# EDGAR Filing Document

**Accession Number:** 0001903145
**File Stem:** 0001213900-25-076084
**Filing Date:** 2025-8
**Character Count:** 135262
**Document Hash:** 278b8c282150827049cbb4b769b57960
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-076084.hdr.sgml**: 20250814

**ACCESSION NUMBER**: 0001213900-25-076084

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 161

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250814

**DATE AS OF CHANGE**: 20250814

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Gorilla Technology Group Inc.
- **CENTRAL INDEX KEY:** 0001903145
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-PREPACKAGED SOFTWARE [7372]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 981685516
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-41448
- **FILM NUMBER:** 251214591

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** GRAND PAVILION, HIBISCUS WAY
- **STREET 2:** 802 WEST BAY ROAD
- **CITY:** GRAND CAYMAN
- **NON US STATE TERRITORY:** GRAND CAYMAN
- **PROVINCE COUNTRY:** E9
- **ZIP:** KY1-1205
- **BUSINESS PHONE:** 886-2-2627-7996

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** GRAND PAVILION, HIBISCUS WAY
- **STREET 2:** 802 WEST BAY ROAD
- **CITY:** GRAND CAYMAN
- **NON US STATE TERRITORY:** GRAND CAYMAN
- **PROVINCE COUNTRY:** E9
- **ZIP:** KY1-1205

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER** 

**PURSUANT TO RULE 13a-16 OR 15d-16** 

**UNDER THE SECURITIES EXCHANGE ACT OF 1934** 

For the month of **August 2025**

Commission File Number: **001-41448** 

**Gorilla Technology Group Inc.**

(Translation of registrant's name into English)

**Meridien House**

**42 Upper Berkeley Street**

**Marble Arch**

**London, United Kingdom W1H 5QJ**

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ &nbsp;&nbsp;&nbsp;&nbsp; Form 40-F ☐

**Explanatory Note**

On August 14, 2025, Gorilla Technology Group Inc., a Cayman Islands exempted company (the "Company"), issued a press release announcing earnings for the first six months of fiscal year 2025. The press release is furnished as Exhibit 99.1 to this Report of Foreign Private Issuer on Form 6-K. Unaudited condensed interim consolidated financial statements of the Company for the six-month periods ended June 30, 2025 and 2024 are filed as Exhibit 99.2 to this Report of Foreign Private Issuer on Form 6-K and are incorporated by reference herein.

**INCORPORATION BY REFERENCE**

Only the information included in Exhibit 99.2 of this Report of Foreign Private Issuer on Form 6-K is hereby incorporated by reference into the Company's Registration Statements on Form F-3 (File Nos. [333-274053](https://www.sec.gov/Archives/edgar/data/1903145/000121390023068600/ea183665-f3_gorillatech.htm), [333-267838](https://www.sec.gov/Archives/edgar/data/1903145/000121390023071724/posam2023a2_gorillatech.htm) and [333-276708](https://www.sec.gov/Archives/edgar/data/1903145/000121390024006967/ea192210-f3_gorillatech.htm)) and on [Form S-8](http://www.sec.gov/Archives/edgar/data/1903145/000121390023089961/ea188856-s8_gorillatech.htm) (File No. 333-275749) (including any prospectuses forming a part of such registration statements) and shall be a part thereof from the date on which this Report of Foreign Private Issuer on Form 6-K is filed, to the extent not superseded by documents or reports subsequently filed or furnished. The information included in Exhibit 99.1 of this Report of Foreign Private Issuer on Form 6-K is not incorporated by reference into the foregoing registration statements (nor into any prospectuses forming a part thereof).

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Gorilla Technology Group Inc.** | **Gorilla Technology Group Inc.** |
| Date: August 14, 2025 | By: | /s/ Jayesh Chandan |
|  | Name: | Jayesh Chandan |
|  | Title: | Chief Executive Officer |
|  |  | (Principal Executive Officer) |

---

**<u>Exhibit Index</u>**

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| 99.1 | [Press release dated August 14, 2025.](ea025052801ex99-1_gorilla.htm) |
| 99.2 | [Unaudited condensed interim consolidated financial statements of the Company for the six-month periods ended June 30, 2025 and 2024.](ea025052801ex99-2_gorilla.htm) |
| 101.INS | Inline XBRL Instance Document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |

---

## Exhibit 99.1

**Exhibit 99.1**

**Gorilla Technology Doubles Revenue in First Half of 2025 Amid International Expansion**

– Generated H1 2025 revenue of $39.3 million, representing 90.2% year-over-year growth –

– Signed 3 new projects in Taiwan and UK –

– Reduced debt to $18.1 million from $21.4 million at the end of 2024 and $18.4 million at the end of Q1 2025, strengthening financial flexibility and resilience –

– Completed a $105 million equity offering in July 2025 to fund further growth opportunities –

**London, UK, 14 August 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 its financial results for the first half ended June 30, 2025.

● **Continued Revenue Growth**: H1 2025 revenue reached $39.3 million, reflecting outstanding execution across key global contracts. Topline performance demonstrates Gorilla's operational strength and leadership in AI-driven security and intelligence.

● **Strong Liquidity Position**: Gorilla ended H1 with $26.1 million in total cash. Subsequent to the close of H1, the Company raised $105 million in an equity offering. In July, Gorilla's largest customer in Egypt made a significant payment, underscoring the strength of its relationships and reinforcing its cash position. The Company intends to use these funds to secure future contracts and drive expansion.

● **Disciplined Debt Reduction**: Gorilla cut debt to $18.1 million in H1, down from $21.4 million at the end of 2024 and $18.4 million in Q1 2025, improving capital efficiency as it unlocked pledged deposits. The Company will continue reducing debt as long as it remains accretive and cash-neutral, further strengthening its balance sheet.

● **Continued Focus on Profitability**: Operating loss (IFRS) for the six months ended June 30, 2025 was $9.1 million, while Adjusted EBITDA (Non-IFRS) was $5.7 million. Net loss (IFRS) for the six months ended June 30, 2025 was $8.5 million, while Adjusted Net Income (Non-IFRS) was $5.7 million. Adjusted EBITDA and Adjusted Net Income excludes exchange loss from currency devaluation and fair value remeasurement of financial instruments. Gorilla's performance, excluding non-cash accounting items, demonstrates solid underlying profitability on a normalised basis.

● **Retained Focus on Earnings Per Share.** Loss Per Share (IFRS) was $0.43. Adjusted Basic Earnings Per Share (Non-IFRS) of $0.29 reflects solid underlying profitability and the scalability of our core operations.

**Statement from Jay Chandan**

"Gorilla has completed the first half of 2025 with focus, strength and clear momentum. The results show the underlying profitability of our model and an established growth path as we create value for our customers, shareholders and broader stakeholders. We have delivered on major programmes and signed near-term projects that will accelerate performance in 2026 and beyond. Our plans for global expansion will strengthen our position in Southeast Asia and enhance our delivery capability in key markets."

"Our teams are executing with discipline and precision, turning strategic opportunities into tangible outcomes. From advancing critical infrastructure in Asia to enabling climate-technology solutions in the Amazon rainforest, we are demonstrating the value and trust we bring to ambitious partners worldwide. This is a foundation for sustainable growth, deeper market penetration and long-term impact."

**Statement from Bruce Bower**

"We continue to emphasize financial discipline in everything we do. We have repaid debt by over $3 million this year, while also releasing restricted assets, moving them into unrestricted cash. In the second half, we anticipate continued customer collections and the release of customer guarantees for existing contracts, which should serve to boost our cash flow. Looking forward, we intend to use our large liquidity buffer to capitalize on new commercial opportunities."

**Advancing Long-term Strategy**

This quarter Gorilla, signed key contracts with the Port of Tyne in the United Kingdom, Wan Hai Port in Taiwan and ADE Corporation in Taiwan. These agreements reflect the execution of strategies Gorilla has consistently communicated to the market and signal further projects already in motion.

Some additional details on these contracts are below:

● **AI-Powered Wan Hai Smart Surveillance System** – Agreement established a partnership with Asia's leading container shipping companies to deploy next-generation AI automation and computer vision surveillance across a major freight terminal, enhancing yard efficiency, cargo flow management and safety.

● **AI-Enabled ADE CIB Criminal Financial Flow Analysis** – Supporting Taiwan's leading criminal investigation agency with AI-powered analytics to trace cryptocurrency transactions, uncover fund flows and identify criminal networks, enabling speed and precision.

The Company is in active negotiation on several additional contracts. Gorilla's pipeline now exceeds $5 billion, due to increased capacity across the United States, Middle East and North Africa, Southeast & East Asia, South America and the United Kingdom. Gorilla's 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.

