FY23 Net Earnings Turn Profitable; Revenue Up 189% Y/Y; Gross Margin up 29.9 Points to 69.1%
Gorilla Technology reported a very strong FY23, with adjusted EBITDA of $29.0 million, compared with ($6.0) million for FY22. Revenue jumped 189% to $64.7 million, while gross margin increased nearly 30 points to 69.1%. Full-year 2023 net income of $19.9 million was also a turnaround from the $87.5 million loss in 2022. The stock traded up 23% pre-market after the earnings release. The profit turnaround was driven by: (1) a focus on expense management, driven by improving operational efficiency; (2) a commitment to innovation, including the use of AI; and (3) an emphasis on closing profitable deals. A confident CEO Jay Chandan said, “Today, we shatter expectations.” He also said, “Our earnings are not merely numbers; they are a testament to our technological dominance and visionary foresight.” The flip in adjusted EBITDA to $29.0 million from a loss of $6 million is a strong indicator of the strength of Gorilla’s operating results. For 2024, Gorilla sees a sales pipeline of more than $1 billion. This is partly driven by the company’s expected expansion deals within current geographic regions of operation—MENA, Thailand, South America, and the UK—and it has already successfully won sales amounting to approximately $300 million. Gorilla will host a recorded conference call on Monday, April 8, 2024, at 8:00 am ET to discuss its financial results. Webcast info and telephone info accessible in our full report. You can find our reports on Gorilla on the WTR website. Gorilla will also be presenting at WTR’s AI & Technology Conference on April 10 and 11. Registration link in our full report.
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