Allegra Stratton: Will Rachel Reeves Undo the Non-Dom Mess?
In the Treasury right now, hot and bothered civil servants will already be working away on options for the autumn Budget.
But there'll be a worry in the back of their minds. Rachel Reeves has already U-turned on one signature spending cut, the winter fuel allowance. There are now whispers of another: the possibility of a reverse ferret on one of her tax rises, the abolition of the perks of non-dom status.
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Gorilla Technology Reports First Quarter 2025: Profitability, Global Execution and Momentum Drive 109% Revenue Increase
— Q1 2025 revenue surged to $18.3 million, marking over 109% year-on-year growth. — —Total cash reserves held firm at $33.8 million, while debt was strategically reduced to $18.4 million, reinforcing our financial agility. — London, United Kingdom--(Newsfile Corp. - June 18, 2025) - Gorilla Technology Group Inc. (NASDAQ: GRRR) ("Gorilla" or the "Company"), a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence and IoT technology, today reported financial results for Q1 2025 which ended 31 March, 2025. Key highlights Include: Exceptional Revenue Growth: Q1 2025 revenue rose to $18.3 million, driven by several mission-critical global agreements. This performance cements Gorilla's operational strength, market credibility and leadership in AI-powered security and infrastructure. Strong Balance Sheet: Gorilla ended Q1 with a healthy $33.8 million in cash, including $20.8 million in unrestricted cash. This solid liquidity base provides flexibility to execute on opportunities and power future expansion. Disciplined Debt Reduction: Gorilla cut debt to $18.4 million, down from $21.4 million at year-end 2024, freeing up pledged deposits and sharpening capital efficiency. We will continue to deleverage aggressively wherever it strengthens value and remains cash-neutral, reinforcing a balance sheet built for scale and speed. Adjusted EBITDA: Reached $5.16 million, up from $3.50 million in Q1 2024, a 47.5% year-on-year increase that underscores Gorilla's expanding operating leverage, disciplined execution and profitable growth trajectory. Adjusted net income: Rose 46.7%, to $4.47 million, compared to $3.05 million in the prior-year quarter, highlighting strong underlying earnings power and margin control despite global scale-up Adjusted EPS: Climbed to $0.23, marking a sharp turnaround from a basic loss per share of $1.47 in Q1 2024. Strategic Investment in Long-Term Value: Our SAFE investment in One Amazon strengthens a game-changing partnership at the heart of global sustainability. As the core technology partner, Gorilla is deploying large-scale IoT infrastructure across the Amazon rainforest, cementing our position as a front-runner in climate intelligence and next-generation environmental innovation. Accelerating Global Momentum: Gorilla's pipeline now exceeds $5 billion, consisting of qualified leads where we have determined that there is a will and a budget to move forward and that we can close a deal within the next 12 months. This has been fueled by rapid expansion across the United States, MENA, Southeast & East Asia, South America and the United Kingdom. Our growing contract base, execution track record and market demand position us not just as a growth story, but as a global force in AI-powered transformation. Statement from Jay Chandan 'Gorilla has launched into 2025 with power, precision and clarity of purpose. This quarter is not just a performance milestone - it is proof of trajectory. Revenue is up, margins are firm and profitability is no longer aspirational, it is embedded. With momentum on our side, we are no longer just building our pipeline, we are converting at scale, compounding growth across borders and deepening trust with some of the world's most ambitious partners.' 