**Financials**

<u>GORILLA TECHNOLOGY GROUP INC. AND SUBSIDIARIES</u>

<u>UNAUDITED CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS</u>

<u>AS OF JUNE 30, 2025 AND DECEMBER 31, 2024</u>

(Expressed in United States dollars)

---

| | | |
|:---|:---|:---|
| **Items** | **June 30,<br> 2025 <br> (Unaudited)** | **December 31,<br> 2024 <br> (Audited)** |
| **Assets** | | |
| **Current assets** | | |
| Cash and cash equivalents | $10110206 | $21699202 |
| Financial assets at fair value through profit or loss | 1000 | 1000 |
| Restricted deposits | 16019748 | 15773099 |
| Unbilled receivables (Contract assets) | 36883629 | 34306195 |
| Accounts receivable, net | 43794936 | 25670157 |
| Inventories |  | 5199 |
| Prepayments | 18035818 | 28632212 |
| Other receivables, net | 401684 | 432696 |
| Other current assets | 176903 | 151816 |
| **Total current assets** | 125423924 | 126671576 |
| **Non-current assets** |  |  |
| Property and equipment | 16831268 | 14939143 |
| Right-of-use assets | 436504 | 505345 |
| Intangible assets | 2675916 | 2931661 |
| Deferred tax assets | 11266450 | 6938213 |
| Prepayments | 259662 | 315304 |
| Financial assets at fair value through profit or loss | 4000000 |  |
| Other non-current assets | 1852330 | 1494740 |
| **Total non-current assets** | 37322130 | 27124406 |
| **Total assets** | $162746054 | $153795982 |

---

(Continued)

<u>GORILLA TECHNOLOGY GROUP INC. AND SUBSIDIARIES</u>

<u>UNAUDITED CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS</u>

<u>AS OF JUNE 30, 2025 AND DECEMBER 31, 2024</u>

(Expressed in United States dollars)

---

| | | |
|:---|:---|:---|
| **Items** | **June 30,<br> 2025 <br> (Unaudited)** | **December 31,<br> 2024 <br> (Audited)** |
| **Liabilities and Equity** | | |
| **Liabilities** | | |
| **Current liabilities** | | |
| Short-term borrowings | $12187029 | $15073458 |
| Contract liabilities | 265236 | 273227 |
| Accounts payable | 30495390 | 26039076 |
| Other payables | 1189270 | 2451135 |
| Provisions | 70664 | 37673 |
| Lease liabilities | 206193 | 210448 |
| Income tax liabilities | 11063923 | 9028829 |
| Warrant liabilities | 732887 | 20082272 |
| Long-term borrowings, current portion | 1747816 | 1972371 |
| Other current liabilities | 96574 | 142796 |
| **Total current liabilities** | 58054982 | 75311285 |
| **Non-current liabilities** |  |  |
| Long-term borrowings | 4159459 | 4372188 |
| Provisions | 25159 | 22013 |
| Deferred tax liabilities | 1435534 | 42897 |
| Lease liabilities | 480984 | 579699 |
| Guarantee deposits received | 408942 | 364047 |
| **Total non-current liabilities** | 6510078 | 5380844 |
| **Total liabilities** | 64565060 | 80692129 |
| **Equity** |  |  |
| **Equity attributable to owners of parent** |  |  |
| **Share capital** |  |  |
| Ordinary share | 21625 | 19443 |
| **Capital surplus** |  |  |
| Capital surplus | 288904900 | 254585267 |
| **Retained earnings** |  |  |
| Accumulated deficit | (156741789) | (148238729) |
| **Other equity interest** |  |  |
| Financial statements translation differences of foreign operations | 1001735 | (55500) |
| Treasury shares | (35005477) | (33206628) |
| **Equity attributable to owners of the parent** | 98180994 | 73103853 |
| **Total equity** | 98180994 | 73103853 |
| **Total liabilities and equity** | $162746054 | $153795982 |

---

<u>GORILLA TECHNOLOGY GROUP INC. AND SUBSIDIARIES</u>

<u>UNAUDITED CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)</u>

<u>SIX MONTHS ENDED JUNE 30, 2025 AND 2024</u>

(Expressed in United States dollars)

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30** | **Six Months Ended June 30** |
| <br>**Items** | **2025 <br> (Unaudited)** | **2024 <br> (Unaudited)** |
| Revenue | $39325839 | $20674691 |
| Cost of revenue | (25877004) | (2995637) |
| **Gross profit** | 13448835 | 17679054 |
| Operating expenses: |  |  |
| Selling and marketing expenses | (742592) | (666312) |
| General and administrative expenses | (7270555) | (6381907) |
| Research and development expenses | (1226139) | (1149834) |
| Currency exchange losses, net\* | (11552001) | (5028955) |
| Fair value remeasurement of financial instruments | (1531210) | (3278410) |
| Other income | 90529 | 84870 |
| Other gains (losses), net | (287314) | 515123 |
| Total operating expenses | (22519282) | (15905425) |
| **Operating income (loss)** | (9070447) | 1773629 |
| Non-operating income (expenses) |  |  |
| Interest income | 1177271 | 392455 |
| Finance costs | (293673) | (416605) |
| Total non-operating income (expenses) | 883598 | (24150) |
| **Profit (loss) before income tax** | (8186849) | 1749479 |
| Income tax expense | (316211) | (137891) |
| **Profit (loss) for the period** | (8503060) | 1611588 |
| **Other comprehensive income (loss)** |  |  |
| **Components of other comprehensive income (loss) that may not be reclassified to profit or loss** |  |  |
| Remeasurement of defined benefit plans |  | 2112 |
| **Components of other comprehensive income (loss) that may be reclassified to profit or loss** |  |  |
| Exchange differences on translation of foreign operations | 1057235 | (1949532) |
| **Other comprehensive income (loss) for the period, net of tax** | 1057235 | (1947420) |
| **Total comprehensive loss for the period** | (7445825) | (335832) |
| Earning (loss) per share |  |  |
| Basic earning (loss) per share | $(0.43) | $0.17 |
| Diluted earning (loss) per share | $(0.43) | $0.15 |
| Weighted average shares of ordinary shares outstanding |  |  |
| Basic | 19819284 | 9330948 |
| Diluted | 19819284 | 10413870 |

---

\* During the six months ended June 30, 2025 and 2024, net currency exchange losses amounted to $12,630,726 and $5,883,074, 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.

<u>GORILLA TECHNOLOGY GROUP INC. AND SUBSIDIARIES</u>

<u>UNAUDITED CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS</u>

<u>SIX MONTHS ENDED JUNE 30, 2025 AND 2024</u>

(Expressed in United States dollars)

---

| | | |
|:---|:---|:---|
|  | **Six months ended June 30** | **Six months ended June 30** |
|  | **2025** | **2024** |
| <u>CASH FLOWS FROM OPERATING ACTIVITIES</u> |  |  |
| &nbsp;&nbsp;&nbsp;Profit (loss) before tax | $(8186849) | $1749479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile profit (loss) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expected credit losses | 6107 | 364640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation expenses | 325824 | 275746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization expenses | 317806 | 442242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on disposal of property and equipment |  | (73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based payment expenses | 271050 | 722176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expenses | 472642 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 293673 | 416605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | (1177271) | (392455) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized exchange loss | 11224264 | 3993733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on financial liabilities at fair value through profit or loss | 1531210 | 3278410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on financial assets at fair value through profit or loss |  | (548944) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled receivables (Contract assets) | (39419954) | (20027585) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 6933000 | 3051025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 5362 | 1316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepayments | 12749966 | (685966) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables |  | (433302) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current and non-current assets | (18406) | 528649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities | (37362) | (59403) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes payable |  | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 4232202 | (2160932) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other payables | (1472181) | (1500939) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions | 24003 | (79505) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current and non-current liabilities | (54820) | 48669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guarantee deposits received | 512 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash flows used in operations | (11979222) | (11016380) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest received | 1205745 | 448299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest paid | (324623) | (672592) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax paid | (1420411) | (18106) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (12518511) | (11258779) |
| <u>CASH FLOWS FROM INVESTING ACTIVITIES</u> |  |  |
| &nbsp;&nbsp;&nbsp;Acquisition of property and equipment | (328833) | (363096) |
| &nbsp;&nbsp;&nbsp;Proceeds from disposal of property and equipment |  | 143 |
| &nbsp;&nbsp;&nbsp;Acquisition of intangible assets | (54987) | (57982) |
| &nbsp;&nbsp;&nbsp;Financial assets at fair value through profit or loss | (4000000) |  |
| &nbsp;&nbsp;&nbsp;Investment in restricted deposits | (179930) |  |
| &nbsp;&nbsp;&nbsp;Guarantee deposits paid | (289069) | (41291) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash flows used in investing activities | (4852819) | (462226) |
| <u>CASH FLOWS FROM FINANCING ACTIVITIES</u> |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from short-term borrowings | 14327643 | 7050890 |
| &nbsp;&nbsp;&nbsp;Repayments of short-term borrowings | (18680180) | (6622572) |
| &nbsp;&nbsp;&nbsp;Repayments of long-term borrowings | (1105138) | (750819) |
| &nbsp;&nbsp;&nbsp;Principal repayment of lease liabilities | (106870) | (68252) |
| &nbsp;&nbsp;&nbsp;Repayments of loan from shareholders |  | (3000000) |
| &nbsp;&nbsp;&nbsp;Buyback of treasury stocks | (1798849) |  |
| &nbsp;&nbsp;&nbsp;Exercise of share options | 17796 |  |
| &nbsp;&nbsp;&nbsp;Proceeds from preferred shares and private warrants | 12679732 | 9650000 |
| &nbsp;&nbsp;&nbsp;Exercise of restricted share units |  | (39056) |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance ordinary share | - | 11290004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash flows from financing activities | 5334134 | 17510195 |
| Effect of foreign exchange rate changes | 448200 | 122449 |
| Net (decrease) increase in cash and cash equivalents | (11588996) | 5911639 |
| Cash and cash equivalents at beginning of period | 21699202 | 5306857 |
| Cash and cash equivalents at end of period | $10110206 | $11218496 |

