6-K
Gorilla Technology Group Inc. (GRRR)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
For the month of June 2025
Commission File Number: 001-41448
Gorilla Technology Group Inc.
(Translation of registrant’s name into English)
Meridien House
42 Upper Berkeley Street
Marble Arch
London, United Kingdom W1H 5QJ
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
Explanatory Note
On June 18, 2025, Gorilla Technology Group Inc., a Cayman Islands exempted company (the “Company”), issued a press release announcing earnings for the first quarter of fiscal year 2025. The press release is furnished as Exhibit 99.1 to this Report of Foreign Private Issuer on Form 6-K.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Gorilla Technology Group Inc. | ||
|---|---|---|
| Date: June 18, 2025 | By: | /s/ Jayesh Chandan |
| Name: | Jayesh Chandan | |
| Title: | Chief Executive Officer<br><br> <br>(Principal Executive Officer) |
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Exhibit Index
| Exhibit | Description |
|---|---|
| 99.1 | Press release dated June 18, 2025. |
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Exhibit99.1
Gorilla Technology Reports First Quarter 2025:Profitability,Global Execution and Momentum Drive 109% Revenue Increase
—Q1 2025 revenue surged to $18.3 million,marking over 109% year-on-year growth. —
-- Total cash reserves held firm at $33.8million*, while debt was strategically reduced to $18.4 million, reinforcing our financial agility. —*
London,UK – 18 June 2025 – Gorilla Technology Group Inc. (NASDAQ: GRRR) (“Gorilla” or the “Company”), a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence and IoT technology, today reported financial results for Q1 2025 which ended 31 March, 2025.
Key highlights Include:
| ● | ExceptionalRevenue Growth: Q1 2025 revenue rose to $18.3 million, driven by several mission-critical global agreements. This performance cements<br>Gorilla’s operational strength, market credibility and leadership in AI-powered security and infrastructure. |
|---|---|
| ● | StrongBalance Sheet: Gorilla ended Q1 with a healthy $33.8 million in cash, including $20.8 million in unrestricted cash. This solid liquidity<br>base provides flexibility to execute on opportunities and power future expansion. |
| --- | --- |
| ● | DisciplinedDebt Reduction: Gorilla cut debt to $18.4 million, down from $21.4 million at year-end 2024, freeing up pledged deposits and<br>sharpening capital efficiency. We will continue to deleverage aggressively wherever it strengthens value and remains cash-neutral, reinforcing<br>a balance sheet built for scale and speed. |
| --- | --- |
| ● | Adjusted EBITDA: Reached $5.16 million, up from $3.50 million in Q1 2024, a 47.5% year-on-year increase that underscores Gorilla’s expanding operating leverage, disciplined execution and profitable growth trajectory. |
| --- | --- |
| ● | Adjusted net income: Rose 46.7%, to $4.47 million, compared to $3.05 million in the prior-year quarter, highlighting strong underlying earnings power and margin control despite global scale-up. |
| --- | --- |
| ● | Adjusted EPS: Climbed to $0.23, marking a sharp turnaround from a basic loss per share of $1.47 in Q1 2024. |
| --- | --- |
| ● | StrategicInvestment in Long-Term Value: Our SAFE investment in One Amazon strengthens a game-changing partnership at the heart of global<br>sustainability. As the core technology partner, Gorilla is deploying large-scale IoT infrastructure across the Amazon rainforest, cementing<br>our position as a front-runner in climate intelligence and next-generation environmental innovation. |
| --- | --- |
| ● | AcceleratingGlobal Momentum: Gorilla’s pipeline now exceeds $5 billion, consisting of qualified leads where we have determined that there<br>is a will and a budget to move forward and that we can close a deal within the next 12 months. This has been fueled by rapid expansion<br>across the United States, MENA, Southeast & East Asia, South America and the United Kingdom. Our growing contract base, execution<br>track record and market demand position us not just as a growth story, but as a global force in AI-powered transformation. |
| --- | --- |
Statementfrom Jay Chandan
“Gorilla has launched into 2025 with power, precision and clarity of purpose. This quarter is not just a performance milestone - it is proof of trajectory. Revenue is up, margins are firm and profitability is no longer aspirational, it is embedded. With momentum on our side, we are no longer just building our pipeline, we are converting at scale, compounding growth across borders and deepening trust with some of the world’s most ambitious partners.”
