UNITED STATES

SECURITIES AND EXCHANGE COMMISSION 

Washington, D.C. 20549 

 

FORM 6-K

  

REPORT OF FOREIGN PRIVATE ISSUER 

PURSUANT TO RULE 13a-16 OR 15d-16 

UNDER THE SECURITIES EXCHANGE ACT OF 1934 

 

For the month of February 2024

Commission File Number: 001-41448 

 

Gorilla Technology Group Inc.

(Translation of registrant’s name into English)

 

Meridien House

42 Upper Berkeley Street

Marble Arch

London, United Kingdom W1H 5QJ

(Address of principal executive offices)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

 

Form 20-F       Form 40-F

 

 

 

 

 

 

Explanatory Note

 

On February 5, 2024, Gorilla Technology Group Inc., a Cayman Islands exempted company (the “Company”), issued a press release announcing results through the third quarter of 2023 and providing certain guidance for fiscal year 2024. The press release is furnished as Exhibit 99.1 to this Report of Foreign Private Issuer on Form 6-K. Certain information relating to the Company’s results for the nine-month periods ended September 30, 2023 and September 30, 2022 is filed as Exhibit 99.2 to this Report of Foreign Private Issuer on Form 6-K and is incorporated by reference herein.

 

1

 

 

INCORPORATION BY REFERENCE

 

Only the information included in Exhibit 99.2 of this Report of Foreign Private Issuer on Form 6-K is hereby incorporated by reference into the Company’s Registration Statements on Form F-3 (File Nos. 333-274053, 333-267838 and 333-276708) and on Form S-8 (File No. 333-275749) (including any prospectuses forming a part of such registration statements) and shall be a part thereof from the date on which this Report of Foreign Private Issuer on Form 6-K is filed, to the extent not superseded by documents or reports subsequently filed or furnished. The information included in Exhibit 99.1 of this Report of Foreign Private Issuer on Form 6-K is not incorporated by reference into the foregoing registration statements (nor into any prospectuses forming a part thereof).

 

2

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  Gorilla Technology Group Inc.
     
Date: February 5, 2024 By: /s/ Jayesh Chandan
  Name:  Jayesh Chandan
  Title:

Chief Executive Officer

(Principal Executive Officer)

 

3

 

 

Exhibit Index

 

Exhibit   Description
99.1   Press release dated February 5, 2024.
99.2   Certain information relating to the Company’s results for the nine-month periods ended September 30, 2023 and September 30, 2022.

 

 

4

 

 

Exhibit 99.1

 

Gorilla Technology Group Reports Results Through Third Quarter 2023

 

– 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, February 5, 2024 – Gorilla Technology Group Inc. (“Gorilla”) (NASDAQ: GRRR), a global provider of AI-based edge video analytics, IoT technologies, and security convergence, today reported financial results for the nine months ending September 30, 2023.

 

YTD Highlights

 

Surging Revenue: Nine-month revenue of $37.9 million surged by over 2x versus the same period, last year.

 

High and Expanding Margin Reflects Value of Business Model: The robust 76.5% gross margin underscores Gorilla’s dynamic product-driven and services-oriented business model, a significant leap from the approximately 33% gross margin recorded in the previous year.

 

Bottom Line Focus: Achieved an impressive turnaround, with total comprehensive income soaring to $7.2 million, a remarkable improvement from last year’s comprehensive loss of ($86 million). This result underscores Gorilla’s unwavering commitment to boosting profitability at the bottom line. The adjusted EBITDA experienced an extraordinary surge, reaching $13.4 million, marking an outstanding 431% YoY increase compared to an EBITDA loss of ($4 million) for the same period last year.

 

Exceptional Visibility: With discounted run rate revenue over $88 million today, Gorilla affirms its target to achieve at least $90 million of revenue in 2024 and is on course to becoming cash flow positive.

 

Gorilla Chief Executive Officer Jay Chandan commented, “I am absolutely thrilled to announce stellar earnings for the first nine months of 2023! We’ve not just met our numbers for Q3, but exceeded expectations, showcasing the incredible dedication and hard work of every member of our team. It’s not just about the numbers; it’s a testament to our shared commitment to excellence.