---

<u>RECONCILIATION OF OPERATING INCOME (LOSS) AS PER INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) TO ADJUSTED OPERATING INCOME AND ADJUSTED EARNINGS BEFORE INTEREST, TAXES, DEPRECIATION, AND AMORTIZATION (EBITDA)</u>

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30** | **Six Months Ended June 30** |
| <br>**Items** | **2025<br> (Unaudited<br> and<br> Unreviewed)** | **2024<br> (Unaudited<br> and<br> Unreviewed)** |
|  | **(Amount in USD)** | **(Amount in USD)** |
| **Operating income (loss) (IFRS)** | $**(9070447)** | $**1773629** |
| Add: Exchange loss from currency devaluation | 12630726 | 5883074 |
| Add: Fair value remeasurement of financial instruments | 1531210 | 3278410 |
| **Adjusted Operating income (Non-IFRS)** | $**5091489** | $**10935113** |
| Add: Depreciation expenses | 325824 | 275746 |
| Add: Amortization expenses | 317806 | 442242 |
| **Adjusted EBITDA (Non-IFRS)** | $**5735119** | $**11653101** |

---

<u>RECONCILIATION OF IFRS NET INCOME (LOSS) TO ADJUSTED NET INCOME (NON-IFRS)</u>

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30** | **Six Months Ended June 30** |
| <br>**Items** | **2025<br> (Unaudited<br> and<br> Unreviewed)** | **2024<br> (Unaudited<br> and<br> Unreviewed)** |
|  | **(Amount in USD)** | **(Amount in USD)** |
| **Net income (loss) (IFRS)** | $**(8503060)** | $**1611588** |
| Add: Exchange loss from currency devaluation | 12630726 | 5883074 |
| Add: Fair value remeasurement of financial instruments | 1531210 | 3278410 |
| **Adjusted Net income (Non-IFRS)** | $**5658876** | $**10773072** |

---

<u>RECONCILIATION OF EARNINGS (LOSS) PER SHARE (IFRS) TO ADJUSTED EARNINGS PER SHARE (NON-IFRS)</u>

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30** | **Six Months Ended June 30** |
| <br>**Items** | **2025<br> (Unaudited<br> and<br> Unreviewed)** | **2024<br> (Unaudited<br> and<br> Unreviewed)** |
|  | **(Amount in USD)** | **(Amount in USD)** |
| **Basic Earnings (loss) per share (IFRS)** | $**(0.43)** | $**0.17** |
| Add: EPS impact of Exchange loss from currency devaluation | 0.08 | 0.35 |
| Add: EPS impact of Fair value remeasurement of financial instruments | 0.64 | 0.63 |
| **Adjusted Basic Earnings per share (Non-IFRS)** | $**0.29** | $**1.15** |

---

Note: All per share amounts in above table are calculated using the basic weighted average ordinary shares outstanding of 19,819,284 and 9,330,948 for the six months ended June 30, 2025 and 2024, respectively.

**About 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: Gorilla-Technology.com.

**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 convert our pipeline, our ability to and the circumstances under which we would reduce our debt, our ability to attract the attention of customers and investors alike, our expansion into southeast Asia, Gorilla's largest projects and 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.

Public Relations Contact:

Samantha Dowd

Prosek Partners

GRRR@prosek.com

Investor Relations Contact:

Dave Gentry

RedChip Companies, Inc.

1-407-644-4256

GRRR@redchip.com

## Exhibit 99.2

?xml version='1.0' encoding='ASCII'?

**Exhibit 99.2**

**GORILLA TECHNOLOGY GROUP INC.** 

**AND SUBSIDIARIES**

**UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS**

**FOR THE SIX MONTHS ENDED**

**JUNE 30, 2025 AND 2024**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| [Unaudited Condensed Interim Consolidated Balance Sheets](#ex99_001) | 2-3 |
| [Unaudited Condensed Interim Consolidated Statements of Comprehensive Income (Loss)](#ex99_003) | 4 |
| [Unaudited Condensed Interim Consolidated Statements of Changes in Equity](#ex99_004) | 5-6 |
| [Unaudited Condensed Interim Consolidated Statements of Cash Flows](#ex99_005) | 7-8 |
| [Notes to Unaudited Condensed Interim Consolidated Financial Statements](#ex99_006) | 9-41 |

---

<u>GORILLA TECHNOLOGY GROUP INC. AND SUBSIDIARIES</u>

<u>UNAUDITED CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS</u>

<u>AS OF JUNE 30, 2025 AND DECEMBER 31, 2024</u>

(Expressed in United States dollars)

---

| | | | |
|:---|:---|:---|:---|
| Items | Notes | June 30,<br> 2025 <br> (Unaudited) | December 31,<br> 2024 <br> (Audited) |
| **Assets** |  |  |  |
| **Current assets** |  |  |  |
| Cash and cash equivalents | 5 | $10110206 | $21699202 |
| Financial assets at fair value through profit or loss |  | 1000 | 1000 |
| Restricted deposits | 6 and 32 | 16019748 | 15773099 |
| Unbilled receivables (Contract assets) | 21 | 36883629 | 34306195 |
| Accounts receivable, net | 7 | 43794936 | 25670157 |
| Inventories | 8 | - | 5199 |
| Prepayments | 9 | 18035818 | 28632212 |
| Other receivables, net |  | 401684 | 432696 |
| Other current assets |  | 176903 | 151816 |
| **Total current assets** |  | 125423924 | 126671576 |
| **Non-current assets** |  |  |  |
| Property and equipment | 10 and 32 | 16831268 | 14939143 |
| Right-of-use assets |  | 436504 | 505345 |
| Intangible assets | 11 | 2675916 | 2931661 |
| Deferred tax assets | 27 | 11266450 | 6938213 |
| Prepayments | 9 | 259662 | 315304 |
| Financial assets at fair value through profit or loss | 37(g) | 4000000 | - |
| Other non-current assets | 12 | 1852330 | 1494740 |
| **Total non-current assets** |  | 37322130 | 27124406 |
| **Total assets** |  | $162746054 | $153795982 |

---

(Continued)

The accompanying notes are an integral part of these consolidated financial statements.

<u>GORILLA TECHNOLOGY GROUP INC. AND SUBSIDIARIES</u>

<u>UNAUDITED CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS</u>

<u>AS OF JUNE 30, 2025 AND DECEMBER 31, 2024</u>

(Expressed in United States dollars)

---

| | | | |
|:---|:---|:---|:---|
| Items | Notes | June 30,<br> 2025 <br> (Unaudited) | December 31,<br> 2024 <br> (Audited) |
| **Liabilities and Equity** |  |  |  |
| **Liabilities** |  |  |  |
| **Current liabilities** |  |  |  |
| Short-term borrowings | 13 | $12187029 | $15073458 |
| Contract liabilities | 21 | 265236 | 273227 |
| Accounts payable |  | 30495390 | 26039076 |
| Other payables | 14 | 1189270 | 2451135 |
| Provisions |  | 70664 | 37673 |
| Lease liabilities |  | 206193 | 210448 |
| Income tax liabilities | 27 | 11063923 | 9028829 |
| Warrant liabilities | 17 | 732887 | 20082272 |
| Long-term borrowings, current portion | 15 | 1747816 | 1972371 |
| Other current liabilities |  | 96574 | 142796 |
| **Total current liabilities** |  | 58054982 | 75311285 |
| **Non-current liabilities** |  |  |  |
| Long-term borrowings | 15 | 4159459 | 4372188 |
| Provisions |  | 25159 | 22013 |
| Deferred tax liabilities | 27 | 1435534 | 42897 |
| Lease liabilities |  | 480984 | 579699 |
| Guarantee deposits received |  | 408942 | 364047 |
| **Total non-current liabilities** |  | 6510078 | 5380844 |
| **Total liabilities** |  | 64565060 | 80692129 |
| **Equity** |  |  |  |
| **Equity attributable to owners of parent** |  |  |  |
| **Share capital** |  |  |  |
| Ordinary share | 19 | 21625 | 19443 |
| **Capital surplus** |  |  |  |
| Capital surplus |  | 288904900 | 254585267 |
| **Retained earnings** | 20 |  |  |
| Accumulated deficit |  | (156741789) | (148238729) |
| **Other equity interest** |  |  |  |
| Financial statements translation differences of foreign operations |  | 1001735 | (55500) |
| Treasury shares | 19 | (35005477) | (33206628) |
| **Equity attributable to owners of the parent** |  | 98180994 | 73103853 |
| **Total equity** |  | 98180994 | 73103853 |
| Significant contingent liabilities and unrecognized contract commitments | 33 |  |  |
| **Total liabilities and equity** |  | $162746054 | $153795982 |

---

The accompanying notes are an integral part of these consolidated financial statements.