'From reshaping energy infrastructure in Thailand to enabling climate-tech at scale in the Amazon, Gorilla is fast becoming the default partner for governments and mid-sized enterprises looking to future-proof their nations. With a strong revenue pipeline and cash base, as well as our relentless operational focus, we are entering our next phase - one of acceleration, execution and measurable value creation.'Financials GORILLA TECHNOLOGY GROUP INC. AND SUBSIDIARIESUNAUDITED CONDENSED QUARTERLY CONSOLIDATED BALANCE SHEETSAS OF MARCH 31, 2025 AND DECEMBER 31, 2024(Expressed in United States dollars)Items March 31,2025 (Unaudited) December 31,2024 (Audited) Assets Current assets Cash and cash equivalents $ 20,813,810 $ 21,699,202 Financial assets at fair value through profit or loss - current 1,000 1,000 Restricted deposits - current 12,959,625 15,773,099 Unbilled receivables (Contract assets) 44,289,520 34,306,195 Accounts receivable, net 25,621,462 25,670,157 Inventories 5,138 5,199 Prepayments - current 22,707,832 28,632,212 Other receivables, net 385,234 432,696 Other current assets 137,547 151,816 Total current assets 126,921,168 126,671,576 Non-current assets Property and equipment 14,899,703 14,939,143 Right-of-use assets 466,391 505,345 Intangible assets 2,830,788 2,931,661 Deferred income tax assets 7,401,420 6,938,213 Prepayments - non-current 287,483 315,304 Financial assets at fair value through profit or loss - non-current 1,500,000 - Other non-current assets 1,456,777 1,494,740 Total non-current assets 28,842,562 27,124,406 Total assets $ 155,763,730 $ 153,795,982 Items March 31,2025 (Unaudited) December 31,2024 (Audited) Liabilities and Equity Liabilities Current liabilities Short-term borrowings$ 12,609,505$ 15,073,458 Contract liabilities 264,919 273,227 Accounts payable 22,681,772 26,039,076 Other payables 2,291,424 2,451,135 Provisions - current 58,994 37,673 Lease liabilities - current 209,531 210,448 Current income tax liabilities 10,029,276 9,028,829 Warrant liabilities 1,039,726 20,082,272 Long-term borrowings, current portion 1,888,708 1,972,371 Other current liabilities, others 87,543 142,796 Total current liabilities 51,161,398 75,311,285 Non-current liabilities Long-term borrowings 3,886,654 4,372,188 Provisions - non-current 37,989 22,013 Deferred income tax liabilities 221,950 42,897 Lease liabilities - non-current 485,201 579,699 Guarantee deposits received 359,788 364,047 Total non-current liabilities 4,991,582 5,380,844 Total liabilities 56,152,980 80,692,129 Equity Equity attributable to owners of parent Share capital Ordinary share 21,407 19,443 Capital surplus Capital surplus 287,234,895 254,585,267 Retained earnings Accumulated deficit (152,797,036) (148,238,729 )Other equity interest Financial statements translation differences of foreign operations (1,641,888) (55,500 )Treasury shares (33,206,628) (33,206,628 )Equity attributable to owners of the parent 99,610,750 73,103,853 Total equity 99,610,750 73,103,853 Significant contingent liabilities and unrecognized contract commitments - - Total liabilities and equity$ 155,763,730$ 153,795,982 GORILLA TECHNOLOGY GROUP INC. AND SUBSIDIARIESUNAUDITED CONDENSED QUARTERLY CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSSTHREE MONTHS ENDED MARCH 31, 2025 AND 2024(Expressed in United States dollars) Three Months Ended March 31 Items 2025 (Unaudited) 2024 (Unaudited and Unreviewed) Revenue$ 18,258,999$ 8,736,068 Cost of revenue (11,850,617 )(1,299,438 )Gross profit 6,408,382 7,436,630 Operating expenses: Selling and marketing expenses (330,647 )(387,838 )General and administrative expenses (3,458,299 )(3,122,292 )Research and development expenses (570,240 )(846,355 )Currency exchange losses, net* (4,418,096 )(6,455,655 )Fair value remeasurement of financial instruments (1,838,049 )(8,037,431 )Other income 46,361 18,544 Other losses, net (8,497 )(31,191 )Total operating expenses (10,577,467 )(18,862,218 )Operating loss (4,169,085 )(11,425,588 )Non-operating income (expenses) Interest income 562,792 173,298 Finance costs (154,992 )(218,789 )Total non-operating income (expenses) 407,800 (45,491 )Loss before income tax (3,761,285 )(11,471,079 )Income tax expense (797,022 )(51,747 )Loss for the period (4,558,307 )(11,522,826 )Other comprehensive loss Components of other comprehensive loss that may not be reclassified to profit or loss Remeasurement of defined benefit plans - 3,223 Components of other comprehensive loss that may be reclassified to profit or loss Exchange differences on translation of foreign operations (1,586,388 )(1,191,786 )Other comprehensive loss for the period, net of tax (1,586,388 )(1,188,563 )Total comprehensive loss for the period (6,144,695 )(12,711,389 )Loss per share Basic loss per share$ (0.23 ) $ (1.47 )Diluted loss per share$ (0.23 ) $ (1.47 )Weighted average shares of ordinary shares