 

“Our revenue soared to new heights, and in fact our revenue this quarter far exceeded analyst expectations of $21.8 million. This is due to the success of our innovative strategies and unwavering customer focus. We’re not just navigating the market, we’re shaping it. Gross margin more than doubled versus last year due to our relentless pursuit of quality, creativity, and customer satisfaction. Furthermore, comprehensive net income and adjusted EBITDA soared, showcasing our commitment to benefiting shareholders by driving profitability to the bottom line.”

 

Chandan continued, “We’re not just achieving financial milestones—we’re forging a path of sustained growth and industry leadership. A heartfelt thank you to our dedicated team, loyal customers, and supportive stakeholders. With our momentum building, we are confident that the full year 2023 results is expected to meet prior guidance and that we are primed to achieve our target 2024 revenue of $90 million. We entered 2024 with a $1 billion sales pipeline. This sales pipeline is not just a numerical milestone, it is a testament to our dedication to pushing boundaries, exploring new opportunities, and providing unparalleled value to our clients. There is still plenty of work to be done to convert those leads into contracts and revenue, but my confidence in our team has never been greater.”

 

 

 

 

Chandan concluded, “Our dedication to judicious cost management has produced remarkable outcomes. We have streamlined our expenses without compromising the quality and efficiency of our operations, making a substantial contribution to our positive financial results. Our cash flow continues to be resilient, affording us the financial flexibility to explore additional project opportunities, invest in innovation, and navigate potential economic uncertainties. Looking forward, we hold an optimistic view of the future and persist in upholding the highest standards of financial stewardship. Our unwavering focus on innovation, operational excellence and customer satisfaction will remain the driving forces behind our ongoing success.”

 

Earnings Call

 

The Company will host a pre-recorded conference call on Tuesday, February 6, 2024 at 8:00 a.m. EST to discuss the Company's financial results.

 

Webcast: https://edge.media-server.com/mmc/p/95an8tgp 

 

Telephone: Click here to register and join the event. Upon registering, you will be emailed a dial-in number and unique PIN.

 

Third Quarter 2023 Results

 

Unless noted otherwise, all figures are for the nine months ended September 30, 2023, and all comparisons are with the corresponding period of 2022.

 

The following table summarizes financial results (unaudited and unreviewed):

 

   Nine months ended
September 30
 
Items  2023   2022 
   (Unaudited) 
Revenue  $37,963,456   $ 18,481,617 
Cost of Revenue   (8,940,687)   (12,354,340)
Gross Profit   29,022,769    6,127,277 
Gross Margin   76.5%   33.2%
Operating Expense   (19,813,528)   (90,189,301)
Operating Income (Loss)   9,209,241    (84,062,024)
Net Profit (Loss)  $6,901,573   $(85,024,550)

 

2

 

 

The following table shows our EBIT, EBITDA, and adjusted EBITDA, together reconciled to the net profit (loss) for the nine-month period ended September 30, 2023, and 2022.

 

   Nine months
ended
September 30,
2023
   Nine months
ended
September 30,
2022
 
   (Unaudited) 
Net Profit (Loss)  $6,901,573   $(85,024,550)
Income tax expense   2,240,873    334,333 
Interest and Finance costs    66,795     628,193 
EBIT  $9,209,241    (84,062,024)
Depreciation expense    421,429     6,147,749 
Amortization expense    680,871     1,604,988 
EBITDA  $10,311,541   $(76,309,287)
Transaction costs (one time)(1)   3,097,764    72,256,845 
Adjusted EBITDA   13,409,305    (4,052,442)

 

(1)Transaction costs are one-off expenses for one-time employee expenses and professional services related to asset acquisition, professional services for one-time project which are considered as one-off corporate development events and added back for calculation of adjusted EBITDA. Transaction cost in nine months ended September 30, 2022 includes $70.1 million non-cash de-SPAC share listing expense.

 

Revenue for the nine months ended September 30, 2023, grew significantly as engagement with the country of Egypt has begun and is progressing on schedule. Adjusted EBITDA growth of 431% reflects technology service driven gross margin, aggressive expense control, and the absence of one-time transaction expenses related to the Nasdaq listing, which were the primary operating expenses of 2022.

