Gorilla Technology Doubles Revenue in First Half of 2025 Amid International Expansion

Rhea-AI Summary

Gorilla Technology (NASDAQ:GRRR) reported strong H1 2025 financial results, with revenue reaching $39.3 million, representing a 90.2% year-over-year growth. The company successfully completed a $105 million equity offering in July 2025 and reduced its debt to $18.1 million from $21.4 million at 2024 year-end.

The company secured three new strategic contracts with Port of Tyne (UK), Wan Hai Port, and ADE Corporation (Taiwan). Despite reporting an operating loss of $9.1 million, Gorilla's Adjusted EBITDA was positive at $5.7 million. The company's project pipeline now exceeds $5 billion, supported by expansion across multiple global regions.

Positive

• Revenue grew 90.2% year-over-year to $39.3 million in H1 2025
• Successfully raised $105 million through equity offering in July 2025
• Reduced debt by $3.3 million from year-end 2024
• Secured three new strategic contracts in UK and Taiwan
• Project pipeline exceeded $5 billion
• Adjusted EBITDA positive at $5.7 million
• Strong cash position with $26.1 million in total cash at end of H1

Negative

• Operating loss (IFRS) of $9.1 million in H1 2025
• Net loss of $8.5 million for the period
• Significant currency exchange losses of $12.6 million due to Egyptian pound devaluation
• Loss per share of $0.43

Insights

Financial Analyst

Gorilla's 90% revenue surge signals strong execution, but currency exchange losses of $12.6M overshadow impressive top-line growth.

Gorilla Technology has delivered exceptional revenue growth of 90.2% year-over-year, generating $39.3 million in the first half of 2025. This impressive top-line expansion demonstrates the company's strong execution on its global contracts and market demand for its AI-powered security and intelligence solutions.

However, beneath this headline growth lies a more complex financial picture. Despite the revenue surge, Gorilla reported an operating loss of $9.1 million and a net loss of $8.5 million under IFRS accounting standards. The primary culprit: substantial currency exchange losses of $12.6 million due to Egyptian pound devaluation, which severely impacted monetary assets denominated in that currency.

When excluding these currency effects and fair value remeasurements, the company's adjusted metrics look considerably better - $5.7 million in adjusted EBITDA and $5.7 million in adjusted net income, representing underlying profitability on a normalized basis.

Gorilla's balance sheet shows strategic improvement with debt reduction to $18.1 million, down from $21.4 million at 2024 year-end. The $105 million equity offering completed in July (after the reporting period) substantially strengthens the company's financial position and provides capital for growth opportunities.

Looking at cash flow, there's reason for caution. Operating activities consumed $12.5 million in cash during H1 2025, primarily due to a $39.4 million increase in unbilled receivables. This signals potential challenges in converting contract wins into collected cash, though management notes significant payment from an Egyptian customer occurred after the reporting period.

The contract pipeline exceeding $5 billion indicates substantial growth potential, but execution and cash conversion will be critical to watch. Overall, Gorilla shows promising revenue momentum and global expansion, though currency risks and cash flow management remain important considerations for investors.

— Generated H1 2025 revenue of $39.3 million, representing 90.2% year-over-year growth —

— Signed 3 new projects in Taiwan and UK —

— Reduced debt to $18.1 million from $21.4 million at the end of 2024 and $18.4 million at the end of Q1 2025, strengthening financial flexibility and resilience —

— Completed a $105 million equity offering in July 2025 to fund further growth opportunities —

London, United Kingdom--(Newsfile Corp. - August 14, 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 its financial results for the first half ended June 30, 2025.