outstanding Basic 19,497,913 7,864,962 Diluted 19,497,913 7,864,962* During the three months ended March 31, 2025 and 2024, net currency exchange losses amounted to $7,188,047 and $6,533,377, respectively, due to devaluation of monetary assets denominated in the Egyptian pound arising from the sharp depreciation of the Egyptian pound against the U.S. dollar in March 2024. GORILLA TECHNOLOGY GROUP INC. AND SUBSIDIARIESUNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWSTHREE MONTHS ENDED MARCH 31, 2025 AND 2024(Expressed in United States dollars) Three Months Ended March 31 2025 (Unaudited) 2024 (Unaudited and Unreviewed) CASH FLOWS FROM OPERATING ACTIVITIES Loss before tax$ (3,761,285 ) $ (11,471,079 )Adjustments Adjustments to reconcile loss Expected credit losses 6,110 - Depreciation expenses 153,083 134,665 Amortization expenses 154,387 220,837 Gain on disposal of property, plant and equipment - (73 )Share-based payment expenses 271,050 - Share-based compensation expenses 216 (137,558 )Interest expense 154,992 218,789 Interest income (562,792 )(173,298 )Unrealized exchange loss 4,624,595 6,413,610 Losses on financial liabilities at fair value through profit or loss 1,838,049 8,037,430 Losses on financial assets at fair value through profit or loss - 19,978 Changes in operating assets and liabilities Changes in operating assets Unbilled receivables (Contract assets) (18,224,234 )(6,844,922 )Accounts receivable, net 988,290 1,352,608 Inventories - (946 )Prepayments 6,743,194 193,630 Other receivables - 9,187 Other current assets 15,707 67,079 Other non-current assets - 24,573 Changes in operating liabilities Contract liabilities (4,750 )(48,645 )Accounts payable (3,328,962 )(1,377,745 )Other payables (121974 )(407,626 )Provisions 38,251 (48,682 )Other current and non-current liabilities (56,910 )73,450 Cash outflow generated from operations (11,072,983 )(3,744,738 )Interest received 610,494 170,112 Interest paid (184,878 )(150,651 )Tax paid (12,499 )(15,033 )Net cash flows used in operating activities (10,659,866 )(3,740,310 ) Three Months Ended March 31 2025 (Unaudited)2024 (Unaudited and unreviewed) CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES Acquisition of property and equipment (237,893 )(104,144 )Acquisition of intangible assets (54,230 )(23,859 )Investment in financial assets at fair value through profit or loss - non-current (1,500,000 )- Disposal (increase) in financial assets at amortized cost 2,699,420 (3,441 )Decrease in guarantee deposits 40,942 28,879 Net cash flows from (used in) investing activities 948,239 (102,565 ) CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from short-term borrowings 8,002,807 7,000,210 Repayments of short-term borrowings (10,270,816 )(6,172,559 )Repayments of long-term borrowings (500,531 )(366,296 )Principal repayment of lease liabilities (95,268 )(45,981 )Proceeds from preferred shares and private warrants 11,499,731 9,650,000 Net cash flows from financing activities 8,635,923 10,065,374 Effect of foreign exchange rate changes 190,312 (1,509,558 )Net (decrease) increase in cash and cash equivalents (885,392 )4,712,941 Cash and cash equivalents at beginning of the period 21,699,202 5,306,857 Cash and cash equivalents at end of the period$ 20,813,810$ 10,019,798 Reconciliation of Adjusted Operating Income and Adjusted Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) to Operating loss as per International Financial Reporting Standards (IFRS)Three Months Ended March 31 Items2025 (Unaudited andUnreviewed)2024(Unaudited andUnreviewed) (Amount in USD) Operating loss (IFRS)$ (4,169,085 ) $ (11,425,588 )Add: Exchange loss from currency devaluation 7,188,047 6,533,377 Add: Fair value remeasurement of financial instruments 1,838,049 8,037,430 Adjusted Operating income (Non-IFRS)$ 4,857,011$ 3,145,219 Add: Depreciation expenses 153,083 134,665 Add: Amortization expenses 154,387 220,837 Adjusted EBITDA (Non-IFRS)$ 5,164,481$ 3,500,721 Reconciliation of Adjusted Net Income (Non-IFRS) to IFRS Net lossThree Months Ended March 31 Items2025 (UnauditedandUnreviewed)2024(Unaudited andUnreviewed) (Amount in USD) Net loss (IFRS)$ (4,558,307)$ (11,522,826 )Add: Exchange loss from currency devaluation 7,188,047 6,533,377 Add: Fair value remeasurement of financial instruments 1,838,049 8,037,430 Adjusted Net income (Non-IFRS)$ 4,467,789$ 3,047,981About