 

The interim period financial statements for the first nine months of 2023 included herein have not been audited or reviewed by the Company’s independent registered accounting firm.

 

About Gorilla Technology Group Inc.

 

“Empowering Your Tomorrow”

 

Gorilla, headquartered in London U.K., is a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence and IoT technology. Gorilla provides 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.

 

3

 

 

The Company’s vision is to empower a connected tomorrow through innovative and transformative technologies. Gorilla envisions a world where seamless connectivity transcends boundaries, enriching lives, industries, and societies.

 

Gorilla’s commitment is to lead the way in pioneering innovative solutions that bridge gaps, foster collaboration, and inspire progress. By relentlessly pushing the boundaries of technology, the Company aims to create an ecosystem where individuals, businesses and communities thrive in an era of digital empowerment.

 

Through continuous innovation, ethical practices and a steadfast dedication to quality, Gorilla strives to shape a future where every interaction, transaction, and experience is enhanced by the power of technology.

 

For more information go to 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 future revenues, our ability to attract the attention of customers and investors alike, our ability to fund operations as we execute a strategic shift to pursue the larger and higher margin opportunities in Security Convergence, our expectations to swing to profit in the quarters ahead, our immediate priorities, Gorilla’s strategic shift to enable it to pursue larger projects with better revenue visibility, Gorilla’s contract with the Government of Egypt, Gorilla’s ability to win additional projects and execute definitive contracts related thereto, 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 April 28, 2023, those described under the heading “Risk Factors” in Exhibit 99.5 to the Form 6-K Gorilla filed with the SEC on August 17, 2023 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.

 

4

 

 

Non-IFRS Measures

 

Certain of the measures included in this press release are non-IFRS financial measures, including adjusted EBITDA. Non-IFRS financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with IFRS, and non-IFRS financial measures as used by Gorilla are not reported by all their competitors and may not be comparable to similarly titled amounts used by other companies.

 

We believe that the non-IFRS measures such as adjusted EBITDA provide useful information about our core operating results, enhance the overall understanding of our past performance and prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. We present adjusted EBITDA to provide more information and greater transparency to investors about our operating results.

 

Adjusted EBITDA represents EBITDA excluding transaction costs and share listing expenses which are one-off expenses for professional services related to our Business Combination, asset acquisition and SOX 404 implementation project, which are considered as non-recurring corporate development events and added back for calculation of adjusted EBITDA.

 

The final table which shows our EBIT, EBITDA, and adjusted EBITDA, together reconciled to the net profit (loss) for the periods ended September 30, 2023, and 2022 in this results announcement has more details on the non-IFRS financial measures and the related reconciliations between these financial measures.

 

Investor Relations Contact: 

 

Cody Fletcher 

The Blueshirt Group for Gorilla 

+1 (434) 251-7165 

gorillair@blueshirtgroup.com

 

Media Contact:

 

James McCusker

Canaan Parish Group Inc.

+1 (203) 585-4750

canaanparishgroup@gmail.com

 

5

 

 

Gorilla Technology Group

Consolidated Balance Sheet

September 30, 2023 and 2022

(Expressed in USD)

 

Items  September 30,
2023
(Unaudited and
Unreviewed)
   December 31,
2022
 
Assets        
Current assets        
Cash and cash equivalents  $18,757,494   $22,996,377 
Financial assets at fair value through profit or loss - current   1,014,613    1,073,229 
Financial assets at amortized cost - current (restricted cash)   39,774,961    6,871,187 
Contract assets   9,578,119    725,441 
Accounts receivable   18,840,146    14,041,611 
Inventories   46,322    68,629 
Prepayments - current   1,048,575    1,266,442 
Other receivables   669,217    648,617 
Other current assets   31,030    61,803 
Total current assets   89,760,477    47,753,336 
Non-current assets          
Property, plant and equipment   15,138,075    16,132,567 
Right-of-use assets   6,396    16,675 
Intangible assets   8,907,133    56,342 
Deferred income tax assets   32,365    29,905 
Prepayments - non-current   353,612    612,982 
Other non-current assets   996,543    659,071 
Total non-current assets   25,434,124    17,507,542 
Total assets  $115,194,601   $65,260,878 

 