“From reshaping energy infrastructure in Thailand to enabling climate-tech at scale in the Amazon, Gorilla is fast becoming the default partner for governments and mid-sized enterprises looking to future-proof their nations. With a strong revenue pipeline and cash base, as well as our relentless operational focus, we are entering our next phase - one of acceleration, execution and measurable value creation.”
Financials
GORILLA TECHNOLOGY GROUP INC. AND SUBSIDIARIES
UNAUDITED CONDENSED QUARTERLY CONSOLIDATED BALANCE SHEETS
AS OF MARCH 31, 2025 AND DECEMBER 31, 2024
(Expressed in United States dollars)
| Items | March 31,<br><br> 2025 <br><br> (Unaudited) | December 31,<br><br> 2024 <br><br> (Audited) | ||
|---|---|---|---|---|
| Assets | ||||
| Current assets | ||||
| Cash<br> and cash equivalents | $ | 20,813,810 | $ | 21,699,202 |
| Financial<br> assets at fair value through profit or loss – current | 1,000 | 1,000 | ||
| Restricted<br> deposits – current | 12,959,625 | 15,773,099 | ||
| Unbilled<br> receivables (Contract assets) | 44,289,520 | 34,306,195 | ||
| Accounts<br> receivable, net | 25,621,462 | 25,670,157 | ||
| Inventories | 5,138 | 5,199 | ||
| Prepayments<br> – current | 22,707,832 | 28,632,212 | ||
| Other<br> receivables, net | 385,234 | 432,696 | ||
| Other<br> current assets | 137,547 | 151,816 | ||
| Total<br> current assets | 126,921,168 | 126,671,576 | ||
| Non-current<br> assets | ||||
| Property<br> and equipment | 14,899,703 | 14,939,143 | ||
| Right-of-use<br> assets | 466,391 | 505,345 | ||
| Intangible<br> assets | 2,830,788 | 2,931,661 | ||
| Deferred<br> income tax assets | 7,401,420 | 6,938,213 | ||
| Prepayments<br> - non-current | 287,483 | 315,304 | ||
| Financial<br> assets at fair value through profit or loss - non-current | 1,500,000 | - | ||
| Other<br> non-current assets | 1,456,777 | 1,494,740 | ||
| Total<br> non-current assets | 28,842,562 | 27,124,406 | ||
| Total<br> assets | $ | 155,763,730 | $ | 153,795,982 |
(Continued)
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| Items | March 31,<br><br> 2025 <br>(Unaudited) | December 31,<br><br> 2024 <br>(Audited) | ||||
|---|---|---|---|---|---|---|
| Liabilities and Equity | ||||||
| Liabilities | ||||||
| Current liabilities | ||||||
| Short-term<br> borrowings | $ | 12,609,505 | $ | 15,073,458 | ||
| Contract<br> liabilities | 264,919 | 273,227 | ||||
| Accounts<br> payable | 22,681,772 | 26,039,076 | ||||
| Other<br> payables | 2,291,424 | 2,451,135 | ||||
| Provisions<br> – current | 58,994 | 37,673 | ||||
| Lease<br> liabilities – current | 209,531 | 210,448 | ||||
| Current<br> income tax liabilities | 10,029,276 | 9,028,829 | ||||
| Warrant<br> liabilities | 1,039,726 | 20,082,272 | ||||
| Long-term<br> borrowings, current portion | 1,888,708 | 1,972,371 | ||||
| Other<br> current liabilities, others | 87,543 | 142,796 | ||||
| Total<br> current liabilities | 51,161,398 | 75,311,285 | ||||
| Non-current<br> liabilities | ||||||
| Long-term<br> borrowings | 3,886,654 | 4,372,188 | ||||
| Provisions<br> - non-current | 37,989 | 22,013 | ||||
| Deferred<br> income tax liabilities | 221,950 | 42,897 | ||||
| Lease<br> liabilities - non-current | 485,201 | 579,699 | ||||
| Guarantee<br> deposits received | 359,788 | 364,047 | ||||
| Total<br> non-current liabilities | 4,991,582 | 5,380,844 | ||||
| Total<br> liabilities | 56,152,980 | 80,692,129 | ||||
| Equity | ||||||
| Equity<br> attributable to owners of parent | ||||||
| Share<br> capital | ||||||
| Ordinary<br> share | 21,407 | 19,443 | ||||
| Capital<br> surplus | ||||||
| Capital<br> surplus | 287,234,895 | 254,585,267 | ||||
| Retained<br> earnings | ||||||
| Accumulated<br> deficit | (152,797,036 | ) | (148,238,729 | ) | ||