<u>GORILLA TECHNOLOGY GROUP INC. AND SUBSIDIARIES</u>

<u>UNAUDITED CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)</u>

<u>SIX MONTHS ENDED JUNE 30, 2025 AND 2024</u>

(Expressed in United States dollars)

---

| | | | |
|:---|:---|:---|:---|
|  |  | Six Months Ended June 30 | Six Months Ended June 30 |
| Items | Notes | 2025 <br> (Unaudited) | 2024 <br> (Unaudited) |
| Revenue | 21 | $39325839 | $20674691 |
| Cost of revenue | 8, 25 and 26 | (25877004) | (2995637) |
| **Gross profit** |  | 13448835 | 17679054 |
| Operating expenses: | 25 and 26 |  |  |
| Selling and marketing expenses |  | (742592) | (666312) |
| General and administrative expenses |  | (7270555) | (6381907) |
| Research and development expenses |  | (1226139) | (1149834) |
| Currency exchange losses, net\* |  | (11552001) | (5028955) |
| Fair value remeasurement of financial instruments |  | (1531210) | (3278410) |
| Other income |  | 90529 | 84870 |
| Other gains (losses), net | 22 | (287314) | 515123 |
| Total operating expenses |  | (22519282) | (15905425) |
| **Operating income (loss)** |  | (9070447) | 1773629 |
| Non-operating income (expenses) |  |  |  |
| Interest income | 23 | 1177271 | 392455 |
| Finance costs | 24 | (293673) | (416605) |
| Total non-operating income (expenses) |  | 883598 | (24150) |
| **Profit (loss) before income tax** |  | (8186849) | 1749479 |
| Income tax expense | 27 | (316211) | (137891) |
| **Profit (loss) for the period** |  | (8503060) | 1611588 |
| **Other comprehensive income (loss)** |  |  |  |
| **Components of other comprehensive income (loss) that may not be reclassified to profit or loss** |  |  |  |
| Remeasurement of defined benefit plans |  | - | 2112 |
| **Components of other comprehensive income (loss) that may be reclassified to profit or loss** |  |  |  |
| Exchange differences on translation of foreign operations |  | 1057235 | (1949532) |
| **Other comprehensive income (loss) for the period, net of tax** |  | 1057235 | (1947420) |
| **Total comprehensive loss for the period** |  | (7445825) | (335832) |
| Earning (loss) per share |  |  |  |
| Basic earning (loss) per share | 28 | $(0.43) | $0.17 |
| Diluted earning (loss) per share | 28 | $(0.43) | $0.15 |
| Weighted average shares of ordinary shares outstanding |  |  |  |
| Basic |  | 19819284 | 9330948 |
| Diluted |  | 19819284 | 10413870 |

---

\* During the six months ended June 30, 2025 and 2024, net currency exchange losses amounted to $12,630,726 and $5,883,074, 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.

The accompanying notes are an integral part of these consolidated financial statements.

<u>GORILLA TECHNOLOGY GROUP INC. AND SUBSIDIARIES</u>

<u>UNAUDITED CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY</u>

<u>SIX MONTHS ENDED JUNE 30, 2025 AND 2024</u>

(Expressed in United States dollars)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Equity attributable to owners of the parent | Equity attributable to owners of the parent | Equity attributable to owners of the parent | Equity attributable to owners of the parent | Equity attributable to owners of the parent | Equity attributable to owners of the parent | Equity attributable to owners of the parent | Equity attributable to owners of the parent | Equity attributable to owners of the parent |
|  | | | Capital Surplus | Capital Surplus | Capital Surplus | | | | |
|  | <br>Notes |<br>Share Capital<br> Ordinary<br> share | Additional<br> paid in <br> capital in<br> excess of <br> par value of<br> ordinary share | Employee<br> share<br> options | Restricted<br> share<br> units |<br>Accumulated<br> deficit |<br>Financial<br> statements<br> translation<br> differences<br> of foreign<br> operation |<br>Treasury<br> shares |<br>Total |
| **Balance at January 1, 2025** |  | $19443 | $253786028 | $764333 | $34906 | $(148238729) | $(55500) | $(33206628) | $73103853 |
| Loss for the period |  | - | - | - | - | (8503060) | - | - | (8503060) |
| Other Comprehensive income for the period |  | - | - | - | - | - | 1057235 | - | 1057235 |
| Total comprehensive income (loss) for the period |  | - | - | - | - | (8503060) | 1057235 | - | (7445825) |
| Employee share option plans | 16 | 2 | 17794 | - | - | - | - | - | 17796 |
| Treasury stocks buyback | 19 | - | - | - | - | - | - | (1798849) | (1798849) |
| Share-based payment for professional services | 16 | 15 | 271035 | - | - | - | - | - | 271050 |
| Issuance of restricted share units | 19 | 16 | 69129 | - | 403497 | - | - | - | 472642 |
| Exercise of warrants | 19 | 2149 | 33558178 | - | - | - | - | - | 33560327 |
| **Balance at June 30, 2025** |  | $21625 | $287702164 | $764333 | $438403 | $(156741789) | $1001735 | $(35005477) | $98180994 |

---

(Continued)

<u>GORILLA TECHNOLOGY GROUP INC. AND SUBSIDIARIES</u>

<u>UNAUDITED CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY</u>

<u>SIX MONTHS ENDED JUNE 30, 2025 AND 2024</u>

(Expressed in United States dollars)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Equity attributable to owners of the parent** | **Equity attributable to owners of the parent** | **Equity attributable to owners of the parent** | **Equity attributable to owners of the parent** | **Equity attributable to owners of the parent** | **Equity attributable to owners of the parent** | **Equity attributable to owners of the parent** | **Equity attributable to owners of the parent** | **Equity attributable to owners of the parent** |
|  | | | **Capital Surplus** | **Capital Surplus** | **Capital Surplus** | | | | |
|  | <br>Notes |<br>Share Capital<br> Ordinary<br> share | Additional<br> paid in <br> capital in<br> excess of <br> par value of<br> ordinary share | Employee<br> share<br> options | Restricted<br> share<br> units |<br>Accumulated<br> deficit |<br>Financial<br> statements<br> translation<br> differences<br> of foreign<br> operation |<br>Treasury<br> shares |<br>Total |
| **Balance at January 1, 2024** |  | $7846 | $165228386 | $764333 | $175599 | $(83399309) | $955018 | $(29580140) | $54151733 |
| Profit for the period |  | - | - | - | - | 1611588 | - | - | 1611588 |
| Other Comprehensive income (loss) for the period |  | - | - | - | - | 2112 | (1949532) | - | (1947420) |
| Total comprehensive income (loss) for the period |  | - | - | - | - | 1613700 | (1949532) | - | (335832) |
| Share-based payment for professional services & acquisition of intangible asset | 19 | 127 | 722049 | - | - | - | - | - | 722176 |
| Exercise of convertible preference shares | 19 | 2178 | 6264479 | - | - | - | - | - | 6266657 |
| Issuance of restricted share units | 19 | 5 | 30734 | - | (69795) | - | - | - | (39056) |
| Issuance of ordinary shares | 19 | 2143 | 11287861 | - | - | - | - | - | 11290004 |
| **Balance at June 30, 2024** |  | $12299 | $183533509 | $764333 | $105804 | $(81785609) | $(994514) | $(29580140) | $72055682 |

---

The accompanying notes are an integral part of these consolidated financial statements.

<u>GORILLA TECHNOLOGY GROUP INC. AND SUBSIDIARIES</u>

<u>UNAUDITED CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS</u>

<u>SIX MONTHS ENDED JUNE 30, 2025 AND 2024</u>

(Expressed in United States dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | | Six months ended June 30 | Six months ended June 30 |
|  | <br>Notes | 2025 | 2024 |
| <u>CASH FLOWS FROM OPERATING ACTIVITIES</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;Profit (loss) before tax |  | $(8186849) | $1749479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile profit (loss) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expected credit losses | 25 | 6107 | 364640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation expenses | 10 and 25 | 325824 | 275746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization expenses | 11 and 25 | 317806 | 442242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on disposal of property and equipment | 22 | - | (73) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based payment expenses | 16 and 19 | 271050 | 722176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expenses | 16 | 472642 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 24 | 293673 | 416605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 23 | (1177271) | (392455) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized exchange loss |  | 11224264 | 3993733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on financial liabilities at fair value through profit or loss | 17 and 18 | 1531210 | 3278410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on financial assets at fair value through profit or loss | 22 | - | (548944) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled receivables (Contract assets) |  | (39419954) | (20027585) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net |  | 6933000 | 3051025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories |  | 5362 | 1316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepayments |  | 12749966 | (685966) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables |  | - | (433302) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current and non-current assets |  | (18406) | 528649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities |  | (37362) | (59403) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes payable |  | - | 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable |  | 4232202 | (2160932) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other payables |  | (1472181) | (1500939) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions |  | 24003 | (79505) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current and non-current liabilities |  | (54820) | 48669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Guarantee deposits received |  | 512 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash flows used in operations |  | (11979222) | (11016380) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest received |  | 1205745 | 448299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest paid |  | (324623) | (672592) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax paid |  | (1420411) | (18106) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities |  | (12518511) | (11258779) |
| <u>CASH FLOWS FROM INVESTING ACTIVITIES</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;Acquisition of property and equipment | 29 | (328833) | (363096) |
| &nbsp;&nbsp;&nbsp;Proceeds from disposal of property and equipment |  | - | 143 |
| &nbsp;&nbsp;&nbsp;Acquisition of intangible assets | 29 | (54987) | (57982) |
| &nbsp;&nbsp;&nbsp;Financial assets at fair value through profit or loss |  | (4000000) | - |
| &nbsp;&nbsp;&nbsp;Investment in restricted deposits |  | (179930) | - |
| &nbsp;&nbsp;&nbsp;Guarantee deposits paid |  | (289069) | (41291) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash flows used in investing activities |  | (4852819) | (462226) |

---

(Continued)

The accompanying notes are an integral part of these consolidated financial statements.