Gorilla Technology Group Inc. Headquartered in London U.K., Gorilla is a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence and IoT technology. We provide a wide range of solutions, including Smart City, Network, Video, Security Convergence and IoT, across select verticals of Government & Public Services, Manufacturing, Telecom, Retail, Transportation & Logistics, Healthcare and Education, by using AI and Deep Learning Technologies. Our expertise lies in revolutionizing urban operations, bolstering security and enhancing resilience. We deliver pioneering products that harness the power of AI in intelligent video surveillance, facial recognition, license plate recognition, edge computing, post-event analytics and advanced cybersecurity technologies. By integrating these AI-driven technologies, we empower Smart Cities to enhance efficiency, safety and cybersecurity measures, ultimately improving the quality of life for residents. For more information, please visit our website: Forward-Looking Statements This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Gorilla's actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as "expect," "estimate," "project," "budget," "forecast," "anticipate," "intend," "plan," "may," "will," "could," "should," "believes," "predicts," "potential," "might" and "continues," and similar expressions are intended to identify such forward-looking statements. These forward-looking statements include, without limitation, statements regarding our beliefs about future revenues, our ability to attract the attention of customers and investors alike, Gorilla's ability to win additional projects and execute definitive contracts related thereto, along with those other risks described under the heading "Risk Factors" in the Form 20-F Gorilla filed with the Securities and Exchange Commission (the "SEC") on April 30, 2025 and those that are included in any of Gorilla's future filings with the SEC. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from expected results. Most of these factors are outside of the control of Gorilla and are difficult to predict. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or anticipated by such forward-looking statements. Readers are cautioned not to place undue reliance upon any forward-looking statements, which speak only as of the date made. Gorilla undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation. Investor Relations Contact: Dave GentryRedChip Companies, Inc.1-407-644-4256GRRR@ To view the source version of this press release, please visit Sign in to access your portfolio
Yahoo
2 hours ago
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Rachel Reeves says 'it's not just pensioners who need help' as £150 off energy bills announced
Millions more families will get £150 off their energy bills this winter as Rachel Reeves says 'it's not just pensioners who need help'. More than 3m households on certain means-tested benefits already receive the warm homes discount but around half of those eligible do not get it. That's because the scheme is currently run on a first-come-first-served basis which means millions miss out. The government has announced that, from this winter, everyone eligible for the £150 one-off discount will be paid 'automatically'. READ MORE: Police called after body found in Greater Manchester town READ MORE: Live updates as firefighters called to Greater Manchester blaze and people told to keep doors and windows closed It means more than 6m families will now receive the payment with 280,000 households in North West set to get it for the first time. It comes after the government announced a U-turn on the winter fuel payment restoring it for 7.5m pensioners who lost it last year. Speaking to the Manchester Evening News, the Chancellor said this latest move will put more money in the pockets of families too. She said: "This is a recognition that it's not just pensioners who need help with their bills, absolutely. As a government, we are determined to make ordinary working people better off. "That's why in the spending review last week, we did free school meals for families whose parents or whoever's at home is on Universal Credit which lifts 100,000 children out of poverty. "This is recognising that those people, including many people on Universal Credit in work, struggle with the cost of living and this puts more