Gorilla Technology Group Inc. (NASDAQ:GRRR) Q4 2023 Results Conference Call April 8, 2024 8:00 AM ET Company Participants Cody Fletcher - Investor Relations, Blueshirt Group Jay Chandan - Chief Executive Officer & Chairman Daphne Huang - Chief Financial Officer Conference Call Participants John Roy - WTR Mike Latimore - Northland Capital Markets Brian Kinstlinger - Alliance Global Partners Brett Knoblauch - Cantor Fitzgerald Operator Good day, ladies and gentlemen. Thank you for standing by. And welcome to ...

--New Partnership Enables Gorilla Technology Group to Expand on Already Significant Presence in the Middle-East and North Africa Region----Raises the Benchmark for Integrated Security Solutions-- LONDON, March 04, 2024 (GLOBE NEWSWIRE) -- Gorilla Technology Group Inc. ("Gorilla") (NASDAQ:GRRR), a global leader in Security Intelligence, Network Intelligence, Business Intelligence, and IoT technology, and Lanner Electronics Inc. ("Lanner"), a renowned provider of advanced network appliances and rugged computi ...

Gorilla Technology Group Inc. (NASDAQ:GRRR) Q3 2023 Results Conference Call February 6, 2024 8:00 AM ET Company Participants Cody Fletcher - Investor Relations Jay Chandan - Chief Executive Officer Daphne Huang - Chief Financial Officer Operator Good day, ladies and gentlemen. Thank you for standing by. And welcome to the Gorilla Technology Group Nine Months Ended September 30, 2023 Earnings Conference Call. Currently, all participants are in listen-only mode. As a reminder, we are recording today's call. I ...

– Q3 revenues far exceeded total revenue of 2022 – – High value Product driven & Services business model reflected in 76.5% gross margin –– Won sales exceeded internal target of $68 million, standing at $300 million (a 441% increase) –– Achieved discounted run rate revenues of $88 million in Q3 –– Solid visibility with sales pipeline over $1 billion – LONDON, Feb. 05, 2024 (GLOBE NEWSWIRE) -- Gorilla Technology Group Inc. ("Gorilla") (NASDAQ:GRRR), a global provider of AI-based edge video analytics, IoT tec ...

Exhibit 99.1 Gorilla Technology Group Reports First Half 2023 Financial Results – Year-on-year growth in fiscal 2023 will be nearly 300% in constant currency – – Booked sales exceeded internal target of $41 million, standing at $272 million (a 563% increase) – – Revenue guidance of $65 million for 2023 and $90 million for 2024 – – Improved Visibility with Revenue Contracted Through 2026 – – 49.4% Gross Margin Af irms Success in Improving Quality of Customer Base – LONDON, August 9, 2023 -- Gorilla Technolog ...

Financial Performance - Gorilla's revenue for 2022 was $22.4 million, a decrease from $42.2 million in 2021[182] - Gross margin for 2022 was $8.3 million, down from $15.8 million in 2021[182] - Operating loss increased significantly to $86.5 million in 2022 from $8.2 million in 2021[182] - Net loss widened to $87.5 million in 2022 compared to $8.5 million in 2021[182] - Revenue decreased by $19.83 million (-47.0%) to $22.41 million in 2022 compared to $42.24 million in 2021, primarily due to reduced hardware, software, and services revenue in the Video IoT segment[198] - Security Convergence segment revenue increased by $0.66 million (5.4%) to $12.71 million in 2022, driven by more projects and hardware revenue[196] - Video IoT segment revenue decreased by $20.49 million (-67.9%) to $9.70 million in 2022 due to reduced hardware, software, and services revenue[196] - Cost of revenue decreased by $12.40 million (-46.8%) to $14.07 million in 2022, with Security Convergence costs increasing by $3.46 million (62.6%) and Video IoT costs decreasing by $15.86 million (-75.8%)[199] - Gross margin decreased by $7.44 million (-47.2%) to $8.34 million in 2022, with Security Convergence gross margin dropping to 29.2% and Video IoT gross margin rising to 47.7%[200] - Operating expenses increased by $70.91 million (296.3%) to $94.84 million in 2022, largely due to $70.11 million in share listing expenses[203] - Research and development expenses decreased by $0.94 million (-6.3%) to $14.11 million in 2022 due to reduced spending on new service offerings[203] - Sales and marketing expenses decreased by $1.32 million (-26.6%) to $3.64 million in 2022 due to reduced marketing efforts during the COVID-19 pandemic[203] - General and administrative expenses increased by $5.76 million (168.0%) to $9.19 million in 2022 due to additional costs associated with becoming a public company[203] - Net loss for the year increased by $78.99 million (924.1%) to $87.54 million in 2022, driven by higher operating expenses and reduced revenue[203] - Financial income (expense), net decreased by $29 thousand, or 4.6%, to $(599) thousand for the year ended December 31, 2022, compared