<u>GORILLA TECHNOLOGY GROUP INC. AND SUBSIDIARIES</u>

<u>UNAUDITED CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS</u>

<u>SIX MONTHS ENDED JUNE 30, 2025 AND 2024</u>

(Expressed in United States dollars)

---

| | | | |
|:---|:---|:---|:---|
| <u>CASH FLOWS FROM FINANCING ACTIVITIES</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from short-term borrowings | 30 | 14327643 | 7050890 |
| &nbsp;&nbsp;&nbsp;Repayments of short-term borrowings | 30 | (18680180) | (6622572) |
| &nbsp;&nbsp;&nbsp;Repayments of long-term borrowings | 30 | (1105138) | (750819) |
| &nbsp;&nbsp;&nbsp;Principal repayment of lease liabilities | 30 | (106870) | (68252) |
| &nbsp;&nbsp;&nbsp;Repayments of loan from shareholders | 31 | - | (3000000) |
| &nbsp;&nbsp;&nbsp;Buyback of treasury stocks | 19 | (1798849) | - |
| &nbsp;&nbsp;&nbsp;Exercise of share options | 16 | 17796 | - |
| &nbsp;&nbsp;&nbsp;Proceeds from preferred shares and private warrants | 17, 18 and 19 | 12679732 | 9650000 |
| &nbsp;&nbsp;&nbsp;Exercise of restricted share units |  | - | (39056) |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance ordinary share |  | - | 11290004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash flows from financing activities |  | 5334134 | 17510195 |
| Effect of foreign exchange rate changes |  | 448200 | 122449 |
| Net (decrease) increase in cash and cash equivalents |  | (11588996) | 5911639 |
| Cash and cash equivalents at beginning of period | 5 | 21699202 | 5306857 |
| Cash and cash equivalents at end of period | 5 | $10110206 | $11218496 |

---

The accompanying notes are an integral part of these consolidated financial statements.

GORILLA TECHNOLOGY GROUP INC. AND SUBSIDIARIES

Notes to Unaudited Condensed Interim Consolidated Financial Statements

June 30, 2025 and 2024

(Expressed in US dollars, except as otherwise indicated)

&nbsp;&nbsp;&nbsp;&nbsp;1. **Corporate and group information** 

Gorilla Technology Group Inc. (the "Company") was incorporated in the Cayman Islands in May 2001. The Company and its subsidiaries (collectively referred herein as the "Group") is a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence and IoT technology.

On July 14, 2022, the Company's shares and warrants commenced trading on The Nasdaq Capital Markets under the ticker symbols "GRRR" and "GRRRW", respectively.

&nbsp;&nbsp;&nbsp;&nbsp;2. **The authorization of the consolidated financial statements** 

The accompanying consolidated financial statements were authorized for issuance by the Audit Committee on August 14, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;3. **Application of new and revised International Financial Reporting Standards ("IFRS"), International Accounting Standards ("IAS"), International Financial Reporting Interpretations Committee ("IFRIC") Interpretations and Standing Interpretations Committee ("SIC") Interpretations issued by the International Accounting Standards Board ("IASB"), (collectively, "IFRS")** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Amendments to IFRS and the new interpretation that are mandatorily effective for the current reporting period** 

<u>New Standards, Interpretations and Amendments</u> <u>Effective date issued by IASB</u> <br> Amendments to IAS 21, 'Lack of exchangeability' January 1, 2025

The Group has adopted the above new standards, interpretations and amendments as of the effective date, as applicable. Based on the Group's assessment, the above standards and interpretations have no significant impact to the Group's financial condition and financial performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)** **New standards, interpretations and amendments in issue but not yet effective** 

New standards, interpretations and amendments in issue but not yet effective are as follows:

---

| | |
|:---|:---|
| New Standards, Interpretations and Amendments | Effective date<br> issued by IASB |
| Amendments to IFRS 10 and IAS 28, 'Sale or contribution of assets between an investor and its associate or joint venture' | To be determined by IASB |
| Amendments to IFRS 9 and IFRS 7, 'Contracts referencing nature–dependent electricity' and 'Classification and Measurement of Financial Instruments' | January 1, 2026 |
| Annual improvements to IFRS Accounting Standards–Volume 11 | January 1, 2026 |
| IFRS 19, 'Subsidiaries without public accountability: disclosures' | January 1, 2027 |
| IFRS 18, 'Presentation and disclosure in financial statements' | January 1, 2027 |

---

Based on the Group's assessment, the above standards and interpretations will not have any significant impact to the Group's financial condition and financial performance.

&nbsp;&nbsp;&nbsp;&nbsp;4. **Summary of material accounting policy information** 

The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)** **Statement of compliance** 

The consolidated financial statements of the Group have been prepared in accordance with IFRS that was effective as issued by the IASB.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)** **Basis of preparation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) These unaudited condensed interim consolidated
 financial statements are presented in U.S. dollars and have been prepared in accordance with International Financial Reporting Standards
 ("IFRS") as issued by the International Accounting Standards Board ("IASB") and in accordance with IAS 34, Interim
 Financial Reporting. These interim financial statements do not include all the information and disclosures required in the annual financial
 statements and should be read in conjunction with the audited consolidated financial statements and related notes included in the Company's
 Annual Report on Form 20-F for the year ended December 31, 2024. Except for the following items, the consolidated
 financial statements have been prepared under the historical cost convention:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Financial assets and liabilities at fair value through profit or loss.

ii) Financial assets and liabilities at fair value through other comprehensive income or loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Group's accounting policies. There have been no significant changes in the Group's critical accounting policies and estimates during the six months ended June 30, 2025, compared to those disclosed in Note 4 ee) – *Critical Accounting Judgments, Estimates and Key Sources of Assumption Uncertainty* to the Group's audited consolidated financial statements included in the Annual Report on Form 20-F for the year ended December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d)** **Basis of consolidation** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Basis for preparation of consolidated financial statements:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) All subsidiaries are included in the Group's consolidated financial statements. Subsidiaries are all entities controlled by the Group. The Group controls an entity when the Group is exposed, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Consolidation of subsidiaries begins from the date the Group obtains control of the subsidiaries and ceases when the Group loses control of the subsidiaries.

ii) Inter-company transactions, balances and unrealized gains or losses on transactions between companies within the Group are eliminated. Accounting policies of subsidiaries have been adjusted where necessary to ensure consistency with the policies adopted by the Group.

iii) When the Group loses control of a subsidiary, the Group remeasures any investment retained in the former subsidiary at its fair value. That fair value is regarded as the fair value on initial recognition of a financial asset or the cost on initial recognition of the associate or joint venture. Any difference between fair value and carrying amount is recognized in profit or loss. All amounts previously recognized in other comprehensive income in relation to the subsidiary are reclassified to profit or loss on the same basis as would be required if the related assets or liabilities were disposed of. That is, when the Group loses control of a subsidiary, all gains or losses previously recognized in other comprehensive income in relation to the subsidiary should be reclassified from equity to profit or loss, as if such gains or losses would be reclassified to profit or loss when the related assets or liabilities are disposed of.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subsidiaries
included in the consolidated financial statements:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  |  | Ownership (%) | Ownership (%) |  |
| Name of investor | Name of<br> Subsidiary | Main business<br> Activities | June 30, <br> 2025 | December 31,<br> 2024 | Note |
| The Company | Gorilla Science & <br> Technology <br> Holding, Inc.<br> (Gorilla BVI) | Information software and data processing services | 100% | 100% |  |
| The Company | ISSCore Technology, Inc. | Information software and data processing services | 100% | 100% |  |
| The Company | Telmedia <br> Technology <br> Limited <br> (Telmedia) | Information software and data processing services | 100% | 100% | Note 1 |
| The Company | Gorilla SPAC Partners Co. (Global) | Dormant corporation | 100% | 100% |  |
| The Company | Gorilla Technology UK Limited (Gorilla UK) | Information software and data processing services | 100% | 100% |  |
| The Company | Gorilla Technology Egypt LLC (Gorilla Egypt) | Information software and data processing services | 100% | 100% |  |
| Gorilla UK and <br> Gorilla Egypt | Gorilla Distribution Egypt | Software and hardware distribution services | 100% | 100% |  |
| Gorilla UK | Gorilla <br> Technology Inc. (Gorilla Taiwan) | Information software and data processing services | 100% | 100% | Note 2 |
| Gorilla UK | NSGUARD Technology Inc.<br> (NSGUARD) | Information software and data processing services | 100% | 100% | Note 2 |
| Gorilla UK | Gorilla Technology (India) Private Limited <br> (Gorilla India) | Information software and data processing services | 100% | 100% |  |
| Gorilla UK | Gorilla Distribution Partners Limited (Gorilla Distribution) | Software and hardware distribution services | 55% | 55% |  |
| The Company | Gorilla Technology (Thailand) Co., Ltd. | Information software and data processing services | 100% |  | Note 3 |

---

---

| | |
|:---|:---|
| Note 1: | Telemedia is in the process of liquidation as of June 30, 2025. |
| Note 2: | As part of an internal reorganization, 100% of the investments held by Gorilla BVI in Gorilla Taiwan and by Telemedia in NSGUARD were transferred to Gorilla UK in October 2024. |

---

Note 3: Gorilla Thailand was incorporated in January 2025.

