Gorilla Technology Group Inc. (NASDAQ: GRRR) witnessed a tremendous surge in its stock prices, soaring by 72.68% during early trading hours this Friday. This surge comes in the wake of the company’s disclosure of a $270 million contract with the Government of Egypt.
This agreement will span over three years, during which Gorilla Technology will be responsible for implementing a Smart Government Security Convergence solution in Egypt. The government has high hopes for this venture, as it aims to enhance the efficiency and effectiveness of security operations while enabling better decision-making, proactive threat detection, and swift responses to emerging risks.
Jay Chandan, the CEO of Gorilla Technology, expressed his immense enthusiasm regarding this monumental achievement. He stated, “This is the largest project we have ever won, and along with our recent success in Taiwan, we have now secured $300 million worth of projects this quarter. Our momentum and future prospects have never looked brighter.”
The implications of this contract are significant for Gorilla Technology, as it is expected to pave the way for profitability by the end of 2024. Furthermore, the company made headlines last month by revealing its agreement to acquire Bacom Internetwork in Thailand, although the financial terms of the deal were not disclosed.
As of the end of the fiscal year 2022, Gorilla Technology boasted $23 million in cash and equivalents. This indicates a solid financial position of the company.