to $(628) thousand for the year ended December 31, 2021[204] - Income tax expense increased by $0.67 million, or 280.7%, to $0.43 million for the year ended December 31, 2022, compared to $0.24 million of income tax benefit for the year ended December 31, 2021[206] - Net cash used in operating activities was $(8.77) million for the year ended December 31, 2022, compared to $1.62 million for the year ended December 31, 2021[210] - Capital expenditures were $3.01 million for the year ended December 31, 2022, primarily for research and development of new technology and services[213] - Research and development expenses were $14.1 million in 2022, accounting for 14.9% of operating expenses[218] - Gorilla's working capital as of December 31, 2022 was $19.50 million, with accounts receivable of $14.04 million and cash and cash equivalents of $16.37 million more than short-term borrowings[210][211] - Cash provided by financing activities was $23.61 million for the year ended December 31, 2022, primarily from PIPE investment and capital reorganization related to the Merger[216] - Gorilla had total unsecured and secured indebtedness of $23.85 million as of December 31, 2022, with compliance with credit agreements and indentures[217] - Gorilla's cash, cash equivalents as of December 31, 2022 was $23.00 million, with restricted cash and time deposits of $6.87 million and $7.50 million of availability under the revolving loan facility[209] Business Strategy and Growth - Gorilla plans to expand sales force and marketing efforts in Europe, MENA, and Asia regions[177] - The company expects increased R&D expenses as a percentage of sales due to labor costs and market competition[190] - Sales and marketing expenses are projected to grow with expansion into new markets and enhanced technical support[191] - Gorilla's future growth depends on its ability to enhance existing services and introduce new services that achieve market acceptance and penetrate new markets[19] - Gorilla's growth strategy includes significant investments in growth opportunities outside the Asia-Pacific, particularly in the European Union and United States[21] - Gorilla's business depends on expanding its base of clients and increasing their use of its services, and any decline in client usage could adversely affect its business[16] - Gorilla's competitive position depends on its ability to operate with third-party products and services, and failure to maintain compatibility could adversely impact its business[16] - Gorilla's market for edge AI services and products is relatively new and may decline or experience limited growth, impacting its business[16] - Gorilla experienced moderate growth in the past five years, except for the most recent fiscal year, with significant growth in data consumers, usage, and data volume supported by its platform[24] - Gorilla's largest customer in 2022 accounted for 24% of its revenue, while two governmental entities in Taiwan accounted for 10% and 16% respectively[29] - Gorilla anticipates its largest customer in 2023 will be a governmental entity in the MENA region[29] - Gorilla's business growth depends on expanding its client base and increasing client usage of its services, with many clients having no long-term contractual commitments[29] - Gorilla faces challenges in managing growth, including operational infrastructure, compliance programs, and adapting to foreign laws and regulations[24] - Partnerships are critical for Gorilla's growth, but integration costs and IT/data security issues may hinder success[24] - Gorilla's international expansion is complex and costly, with risks including regulatory compliance, cultural differences, and market-specific challenges[26] - Investments and acquisitions may not succeed due to integration difficulties, unforeseen costs, or failure to meet financial expectations[27] - Gorilla's ability to adapt to rapid technological changes and evolving industry standards is crucial for maintaining competitiveness[29] - Gorilla's reliance on a single customer and governmental entities poses significant revenue risks if these relationships are lost[29] - The edge AI market is relatively new and Gorilla's future success depends on the growth of this market and the adoption of its IVAR real-time analytics technology[31] - Gorilla's IVAR platform delivers edge AI services to clients in healthcare, transportation, manufacturing, and retail sectors[31] - Gorilla plans to focus on educating potential customers about the benefits of its services and expanding its range of offerings to increase market acceptance[31] - The company's competitive position relies on maintaining compatibility with third-party hardware, software, and infrastructure[31] - Gorilla partners