(c) Subsidiaries not included in consolidated financial statements: None.

(d) Adjustments for subsidiaries with different balance sheet dates:
None.

(e) Significant restrictions: None.

(f) Subsidiaries that have non-controlling interests that are material to the Group: None.

&nbsp;&nbsp;&nbsp;&nbsp;5. **Cash and cash equivalents** 

---

| | | |
|:---|:---|:---|
|  | June 30,<br> 2025 | December 31, <br> 2024 |
| Cash on hand | $8222 | $6795 |
| Checking accounts | 96990 | 61475 |
| Demand deposits | 5945185 | 21130931 |
| Cash in brokerage accounts | 4059809 | - |
| Time deposits | 16019748 | 16273100 |
|  | 26129954 | 37472301 |
| Restricted deposits (Refer to clause b) below and Note 6) | (16019748) | (15773099) |
|  | $10110206 | $21699202 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The Group transacts with a variety of financial institutions all with high credit quality to disperse credit risk, so it expects that the probability of counterparty default is remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) As of June 30, 2025 and 2024, some of time deposits provided as guarantees and with maturity over three months were reclassified as "restricted deposits - current" based on its nature. Details of the Group's time deposits transferred to investments in debt instruments without active market are provided in Note 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Details of time deposits pledged to others as collaterals are provided in Note 32.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) The details of interest income recognized in profit or loss from financial assets measured at amortized cost are provided in Note 23.

&nbsp;&nbsp;&nbsp;&nbsp;6. **Restricted deposits** 

---

| | | |
|:---|:---|:---|
|  | June 30,<br> 2025 | December 31, <br> 2024 |
| Time deposits: |  |  |
| - Current | $16019748 | $15773099 |
|  | $16019748 | $15773099 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The details of interest income recognized in profit or loss from financial
assets measured at amortized cost are provided in Note 23.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) As of June 30, 2025 and December 31, 2024, without taking into account any collateral held or other credit enhancements, the maximum exposure to credit risk in respect of the amount that best represents these financial assets held by the Group was $16,019,748 and $15,773,099, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) As of June 30, 2025 and December 31, 2024, the interest rate of time deposits was 1.51%~18.00% and 0.00%~18.00%, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Information relating to restricted deposits that were pledged to others as collaterals is provided in Note 32.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) The Group transacts with a variety of financial institutions all with high credit quality to disperse credit risk, so it expects that the probability of counterparty default is remote.

7. **Accounts receivable, net** 

---

| | | |
|:---|:---|:---|
|  | June 30,<br> 2025 | December 31, <br> 2024 |
| Accounts receivable | $43886026 | $33135718 |
| Less: Allowance for ECL | (91090) | (7465561) |
|  | $43794936 | $25670157 |

---

&nbsp;&nbsp;&nbsp;&nbsp;a) The
aging analysis of accounts receivable is as follows:

---

| | | |
|:---|:---|:---|
|  | June 30,<br> 2025 | December 31, <br> 2024 |
| Not past due | $7750946 | $514854 |
| Up to 90 days | 14742788 | 25147001 |
| 91 to 180 days | 426046 | 105571 |
| 181 to 365 days | 20966246 | 4290 |
| Over 365 days | - | 7364002 |
|  | $43886026 | $33135718 |

---

The above aging analysis was based on days overdue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) As of June 30, 2025 and December 31, 2024, accounts receivable were all from contracts with customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) As of June 30, 2025 and December 31, 2024, without taking into account any collateral held or other credit enhancements, the maximum exposure to credit risk in respect of the amount that best represents the Group's accounts receivable were $43,794,936 and $25,670,157, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Information relating to credit risk of accounts receivable is provided in Note 36.

&nbsp;&nbsp;&nbsp;&nbsp;8. **Inventories** 

---

| | | | |
|:---|:---|:---|:---|
|  | June 30, 2025 | June 30, 2025 | June 30, 2025 |
|  | Cost | Allowance for <br> valuation loss | Book value |
| Finished goods | $- | $- | $- |

---

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Cost | Allowance for <br> valuation loss | Book value |
| Finished goods | $5199 | $- | $5199 |

---

Cost of inventories and services recognized as expense were as follows:

---

| | | |
|:---|:---|:---|
|  | Six months ended <br> June 30 | Six months ended <br> June 30 |
|  | 2025 | 2024 |
| Cost of goods sold | $22975418 | $124347 |
| Cost of services | 2901586 | 2871290 |
|  | $25877004 | $2995637 |

---

&nbsp;&nbsp;&nbsp;&nbsp;9. **Prepayments** 

---

| | | |
|:---|:---|:---|
| Items | June 30,<br> 2025 | December 31, <br> 2024 |
| Current items: |  |  |
| Prepayment for purchases | $17159416 | $27342454 |
| Prepayment for insurance expenses | 194610 | 847820 |
| Others | 681792 | 441937 |
|  | $18035818 | $28632212 |
| Non-current items: |  |  |
| Prepayment for insurance expenses | $259662 | $315304 |
|  | $259662 | $315304 |

---

10. **Property and equipment** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Land <br> (Note 1) | Buildings<br> and<br> structures<br> (Note 1) | Transportation<br> equipment | Office<br> equipment | Other<br> equipment<br> (Note 2) | Total |
| At January 1, 2025 |  |  |  |  |  |  |
| Cost | $11901824 | $3061195 | $19431 | $1872113 | $2263591 | $19118154 |
| Accumulated depreciation | - | (896601) | (19431) | (1199925) | (2063054) | (4179011) |
|  | $11901824 | $2164594 | $- | $672188 | $200537 | $14939143 |
| January 1, 2025 | $11901824 | $2164594 | $- | $672188 | $200537 | $14939143 |
| Additions |  | 26690 |  | 302143 |  | 328833 |
| Depreciation expenses |  | (38146) |  | (179366) | (26550) | (244062) |
| Net exchange differences | 1451006 | 260455 | - | 78835 | 17058 | 1807354 |
| June 30, 2025 | $13352830 | $2413593 | $- | $873800 | $191045 | $16831268 |
| <u>At June 30, 2025</u> |  |  |  |  |  |  |
| Cost | $13352830 | $3461175 | $21799 | $2404965 | $2521961 | $21762730 |
| Accumulated depreciation | - | (1047582) | (21799) | (1531165) | (2330916) | (4931462) |
|  | $13352830 | $2413593 | $- | $873800 | $191045 | $16831268 |

---

Note 1: Information relating to property and equipment that were pledged to others as collaterals is provided in Note 32. <br> Note 2: Other equipment primarily includes big data platform for image analytics, data storage equipment and server equipment.

&nbsp;&nbsp;&nbsp;&nbsp;11. **Intangible assets** 

---

| | | | |
|:---|:---|:---|:---|
|  | Computer software | Intellectual property rights | Total |
| <u>At January 1, 2025</u> |  |  |  |
| Cost | $582461 | $3850000 | $4432461 |
| Accumulated amortization | (415300) | (1085500) | (1500800) |
|  | $167161 | $2764500 | $2931661 |
| At January 1, 2025 | $167161 | $2764500 | $2931661 |
| Additions | 54987 | - | 54987 |
| Amortization expenses | (146806) | (171000) | (317806) |
| Net exchange differences | 7074 | - | 7074 |
| At June 30, 2025 | $82416 | $2593500 | $2675916 |
| <u>At June 30, 2025</u> |  |  |  |
| Cost | $582461 | $3850000 | $4432461 |
| Accumulated amortization | (500045) | (1256500) | (1756545) |
|  | $82416 | $2593500 | $2675916 |

---

Details of amortization on intangible assets are as follows:

---

| | | |
|:---|:---|:---|
|  | Six months ended <br> June 30 | Six months ended <br> June 30 |
|  | 2025 | 2024 |
| Selling and marketing expenses | $1088 | $- |
| General and administrative expenses | 131760 | 131452 |
| Research and development expenses | 184958 | 310790 |
|  | $317806 | $442242 |

---

12. **Other non-current assets** 

---

| | | |
|:---|:---|:---|
|  | June 30,<br> 2025 | December 31,<br> 2024 |
| Guarantee deposits | $1782139 | $1432177 |
| Others | 70191 | 62563 |
|  | $1852330 | $1494740 |

---

&nbsp;&nbsp;&nbsp;&nbsp;13. **Short-term borrowings** 

---

| | | |
|:---|:---|:---|
| Type of borrowings | June 30,<br> 2025 | Interest<br> rate range |
| Bank collateralized borrowings | $12187029 | 2.805%-2.88% |
|  | $12187029 |  |

---

---

| | | |
|:---|:---|:---|
| Type of borrowings | December 31,<br> 2024 | Interest<br> rate range |
| Bank collateralized borrowings | $15073458 | 2.78%-6.63% |
|  | $15073458 |  |

