,377 | ||||
Financial assets at fair value through profit or loss – current | 995,101 | 1,073,229 | ||||||
Financial assets at amortized cost - current | 27,827,915 | 6,871,187 | ||||||
Contract assets | 34,213,379 | 725,441 | ||||||
Accounts receivable | 9,087,304 | 14,041,611 | ||||||
Inventories | 23,116 | 68,629 | ||||||
Prepayments – current | 7,445,195 | 1,266,442 | ||||||
Other receivables | 107,228 | 648,617 | ||||||
Other current assets | 170,461 | 61,803 | ||||||
Total current assets | 85,176,556 | 47,753,336 | ||||||
Non-current assets | ||||||||
Financial assets at amortized cost - non-current | 13,643,000 | - | ||||||
Property, plant and equipment | 15,878,965 | 16,132,567 | ||||||
Right-of-use assets | 53,036 | 16,675 | ||||||
Intangible assets | 8,594,512 | 56,342 | ||||||
Deferred income tax assets | 77,059 | 29,905 | ||||||
Prepayments - non-current | 451,580 | 612,982 | ||||||
Other non-current assets | 1,034,000 | 659,071 | ||||||
Total non-current assets | 39,732,152 | 17,507,542 | ||||||
Total assets | $ | 124,908,708 | $ | 65,260,878 | ||||
Items | ||||||||
Liabilities and Equity | ||||||||
Liabilities | ||||||||
Current liabilities | ||||||||
Short-term borrowings | $ | 16,449,110 | $ | 13,492,935 | ||||
Contract liabilities | 107,603 | 58,475 | ||||||
Notes payable | 603 | 602 | ||||||
Accounts payable | 11,045,758 | 6,674,528 | ||||||
Other payables | 6,080,563 | 3,620,998 | ||||||
Provisions - current | 68,510 | 88,469 | ||||||
Lease liabilities - current | 30,327 | 16,981 | ||||||
Current income tax liabilities | 4,664,091 | - | ||||||
Warrant liabilities | 6,221,482 | 2,042,410 | ||||||
Convertible Preference Shares Liabilities | 7,767,238 | - | ||||||
Long-term borrowings, current portion | 1,817,873 | 2,108,896 | ||||||
Other current liabilities, others | 89,614 | 152,373 | ||||||
Total current liabilities | 54,342,772 | 28,256,667 | ||||||
Non-current liabilities | ||||||||
Long-term borrowings | 6,822,438 | 8,251,788 | ||||||
Provisions - non-current | 63,947 | 61,057 | ||||||
Deferred income tax liabilities | 59,807 | 148,183 | ||||||
Lease liabilities - non-current | 23,011 | - | ||||||
Total non-current liabilities | 6,969,203 | 8,461,028 | ||||||
Total liabilities | 61,311,975 | 36,717,695 | ||||||
Equity | ||||||||
Equity attributable to owners of parent | ||||||||
Share capital | ||||||||
Ordinary share | 7,846 | 7,136 | ||||||
Capital surplus | ||||||||
Capital surplus | 169,168,318 | 154,730,389 | ||||||
Retained earnings | ||||||||
Accumulated deficit | (76,954,309 | ) | (96,984,380 | ) | ||||
Other equity interest | ||||||||
Financial statements translation differences of foreign operations | 955,018 | 370,178 | ||||||
(29,580,140 | ) | (29,580,140 | ) | |||||
Equity attributable to owners of the parent | 63,596,733 | 28,543,183 | ||||||
Total equity | 63,596,733 | 28,543,183 | ||||||
Significant contingent liabilities and unrecognized contract commitments | ||||||||
Total liabilities and equity | $ | 124,908,708 | $ | 65,260,878 |
Reconciliation of Non-IFRS Financial Measures – Adjusted EBITDA Calculation | |||||||
(Expressed in | |||||||
Items | (Unaudited and Unreviewed) Year ended 2023 | (Unaudited and Unreviewed) Year ended 2022 | |||||
Profit (loss) for the year | $ | 19,940,614 | $ | (87,537,224 | ) | ||
Depreciation Expense | 522,963 | 5,938,167 | |||||
Amortization Expense | 1,001,031 | 1,687,618 | |||||
Income Tax Expense | 4,435,092 | 430,368 | |||||
Interest and Finance Costs, net | 47,655 | 599,361 | |||||
Transaction Costs (onetime) 1 | 3,097,764 | 2,813,803 | |||||
Share Listing Expense2 | 0 | 70,104,989 | |||||
Adjusted EBITDA | $ | 29,045,119 | $ | (5,962,918 | ) |
(1) Transaction costs are one-off expenses for one-time employee expenses and professional services related to asset acquisition, professional services for one-time ERP implementation project which are considered as one-off corporate development events and added back for calculation of adjusted EBITDA.
(2) Share listing expense represents non-cash IFRS2 charges recorded in connection with the consummation of the SPAC merger.
Source:
2024 GlobeNewswire, Inc., source