Why Gorilla Technology Shares Are Soaring Today

Gorilla Technology Group Inc GRRR shares are rocketing by around 56% after it disclosed a $270 million contract with the Government of Egypt.

As per the contract, spanning over three years, the company will implement a Smart Government Security Convergence solution in Egypt.

With the contract, the Government of Egypt expects to boost the capability of security operations, ensuring proactive threat detection and fast response to emerging risks.

"This is the largest project we have ever won and, inclusive of our recent win in Taiwan, we have now secured $300 million worth of projects this quarter. We could not be more excited by our momentum and future," said CEO Jay Chandan.

The contract win is expected to deliver profitability for Gorilla Technology by the end of 2024.

Last month, the company disclosed agreeing to binding terms to buy Bacom Internetwork in Thailand. The financial terms were not disclosed.

As of FY22, Gorilla Technology had cash and equivalents of $23 million.

Price Action: GRRR shares are trading up 55.9% at $3.26 premarket on the last check Friday.