Gorilla Sets Record Straight on Baseless Market Speculation

Rhea-AI Summary

Gorilla Technology Group (NASDAQ: GRRR) has issued a response to recent online speculation, defending its business fundamentals and operational transparency. The company emphasizes several key points:

• Collection of majority of Accounts Receivable in August 2024
• Current contract backlog of $93 million for 2025
• Revenue guidance of $90-100 million for the current year
• Pipeline growth from $2 billion to $6 billion
• Recent signing of $1.8 billion MoU for Thailand's electricity grid modernization

The company confirms its upcoming financial disclosures, including Full Year 2024 results on March 31, 2025, and 20-F filing on April 15, 2025. Gorilla also highlights its evolution into an AI-driven Smart City solutions provider and announces plans to achieve full Sarbanes-Oxley compliance for 2024, ahead of schedule.

Positive

• Contract backlog of $93 million for 2025
• Revenue guidance of $90-100 million for 2025
• Pipeline growth from $2 billion to $6 billion
• $1.8 billion MoU signed for Thailand electricity grid
• Majority of Accounts Receivable collected in August 2024
• Early achievement of Sarbanes-Oxley compliance

Negative

• Facing public criticism and speculation that required formal company response

Insights

Financial Analyst

Gorilla Technology's response to market speculation addresses several important aspects of its financial positioning. The company has collected the majority of its accounts receivable in August 2024, a critical indicator of operational health that directly impacts cash flow. This collection has been verified by Marcum Asia, their auditor (part of Marcum LLP, ranked #13 in the US).

The company's $93 million contract backlog for 2025 and reiterated revenue guidance of $90-100 million provide concrete metrics to evaluate their near-term financial trajectory. What's most significant is the substantial increase in their project pipeline from $2 billion to $6 billion, indicating strong business development momentum.

The recently announced $1.8 billion MoU for Thailand's electricity grid modernization demonstrates their ability to convert pipeline opportunities into substantial contracts. While an MoU isn't a final contract, it represents advanced-stage negotiations that typically progress to binding agreements.

Their commitment to full Sarbanes-Oxley compliance ahead of schedule signals strong internal controls and governance, addressing potential concerns about financial reporting integrity. The scheduled March 31st release of FY2024 results and April 15th 20-F filing will provide comprehensive verification of these financial claims and give investors the data needed to make informed decisions.

London, United Kingdom--(Newsfile Corp. - March 6, 2025) - Gorilla Technology Group Inc.  (NASDAQ: GRRR) ("Gorilla" or the "Company") is responding to recent misleading and uninformed online speculation that has caused unnecessary confusion among investors. The blog post in question relies on innuendo and vague insinuations rather than facts. Notably, the author made no attempt to verify their claims with the Company before publication. Gorilla remains fully transparent in its operations, regularly disclosing financial and business updates, and stands by its strong fundamentals, growing contract backlog, and clear strategic direction.

"If you want to understand Gorilla, read our research coverage by analysts from Alliance Global Partners and Northland Capital," said Jay Chandan, Chairman and CEO of Gorilla. "These seasoned professionals have decades of Wall Street experience and have conducted rigorous due diligence on our company. Both analysts have put buy ratings on Gorilla. By contrast, a self-published blogger is not a credible source of analysis."

Gorilla reiterates key facts about its business that have been previously disclosed:

• In August 2024, the Company collected on the majority of its Accounts Receivable, with the receipts reviewed by Gorilla's auditors as part of the preparation for the 1H 2024 financial statements. Gorilla's auditor, Marcum Asia, is part of Marcum LLP, a nationally recognized top accounting firm (#13 in US), further reinforcing the integrity and credibility of the Company's financial reporting.
• Over the past five years, Gorilla has strategically evolved into a leading provider of AI-driven Smart City solutions, with a strong emphasis on security convergence and the Internet of Things (IoT). The Company has consistently communicated this transition to the market, along with transparent disclosures on the details of its ongoing projects.
• Gorilla reports a backlog of signed contracts that are either in progress or scheduled for delivery. The Company's backlog stands at $93 million for 2025, and Gorilla reiterates its revenue guidance of $90-100 million for this year.
• The Company's pipeline increased from $2 billion to $6 billion within months, driven by new projects and the progression of projects into qualified leads. On March 3, 2025, Gorilla announced the signing of a $1.8 billion MoU to modernize Thailand's electricity grid, demonstrating the Company's ability to successfully advance and convert opportunities within its pipeline.
• The Company has announced that it will achieve full Sarbanes-Oxley compliance for 2024, two years ahead of the deadline for Emerging Growth Companies.
• Mr. Bower assumed the role of CFO in 2024 following an orderly transition from the previous CFO and has the full confidence of the Board.

The Company will release its Full Year 2024 financial results on March 31, 2025, and will file its 20-F report with the US Securities and Exchange Commission on April 15, 2025.

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 our ability to execute definitive agreements related to this smart education project, attract the attention of customers and win additional projects, 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 May 15, 2024 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
GRRR@redchip.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/243619

FAQ

What is Gorilla Technology's (GRRR) current contract backlog for 2025?

Gorilla Technology's contract backlog stands at $93 million for 2025.

What is the value of the Thailand electricity grid modernization MoU signed by GRRR?

Gorilla Technology signed a $1.8 billion MoU on March 3, 2025, for modernizing Thailand's electricity grid.

When will Gorilla Technology (GRRR) release its Full Year 2024 financial results?

Gorilla will release Full Year 2024 results on March 31, 2025, with 20-F filing following on April 15, 2025.

What is GRRR's revenue guidance for 2025?

Gorilla Technology has provided revenue guidance of $90-100 million for 2025.

How much has Gorilla Technology's (GRRR) project pipeline grown recently?

The company's pipeline increased from $2 billion to $6 billion within months.