CEO Highlights Business Strengths, International Successes, and Growth Plans for Future
On February 20, WTR held a fireside chat with Chairman and CEO Jay Chandan. The conversation can be accessed on-demand in our full report. Overall, the discussion highlighted the company’s success moving into new markets and its vision for the future. Chandan highlighted the results of Gorilla’s recent first nine months of 2023 earnings, including: (1) likely growing 2023 revenue more than 300% Y/Y (final numbers are not out yet); (2) closing 2023 with more than $300 million in contracts won; (3) being EBITDA positive; and (4) making progress on its international expansion. For 2024, Chandan sees revenue of $90 million, with increased net income and more international growth. He also expects an additional $150 million to $250 million in potential new business wins. The company’s sales pipeline is estimated at slightly more than $1 billion. Earnings wise, Chandan said he is looking to maintain the 40%-plus gross margins, keep EBITDA very healthy, and aiming for double-digit net income for the foreseeable future. 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. For the first nine months of 2023, Gorilla beat estimates on both the top and bottom lines. Revenue of $37.9 million was above analysts’ expectations of ~$20.0 million and up from $18.5 million a year ago (105%). The company also reported adjusted EBITDA of $13.4 million, compared with ($4.1 million) in the same period of the prior year. Management attributes the strength to the success of the Egypt project and a decrease in the cost of labor. View this fireside chat and reports on Gorilla on our website, including a summary of the first nine months of 2023 earnings.
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