money into their pockets and we're doing it this winter." The move, which is due to be announced on Wednesday (June 18), means that every billpayer on means-tested benefits will now qualify for the Warm Homes Discount, removing restrictions that previously excluded many families, benefiting 2.7m more households. This includes pensioners who receive Pension Credit and continued to receive the Winter Fuel Payment after it was cut last year. The expansion of the Warm Home Discount will be offset by new 'efficiency savings' across the energy system, including a cut by the energy regulator Ofgem in the operating cost allowance of the price cap for the average billpayer which will take money off bills. Ms Reeves told the M.E.N.: "This isn't going to be adding to anyone's bills and it's not going to be out of taxes. "We've worked with the regulator on reforming the regulation to be able to afford this warm homes discount. "No one will see a rise in their bills because of it and no one will see higher taxes because of it."
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Legislation to decriminalise abortion for women clears the Commons
Legislation which would see abortion decriminalised for women terminating their own pregnancies has cleared the Commons. MPs voted 312 to 95, majority 217 to approve the Crime and Policing Bill at third reading on Wednesday. This comes after the Commons backed Labour MP Tonia Antoniazzi's amendment, which will remove the threat of 'investigation, arrest, prosecution or imprisonment' of any woman who acts in relation to her own pregnancy. The issue was treated as a matter of conscience, with MPs given a free vote and the Government remaining neutral. Downing Street said the change to abortion laws must be 'workable and safe', following Tuesday's verdict. MPs voted 379 to 137, majority 242, to back Ms Antoniazzi's amendment. A No 10 spokesman said: 'We'll look at this in detail, considering whether any changes are necessary to make it workable and safe. But, of course, this would not change the intent of the amendment passed.' The spokesman added: 'As with all laws, the Government has a responsibility to ensure it is safe and workable.' The Bill will now undergo further scrutiny in the House of Lords. It will also introduce a two-step verification process for the sale of knives and crossbows purchased online, and greater protections for emergency workers from racial and religious abuse during house calls are also included in the Bill. Speaking during report stage on Tuesday, Ms Antoniazzi said she pushed for the change in the law after cases of women being investigated by police over suspected illegal abortions. The Gower MP said: 'This is the right change at the right time. I implore colleagues who want to protect women and girls and abortion services to vote for new clause one. 'Let's ensure that not a single desperate woman ever again is subject to traumatic, criminal investigation at the worst moments in their lives.' Medics or others who facilitate an abortion after the 24-week time limit could still face prosecution if the change becomes law. Though the Government took a neutral stance on the vote, several Cabinet ministers were among the MPs who backed the amendment. They included Energy Secretary Ed Miliband, Chancellor of the Duchy of Lancaster Pat McFadden, Work and Pensions Secretary Liz Kendall, Defence Secretary John Healey, Transport Secretary Heidi Alexander, Environment Secretary Steve Reed, Northern Ireland Secretary Hilary Benn, Scotland Secretary Ian Murray, Wales Secretary Jo Stevens and Commons Leader Lucy Powell. Kemi Badenoch and many members of the Conservative front bench voted against it but shadow education secretary Laura Trott voted in favour. Abortion in England and Wales currently remains a criminal offence unless with an authorised provider up to 24 weeks into a pregnancy, with very limited circumstances allowing one after this time, such as when the mother's life is at risk or the child would be born with a severe disability. It is also legal to take prescribed medication at home if a woman is under 10 weeks pregnant. Efforts to change the law to protect women from prosecution follow repeated calls to repeal sections of the 19th century law, the 1861 Offences Against the Person Act, after abortion was decriminalised in Northern Ireland in 2019.
