.2
Gorilla Technology Group Inc. and Subsidiaries
Condensed Interim Consolidated Financial Statements (Unaudited)
For the Nine Months Ended September 30, 2025 and 2024
TABLE OF CONTENTS
Gorilla Technology Group Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Expressed in United States dollars)
|
As of |
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|
September 30, |
December 31, |
|||||||
|
2025 |
2024 |
|||||||
|
Items |
(Unaudited) |
(Audited) |
||||||
|
Assets |
||||||||
|
Current assets |
||||||||
|
Cash and cash equivalents |
$ | 110,154,134 | $ | 21,699,202 | ||||
|
Financial assets at fair value through profit or loss (“FVTPL”) |
1,000 | 1,000 | ||||||
|
Restricted deposits |
11,293,830 | 15,773,099 | ||||||
|
Accounts receivable, net |
36,532,310 | 25,670,157 | ||||||
|
Other receivables, net |
416,306 | 432,696 | ||||||
|
Unbilled receivables (Contract assets) |
56,325,755 | 34,306,195 | ||||||
|
Inventories |
- | 5,199 | ||||||
|
Prepayments |
14,065,030 | 28,632,212 | ||||||
|
Other current assets |
148,909 | 151,816 | ||||||
|
Total current assets |
228,937,274 | 126,671,576 | ||||||
|
Non-current assets |
||||||||
|
Property and equipment |
16,220,642 | 14,939,143 | ||||||
|
Right-of-use assets |
656,181 | 505,345 | ||||||
|
Intangible assets |
2,532,574 | 2,931,661 | ||||||
|
Deferred tax assets, net |
11,290,577 | 6,938,213 | ||||||
|
Prepayments |
231,841 | 315,304 | ||||||
|
Financial assets at FVTPL |
4,000,000 | - | ||||||
|
Other non-current assets |
2,576,450 | 1,494,740 | ||||||
|
Total non-current assets |
37,508,265 | 27,124,406 | ||||||
|
Total assets |
$ | 266,445,539 | $ | 153,795,982 | ||||
(Continued)
Gorilla Technology Group Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(Expressed in United States dollars)
|
As of |
||||||||
|
September 30, |
December 31, |
|||||||
|
2025 |
2024 |
|||||||
|
Items |
(Unaudited) |
(Audited) |
||||||
|
Liabilities and Equity |
||||||||
|
Liabilities |
||||||||
|
Current liabilities |
||||||||
|
Short-term borrowings |
$ | 10,316,113 | $ | 15,073,458 | ||||
|
Long-term borrowings, current portion |
1,017,012 | 1,972,371 | ||||||
|
Accounts and other payables |
38,024,239 | 28,490,211 | ||||||
|
Lease liabilities |
298,017 | 210,448 | ||||||
|
Stock warrant liabilities |
536,728 | 20,082,272 | ||||||
|
Unearned revenue (Contract liabilities) |
- | 273,227 | ||||||
|
Provisions |
65,196 | 37,673 | ||||||
|
Income tax liabilities |
12,471,229 | 9,028,829 | ||||||
|
Other current liabilities |
99,079 | 142,796 | ||||||
|
Total current liabilities |
62,827,613 | 75,311,285 | ||||||
|
Non-current liabilities |
||||||||
|
Long-term borrowings |
3,746,221 | 4,372,188 | ||||||
|
Lease liabilities |
561,877 | 579,699 | ||||||
|
Guarantee deposits |
392,299 | 364,047 | ||||||
|
Provisions |
5,452 | 22,013 | ||||||
|
Deferred tax liabilities |
653,114 | 42,897 | ||||||
|
Total non-current liabilities |
5,358,963 | 5,380,844 | ||||||
|
Total liabilities |
68,186,576 | 80,692,129 | ||||||
|
Equity |
||||||||
|
Ordinary share capital |
25,309 | 19,443 | ||||||
|
Capital surplus |
355,479,664 | 254,585,267 | ||||||
|
Share application money pending allotment |
48,637 | - | ||||||
|
Accumulated deficit |