---

---

| | |
|:---|:---|
| Note: | Refer to tables below for details of short-term and long-term borrowing as of June 30, 2025 and December 31, 2024. Lender A refers to Shanghai Commercial & Savings Bank, Ltd.; Lender B refers to Taishin International Bank; Lender C refers to Hua Nan Commercial Bank; Lender D refers to Hongkong and Shanghai Banking Corporation Limited, and Taiwan SMEG stands for Small and Medium Enterprise Credit Guarantee Fund of Taiwan. |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| As of June 30, 2025 | As of June 30, 2025 | As of June 30, 2025 | As of June 30, 2025 | As of June 30, 2025 | As of June 30, 2025 | As of June 30, 2025 | As of June 30, 2025 | As of June 30, 2025 |
|  | Facility | Credit |  | Outstanding | Undrawn | Interest |  |  |
| Lender | Period | Facility | Type | Amount | Amount | Rate | Guarantor | Collateral |
| Lender A | 12.2024-11.2025 | $8495726 | LC loan | $676943 |  | 2.805% |  | Time deposit $1,500,000, Land, Buildings and Structures |
|  |  |  | Short-Term Bank loan | 3020513 |  | 2.805% |  | Same as above |
|  |  |  | Letter of guarantee | 1068513 | 3729757 | - |  | Same as above |
| Lender A | 03.2016-03.2031 | 3247863 | Long-Term Bank loan | 2710325 |  | 3.045% |  | Land, Buildings and Structures |
| Lender A | 03.2016-03.2031 | 1709402 | Long-Term Bank loan | 1426487 |  | 3.045% |  | Land, Buildings and Structures |
| Lender A | 03.2016-03.2026 | 341880 | Long-Term Bank loan | 85255 |  | 3.045% |  |  |
| Lender C | 05.2024-05.2025\* | 6495726 | Short-Term Bank loan | 6461538 | 34188 | 2.82% |  | Time deposit $500,000, Land, Buildings and Structures |
| Lender C | 05.2019-03.2026 | 6153845 | Long-Term Bank loan | 661050 |  | 2.51% |  | Same as above |
| Lender C | 06.2023-08.2028 | 1852307 | Long-Term Bank loan | 1024157 |  | 2.52% |  | Same as above |
| Lender C | 05.2024-07.2025 | 2393162 | Short-Term Bank loan | 2028035 |  | 2.88% |  | Time deposit $1,000,000 |
| Lender C |  |  | Letter of guarantee | 87774 | 277354 | - |  | Same as above |
| Lender D | 06.2024-06.2025\* | 8000000 | Short-Term Bank loan |  |  |  |  | Time deposit $4,900,000 |
| Lender D |  |  | Letter of guarantee | 200000 | 7800000 | - |  | Same as above |

---

\* Contracts under review and not yet signed.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 | As of December 31, 2024 |
|  | Facility | Credit |  | Outstanding | Undrawn | Interest | Guarantor |  |
| Lender | Period | Facility | Type | Amount | Amount | Rate | (Note 1) | Collateral |
| Lender A | 12.2024-11.2025 | $7572525 | LC loan | $591146 |  | 2.805% |  | Time deposit $1,500,000, Land, Buildings and Structures |
|  |  |  | Short-Term Bank loan | 2692284 |  | 2.805% |  | Same as above |
|  |  |  | Letter of guarantee | 1131157 | 3157938 | - |  | Same as above |
| Lender A | 09.2020-09.2025 | 914188 | Long-Term Bank loan | 190456 |  | 2.97% | Koh Sih-Ping | 80% guaranteed by Taiwan SMEG |
| Lender A | 03.2016-03.2031 | 2894929 | Long-Term Bank loan | 2609618 |  | 3.045% |  | Land, Buildings and Structures |
| Lender A | 03.2016-03.2031 | 1523647 | Long-Term Bank loan | 1373483 |  | 3.045% |  | Land, Buildings and Structures |
| Lender A | 03.2016-03.2026 | 304729 | Long-Term Bank loan | 131972 |  | 3.045% |  |  |
| Lender B | 04.2024-04.2025 | 3656753 | Short-Term Bank loan | 1889322 | 1767431 | 2.78% |  | Time deposit $2,300,000 |
| Lender C | 05.2024-05.2025 | 5789859 | Short-Term Bank loan | 5759386 | 30473 | 2.82% |  | Time deposit $500,000, Land, Buildings and Structures |
| Lender C | 05.2019-03.2026 | 5485129 | Long-Term Bank loan | 982027 |  | 2.51% |  | Same as above |
| Lender C | 06.2023-08.2028 | 1651024 | Long-Term Bank loan | 1057003 |  | 2.52% |  | Same as above |
| Lender C | 05.2024-07.2025 | 2133106 | Short-Term Bank loan | 1807655 |  | 2.88% |  | Time deposit $1,000,000 |
| Lender C |  |  | Letter of guarantee | 78236 | 247215 | - |  | Same as above |
| Lender D | 06.2024-06.2025 | 8000000 | Short-Term Bank loan | 2333665 |  | 6.63% |  | Time deposit $2,550,000 |
| Lender D |  |  | Letter of guarantee | 200000 | 5466335 | - |  | Same as above |

---

Note 1: Koh Sih-Ping retired as the Director and CEO of the Company on September 9, 2022. After his departure from the Company, Koh Sih-Ping is still the guarantor for one of the long-term loan.

&nbsp;&nbsp;&nbsp;&nbsp;14. **Other payables** 

---

| | | |
|:---|:---|:---|
|  | June 30,<br> 2025 | December 31, <br> 2024 |
| Professional fee payable | $375650 | $525426 |
| Salaries and bonuses payable | 333775 | 615645 |
| Pension payable | 30830 | 26826 |
| Output tax payable | 75927 | 44381 |
| Others\* | 373088 | 1238857 |
|  | $1189270 | $2451135 |

---

\* Others primarily includes accrued expenses and accrued interest on borrowings.

&nbsp;&nbsp;&nbsp;&nbsp;15. **Long-term borrowings** 

---

| | | |
|:---|:---|:---|
| Type of borrowings | Interest<br> rate | June 30,<br> 2025 |
| Bank borrowings |  |  |
| &nbsp;&nbsp;&nbsp;Collateralized and uncollateralized borrowings | 2.51%-3.05 | $5907275 |
| Less: Current portion |  | (1747816) |
|  |  | $4159459 |

---

---

| | | |
|:---|:---|:---|
| Type of borrowings | Interest<br> rate | December 31, <br> 2024 |
| Bank borrowings |  |  |
| &nbsp;&nbsp;&nbsp;Collateralized and uncollateralized borrowings | 2.51%-3.05 | $6344559 |
| Less: Current portion |  | (1972371) |
|  |  | $4372188 |

---

Please refer to Note 13 for details of long-term borrowings.

&nbsp;&nbsp;&nbsp;&nbsp;16. **Share-based payment** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) For the six months ended June 30, 2025 and 2024, the Company's share-based payment transactions were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | Quantity |  |  |
|  | | granted |  |  |
|  | | (Units) | Contract | Vesting |
| Type of arrangement | Grant date | (Note 1) | Period | Conditions |
| Employee share options | 2017.1.1 | 10630 | 5 years | Note 2 |
| Employee share options | 2018.1.1 | 3400 | 5 years | Note 2 |
| Employee share options | 2019.1.1 | 18600 | 5 years | Note 2 |
| Employee share options | 2021.10.5 | 20741 | 5 years | Note 3 |
| Employee share options | 2021.10.5 | 11352 | 5 years | Note 2 |
| Employee share options | 2022.2.23 | 27468 | 5 years | Note 2 |

---

Note 1: Employee share options granting period and exercise conditions are as follows:

---

| | |
|:---|:---|
|  | Accumulated<br> maximum |
|  | exercisable <br> employee |
| Vesting period | share options |
| After 1 year | 25% |
| After 2 years | 50% |
| After 3 years | 75% |
| After 4 years | 100% |

---

Note 2: Employee share options granting period and exercise conditions are as follows:

---

| | |
|:---|:---|
|  | Accumulated<br> maximum |
|  | exercisable<br> employee |
| Vesting period | share options |
| At the beginning of year 1 | 25% |
| At the beginning of year 2 | 50% |
| At the beginning of year 3 | 75% |
| At the beginning of year 4 | 100% |

---

The share-based payment arrangements above are required to be settled by equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) During the six months ended June 30, 2025, the Company issued 15,000 ordinary shares at a price of $18.07 per share to RedChip Companies, Inc. as performance-based compensation, upon achievement of specified stock price performance targets, in accordance with the terms of the agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) During the year ended December 31, 2023, the Company offered non-employee share-based compensation to Innvotec Limited, an acquisition advisor, for its services related to procurement of intellectual property rights from SeeQuestor Limited. The fee was set at $1,000,000, with 50% in cash and 50% in exchange for ordinary shares of the Company, issued at $9.28 per share, with piggy-back registration rights. The related shares were issued in January 2024.