6

 

 

Gorilla Technology Group

Consolidated Balance Sheet

September 30, 2023 and 2022

(Expressed in USD)

 

Items  September 30,
2023
(Unaudited and
Unreviewed)
   December 31,
2022
 
Liabilities and Equity          
Liabilities          
Current liabilities          
Short-term borrowings  $16,835,012   $13,492,935 
Contract liabilities   265,736    58,475 
Notes payable   574    602 
Accounts payable   7,210,756    6,674,528 
Other payables   9,108,295    3,620,998 
Provisions - current   76,432    88,469 
Lease liabilities - current   6,501    16,981 
Warrant liabilities   11,540,506    2,042,410 
Convertible Preference Shares Liabilities   13,384,346    0 
Long-term borrowings, current portion   1,601,806    2,108,896 
Other current liabilities, others   88,990    152,373 
Total current liabilities   60,118,954    28,256,667 
Non-current liabilities          
Long-term borrowings   6,993,180    8,251,788 
Provisions - non-current   72,496    61,057 
Deferred income tax liabilities   145,502    148,183 
Total non-current liabilities   7,211,178    8,461,028 
Total liabilities   67,330,132    36,717,695 
Equity          
Equity attributable to owners of parent          
Share capital          
Ordinary share   7,646    7,136 
Capital surplus   167,450,030    154,730,389 
Retained earnings          
Accumulated deficit   (90,082,807)   (96,984,380)
Other equity interest          
Financial statements translation differences of foreign operations   69,740    370,178 
Treasury shares   (29,580,140)   (29,580,140)
Equity attributable to owners of the parent   47,864,469    28,543,183 
Total equity   47,864,469    28,543,183 
Significant contingent liabilities and unrecognized contract commitments          
Total liabilities and equity  $115,194,601   $65,260,878 

 

7

 

 

Gorilla Technology Group

Consolidated Income Statement

For the Period Ended September 30, 2023 and 2022

(Unaudited and Unreviewed)

(Expressed in USD)

 

   Nine months ended
September 30
 
Items  2023   2022 
Revenue  $37,963,456   $18,481,617 
Cost of revenue   (8,940,687)   (12,354,340)
Gross profit   29,022,769    6,127,277 
Operating expenses          
Selling and marketing expenses   (1,224,888)   (2,915,374)
General and administrative expenses   (11,633,842)   (5,319,841)
Research and development expenses   (3,358,489)   (11,261,954)
Share listing expenses   0    (70,104,989)
Other income   83,292    968,389 
Other gains (losses) – net   (3,679,601)   (1,555,532)
Total operating expenses   (19,813,528)   (90,189,301)
Operating income (loss)   9,209,241    (84,062,024)
Non-operating income and expenses          
Interest income   524,738    33,199 
Finance costs   (591,533)   (661,392)
Total non-operating income and expenses   (66,795)   (628,193)
Profit (Loss) before income tax   9,142,446    (84,690,217)
Income tax expense   (2,240,873)   (334,333)
Profit (Loss) for the period  $6,901,573   $(85,024,550)
Other comprehensive (loss) income          
Components of other comprehensive (loss) income that may be reclassified to profit or loss          
Exchange differences on translation of foreign operations  $300,438   $(1,085,141)
Other comprehensive income (loss) for the period, net of tax  $300,438   $(1,085,141)
Total comprehensive income (loss) for the period  $7,202,011   $(86,109,691)

 

8

 

 

Gorilla Technology Group Inc. and Subsidiaries
Reconciliation of Non-IFRS Financial Measures – Adjusted EBITDA Calculation
(Unaudited and Unreviewed)
(Expressed in USD)

 

Items  Nine months
ended
September 30,
2023
   Nine months
ended
September 30,
2022
 
Profit (Loss) for the period  $6,901,573   $(85,024,550)
Depreciation Expense   421,429    6,147,749 
Amortization Expense   680,871    1,604,988 
Income Tax Expense (Benefit)   2,240,873    334,333 
Interest and Finance Costs   66,795    628,193 
Transaction Costs (one time)   3,097,764    72,256,845 
Adjusted EBITDA  $13,409,305   $(4,052,442)

 

 

 

9

 

Exhibit 99.2

 

Third Quarter 2023 Results

 

Unless noted otherwise, all figures are for the nine months ended September 30, 2023, and all comparisons are with the corresponding period of 2022.