(156,770,038 | ) | (148,238,729 | ) | ||||
|
Foreign currency translation reserve |
(524,609 | ) | (55,500 | ) | ||||
|
Treasury shares |
- | (33,206,628 | ) | |||||
|
Equity attributable to owners of the parent |
198,258,963 | 73,103,853 | ||||||
|
Total equity |
198,258,963 | 73,103,853 | ||||||
|
Total liabilities and equity |
$ | 266,445,539 | $ | 153,795,982 | ||||
Gorilla Technology Group Inc. and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
(Expressed in United States dollars)
|
Nine Months Ended September 30, |
||||||||
|
Items |
2025 | 2024 | ||||||
|
Revenue |
$ | 65,803,253 | $ | 40,729,601 | ||||
|
Cost of revenue |
(42,477,042 | ) | (13,550,000 | ) | ||||
|
Gross profit |
23,326,211 | 27,179,601 | ||||||
|
Operating expenses: |
||||||||
|
Selling and marketing expenses |
(1,123,092 | ) | (855,096 | ) | ||||
|
General and administrative expenses |
(12,471,330 | ) | (9,480,120 | ) | ||||
|
Research and development expenses |
(2,051,298 | ) | (1,544,814 | ) | ||||
|
Currency exchange losses, net* |
(14,992,410 | ) | (6,635,774 | ) | ||||
|
Fair value remeasurement of financial instruments, net |
(1,335,052 | ) | (12,889,279 | ) | ||||
|
Other gains (losses), net |
1,288 | (7,639 | ) | |||||
|
Total operating expenses |
(31,971,894 | ) | (31,412,722 | ) | ||||
|
Operating loss |
(8,645,683 | ) | (4,233,121 | ) | ||||
|
Non-operating income (expenses) |
||||||||
|
Interest income |
2,300,420 | 842,820 | ||||||
|
Finance costs |
(428,924 | ) | (566,431 | ) | ||||
|
Non-operating income (expenses) |
1,871,496 | 276,389 | ||||||
|
Loss before income tax |
(6,774,187 | ) | (3,956,732 | ) | ||||
|
Income tax expense |
(1,757,122 | ) | (2,213,166 | ) | ||||
|
Loss for the period |
(8,531,309 | ) | (6,169,898 | ) | ||||
|
Other comprehensive income (loss) |
||||||||
|
Components of other comprehensive income (loss) that may not be reclassified to profit or loss |
||||||||
|
Remeasurement of defined benefit plans |
- | (44,804 | ) | |||||
|
Components of other comprehensive income (loss) that may be reclassified to profit or loss |
||||||||
|
Exchange differences on translation of foreign operations |
(469,109 | ) | (605,309 | ) | ||||
|
Other comprehensive loss for the period, net of tax |
(469,109 | ) | (650,113 | ) | ||||
|
Total comprehensive loss for the period |
(9,000,418 | ) | (6,820,011 | ) | ||||
|
Loss per share |
||||||||
|
Basic |
$ | (0.41 | ) | $ | (0.64 | ) | ||
|
Diluted |
$ | (0.41 | ) | $ | (0.64 | ) | ||
|
Weighted average ordinary shares used in computing loss per share |
||||||||
|
Basic |
20,941,912 | 9,701,845 | ||||||
|
Diluted |
20,941,912 | 9,701,845 | ||||||
|
* |
Currency exchange losses, net primarily include amounts of $18,017,727 and $7,180,891 during the nine months ended September 30, 2025 and 2024, respectively, due to depreciation of the Egyptian pound against the U.S. dollar. |
Gorilla Technology Group Inc. and Subsidiaries
Condensed Consolidated Statements of Changes in Equity (Unaudited)
Nine Months Ended September 30, 2025 and 2024
(Expressed in United States dollars)
|
Equity attributable to owners of the parent |
||||||||||||||||||||||||||||||||||||
|
Capital Surplus |
||||||||||||||||||||||||||||||||||||
|
