Gorilla Technology Group Ord Shs - GRRR STOCK NEWS

Gorilla Technology Group (NASDAQ: GRRR) reported its 2022 financial results, revealing a revenue decline to $22.4 million, down 47% from $42.2 million in 2021. Despite this, the company has shifted focus toward security convergence, highlighted by a significant $100 million Smart City cybersecurity project win in MENA. Gorilla expects 2023 revenue to range from $65 to $75 million, signaling potential growth. The operational restructure included leadership changes and discontinuation of unprofitable projects, aiming for stronger global presence. Gross margin was stable at 37.2%. Adjusted EBITDA showed a loss of $6 million, with cash reserves at $23 million.

Gorilla Technology Group Inc. (NASDAQ: GRRR) will release its full year 2022 financial results on April 4, 2023, after U.S. market close. A conference call is scheduled for April 5, 2023, at 8:00 a.m. ET to discuss these results and provide financial guidance. Gorilla specializes in AI-based edge video analytics, IoT technologies, and cybersecurity, serving sectors like Smart Cities and Enterprise Security. The press release includes forward-looking statements that caution actual outcomes may differ significantly from expectations.

Gorilla Technology Group Inc. (NASDAQ: GRRR) has announced a significant partnership with Lanner and Hailo to launch the E-300 Edge AI Appliance, designed for enhanced video analytics. This appliance boasts a cost-effective price-to-performance ratio, capable of processing up to 24 real-time video analytics streams using an entry-level CPU, which typically manages only 4. The E-300 integrates Gorilla's Intelligent Video Analytics Recorder and Hailo's AI acceleration card, allowing seamless deployment without the need for expanding hardware capabilities. This advanced solution aims to accelerate the adoption of video analytics across sectors, enhancing operational efficiency.

Gorilla Technology Group (NASDAQ: GRRR) has been selected as one of 15 innovative UK tech companies to participate in the inaugural UK-Southeast Asia Tech Week from March 13 to March 20, 2023. Sponsored by the UK Department for Business and Trade, this initiative aims to enhance engagements with businesses and government leaders in Jakarta and Bangkok. Gorilla will engage in networking, workshops, and one-on-one sessions to explore business opportunities in the growing digital economy of Southeast Asia, projected to exceed US$360bn by 2025.

Gorilla Technology Group has announced a significant milestone in its globalization strategy by securing its first U.K. customer for its edge-based Video Analytics solution aimed at enhancing port operations. This achievement signals the company's commitment to expanding its market presence and capabilities following its headquarters relocation to London. Gorilla's Chief Innovation Officer highlighted the potential growth opportunities in the U.K. port industry, which handled over 445 million tons of cargo in 2021. Gorilla aims to leverage its advanced technology to meet the increasing demand for Smart Port solutions, indicating a positive outlook for future client acquisitions.

Gorilla Technology Group Inc. (NASDAQ: GRRR) has appointed Lawrence Ng as the new Head of Asia, tasked with overseeing growth from the company's newly opened office in Singapore. Ng brings over 25 years of relevant experience, previously serving as Vice President of Sales for Asia-Pacific at Aspen Technology, and holds degrees from the University at Buffalo and Nanyang Technological University Singapore. Gorilla aims to strengthen its market position in Asia with Ng's technological expertise and business development skills, focusing on expanding its cybersecurity offerings and enhancing product innovation.

Gorilla Technology Group has relocated its corporate headquarters from Taipei to London, enhancing its globalization strategy. This move aims to support the company’s strategic initiatives and cater to its expanding global customer base across the U.K., Europe, MENA, and North America. Gorilla believes this relocation will foster innovation and attract global talent, further driving growth in both Western and Asian markets. Additionally, a new R&D lab will be established in London, utilizing talent acquired from its acquisition of SeeQuestor's technology.

Gorilla Technology Group (NASDAQ: GRRR) announces the successful acquisition of SeeQuestor Limited, enhancing its video analytics capabilities. This merger accelerates Gorilla's delivery of hybrid video analytics at the edge, providing a significant competitive advantage. The integration will enable Gorilla to offer a comprehensive product suite to public and private sector clients, while also expanding its market reach in Europe, the Middle East, and North America. CEO Jay Chandan emphasized that this acquisition aligns with the company's mission to develop smarter, safer societies through advanced video analytics technology.

Gorilla Technology Group Inc. (NASDAQ: GRRR) has announced that holders of Class A contingent value rights (CVRs) will receive distributions of ordinary shares. The first distribution of 0.252 shares per CVR occurred based on an average VWAP price of $8.14 on December 21, 2022. A subsequent distribution of 0.307 shares per CVR was determined from an average VWAP price of $6.53 on December 30, 2022. To qualify for these distributions, CVR holders must provide specific information via a notice to Gorilla. If not validated within a year, the shares will be forfeited. This press release fulfills Gorilla’s obligations under the Contingent Value Rights Agreement.