• Continued Revenue Growth: H1 2025 revenue reached $39.3 million, reflecting outstanding execution across key global contracts. Topline performance demonstrates Gorilla's operational strength and leadership in AI-driven security and intelligence.
• Strong Liquidity Position: Gorilla ended H1 with $26.1 million in total cash. Subsequent to the close of H1, the Company raised $105 million in an equity offering. In July, Gorilla's largest customer in Egypt made a significant payment, underscoring the strength of its relationships and reinforcing its cash position. The Company intends to use these funds to secure future contracts and drive expansion.
• Disciplined Debt Reduction: Gorilla cut debt to $18.1 million in H1, down from $21.4 million at the end of 2024 and $18.4 million in Q1 2025, improving capital efficiency as it unlocked pledged deposits. The Company will continue reducing debt as long as it remains accretive and cash-neutral, further strengthening its balance sheet.
• Continued Focus on Profitability: Operating loss (IFRS) for the six months ended June 30, 2025 was $9.1 million, while Adjusted EBITDA (Non-IFRS) was $5.7 million. Net loss (IFRS) for the six months ended June 30, 2025 was $8.5 million, while Adjusted Net Income (Non-IFRS) was $5.7 million. Adjusted EBITDA and Adjusted Net Income excludes exchange loss from currency devaluation and fair value remeasurement of financial instruments. Gorilla's performance, excluding non-cash accounting items, demonstrates solid underlying profitability on a normalised basis.
• Retained Focus on Earnings Per Share: Loss Per Share (IFRS) was $0.43. Adjusted Basic Earnings Per Share (Non-IFRS) of $0.29 reflects solid underlying profitability and the scalability of our core operations.

Statement from Jay Chandan

"Gorilla has completed the first half of 2025 with focus, strength and clear momentum. The results show the underlying profitability of our model and an established growth path as we create value for our customers, shareholders and broader stakeholders. We have delivered on major programmes and signed near-term projects that will accelerate performance in 2026 and beyond. Our plans for global expansion will strengthen our position in Southeast Asia and enhance our delivery capability in key markets."

"Our teams are executing with discipline and precision, turning strategic opportunities into tangible outcomes. From advancing critical infrastructure in Asia to enabling climate-technology solutions in the Amazon rainforest, we are demonstrating the value and trust we bring to ambitious partners worldwide. This is a foundation for sustainable growth, deeper market penetration and long-term impact."

Statement from Bruce Bower

"We continue to emphasize financial discipline in everything we do. We have repaid debt by over $3 million this year, while also releasing restricted assets, moving them into unrestricted cash. In the second half, we anticipate continued customer collections and the release of customer guarantees for existing contracts, which should serve to boost our cash flow. Looking forward, we intend to use our large liquidity buffer to capitalize on new commercial opportunities."

Advancing Long-term Strategy

This quarter Gorilla, signed key contracts with the Port of Tyne in the United Kingdom, Wan Hai Port in Taiwan and ADE Corporation in Taiwan. These agreements reflect the execution of strategies Gorilla has consistently communicated to the market and signal further projects already in motion.

Some additional details on these contracts are below:

• AI-Powered Wan Hai Smart Surveillance System - Agreement established a partnership with Asia's leading container shipping companies to deploy next-generation AI automation and computer vision surveillance across a major freight terminal, enhancing yard efficiency, cargo flow management and safety.
• AI-Enabled ADE CIB Criminal Financial Flow Analysis - Supporting Taiwan's leading criminal investigation agency with AI-powered analytics to trace cryptocurrency transactions, uncover fund flows and identify criminal networks, enabling speed and precision.

The Company is in active negotiation on several additional contracts. Gorilla's pipeline now exceeds $5 billion, due to increased capacity across the United States, Middle East and North Africa, Southeast & East Asia, South America and the United Kingdom. Gorilla's 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.