Ordinary |
Additional |
Employee |
Restricted |
Share |
Accumulated |
Foreign currency |
Treasury |
Total |
||||||||||||||||||||||||||||
|
Balance at January 1, 2025 |
$ | 19,443 | $ | 253,786,028 | $ | 764,333 | $ | 34,906 | $ | - | $ | (148,238,729 | ) | $ | (55,500 | ) | $ | (33,206,628 | ) | $ | 73,103,853 | |||||||||||||||
|
Loss for the period |
- | - | - | - | - | (8,531,309 | ) | - | - | (8,531,309 | ) | |||||||||||||||||||||||||
|
Other Comprehensive loss for the period |
- | - | - | - | - | - | (469,109 | ) | - | (469,109 | ) | |||||||||||||||||||||||||
|
Total comprehensive loss for the period |
- | - | - | - | - | (8,531,309 | ) | (469,109 | ) | - | (9,000,418 | ) | ||||||||||||||||||||||||
|
Stock issued against exercise of employee stock option plans |
2 | 17,794 | - | - | 48,637 | - | - | - | 66,433 | |||||||||||||||||||||||||||
|
Acquisition of treasury stock |
- | - | - | - | - | - | - | (1,798,849 | ) | (1,798,849 | ) | |||||||||||||||||||||||||
|
Share-based payment for professional services |
15 | 271,035 | - | - | - | - | - | - | 271,050 | |||||||||||||||||||||||||||
|
Stock issued against restricted share units |
256 | 879,175 | - | 381,089 | - | - | - | - | 1,260,520 | |||||||||||||||||||||||||||
|
Issuance of ordinary shares, pre-funded warrants (“PFW”), and reissuance of treasury stock |
3,044 | 69,991,332 | - | - | - | - | - | 35,005,477 | 104,999,853 | |||||||||||||||||||||||||||
|
Issuance costs related to issuance of ordinary shares and PFW |
- | (6,563,806 | ) | - | - | - | - | - | - | (6,563,806 | ) | |||||||||||||||||||||||||
|
Stock issued against exercise of stock warrants |
2,549 | 35,917,778 | - | - | - | - | - | - | 35,920,327 | |||||||||||||||||||||||||||
|
Balance at September 30, 2025 |
$ | 25,309 | $ | 354,299,336 | $ | 764,333 | $ | 415,995 | $ | 48,637 | $ | (156,770,038 | ) | $ | (524,609 | ) | $ | - | $ | 198,258,963 | ||||||||||||||||
|
Equity attributable to owners of the parent |
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|
Capital Surplus |
||||||||||||||||||||||||||||||||||||
|
Ordinary |
Additional |
Employee |
Restricted |
Share |
Accumulated |
Foreign currency |
Treasury |
Total |
||||||||||||||||||||||||||||
|
Balance at January 1, 2024 |
$ | 7,846 | $ | 165,228,386 | $ | 764,333 | $ | 175,599 | $ | - | $ | (83,399,309 | ) | $ | 955,018 | $ | (29,580,140 | ) | $ | 54,151,733 | ||||||||||||||||
|
Loss for the period |
- | - | - | - | - | (6,169,898 | ) | - | - | (6,169,898 | ) | |||||||||||||||||||||||||
|
Other Comprehensive loss for the period |
- | - | - | - | - | (44,804 | ) | (605,309 | ) | - | (650,113 | ) | ||||||||||||||||||||||||
|
Total comprehensive loss for the period |
- | - | - | - | - | (6,214,702 | ) | (605,309 | ) | - | (6,820,011 | ) | ||||||||||||||||||||||||
|
Acquisition of treasury stock |
- | - | - | - | - | - | - | (3,626,488 | ) | (3,626,488 | ) | |||||||||||||||||||||||||
|
Share-based payment for professional services & acquisition of intangible asset |
127 | 722,050 | - | - | - | - | - | - | 722,177 | |||||||||||||||||||||||||||
|
Stock issued against exercise of convertible preference shares |
2,509 | 8,304,992 | - | - | - | - | - | - | 8,307,501 | |||||||||||||||||||||||||||
