CEO Discusses Equity Raise, Audited Financials, Egypt, Warrant Overhang, and Future Plans
On June 20, 2024, WTR held a fireside chat with Chairman and CEO Jay Chandan. Chandan addressed a number of investor questions and talked about future plans. This report contains a transcript of the conversation, which can be accessed on demand. Link in our full report accessible below. On the equity raise question, Chandan highlighted that the company has no current plans for a larger offering and that management is focused on minimizing fundraising and dilution for shareholders. Gorilla’s recent $12 million equity raise positioned the company to deliver on existing projects. Regarding audited financials, the company has been audited by PwC for 20 years. This year, when it moved from PwC to Marcum, the transition took a little longer than expected. In order to make sure things are smoother in the future, Gorilla is setting up an independent FP&A team in its India office in Chennai and the focus of the FP&A team will be on a digital transformation of financial modeling, setting up internal controls, and working on a lean Six Sigma approach. Chandan talked about the devaluation of the Egyptian currency, and how, while the company is hedged somewhat, it is also providing an opportunity. Gorilla is building top-tier facilities at a fraction of the cost. This includes both operations and manufacturing. It uses both local talent and materials to reduce costs for Egypt and the rest of the region. Operational efficiency is a key for Chandan and the company is working to improve customer credit control mechanisms. The business, the finance team, and the ops team are making sure that there is a plan for clearing all the debtors. Gorilla’s $19 million EBITDA profit last year was solid, but an improved cash conversion cycle is also needed, and the company expects to see continuing improvements. Gorilla is a leading smart city full technology suite integrator. Growth is being driven by global expansion into new markets across MENA, SEA, LatAm, and the EU. The company believes its strengths are its project lifecycle management with continued support and uniquely tailored problem-solving capabilities. View this fireside chat and reports on Gorilla on our website.
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