Exhibit 99.2
Third Quarter 2023 Results
Unless noted otherwise, all figures are for the nine months ended September 30, 2023, and all comparisons are with the corresponding period of 2022.
The following table summarizes financial results (unaudited and unreviewed):
Nine months ended | ||||||||
September 30 | ||||||||
Items | 2023 | 2022 | ||||||
(Unaudited) | ||||||||
Revenue | $ | 37,963,456 | $ | 18,481,617 | ||||
Cost of Revenue | (8,940,687 | ) | (12,354,340 | ) | ||||
Gross Profit | 29,022,769 | 6,127,277 | ||||||
Gross Margin | 76.5 | % | 33.2 | % | ||||
Operating Expense | (19,813,528 | ) | (90,189,301 | ) | ||||
Operating Income (Loss) | 9,209,241 | (84,062,024 | ) | |||||
Net Profit (Loss) | $ | 6,901,573 | $ | (85,024,550 | ) |
The following table shows our EBIT, EBITDA, and adjusted EBITDA, together reconciled to the net profit (loss) for the nine-month period ended September 30, 2023, and 2022.
Nine months ended September 30, 2023 | Nine months ended September 30, 2022 | |||||||
(Unaudited) | ||||||||
Net Profit (Loss) | $ | 6,901,573 | $ | (85,024,550 | ) | |||
Income tax expense | 2,240,873 | 334,333 | ||||||
Interest and Finance costs | 66,795 | 628,193 | ||||||
EBIT | $ | 9,209,241 | (84,062,024 | ) | ||||
Depreciation expense | 421,429 | 6,147,749 | ||||||
Amortization expense | 680,871 | 1,604,988 | ||||||
EBITDA | $ | 10,311,541 | $ | (76,309,287 | ) | |||
Transaction costs (one time)(1) | 3,097,764 | 72,256,845 | ||||||
Adjusted EBITDA | 13,409,305 | (4,052,442 | ) |
(1) | Transaction costs are one-off expenses for one-time employee expenses and professional services related to asset acquisition, professional services for one-time project which are considered as one-off corporate development events and added back for calculation of adjusted EBITDA. Transaction cost in nine months ended September 30, 2022 includes $70.1 million non-cash de-SPAC share listing expense. |
The interim period financial statements for the first nine months of 2023 included herein have not been audited or reviewed by the Company’s independent registered accounting firm.
Non-IFRS Measures
Certain of the measures included herein are non-IFRS financial measures, including adjusted EBITDA. Non-IFRS financial measures should not be considered in isolation from, or as a substitute for, financial information presented in compliance with IFRS, and non-IFRS financial measures as used by Gorilla are not reported by all their competitors and may not be comparable to similarly titled amounts used by other companies.
We believe that the non-IFRS measures such as adjusted EBITDA provide useful information about our core operating results, enhance the overall understanding of our past performance and prospects and allow for greater visibility with respect to key metrics used by our management in its financial and operational decision-making. We present adjusted EBITDA to provide more information and greater transparency to investors about our operating results.
Adjusted EBITDA represents EBITDA excluding transaction costs and share listing expenses which are one-off expenses for professional services related to our Business Combination, asset acquisition and SOX 404 implementation project, which are considered as non-recurring corporate development events and added back for calculation of adjusted EBITDA.
The final table which shows our EBIT, EBITDA, and adjusted EBITDA, together reconciled to the net profit (loss) for the periods ended September 30, 2023, and 2022 in this results announcement has more details on the non-IFRS financial measures and the related reconciliations between these financial measures.
Gorilla Technology Group
Consolidated Balance Sheet
September 30, 2023 and 2022
(Expressed in USD)
Items | September 30, 2023 (Unaudited and Unreviewed) | December 31, 2022 | ||||||
Assets | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 18,757,494 | $ | 22,996,377 | ||||
Financial assets at fair value through profit or loss - current | 1,014,613 | 1,073,229 | ||||||
Financial assets at amortized cost - current (restricted cash) | 39,774,961 | 6,871,187 | ||||||
Contract assets | 9,578,119 | 725,441 | ||||||
Accounts receivable | 18,840,146 | 14,041,611 | ||||||
Inventories | 46,322 | 68,629 | ||||||
Prepayments - current | 1,048,575 | 1,266,442 | ||||||
Other receivables | 669,217 | 648,617 | ||||||
Other current assets | 31,030 | 61,803 | ||||||
Total current assets | 89,760,477 | 47,753,336 | ||||||
Non-current assets | ||||||||
Property, plant and equipment | 15,138,075 | 16,132,567 | ||||||
Right-of-use assets | 6,396 | 16,675 | ||||||
Intangible assets | 8,907,133 | �� | 56,342 | |||||
Deferred income tax assets | 32,365 | 29,905 | ||||||
Prepayments - non-current | 353,612 | 612,982 | ||||||
