Gorilla Technology Group Inc. Ordinary shares - GRRR STOCK NEWS

Gorilla Technology Group Inc. (NASDAQ: GRRR) has issued a strong statement against market manipulation of its stock. The company has been actively investigating suspicious trading activities since August 2023, with further instances identified in June and September 2024. Gorilla has reported its findings to the U.S. Securities and Exchange Commission (SEC) and remains committed to protecting shareholders by combating any behavior that undermines market transparency and fairness.

Additionally, Gorilla has reaffirmed its intention to pursue share repurchases under its recently announced buyback program, expressing confidence that the company's stock is substantially undervalued given its financial performance. The company remains focused on executing its business strategy to deliver continued growth and profitability.

Gorilla Technology Group Inc. (NASDAQ: GRRR) reported exceptional financial results for H1 2024, demonstrating significant growth and profitability. Key highlights include:

- Revenue increased by 222% to $20.67 million
- Gross profit surged 456% to $17.68 million
- Achieved operating profit of $1.77 million, up from a $7.29 million loss in H1 2023
- Net profit of $1.61 million, compared to a $7.27 million loss in H1 2023
- Total overheads reduced by 27.55% to $8.20 million
- EBITDA improved to $2.49 million from a $6.56 million loss
- Adjusted EBITDA reached $2.65 million, up from a $3.47 million loss

The company attributes this growth to market expansion, operational excellence, and increased demand for AI-driven solutions. Gorilla expects to surpass $72 million in revenue for the full year 2024.

RedChip Companies will air interviews with Gorilla Technology Group Inc. (NASDAQ:GRRR) and MUSQ Global Music Industry ETF (NYSE:MUSQ) on the RedChip Small Stocks, Big Money™ show on Bloomberg TV on September 28, at 7 p.m. ET. Jay Chandan, CEO of Gorilla Technology, will provide a corporate update, highlighting the company's 22 years of operational excellence and 29 granted patents. Gorilla specializes in edge AI, big data analytics, IoT security, and virtualization infrastructure for sectors like government and public safety.

David Schulhof, Founder and CEO of MUSQ , will discuss the MUSQ Global Music Industry ETF, which tracks companies in music streaming, content, distribution, live events, and music technology. The global music industry is projected to grow significantly, with Goldman Sachs predicting revenue of $163.7 billion by 2030. The MUSQ ETF offers exposure to key industry players and is positioned to benefit from live music events and industry digitalization.

Gorilla Technology Group Inc. (NASDAQ: GRRR) and CS Energy Technology Co., have announced a strategic cooperation agreement to develop innovative solutions for smart and green cities across Thailand and Southeast Asia. The partnership aims to leverage Gorilla's expertise in AI, cybersecurity, IoT, and OT security, alongside CS Energy's infrastructure solutions in energy, communications, and transportation.

The collaboration focuses on creating intelligent and sustainable urban environments by integrating smart energy management, green technology, and enhanced security. Key objectives include enhancing energy efficiency through smart grid systems, microgrids, and energy storage technologies, as well as developing EV infrastructure and energy-efficient systems.

This partnership aims to support Southeast Asia's drive towards sustainable urbanization, meeting growing energy demands while supporting carbon reduction and clean energy adoption. The initiative draws inspiration from global smart city projects and aims to apply best practices within the local context of Southeast Asia.

Gorilla Technology Group Inc. (NASDAQ: GRRR) has completed the purchase of over 1.1 million shares as part of its recently launched share buyback programme. With over $40 million in unrestricted cash, Gorilla plans to continue purchasing additional shares, believing its stock is substantially undervalued. The company is focusing on several key areas:

1. Aggressive business expansion across multiple regions and sectors
2. Maintaining financial and operational excellence
3. Laser focus on cash generation from existing contracts and future opportunities
4. Protecting shareholder value by monitoring suspicious trading activity

Gorilla anticipates reporting its 1H results before September 30th, with further updates on business strategy and market performance to follow.

Gorilla Technology Group Inc. (NASDAQ: GRRR) has announced a strategic share buyback program of up to $6 million, aiming to address what it believes is a significant undervaluation of its shares. The company has entered into privately negotiated transactions to repurchase over 1.1 million ordinary shares, expected to close within five business days. This initiative comes in response to a sharp decline in the company's market cap from approximately $650 million to $35 million, despite strong business performance.

Key financial highlights include:

• Free cash reserves exceeding $40 million
• Current assets totaling over $58 million, including restricted capital
• Real estate holdings valued at over $25 million

The company expects to release unaudited financial statements for the first half of 2024 by September 30, 2024.

Gorilla Technology Group Inc. (NASDAQ: GRRR) has announced a joint venture with Lanner Electronics to manufacture Gorilla's Next Generation Security Convergence appliances in Thailand. This venture follows their recent MOU and will introduce a new line of AI-enabled cybersecurity products at Lanner's existing facility in Thailand.

The product line will feature three distinct SKUs: entry-level, mid-range, and high-performance models, catering to various customer segments. This initiative aims to enhance production efficiency, quality, and scalability while strengthening Gorilla's regional presence and addressing global customer demands.

The partnership is expected to position both companies as leaders in delivering next-generation Customer Premise Equipment (CPE) and innovative appliances, reinforcing their commitment to driving technological advancements globally.

Gorilla Technology Group Inc. (NASDAQ: GRRR) has appointed Bruce Bower as Interim Chief Financial Officer (CFO). With over 20 years of experience in strategic financial management, capital raising, and corporate governance, Bower joins Gorilla at a important growth phase. His responsibilities will include overseeing financial operations, strategic planning, budgeting, and investor relations. Bower will also lead efforts to optimize Gorilla's capital structure and ensure rigorous financial governance as the company expands globally.

Jay Chandan, Chairman & CEO of Gorilla Technology Group, expressed excitement about Bower's appointment, highlighting his expertise in securing substantial capital and strategic vision. Bower, in turn, shared his enthusiasm for joining Gorilla's executive team, emphasizing his commitment to aligning financial strategy with the company's ambitious goals and driving operational excellence to power global expansion.

Gorilla Technology Group Inc. (NASDAQ: GRRR) has secured two major project wins in Taiwan, reinforcing its position in AI-driven security and smart city solutions. The first project involves expanding an AI Airside Management System at Taoyuan International Airport, building on initiatives dating back to 2016 to enhance security and operational efficiency. The second project focuses on collaborating with a leading telecom company to expand core network investigation systems for a national law enforcement agency in Taiwan, part of Gorilla's Smart Policing Solutions. This initiative aims to deliver a standardized and compliant system for telecom infrastructure that meets law enforcement requirements. These wins demonstrate Gorilla's commitment to innovation in AI and Cybersecurity, as well as its ability to address critical client needs in security infrastructure.