Financials

GORILLA TECHNOLOGY GROUP INC. AND SUBSIDIARIES
UNAUDITED CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS
AS OF JUNE 30, 2025 AND DECEMBER 31, 2024
(Expressed in United States dollars)

Items		June 30, 2025 (Unaudited)			December 31, 2024 (Audited)
Assets
Current assets
Cash and cash equivalents		$	10,110,206		$	21,699,202
Financial assets at fair value through profit or loss			1,000			1,000
Restricted deposits			16,019,748			15,773,099
Unbilled receivables (Contract assets)			36,883,629			34,306,195
Accounts receivable, net			43,794,936			25,670,157
Inventories			-			5,199
Prepayments			18,035,818			28,632,212
Other receivables, net			401,684			432,696
Other current assets			176,903			151,816
Total current assets			125,423,924			126,671,576
Non-current assets
Property and equipment			16,831,268			14,939,143
Right-of-use assets			436,504			505,345
Intangible assets			2,675,916			2,931,661
Deferred tax assets			11,266,450			6,938,213
Prepayments			259,662			315,304
Financial assets at fair value through profit or loss			4,000,000			-
Other non-current assets			1,852,330			1,494,740
Total non-current assets			37,322,130			27,124,406
Total assets		$	162,746,054		$	153,795,982
Liabilities and Equity
Liabilities
Current liabilities
Short-term borrowings		$	12,187,029		$	15,073,458
Contract liabilities			265,236			273,227
Accounts payable			30,495,390			26,039,076
Other payables			1,189,270			2,451,135
Provisions			70,664			37,673
Lease liabilities			206,193			210,448
Income tax liabilities			11,063,923			9,028,829
Warrant liabilities			732,887			20,082,272
Long-term borrowings, current portion			1,747,816			1,972,371
Other current liabilities			96,574			142,796
Total current liabilities			58,054,982			75,311,285
Non-current liabilities
Long-term borrowings			4,159,459			4,372,188
Provisions			25,159			22,013
Deferred tax liabilities			1,435,534			42,897
Lease liabilities			480,984			579,699
Guarantee deposits received			408,942			364,047
Total non-current liabilities			6,510,078			5,380,844
Total liabilities			64,565,060			80,692,129
Equity
Equity attributable to owners of parent
Share capital
Ordinary share			21,625			19,443
Capital surplus
Capital surplus			288,904,900			254,585,267
Retained earnings
Accumulated deficit			(156,741,789	)		(148,238,729	)
Other equity interest
Financial statements translation differences of foreign operations			1,001,735			(55,500	)
Treasury shares			(35,005,477	)		(33,206,628	)
Equity attributable to owners of the parent			98,180,994			73,103,853
Total equity			98,180,994			73,103,853
Total liabilities and equity		$	162,746,054		$	153,795,982

 

GORILLA TECHNOLOGY GROUP INC. AND SUBSIDIARIES
UNAUDITED CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
SIX MONTHS ENDED JUNE 30, 2025 AND 2024
(Expressed in United States dollars)

		Six Months Ended June 30
Items		2025  (Unaudited)			2024  (Unaudited)
Revenue		$	39,325,839		$	20,674,691
Cost of revenue			(25,877,004	)		(2,995,637	)
Gross profit			13,448,835			17,679,054
Operating expenses:
Selling and marketing expenses			(742,592	)		(666,312	)
General and administrative expenses			(7,270,555	)		(6,381,907	)
Research and development expenses			(1,226,139	)		(1,149,834	)
Currency exchange losses, net*			(11,552,001	)		(5,028,955	)
Fair value remeasurement of financial instruments			(1,531,210	)		(3,278,410	)
Other income			90,529			84,870
Other gains (losses), net			(287,314	)		515,123
Total operating expenses			(22,519,282	)		(15,905,425	)
Operating income (loss)			(9,070,447	)		1,773,629
Non-operating income (expenses)
Interest income			1,177,271			392,455
Finance costs			(293,673	)		(416,605	)
Total non-operating income (expenses)			883,598			(24,150	)
Profit (loss) before income tax			(8,186,849	)		1,749,479
Income tax expense			(316,211	)		(137,891	)
Profit (loss) for the period			(8,503,060	)		1,611,588
Other comprehensive income (loss)
Components of other comprehensive income (loss) that may not be reclassified to profit or loss
Remeasurement of defined benefit plans			-			2,112
Components of other comprehensive income (loss) that may be reclassified to profit or loss
Exchange differences on translation of foreign operations			1,057,235			(1,949,532	)
Other comprehensive income (loss) for the period, net of tax			1,057,235			(1,947,420	)
Total comprehensive loss for the period			(7,445,825	)		(335,832	)
Earning (loss) per share
Basic earning (loss) per share		$	(0.43	)	$	0.17
Diluted earning (loss) per share		$	(0.43	)	$	0.15
Weighted average shares of ordinary shares outstanding
Basic			19,819,284			9,330,948
Diluted			19,819,284			10,413,870
* During the six months ended June 30, 2025 and 2024, net currency exchange losses amounted to $12,630,726 and $5,883,074, 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 CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
SIX MONTHS ENDED JUNE 30, 2025 AND 2024
(Expressed in United States dollars)

