Gorilla Technology Group Reports Results Through Q3 2023; Nine-Month Revenue Of $37.9M
Portfolio Pulse from Benzinga Newsdesk
Gorilla Technology Group Inc. (GRRR) reported a significant increase in its financial performance for the first nine months of 2023, with revenues reaching $37.9M, a more than double increase from the previous year. The company achieved a gross margin of 76.5%, a substantial rise from the previous year's 33%, and turned around its comprehensive income to $7.2M from a loss of $86M last year. Adjusted EBITDA surged by 431% YoY. Gorilla's CEO highlighted the company's exceeding of Q3 revenue expectations, a robust sales pipeline over $1 billion, and confidence in meeting the 2024 revenue target of $90M. The company's financial success is attributed to its AI-based edge video analytics, IoT technologies, and security convergence offerings.
February 05, 2024 | 1:20 pm
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Gorilla Technology Group Inc. (GRRR) reported a significant increase in its financial performance for the first nine months of 2023, with revenues reaching $37.9M, a more than double increase from the previous year. The company achieved a gross margin of 76.5%, a substantial rise from the previous year's 33%, and turned around its comprehensive income to $7.2M from a loss of $86M last year. Adjusted EBITDA surged by 431% YoY.
The significant improvement in Gorilla Technology Group's financial performance, including a more than double increase in revenue, a substantial rise in gross margin, and a turnaround from a comprehensive loss to a comprehensive income, indicates a strong positive impact on the company's stock price in the short term. The company's exceeding of Q3 revenue expectations and a robust sales pipeline further support this outlook.
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