July 8, 2024, ST. PETERSBURG, FL – Water Tower Research (www.watertowerresearch.com) has published an Initiation of Coverage Report on Gorilla Technology Group, Inc. (NASDAQ: GRRR) titled, “Initiating Coverage: Gorilla Going Global”. The report can be accessed here.

Gorilla specializes in delivering AI-based smart + safe city solutions, with an emphasis on security convergence and network defense, video analytics, and big data analytics applied across both public and private sectors. The company’s products identify, analyze, and extract information and provide predictive insights from a wide range of analog and digital signals that drive commercial and industrial automation and operations. Through its unwavering focus on customer success, Gorilla drives global digital transformation powering smart cities, smart ports, smart manufacturing, smart buildings, and smart retail.

The company’s strategic expansion into new territories is advancing, with the Egypt project now fully operational and playing a pivotal role in enhancing its full-year 2023 financial results. This significant venture, marked by a multi-year, multi-million-dollar contract, highlights the company’s successful international growth efforts. Gorilla has been in operation for more than 22 years, now operates in seven countries, with 24 patents granted.

Gorilla expects its next phase of growth to be driven by leveraging its current project relationships (Egypt, Taiwan, Latin America) as well as entry into new markets (the UK, Middle East-North Africa extended) and capitalizing on the estimated $1 billion sales pipeline with won sales near $300 million.

Gorilla’s comps have a median P/S of 14.2x, while it is trading at a significant discount of 0.5x sales. Gorilla’s comparables include hardware, software, and services companies of a similar size that sell into the smart cities market.

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