| Other<br> equity interest | ||||||
| Financial<br> statements translation differences of foreign operations | (1,641,888 | ) | (55,500 | ) | ||
| Treasury<br> shares | (33,206,628 | ) | (33,206,628 | ) | ||
| Equity<br> attributable to owners of the parent | 99,610,750 | 73,103,853 | ||||
| Total<br> equity | 99,610,750 | 73,103,853 | ||||
| Significant<br> contingent liabilities and unrecognized contract commitments | - | - | ||||
| Total<br> liabilities and equity | $ | 155,763,730 | $ | 153,795,982 |
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GORILLA TECHNOLOGY GROUP INC. AND SUBSIDIARIES
UNAUDITED CONDENSED QUARTERLY CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
THREE MONTHS ENDED MARCH 31, 2025 AND 2024
(Expressed in United States dollars)
| Three<br> Months Ended <br> March 31 | ||||||
|---|---|---|---|---|---|---|
| Items | 2025<br> <br> (Unaudited) | 2024<br> <br> (Unaudited <br> and <br> Unreviewed) | ||||
| Revenue | $ | 18,258,999 | $ | 8,736,068 | ||
| Cost<br> of revenue | (11,850,617 | ) | (1,299,438 | ) | ||
| Gross<br> profit | 6,408,382 | 7,436,630 | ||||
| Operating<br> expenses: | ||||||
| Selling<br> and marketing expenses | (330,647 | ) | (387,838 | ) | ||
| General<br> and administrative expenses | (3,458,299 | ) | (3,122,292 | ) | ||
| Research<br> and development expenses | (570,240 | ) | (846,355 | ) | ||
| Currency<br> exchange losses, net* | (4,418,096 | ) | (6,455,655 | ) | ||
| Fair<br> value remeasurement of financial instruments | (1,838,049 | ) | (8,037,431 | ) | ||
| Other<br> income | 46,361 | 18,544 | ||||
| Other<br> losses, net | (8,497 | ) | (31,191 | ) | ||
| Total<br> operating expenses | (10,577,467 | ) | (18,862,218 | ) | ||
| Operating<br> loss | (4,169,085 | ) | (11,425,588 | ) | ||
| Non-operating<br> income (expenses) | ||||||
| Interest<br> income | 562,792 | 173,298 | ||||
| Finance<br> costs | (154,992 | ) | (218,789 | ) | ||
| Total<br> non-operating income (expenses) | 407,800 | (45,491 | ) | |||
| Loss<br> before income tax | (3,761,285 | ) | (11,471,079 | ) | ||
| Income<br> tax expense | (797,022 | ) | (51,747 | ) | ||
| Loss<br> for the period | (4,558,307 | ) | (11,522,826 | ) | ||
| Other<br> comprehensive loss | ||||||
| Components<br> of other comprehensive loss that may not be reclassified to profit or loss | ||||||
| Remeasurement<br> of defined benefit plans | - | 3,223 | ||||
| Components<br> of other comprehensive loss that may be reclassified to profit or loss | ||||||
| Exchange<br> differences on translation of foreign operations | (1,586,388 | ) | (1,191,786 | ) | ||
| Other<br> comprehensive loss for the period, net of tax | (1,586,388 | ) | (1,188,563 | ) | ||
| Total<br> comprehensive loss for the period | (6,144,695 | ) | (12,711,389 | ) | ||
| Loss per<br> share | ||||||
| Basic<br> loss per share | $ | (0.23 | ) | $ | (1.47 | ) |
| Diluted<br> loss per share | $ | (0.23 | ) | $ | (1.47 | ) |
| Weighted<br> average shares of ordinary shares outstanding | ||||||
| Basic | 19,497,913 | 7,864,962 | ||||
| Diluted | 19,497,913 | 7,864,962 | ||||
| * | During the three months<br> ended March 31, 2025 and 2024, net currency exchange losses amounted to $7,188,047 and $6,533,377, respectively, due to devaluation<br> of monetary assets denominated in the Egyptian pound arising from the sharp depreciation of the Egyptian pound against the U.S. dollar<br> in March 2024. | |||||
| --- | --- |
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GORILLA TECHNOLOGY GROUP INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
THREE MONTHS ENDED MARCH 31, 2025 AND 2024
(Expressed in United States dollars)
| Three<br> Months Ended <br><br> March 31 | ||||||
