Gorilla Technology Group (NASDAQ: GRRR) stock rocketed higher on Tuesday after the company reported better-than-expected financial results for the nine months ending September 30, 2023.
Gorilla Technology Group (GRRR) reported a nine-month revenue of $37.9 million, more than doubling last year’s figure and significantly surpassing analyst expectations of $21.8 million.
The company’s gross margin reached 76.5%, showcasing Gorilla’s successful product-driven and services-oriented business model – a substantial jump from the 33% gross margin reported last year.
Gorilla Technology Group achieved a stunning turnaround, with total comprehensive income soaring to $7.2 million. This is a remarkable improvement from last year’s comprehensive loss of ($86 million), highlighting the company’s commitment to boosting profitability.
The adjusted EBITDA witnessed an extraordinary surge, reaching $13.4 million. This represents a remarkable 431% Year-over-Year increase compared to an EBITDA loss of ($4 million) for the same period last year.
Gorilla is confidently moving forward, with a discounted run rate revenue exceeding $88 million today. The company reiterates its commitment to achieving at least $90 million in revenue in 2024, showcasing a robust trajectory toward becoming cash flow positive.
Gorilla Technology (NASDAQ: GRRR) Stock Reaction
GRRR stock soared 96.36% to close at $1.09 on Monday. The traders had exchanged hands with 122,190,518 (122.19 million) shares compared to the average daily trading volume of 415.28K.