with leading technology companies, including cloud infrastructure providers, telecoms, and chipset vendors, to provide end-to-end solutions[31] - The implementation of Gorilla's platforms can be complex and lengthy, requiring customer-specific configurations and training[31] - Gorilla faces intense competition from large enterprise software companies, government contractors, and emerging startups[34] - Competitors may offer broader product lines, lower costs, or more established relationships, which could impact Gorilla's market position[34] - Gorilla does not work with the Chinese Communist Party or host its platforms in China, which may limit its growth prospects[39] - The company's decision to avoid the Chinese market could adversely impact its business and competitive position[39] COVID-19 Impact - COVID-19 has impacted operations, including lengthened sales cycles and delayed service deliveries[183] - The COVID-19 pandemic has disrupted Gorilla's operations, leading to reduced travel and office expenditures but potential future increases in travel costs[42] - COVID-19 has caused delays in customer purchasing cycles, extended payment terms, and reduced IT budgets, negatively impacting Gorilla's sales and cash flows[42] - The global economic downturn caused by COVID-19 is expected to decrease technology spending, potentially reducing demand for Gorilla's platforms and services[42] - The duration of the COVID-19 pandemic and the pace of economic recovery remain uncertain, posing ongoing risks to Gorilla's business operations and financial results[42] Regulatory and Compliance - Gorilla's business combination with Global SPAC resulted in additional public company costs and regulatory requirements[174] - Gorilla is subject to GDPR and UK GDPR, with potential fines of up to €20 million or 4% of global annual revenues for noncompliance[69] - Gorilla may face significant costs and regulatory actions due to evolving EU and UK privacy laws on cookies and e-marketing, including potential fines and system changes[71] - The California Consumer Privacy Act (CCPA) imposes civil penalties and private rights of action for data breaches, potentially increasing Gorilla's compliance costs and liability[71] - Gorilla is reviewing its technology and systems to comply with evolving data privacy regulations, including GDPR, CCPA, and others[71] - Data localization laws in certain jurisdictions may restrict Gorilla's ability to expand or operate in those markets without significant additional costs[71] - Gorilla may face increased compliance costs and regulatory scrutiny due to evolving privacy and data protection laws in the US, EU, and other jurisdictions[71] - Noncompliance with privacy laws could result in governmental investigations, fines, litigation, and reputational damage for Gorilla[71] - Gorilla's business may be adversely affected by changes in the regulatory framework for artificial intelligence and machine learning technology[74] - Changes to foreign ownership restrictions or currency controls in Hong Kong could materially impact Gorilla's operations and results[74] - Gorilla's compliance with complex and evolving regulatory requirements may require significant resources and could negatively impact its business[73] - The PRC government may intervene in the company's Hong Kong operations, potentially leading to material changes and adverse financial impacts[76] - Uncertainties in the PRC's legal system, including evolving laws and regulations, could adversely affect the company's business and operations[77] - The company's incorporation in the Cayman Islands may limit shareholders' ability to protect their interests and enforce judgments in U.S. courts[79] - Recent economic substance legislation in the Cayman Islands may require the company to allocate additional resources for compliance, potentially impacting operations[80] - Political, economic, and military conditions in Taiwan could materially and adversely affect the company's business and operations[82] - The company is exposed to liabilities under the U.S. Foreign Corrupt Practices Act (FCPA) and Chinese anti-corruption laws, which could negatively impact its business and financial condition[83] - Currency exchange fluctuations and repatriation risks in international operations may materially affect the company's revenues and net income[85] - Gorilla faces significant foreign currency exchange rate risks due to transactions and expenses in multiple currencies, which could negatively impact its financial results[86] - Regulatory restrictions in certain jurisdictions, such as Asia and the MENA region, may limit Gorilla's ability to repatriate funds, increasing foreign exchange risk and impacting liquidity[86] Internal Controls