|
Stock issued against restricted share units |
31 | 30,708 | - | 15,277 | - | - | - | - | 46,016 | |||||||||||||||||||||||||||
|
Issuance of ordinary shares |
2,143 | 11,287,861 | - | - | - | - | - | - | 11,290,004 | |||||||||||||||||||||||||||
|
Balance at September 30, 2024 |
$ | 12,656 | $ | 185,573,997 | $ | 764,333 | $ | 190,876 | $ | - | $ | (89,614,011 | ) | $ | 349,709 | $ | (33,206,628 | ) | $ | 64,070,932 | ||||||||||||||||
Gorilla Technology Group Inc. and Subsidiaries
Condensed Consolidated Statements of Cash Flows (Unaudited)
(Expressed in United States dollars)
|
Nine Months Ended September 30, |
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|
2025 |
2024 |
|||||||
|
CASH FLOWS FROM OPERATING ACTIVITIES |
||||||||
|
Loss before tax |
$ | (6,774,187 | ) | $ | (3,956,732 | ) | ||
|
Adjustments to reconcile loss to net cash used in operating activities: |
||||||||
|
Expected credit losses |
6,107 | 628,908 | ||||||
|
Depreciation expenses |
547,057 | 421,102 | ||||||
|
Amortization expenses |
460,082 | 664,840 | ||||||
|
Gain on disposal of property and equipment |
- | (350 | ) | |||||
|
Share-based payment expenses |
271,050 | 722,177 | ||||||
|
Share-based compensation expenses |
1,260,520 | 46,016 | ||||||
|
Interest expense |
428,924 | 566,431 | ||||||
|
Interest income |
(2,300,420 | ) | (842,820 | ) | ||||
|
Unrealized exchange loss, net |
14,200,162 | 6,204,669 | ||||||
|
Fair value remeasurement of financial instruments, net |
1,335,052 | 12,935,425 | ||||||
|
Changes in working capital |
||||||||
|
Changes in working capital assets |
||||||||
|
Unbilled receivables (Contract assets) |
(64,580,853 | ) | (37,806,475 | ) | ||||
|
Accounts receivable, net |
16,442,676 | 17,321,735 | ||||||
|
Inventories |
5,362 | (27 | ) | |||||
|
Prepayments |
16,400,744 | (7,644,607 | ) | |||||
|
Other receivables |
(4,737 | ) | (1,479 | ) | ||||
|
Other assets |
(971,181 | ) | (534,644 | ) | ||||
|
Changes in working capital liabilities |
||||||||
|
Unearned revenue (Contract liabilities) |
(297,290 | ) | (42,713 | ) | ||||
|
Accounts and other payables |
8,889,265 | 1,574,722 | ||||||
|
Provisions |
2,738 | (49,017 | ) | |||||
|
Other liabilities |
(50,791 | ) | 8,129 | |||||
|
Guarantee deposits |
546 | 27,164 | ||||||
|
Cash flows used in operations |
(14,729,174 | ) | (9,757,546 | ) | ||||
|
Interest received |
2,321,991 | 746,403 | ||||||
|
Interest paid |
(462,033 | ) | (821,347 | ) | ||||
|
Income tax paid |
(2,212,279 | ) | (55,405 | ) | ||||
|
Net cash flows used in operating activities |
(15,081,495 | ) | (9,887,895 | ) | ||||
|
CASH FLOWS FROM INVESTING ACTIVITIES |
||||||||
|
Acquisition of property and equipment |
(524,902 | ) | (475,415 | ) | ||||
|
Proceeds from disposal of property and equipment |
- | 1,650 | ||||||
|
Acquisition of intangible assets |
(54,987 | ) | (40,125 | ) | ||||
|
Investment in financial assets at FVTPL |
(4,000,000 | ) | (588,600 | ) | ||||
|
Dividend distribution from financial assets at FVTPL |
- | 1,536,555 | ||||||
|
Investment in restricted deposits |
(9,539,696 | ) | - | |||||
|
Proceeds from restricted deposits |
14,373,072 | 17,748,269 | ||||||
|
Net cash flows from investing activities |