 

The following table summarizes financial results (unaudited and unreviewed):

 

   Nine months ended 
   September 30 
Items  2023   2022 
   (Unaudited) 
Revenue  $37,963,456   $18,481,617 
Cost of Revenue   (8,940,687)   (12,354,340)
Gross Profit   29,022,769    6,127,277 
Gross Margin   76.5%   33.2%
Operating Expense   (19,813,528)   (90,189,301)
Operating Income (Loss)   9,209,241    (84,062,024)
Net Profit (Loss)  $6,901,573   $(85,024,550)

 

The following table shows our EBIT, EBITDA, and adjusted EBITDA, together reconciled to the net profit (loss) for the nine-month period ended September 30, 2023, and 2022.

 

   Nine months ended
September 30,
2023
   Nine months ended
September 30,
2022
 
   (Unaudited) 
Net Profit (Loss)  $6,901,573   $(85,024,550)
Income tax expense   2,240,873    334,333 
Interest and Finance costs   66,795    628,193 
EBIT  $9,209,241    (84,062,024)
Depreciation expense   421,429    6,147,749 
Amortization expense   680,871    1,604,988 
EBITDA  $10,311,541   $(76,309,287)
Transaction costs (one time)(1)   3,097,764    72,256,845 
Adjusted EBITDA   13,409,305    (4,052,442)

 

(1)Transaction costs are one-off expenses for one-time employee expenses and professional services related to asset acquisition, professional services for one-time project which are considered as one-off corporate development events and added back for calculation of adjusted EBITDA. Transaction cost in nine months ended September 30, 2022 includes $70.1 million non-cash de-SPAC share listing expense.

 

The interim period financial statements for the first nine months of 2023 included herein have not been audited or reviewed by the Company’s independent registered accounting firm.

 

Non-IFRS Measures

 

Certain of the measures included herein are non-IFRS financial measures, including adjusted EBITDA. Non-IFRS financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with IFRS, and non-IFRS financial measures as used by Gorilla are not reported by all their competitors and may not be comparable to similarly titled amounts used by other companies.

 

We believe that the non-IFRS measures such as adjusted EBITDA provide useful information about our core operating results, enhance the overall understanding of our past performance and prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. We present adjusted EBITDA to provide more information and greater transparency to investors about our operating results.

 

Adjusted EBITDA represents EBITDA excluding transaction costs and share listing expenses which are one-off expenses for professional services related to our Business Combination, asset acquisition and SOX 404 implementation project, which are considered as non-recurring corporate development events and added back for calculation of adjusted EBITDA.

 

The final table which shows our EBIT, EBITDA, and adjusted EBITDA, together reconciled to the net profit (loss) for the periods ended September 30, 2023, and 2022 in this results announcement has more details on the non-IFRS financial measures and the related reconciliations between these financial measures.

 

 

 

 

Gorilla Technology Group

Consolidated Balance Sheet

September 30, 2023 and 2022

(Expressed in USD)

 

Items  September 30,
2023
(Unaudited and
Unreviewed)
   December 31,
2022
 
Assets        
Current assets        
Cash and cash equivalents  $18,757,494   $22,996,377 
Financial assets at fair value through profit or loss - current   1,014,613    1,073,229 
Financial assets at amortized cost - current (restricted cash)   39,774,961    6,871,187 
Contract assets   9,578,119    725,441 
Accounts receivable   18,840,146    14,041,611 
Inventories   46,322    68,629 
Prepayments - current   1,048,575    1,266,442 
Other receivables   669,217    648,617 
Other current assets   31,030    61,803 
Total current assets   89,760,477    47,753,336 
Non-current assets          
Property, plant and equipment   15,138,075    16,132,567 
Right-of-use assets   6,396    16,675 
Intangible assets   8,907,133    56,342 
Deferred income tax assets   32,365    29,905 
Prepayments - non-current   353,612    612,982 
Other non-current assets   996,543    659,071 
Total non-current assets   25,434,124    17,507,542 
Total assets  $115,194,601   $65,260,878 