and Financial Reporting - Gorilla identified material weaknesses in internal control over financial reporting, including insufficient accounting expertise and lack of policies for complex transactions[88] - Gorilla's management is implementing remedial measures to address internal control weaknesses, but there is no guarantee these will fully resolve the issues[88] - As a public company, Gorilla incurs increased legal, accounting, and compliance costs, which may rise further after it ceases to be an emerging growth company[91] - Gorilla's securities may experience significant price fluctuations and liquidity issues, especially if delisted from Nasdaq and traded on the OTC Bulletin Board[92] - Gorilla's financial forecasts rely on assumptions that may prove incorrect, potentially leading to actual results significantly below expectations[93] - Gorilla, as a foreign private issuer, is exempt from certain U.S. proxy rules and has less frequent reporting obligations compared to U.S. domestic companies[95] - Gorilla may lose its foreign private issuer status if more than 50% of its voting securities are owned by U.S. residents and a majority of its directors or executives are U.S. citizens, leading to significant additional legal and accounting costs[96] - Gorilla's stock price and trading volume may be volatile due to factors such as market fluctuations, analyst estimates, key personnel changes, and compliance issues with Nasdaq or Sarbanes-Oxley Act[97][98] - Gorilla's quarterly operating results may fluctuate significantly due to labor costs, product profitability, interest rate changes, macroeconomic conditions, and commodity price fluctuations[98] - If securities or industry analysts cease publishing research or issue unfavorable reports about Gorilla, the price and trading volume of its securities could decline[100] - Gorilla's failure to meet Nasdaq's continued listing requirements, such as corporate governance or minimum bid price, could result in delisting, negatively impacting liquidity and price[101] - Gorilla qualifies as an emerging growth company, allowing it to take advantage of certain exemptions from reporting requirements, which may make its securities less attractive to investors[101] Intellectual Property and Cybersecurity - Gorilla relies on patents, copyrights, and trade secrets to protect its intellectual property, but enforcement can be costly and may not prevent unauthorized use or reverse engineering[50] - Gorilla relies on confidentiality agreements and security measures to protect proprietary information, but risks of unauthorized disclosure or third-party infringement remain, potentially harming its competitive position[52] - Gorilla faces potential intellectual property disputes, which could lead to costly litigation, licensing fees, or changes in product branding, adversely affecting its business[52] - Gorilla has indemnity agreements with customers and partners, but intellectual property infringement claims could harm customer relationships and expose the company to significant legal expenses[52] - Cybersecurity threats, including data breaches and unauthorized access, could result in reputational damage, financial losses, and regulatory penalties for Gorilla[54] - Gorilla's reliance on third-party vendors like AWS for infrastructure and services exposes it to risks of service disruptions, performance issues, and increased costs[57] - AI integration in Gorilla's platforms carries risks of flawed algorithms, biased data, and reputational harm, potentially leading to legal liability and competitive disadvantages[55] - Gorilla's platforms are critical to customer operations, and service interruptions could lead to contract terminations, financial penalties, and reputational damage[57] - Gorilla's disaster recovery planning may not account for all eventualities, and catastrophic events could severely disrupt its business operations[57] - Gorilla's insurance coverage may not fully protect against cybersecurity incidents or intellectual property claims, potentially exposing the company to significant financial liabilities[54] - Gorilla's ability to maintain relationships with third-party providers and ensure error-free services is crucial for delivering effective products and solutions to customers[57] - The company may face adverse business and reputational consequences due to its policies on customer confidentiality and privacy, including potential legal challenges to government requests for information[59] - The company's success depends on protecting its intellectual property, but unauthorized use or infringement by third parties could harm its competitive position[60] - The company may face costly intellectual property claims, which could result in