|---|---|---|---|---|---|---|
| 2025<br> <br><br> (Unaudited) | 2024<br> <br><br> (Unaudited <br><br> and <br><br> Unreviewed) | |||||
| CASH FLOWS FROM OPERATING<br> ACTIVITIES | ||||||
| Loss<br> before tax | $ | (3,761,285 | ) | $ | (11,471,079 | ) |
| Adjustments | ||||||
| Adjustments<br> to reconcile loss | ||||||
| Expected<br> credit losses | 6,110 | - | ||||
| Depreciation<br> expenses | 153,083 | 134,665 | ||||
| Amortization<br> expenses | 154,387 | 220,837 | ||||
| Gain<br> on disposal of property, plant and equipment | - | (73 | ) | |||
| Share-based<br> payment expenses | 271,050 | - | ||||
| Share-based<br> compensation expenses | 216 | (137,558 | ) | |||
| Interest<br> expense | 154,992 | 218,789 | ||||
| Interest<br> income | (562,792 | ) | (173,298 | ) | ||
| Unrealized<br> exchange loss | 4,624,595 | 6,413,610 | ||||
| Losses<br> on financial liabilities at fair value through profit or loss | 1,838,049 | 8,037,430 | ||||
| Losses<br> on financial assets at fair value through profit or loss | - | 19,978 | ||||
| Changes<br> in operating assets and liabilities | ||||||
| Changes<br> in operating assets | ||||||
| Unbilled<br> receivables (Contract assets) | (18,224,234 | ) | (6,844,922 | ) | ||
| Accounts<br> receivable, net | 988,290 | 1,352,608 | ||||
| Inventories | - | (946 | ) | |||
| Prepayments | 6,743,194 | 193,630 | ||||
| Other<br> receivables | - | 9,187 | ||||
| Other<br> current assets | 15,707 | 67,079 | ||||
| Other<br> non-current assets | - | 24,573 | ||||
| Changes<br> in operating liabilities | ||||||
| Contract<br> liabilities | (4,750 | ) | (48,645 | ) | ||
| Accounts<br> payable | (3,328,962 | ) | (1,377,745 | ) | ||
| Other<br> payables | (121974 | ) | (407,626 | ) | ||
| Provisions | 38,251 | (48,682 | ) | |||
| Other<br> current and non-current liabilities | (56,910 | ) | 73,450 | |||
| Cash<br> outflow generated from operations | (11,072,983 | ) | (3,744,738 | ) | ||
| Interest<br> received | 610,494 | 170,112 | ||||
| Interest<br> paid | (184,878 | ) | (150,651 | ) | ||
| Tax<br> paid | (12,499 | ) | (15,033 | ) | ||
| Net<br> cash flows used in operating activities | (10,659,866 | ) | (3,740,310 | ) |
(Continued)
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| Three<br> Months Ended <br><br> March 31 | ||||||
|---|---|---|---|---|---|---|
| 2025 <br><br> (Unaudited) | 2024<br> <br><br> (Unaudited <br><br> and <br><br> unreviewed) | |||||
| CASH FLOWS FROM (USED<br> IN) INVESTING ACTIVITIES | ||||||
| Acquisition<br> of property and equipment | (237,893 | ) | (104,144 | ) | ||
| Acquisition<br> of intangible assets | (54,230 | ) | (23,859 | ) | ||
| Investment<br> in financial assets at fair value through profit or loss - non-current | (1,500,000 | ) | - | |||
| Disposal<br> (increase) in financial assets at amortized cost | 2,699,420 | (3,441 | ) | |||
| Decrease<br> in guarantee deposits | 40,942 | 28,879 | ||||
| Net<br> cash flows from (used in) investing activities | 948,239 | (102,565 | ) | |||
| CASH<br> FLOWS FROM FINANCING ACTIVITIES | ||||||
| Proceeds<br> from short-term borrowings | 8,002,807 | 7,000,210 | ||||
| Repayments<br> of short-term borrowings | (10,270,816 | ) | (6,172,559 | ) | ||
| Repayments<br> of long-term borrowings | (500,531 | ) | (366,296 | ) | ||
| Principal<br> repayment of lease liabilities | (95,268 | ) | (45,981 | ) | ||
| Proceeds<br> from preferred shares and private warrants | 11,499,731 | 9,650,000 | ||||
| Net<br> cash flows from financing activities | 8,635,923 | 10,065,374 | ||||
| Effect<br> of foreign exchange rate changes | 190,312 | (1,509,558 | ) | |||
| Net<br> (decrease) increase in cash and cash equivalents | (885,392 | ) | 4,712,941 | |||