	Six months ended June 30
	2025			2024
CASH FLOWS FROM OPERATING ACTIVITIES
Profit (loss) before tax	$	(8,186,849	)	$	1,749,479
Adjustments
Adjustments to reconcile profit (loss)
Expected credit losses		6,107			364,640
Depreciation expenses		325,824			275,746
Amortization expenses		317,806			442,242
Gain on disposal of property and equipment		-			(73	)
Share-based payment expenses		271,050			722,176
Share-based compensation expenses		472,642			-
Interest expense		293,673			416,605
Interest income		(1,177,271	)		(392,455	)
Unrealized exchange loss		11,224,264			3,993,733
Loss on financial liabilities at fair value through profit or loss		1,531,210			3,278,410
Gain on financial assets at fair value through profit or loss		-			(548,944	)
Changes in operating assets and liabilities
Changes in operating assets
Unbilled receivables (Contract assets)		(39,419,954	)		(20,027,585	)
Accounts receivable, net		6,933,000			3,051,025
Inventories		5,362			1,316
Prepayments		12,749,966			(685,966	)
Other receivables		-			(433,302	)
Other current and non-current assets		(18,406	)		528,649
Changes in operating liabilities
Contract liabilities		(37,362	)		(59,403	)
Notes payable		-			34
Accounts payable		4,232,202			(2,160,932	)
Other payables		(1,472,181	)		(1,500,939	)
Provisions		24,003			(79,505	)
Other current and non-current liabilities		(54,820	)		48,669
Guarantee deposits received		512			-
Cash flows used in operations		(11,979,222	)		(11,016,380	)
Interest received		1,205,745			448,299
Interest paid		(324,623	)		(672,592	)
Tax paid		(1,420,411	)		(18,106	)
Net cash used in operating activities		(12,518,511	)		(11,258,779	)
CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property and equipment		(328,833	)		(363,096	)
Proceeds from disposal of property and equipment		-			143
Acquisition of intangible assets		(54,987	)		(57,982	)
Financial assets at fair value through profit or loss		(4,000,000	)		-
Investment in restricted deposits		(179,930	)		-
Guarantee deposits paid		(289,069	)		(41,291	)
Net cash flows used in investing activities		(4,852,819	)		(462,226	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from short-term borrowings		14,327,643			7,050,890
Repayments of short-term borrowings		(18,680,180	)		(6,622,572	)
Repayments of long-term borrowings		(1,105,138	)		(750,819	)
Principal repayment of lease liabilities		(106,870	)		(68,252	)
Repayments of loan from shareholders		-			(3,000,000	)
Buyback of treasury stocks		(1,798,849	)		-
Exercise of share options		17,796			-
Proceeds from preferred shares and private warrants		12,679,732			9,650,000
Exercise of restricted share units		-			(39,056	)
Proceeds from issuance ordinary share		-			11,290,004
Net cash flows from financing activities		5,334,134			17,510,195
Effect of foreign exchange rate changes		448,200			122,449
Net (decrease) increase in cash and cash equivalents		(11,588,996	)		5,911,639
Cash and cash equivalents at beginning of period		21,699,202			5,306,857
Cash and cash equivalents at end of period	$	10,110,206		$	11,218,496