Other non-current assets | 996,543 | 659,071 | ||||||
Total non-current assets | 25,434,124 | 17,507,542 | ||||||
Total assets | $ | 115,194,601 | $ | 65,260,878 |
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Gorilla Technology Group
Consolidated Balance Sheet
September 30, 2023 and 2022
(Expressed in USD)
Items | September 30, 2023 (Unaudited and Unreviewed) | December 31, 2022 | ||||||
Liabilities and Equity | ||||||||
Liabilities | ||||||||
Current liabilities | ||||||||
Short-term borrowings | $ | 16,835,012 | $ | 13,492,935 | ||||
Contract liabilities | 265,736 | 58,475 | ||||||
Notes payable | 574 | 602 | ||||||
Accounts payable | 7,210,756 | 6,674,528 | ||||||
Other payables | 9,108,295 | 3,620,998 | ||||||
Provisions - current | 76,432 | 88,469 | ||||||
Lease liabilities - current | 6,501 | 16,981 | ||||||
Warrant liabilities | 11,540,506 | 2,042,410 | ||||||
Convertible Preference Shares Liabilities | 13,384,346 | 0 | ||||||
Long-term borrowings, current portion | 1,601,806 | 2,108,896 | ||||||
Other current liabilities, others | 88,990 | 152,373 | ||||||
Total current liabilities | 60,118,954 | 28,256,667 | ||||||
Non-current liabilities | ||||||||
Long-term borrowings | 6,993,180 | 8,251,788 | ||||||
Provisions - non-current | 72,496 | 61,057 | ||||||
Deferred income tax liabilities | 145,502 | 148,183 | ||||||
Total non-current liabilities | 7,211,178 | 8,461,028 | ||||||
Total liabilities | 67,330,132 | 36,717,695 | ||||||
Equity | ||||||||
Equity attributable to owners of parent | ||||||||
Share capital | ||||||||
Ordinary share | 7,646 | 7,136 | ||||||
Capital surplus | 167,450,030 | 154,730,389 | ||||||
Retained earnings | ||||||||
Accumulated deficit | (90,082,807 | ) | (96,984,380 | ) | ||||
Other equity interest | ||||||||
Financial statements translation differences of foreign operations | 69,740 | 370,178 | ||||||
Treasury shares | (29,580,140 | ) | (29,580,140 | ) | ||||
Equity attributable to owners of the parent | 47,864,469 | 28,543,183 | ||||||
Total equity | 47,864,469 | 28,543,183 | ||||||
Significant contingent liabilities and unrecognized contract commitments | ||||||||
Total liabilities and equity | $ | 115,194,601 | $ | 65,260,878 |
3
Gorilla Technology Group
Consolidated Income Statement
For the Period Ended September 30, 2023 and 2022
(Unaudited and Unreviewed)
(Expressed in USD)
Nine months ended September 30 | ||||||||
Items | 2023 | 2022 | ||||||
Revenue | $ | 37,963,456 | $ | 18,481,617 | ||||
Cost of revenue | (8,940,687 | ) | (12,354,340 | ) | ||||
Gross profit | 29,022,769 | 6,127,277 | ||||||
Operating expenses | ||||||||
Selling and marketing expenses | (1,224,888 | ) | (2,915,374 | ) | ||||
General and administrative expenses | (11,633,842 | ) | (5,319,841 | ) | ||||
Research and development expenses | (3,358,489 | ) | (11,261,954 | ) | ||||
Share listing expenses | 0 | (70,104,989 | ) | |||||
Other income | 83,292 | 968,389 | ||||||
Other gains (losses) – net | (3,679,601 | ) | (1,555,532 | ) | ||||
Total operating expenses | (19,813,528 | ) | (90,189,301 | ) | ||||
Operating income (loss) | 9,209,241 | (84,062,024 | ) | |||||
Non-operating income and expenses | ||||||||
Interest income | 524,738 | 33,199 | ||||||
Finance costs | (591,533 | ) | (661,392 | ) | ||||
Total non-operating income and expenses | (66,795 | ) | (628,193 | ) | ||||
Profit (Loss) before income tax | 9,142,446 | (84,690,217 | ) | |||||
Income tax expense | (2,240,873 | ) | (334,333 | ) | ||||
Profit (Loss) for the period | $ | 6,901,573 | $ | (85,024,550 | ) | |||
Other comprehensive (loss) income | ||||||||
Components of other comprehensive (loss) income that may be reclassified to profit or loss | ||||||||
Exchange differences on translation of foreign operations | $ | 300,438 | $ | (1,085,141 | ) | |||
Other comprehensive income (loss) for the period, net of tax | $ | 300,438 | $ | (1,085,141 | ) | |||
Total comprehensive income (loss) for the period | $ | 7,202,011 | $ | (86,109,691 | ) |
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Gorilla Technology Group Inc. and Subsidiaries
Reconciliation of Non-IFRS Financial Measures – Adjusted EBITDA Calculation
(Unaudited and Unreviewed)
(Expressed in USD)
Items | Nine months ended September 30, 2023 | Nine months ended September 30, 2022 | ||||||
Profit (Loss) for the period | $ | 6,901,573 | $ | (85,024,550 | ) | |||
Depreciation Expense | 421,429 | 6,147,749 | ||||||
Amortization Expense | 680,871 | 1,604,988 | ||||||
Income Tax Expense (Benefit) | 2,240,873 | 334,333 | ||||||
Interest and Finance Costs | 66,795 | 628,193 | ||||||
Transaction Costs (one time) | 3,097,764 | 72,256,845 | ||||||
Adjusted EBITDA | $ | 13,409,305 | $ | (4,052,442 | ) |
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