 

2

 

 

Gorilla Technology Group

Consolidated Balance Sheet

September 30, 2023 and 2022

(Expressed in USD)

 

Items  September 30,
2023
(Unaudited and
Unreviewed)
   December 31,
2022
 
Liabilities and Equity        
Liabilities        
Current liabilities        
Short-term borrowings  $16,835,012   $13,492,935 
Contract liabilities   265,736    58,475 
Notes payable   574    602 
Accounts payable   7,210,756    6,674,528 
Other payables   9,108,295    3,620,998 
Provisions - current   76,432    88,469 
Lease liabilities - current   6,501    16,981 
Warrant liabilities   11,540,506    2,042,410 
Convertible Preference Shares Liabilities   13,384,346    0 
Long-term borrowings, current portion   1,601,806    2,108,896 
Other current liabilities, others   88,990    152,373 
Total current liabilities   60,118,954    28,256,667 
Non-current liabilities          
Long-term borrowings   6,993,180    8,251,788 
Provisions - non-current   72,496    61,057 
Deferred income tax liabilities   145,502    148,183 
Total non-current liabilities   7,211,178    8,461,028 
Total liabilities   67,330,132    36,717,695 
Equity          
Equity attributable to owners of parent          
Share capital          
Ordinary share   7,646    7,136 
Capital surplus   167,450,030    154,730,389 
Retained earnings          
Accumulated deficit   (90,082,807)   (96,984,380)
Other equity interest          
Financial statements translation differences of foreign operations   69,740    370,178 
Treasury shares   (29,580,140)   (29,580,140)
Equity attributable to owners of the parent   47,864,469    28,543,183 
Total equity   47,864,469    28,543,183 
Significant contingent liabilities and unrecognized contract commitments          
Total liabilities and equity  $115,194,601   $65,260,878 

 

3

 

 

Gorilla Technology Group

Consolidated Income Statement

For the Period Ended September 30, 2023 and 2022

(Unaudited and Unreviewed)

(Expressed in USD)

 

   Nine months ended
September 30
 
Items  2023   2022 
Revenue  $37,963,456   $18,481,617 
Cost of revenue   (8,940,687)   (12,354,340)
Gross profit   29,022,769    6,127,277 
Operating expenses          
Selling and marketing expenses   (1,224,888)   (2,915,374)
General and administrative expenses   (11,633,842)   (5,319,841)
Research and development expenses   (3,358,489)   (11,261,954)
Share listing expenses   0    (70,104,989)
Other income   83,292    968,389 
Other gains (losses) – net   (3,679,601)   (1,555,532)
Total operating expenses   (19,813,528)   (90,189,301)
Operating income (loss)   9,209,241    (84,062,024)
Non-operating income and expenses          
Interest income   524,738    33,199 
Finance costs   (591,533)   (661,392)
Total non-operating income and expenses   (66,795)   (628,193)
Profit (Loss) before income tax   9,142,446    (84,690,217)
Income tax expense   (2,240,873)   (334,333)
Profit (Loss) for the period  $6,901,573   $(85,024,550)
Other comprehensive (loss) income          
Components of other comprehensive (loss) income that may be reclassified to profit or loss          
Exchange differences on translation of foreign operations  $300,438   $(1,085,141)
Other comprehensive income (loss) for the period, net of tax  $300,438   $(1,085,141)
Total comprehensive income (loss) for the period  $7,202,011   $(86,109,691)

 

4

 

 

Gorilla Technology Group Inc. and Subsidiaries

Reconciliation of Non-IFRS Financial Measures – Adjusted EBITDA Calculation

(Unaudited and Unreviewed)

(Expressed in USD)

 

Items  Nine months ended
September 30,
2023
   Nine months ended
September 30,
2022
 
Profit (Loss) for the period  $6,901,573   $(85,024,550)
Depreciation Expense   421,429    6,147,749 
Amortization Expense   680,871    1,604,988 
Income Tax Expense (Benefit)   2,240,873    334,333 
Interest and Finance Costs   66,795    628,193 
Transaction Costs (one time)   3,097,764    72,256,845 
Adjusted EBITDA  $13,409,305   $(4,052,442)

 

 

 

5