 

RECONCILIATION OF OPERATING INCOME (LOSS) AS PER INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) TO ADJUSTED OPERATING INCOME AND ADJUSTED EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION (EBITDA)

		Six Months Ended June 30
Items		2025 (Unaudited and Unreviewed)			2024 (Unaudited and Unreviewed)
		(Amount in USD)
Operating income (loss) (IFRS)		$	(9,070,447	)	$	1,773,629
Add: Exchange loss from currency devaluation			12,630,726			5,883,074
Add: Fair value remeasurement of financial instruments			1,531,210			3,278,410
Adjusted Operating income (Non-IFRS)		$	5,091,489		$	10,935,113
Add: Depreciation expenses			325,824			275,746
Add: Amortization expenses			317,806			442,242
Adjusted EBITDA (Non-IFRS)		$	5,735,119		$	11,653,101

 

RECONCILIATION OF IFRS NET INCOME (LOSS) TO ADJUSTED NET INCOME (NON-IFRS)

		Six Months Ended June 30
Items		2025 (Unaudited and Unreviewed)			2024 (Unaudited and Unreviewed)
		(Amount in USD)
Net income (loss) (IFRS)		$	(8,503,060	)	$	1,611,588
Add: Exchange loss from currency devaluation			12,630,726			5,883,074
Add: Fair value remeasurement of financial instruments			1,531,210			3,278,410
Adjusted Net income (Non-IFRS)		$	5,658,876		$	10,773,072

 

RECONCILIATION OF EARNINGS (LOSS) PER SHARE (IFRS) TO ADJUSTED EARNINGS PER SHARE (NON-IFRS)

		Six Months Ended June 30
Items		2025 (Unaudited and Unreviewed)			2024 (Unaudited and Unreviewed)
		(Amount in USD)
Basic Earnings (loss) per share (IFRS)		$	(0.43	)	$	0.17
Add: EPS impact of Exchange loss from currency devaluation			0.08			0.35
Add: EPS impact of Fair value remeasurement of financial instruments			0.64			0.63
Adjusted Basic Earnings per share (Non-IFRS)		$	0.29		$	1.15

 

Note: All per share amounts in above table are calculated using the basic weighted average ordinary shares outstanding of 19,819,284 and 9,330,948 for the six months ended June 30, 2025 and 2024, respectively.

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 convert our pipeline, our ability to and the circumstances under which we would reduce our debt, our ability to attract the attention of customers and investors alike, our expansion into southeast Asia, Gorilla's largest projects and 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.

Public Relations Contact:

Samantha Dowd
Prosek Partners
GRRR@prosek.com

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/262445

FAQ

What was Gorilla Technology's (GRRR) revenue growth in H1 2025?

Gorilla Technology reported revenue of $39.3 million in H1 2025, representing a 90.2% increase compared to the same period in 2024.

How much did Gorilla Technology (GRRR) raise in its July 2025 equity offering?

Gorilla Technology raised $105 million through an equity offering in July 2025 to fund future growth opportunities.

What is Gorilla Technology's (GRRR) current project pipeline value?

Gorilla Technology's project pipeline exceeds $5 billion, driven by increased capacity across the United States, Middle East, North Africa, Southeast & East Asia, South America, and the United Kingdom.

What new contracts did Gorilla Technology (GRRR) secure in H1 2025?

Gorilla secured three new contracts with Port of Tyne in the UK, Wan Hai Port in Taiwan, and ADE Corporation in Taiwan, focusing on AI-powered surveillance and criminal financial flow analysis.

What was Gorilla Technology's (GRRR) debt reduction in H1 2025?

Gorilla reduced its debt to $18.1 million, down from $21.4 million at the end of 2024, representing a reduction of $3.3 million.