253,487 | 18,182,334 | ||||||
|
CASH FLOWS FROM FINANCING ACTIVITIES |
||||||||
|
Proceeds from short-term borrowings |
15,145,922 | 7,165,924 | ||||||
|
Repayments of short-term borrowings |
(20,874,199 | ) | (7,217,546 | ) | ||||
|
Repayments of long-term borrowings |
(2,018,709 | ) | (1,250,407 | ) | ||||
|
Principal repayment of lease liabilities |
(227,739 | ) | (109,388 | ) | ||||
|
Repayments of loan from shareholders |
- | (3,000,000 | ) | |||||
|
Acquisition of treasury stock |
(1,798,849 | ) | (3,626,489 | ) | ||||
|
Proceeds from exercise of stock options |
66,433 | - | ||||||
|
Proceeds from issuance of preferred shares and stock warrants |
15,039,730 | 9,650,000 | ||||||
|
Proceeds from issuance of ordinary shares and PFW |
104,999,853 | - | ||||||
|
Payment of issuance costs related to issuance of ordinary shares and PFW |
(6,524,746 | ) | - | |||||
|
Proceeds from issuance of ordinary shares |
- | 11,290,004 | ||||||
|
Net cash flows from financing activities |
103,807,696 | 12,902,098 | ||||||
|
Effect of foreign exchange rate changes |
(524,756 | ) | 306,017 | |||||
|
Net increase in cash and cash equivalents |
88,454,932 | 21,502,554 | ||||||
|
Cash and cash equivalents at beginning of period |
21,699,202 | 5,306,857 | ||||||
|
Cash and cash equivalents at end of period |
$ | 110,154,134 | $ | 26,809,411 | ||||
Reconciliation of non-IFRS Financial Measures to IFRS Measures
Reconciliation of Operating Loss to EBITDA and Adjusted EBITDA
|
Nine Months Ended September 30 |
||||||||
|
2025 |
2024 |
|||||||
|
Items |
(Unaudited and Unreviewed) |
|||||||
|
(Amount in USD) |
||||||||
|
Operating loss (IFRS) |
$ | (8,645,683 | ) | $ | (4,233,121 | ) | ||
|
Add: Depreciation expenses |
547,057 | 421,102 | ||||||
|
Add: Amortization expenses |
460,082 | 664,840 | ||||||
|
EBITDA (non-IFRS) |
$ | (7,638,544 | ) | $ | (3,147,179 | ) | ||
|
Add: Exchange loss from currency devaluation |
18,017,727 | 7,180,891 | ||||||
|
Add: Fair value remeasurement of financial instruments, net |
1,335,052 | 12,889,279 | ||||||
|
Add: Stock-based compensation expenses |
1,260,520 | 46,016 | ||||||
|
Adjusted EBITDA (non-IFRS) |
$ | 12,974,755 | $ | 16,969,007 | ||||
Reconciliation of Net Loss and Loss per Share to Adjusted Net Income and Adjusted Earnings per Share
|
Nine Months Ended September 30 |
||||||||||||||||
|
2025 |
2024 |
|||||||||||||||
|
Items |
(Unaudited and Unreviewed) |
|||||||||||||||
|
(Amount in USD) |
||||||||||||||||
|
Amount |
EPS Impact |
Amount |
EPS Impact |
|||||||||||||
|
Net loss (IFRS) |
$ | (8,531,309 | ) | $ | (0.41 | ) | $ | (6,169,898 | ) | $ | (0.64 | ) | ||||
|
Add: Exchange loss from currency devaluation |
18,017,727 | 0.86 | 7,180,891 | 0.74 | ||||||||||||
|
Add: Fair value remeasurement of financial instruments |
1,335,052 | 0.06 | 12,889,279 | 1.33 | ||||||||||||
|
Add: Stock-based compensation expenses |
1,260,520 | 0.07 | 46,016 | 0.01 | ||||||||||||
|
Less: Tax effects of stock-based compensation expenses |
(21,170 | ) | (0.00 | ) | (107 | ) | (0.00 | ) | ||||||||
|
Adjusted Net income (non-IFRS) |
$ | 12,060,820 | $ | 0.58 | $ | 13,946,181 | $ | 1.44 | ||||||||
|
Adjusted diluted earnings per share (non-IFRS) |
$ | 0.56 | $ | 1.44 | ||||||||||||