| Cash<br> and cash equivalents at beginning of the period | 21,699,202 | 5,306,857 | ||||
| Cash<br> and cash equivalents at end of the period | $ | 20,813,810 | $ | 10,019,798 |
Reconciliationof Adjusted Operating Income and Adjusted Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) to Operating lossas per International Financial Reporting Standards (IFRS)
| Three<br> Months Ended | |||||
|---|---|---|---|---|---|
| March<br> 31 | |||||
| Items | 2025<br> <br> (Unaudited <br> and<br> Unreviewed) | 2024 (Unaudited and Unreviewed) | |||
| (Amount<br> in ) | |||||
| Operating<br> loss (IFRS) | ) | $ | (11,425,588 | ) | |
| Add: Exchange loss from currency<br> devaluation | 6,533,377 | ||||
| Add:<br> Fair value remeasurement of financial instruments | 8,037,430 | ||||
| Adjusted<br> Operating income (Non-IFRS) | $ | 3,145,219 | |||
| Add: Depreciation expenses | 134,665 | ||||
| Add:<br> Amortization expenses | 220,837 | ||||
| Adjusted<br> EBITDA (Non-IFRS) | $ | 3,500,721 |
All values are in US Dollars.
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Reconciliationof Adjusted Net Income (Non-IFRS) to IFRS Net loss
| Three<br> Months Ended | |||||
|---|---|---|---|---|---|
| March<br> 31 | |||||
| Items | 2025<br> <br> (Unaudited<br> and<br> Unreviewed) | 2024 (Unaudited and Unreviewed) | |||
| (Amount<br> in ) | |||||
| Net<br> loss (IFRS) | ) | $ | (11,522,826 | ) | |
| Add: Exchange loss from currency<br> devaluation | 6,533,377 | ||||
| Add:<br> Fair value remeasurement of financial instruments | 8,037,430 | ||||
| Adjusted<br> Net income (Non-IFRS) | $ | 3,047,981 |
All values are in US Dollars.
AboutGorilla Technology Group Inc.
Headquartered in London U.K., Gorilla is a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence and IoT technology. We provide a wide range of solutions, including Smart City, Network, Video, Security Convergence and IoT, across select verticals of Government & Public Services, Manufacturing, Telecom, Retail, Transportation & Logistics, Healthcare and Education, by using AI and Deep Learning Technologies.
Our expertise lies in revolutionizing urban operations, bolstering security and enhancing resilience. We deliver pioneering products that harness the power of AI in intelligent video surveillance, facial recognition, license plate recognition, edge computing, post-event analytics and advanced cybersecurity technologies. By integrating these AI-driven technologies, we empower Smart Cities to enhance efficiency, safety and cybersecurity measures, ultimately improving the quality of life for residents.
For more information, please visit our website: Gorilla-Technology.com.
Forward-LookingStatements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Gorilla’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “might” and “continues,” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, statements regarding our beliefs about future revenues, our ability to attract the attention of customers and investors alike, Gorilla’s ability to win additional projects and execute definitive contracts related thereto, along with those other risks described under the heading “Risk Factors” in the Form 20-F Gorilla filed with the Securities and Exchange Commission (the “SEC”) on April 30, 2025 and those that are included in any of Gorilla’s future filings with the SEC. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside of the control of Gorilla and are difficult to predict. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Gorilla undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.
InvestorRelations Contact:
Dave Gentry
RedChip Companies, Inc.
1-407-644-4256
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