Significant Beat for First Nine Months 2023; Revenue up 105% Y/Y; Adjusted EBITDA Positive
Gorilla Technology reported a strong first nine months of 2023, with adjusted EBITDA of $13.4 million versus a $4 million loss for the same period the previous year. The stock closed up 96% after the earnings release. The profit turnaround was driven by: (1) revenue growth of more than 100% to $38.0 million for nine months (analysts were expecting $21.8 million); and (2) an increase in gross margin from 33.2% a year ago to 76.5% for the ninemonth period. CEO Jay Chandan described the results as “stellar earnings for the first nine months of 2023.” He also highlighted management’s expectations for meeting the company’s 2023 revenue target of $90 million. The jump in adjusted EBITDA growth reflects technology service-driven gross margin, expense control, and the absence of one-time transaction expenses related to the NASDAQ listing, which were the primary operating expenses of 2022. Gorilla entered 2024 with a “solid visibility” for its target of a $1 billion sales pipeline. This is partly driven by the company’s planned substantial investment of up to $100 million into Egypt. The initiative encompasses the development of cybersecurity products, establishing a distribution hub for the Middle East, and the establishment of datacenters in the region. The company currently has a discounted run rate of more than $88 million a year. Gorilla will host a pre-recorded conference call on Tuesday, February 6, 2024, at 8:00 am ET to discuss the company’s financial results. Webcast and telephone information accessible in our full report.
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