significant damages, licensing fees, or the need to develop alternative technologies[62] - Errors, defects, or bugs in the company's platforms could harm its reputation, revenue, and market share, especially in critical customer applications[63] - Real or perceived platform failures could lead to customer terminations, claims, or additional resource expenditures, despite liability limitations in agreements[65] - Mishandling or perceived mishandling of sensitive customer data could harm the company's business, reputation, and demand for its products[66] - The company's operations and platforms must comply with privacy and data protection laws, such as GDPR and CCPA, to avoid harming its business and financial condition[67] Market and Competitive Risks - Gorilla's quarterly financial results may fluctuate due to factors such as timing of revenues, pricing changes, customer retention, and market adoption of its data service platform[40] - Political and economic instability, including tensions between China and Taiwan and the conflict in Ukraine, could negatively affect Gorilla's business and financial condition[44] - Gorilla does not hold cash deposits or securities at Silicon Valley Bank or Signature Bank and has not experienced liquidity issues, but broader financial industry uncertainty remains a risk[46] - Gorilla faces challenges in attracting and retaining highly skilled personnel, particularly engineers and sales professionals, due to intense competition and immigration restrictions[49] - Gorilla's ability to meet financial expectations or those of analysts and investors could be adversely affected by quarterly fluctuations, leading to a decline in its share price[40] - The company's decision to avoid the Chinese market could adversely impact its business and competitive position[39] - Gorilla's competitive position depends on its ability to operate with third-party products and services, and failure to maintain compatibility could adversely impact its business[16] - Gorilla's market for edge AI services and products is relatively new and may decline or experience limited growth, impacting its business[16] - Gorilla faces intense competition from large enterprise software companies, government contractors, and emerging startups[34] - Competitors may offer broader product lines, lower costs, or more established relationships, which could impact Gorilla's market position[34] - Gorilla's ability to adapt to rapid technological changes and evolving industry standards is crucial for maintaining competitiveness[29] - Gorilla's reliance on a single customer and governmental entities poses significant revenue risks if these relationships are lost[29] - The edge AI market is relatively new and Gorilla's future success depends on the growth of this market and the adoption of its IVAR real-time analytics technology[31] - Gorilla's IVAR platform delivers edge AI services to clients in healthcare, transportation, manufacturing, and retail sectors[31] - Gorilla plans to focus on educating potential customers about the benefits of its services and expanding its range of offerings to increase market acceptance[31] - The company's competitive position relies on maintaining compatibility with third-party hardware, software, and infrastructure[31] - Gorilla partners with leading technology companies, including cloud infrastructure providers, telecoms, and chipset vendors, to provide end-to-end solutions[31] - The implementation of Gorilla's platforms can be complex and lengthy, requiring customer-specific configurations and training[31] - Gorilla's business growth depends on expanding its client base and increasing client usage of its services, with many clients having no long-term contractual commitments[29] - Gorilla faces challenges in managing growth, including operational infrastructure, compliance programs, and adapting to foreign laws and regulations[24] - Partnerships are critical for Gorilla's growth, but integration costs and IT/data security issues may hinder success[24] - Gorilla's international expansion is complex and costly, with risks including regulatory compliance, cultural differences, and market-specific challenges[26] - Investments and acquisitions may not succeed

Exhibit 99.1 Gorilla Technology Group Reports 2022 Financial Results --2022 Transition Year post IPO— --Starts 2023 with Groundbreaking MENA Smart City Cybersecurity Win– -- Clear Revenue Visibility for 2023 and 2024 -- --Initiates 2023 Revenue Guidance of $65 to $75 million-- LONDON, April 4, 2023 -- Gorilla Technology Group Inc. ("Gorilla") (NASDAQ: GRRR), a global provider of AI-based edge video analytics, IoT technologies, and cybersecurity, today reported its unaudited financial results for the year en ...