&nbsp;&nbsp;&nbsp;&nbsp;d) Share
option activity under the Group's stock-based compensation plans for employees is shown below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 2025 | 2025 | 2024 | 2024 |
|  | No. of<br>Options | Weighted<br> average<br> exercise<br>Price | No. of<br>Options | Weighted<br> average<br> exercise<br>Price |
| Options outstanding at January 1 | 50421 | $11.66 | 51879 | $11.66 |
| Options granted | - | - | - | - |
| Options exercised | (1521) | 11.66 | - | - |
| Options cancelled / forfeited | - | - | (1458) | 11.66 |
| Options outstanding at June 30 | 48900 | $11.66 | 50421 | $11.66 |
| Options exercisable at June 30 | 48900 | $11.66 | 50421 | $11.66 |

---

e) Expenses incurred on share-based compensation for employees is shown below:

---

| | | |
|:---|:---|:---|
|  | Six months ended<br> June 30 | Six months ended<br> June 30 |
|  | 2025 | 2024 |
| Share-based compensation | $472642 | $- |
|  | $472642 | $- |

---

&nbsp;&nbsp;&nbsp;&nbsp;17. **Warrant liabilities** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended June 30** | **Six months ended June 30** | **Six months ended June 30** | **Six months ended June 30** |
|  | **2025** | **2025** | **2024** | **2024** |
| Public Warrants | No. of <br> units | Amount | No. of <br>units | Amount |
| At January 1 | 958272 | $910263 | 958272 | $287482 |
| Change in fair value | - | (177376) | - | 219364 |
| At June 30 | 958272 | $732887 | 958272 | $506846 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Six months ended June 30 | Six months ended June 30 | Six months ended June 30 | Six months ended June 30 |
|  | 2025 | 2025 | 2024 | 2024 |
| Private Warrants | No. of <br> units | Amount | No. of <br>units | Amount |
| At January 1 | 1206250 | $19172009 | 2000000 | $5934000 |
| Warrants granted | - | - | 825000 | 3642663 |
| Warrants exercised | (1206250) | (20880595) | - | - |
| Change in fair value | - | 1708586 | - | (4592606) |
| At June 30 | - | $- | 2825000 | $4984057 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Public warrants may only be exercised for a whole number of shares. The public warrants will expire five years from the consummation of the business combination on July 13, 2023 (the "Closing Date") or earlier upon redemption or liquidation. Once the warrants become exercisable, the Company may redeem the outstanding warrants for redemption at a price of $0.01 per warrant upon a minimum of 30 days' prior written notice of redemption (the "30-day redemption period") and if the closing price of the ordinary share equals or exceeds $180.00 per share for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which the Company sends the notice of redemption to the warrant holders. Each warrant entitles the registered holder to purchase one share of ordinary share at a price of $115.00 per share. The exercise price and number of ordinary shares issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of issuances of ordinary share at a price below its exercise price, share dividend, extraordinary dividend or capital recapitalization, capital reorganization, merger, or consolidation. However, the warrants will not be adjusted for issuances of ordinary shares at a price below their respective exercise prices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The private warrants were granted along with convertible preference shares associated with a securities purchase agreement entered on September 19, 2023 and February 20, 2024, respectively. See Note 18 for the details. The private warrants had an exercise price of $5.90 per ordinary share and were exercisable at any time after its issuance until the fifth anniversary of the date they became exercisable (the "Termination Date"). The Company had the right to extend the termination date. As of June 30, 2025, all private warrants have been fully exercised.

&nbsp;&nbsp;&nbsp;&nbsp;18. **Convertible preference share liabilities** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended June 30** | **Six months ended June 30** | **Six months ended June 30** | **Six months ended June 30** |
|  | **2025** | **2025** | **2024** | **2024** |
|  | No. of <br> units | Amount | No. of <br>units | Amount |
| At January 1 |  | $- | 18000 | $7767238 |
| Convertible preference share liabilities issued |  | - | 10000 | 6007337 |
| Convertible preference share liabilities exercised |  | - | (13114) | (6855259) |
| Change in fair value |  | - | - | 7651652 |
| At June 30 |  | $- | 14886 | $14570968 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The terms of the Convertible Preference Shares issued by the Company are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) The Company issued 25,000 Series A Convertible Preference Shares (the "Preference Shares") and 20,000,000 Series A Ordinary Share Purchase Warrants (the "Private Warrants") associated with the securities purchase agreement entered on September 19, 2023 in exchange for $25,000,000, which was fully received in September, 2023. Each Preference Share and accompanying Private Warrants were sold together at a price of $1,000 pursuant to the securities purchase agreement. The securities purchase agreement offered the purchasers to convert Preference Shares to the Company's ordinary shares at any time without maturity date and to exercise Private Warrants to purchase the Company's ordinary shares before the Expiration Date at 10-to-1 ratio. As of December 31, 2024, all Series A Convertible Preference Shares had been fully converted into ordinary shares, and as of June 30, 2025, all Series A Warrants had been fully exercised.

ii) The Company issued 10,000 Series B Convertible Preference Shares (the "Preference Shares") and 8,250,000 Series B Ordinary Share Purchase Warrants (the "Private Warrants") associated with the securities purchase agreement entered on February 20, 2024. Each Preference Share and accompanying Private Warrants were sold together at a price of $1,000 pursuant to the securities purchase agreement. The securities purchase agreement offered the purchasers to convert Preference Shares to the Company's ordinary shares at any time without maturity date and to exercise Private Warrants to purchase the Company's ordinary shares before the Expiration Date at 10-to-1 ratio. As of December 31, 2024, all Series B Convertible Preference Shares had been fully converted into ordinary shares, and as of June 30, 2025, all Series B Warrants had been fully exercised.

iii) The Preference Shares are perpetual and have no maturity date. The Company may, at its option, force conversion of the Preference Shares in whole or in part if the VWAP (as defined in the certificate of designation for the Preference Shares (the "Certificate of Designation")) is at least 200% of the then in effect Conversion Price (as defined in the Certificate of Designation) for each Trading Day (as defined in the Certificate of Designation) during any 10 consecutive Trading Day period, provided that certain volume thresholds and other conditions set forth in the Certificate of Designation are met, subject certain other limitations. Each Preference Share may be converted into the number of ordinary shares obtained by dividing $1,000 by the then in effect Conversion Price (as defined in the Certificate of Designation). The Conversion Price is initially $12.50 per ordinary share, subject to appropriate adjustment in the event of certain share dividends and distributions, share splits, share combinations, reclassifications or similar events affecting our ordinary shares and also upon any distributions of assets, including cash, shares or other property to our shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) For the period ended June 30, 2024, 13,114 shares of the convertible preference shares have been converted into 1,246,939 shares of the Company's ordinary shares.

&nbsp;&nbsp;&nbsp;&nbsp;19. **Share capital** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The Company issued 2,142,858 Series C Ordinary Share (the "Ordinary Shares") Purchase Warrants (the "Series C Private Warrants") associated with the securities purchase agreement entered on June 10, 2024. Each warrant sold at a price of $5.90 per ordinary share to the securities purchase agreement. The Series C Private Warrants will expire on the fifth anniversary of the date on which they become exercisable. The Series C Private Warrants are classified as equity instruments under IFRS based on their fixed-for-fixed nature, as each warrant entitles the holder to acquire a fixed number of ordinary shares at a fixed exercise price. The warrants do not contain any features that would require or permit cash settlement, nor do they impose any contractual obligation on the Company to deliver cash or another financial asset. Accordingly, the fair value of the Series C Private Warrants was recognized within equity at the date of issuance, with no subsequent remeasurement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) There were no outstanding preference shares as of June 30, 2025 and December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) As of June 30, 2025, the Company's authorized capital was $75,000 consisting of 73,500,000 shares of ordinary shares of a par value of US$0.001, and 15,000,000 shares of preference shares of a par value of US$0.0001 each. As of June 30, 2025, the issued capital was $21,625, consisting of 21,625,047 shares of ordinary shares. As of December 31, 2024, the issued capital was $19,443, consisting of 19,443,242 shares of ordinary shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Movements in the number of the Company's ordinary shares outstanding are as follows:

---

| | | |
|:---|:---|:---|
|  | 2025 | 2024 |
| At January 1 | 18058135 | 7565099 |
| Warrant exercised (Refer to Note 17) | 2149107 | - |
| Warrant issued | - | 2142858 |
| New share issuance | - | 122382 |
| Convertible preference share liabilities exercised | - | 1771939 |
| Restricted share units issuance | 16177 | 3818 |
| Additional paid in capital | 15000 | 5390 |
| Employee share options exercised | 1521 | - |
| Reverse stock split adjustment | - | (101) |
| Treasury shares purchased (Note 1) | (100871) | - |
| At June 30 | 20139069 | 11611385 |

---

---

| | |
|:---|:---|
| Note 1: | During the period ended June 30, 2025, 100,871 shares were repurchased at a weighted average purchase price of $17.83 per share, for a total consideration of $1,798,849. Repurchased shares have been recorded as treasury shares and will be held until the Company's Board of Directors designates them for retirement or used for other purposes. |

---

&nbsp;&nbsp;&nbsp;&nbsp;20. **Retained earnings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The Group was in a net loss and net income position for the six months ended June 30, 2025 and 2024, respectively, and no earnings distribution was resolved by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;21. **Revenue** 

---

| | | |
|:---|:---|:---|
|  | Six months ended June 30 | Six months ended June 30 |
|  | 2025 | 2024 |
| Revenue from contracts with customers |  |  |
| &nbsp;&nbsp;&nbsp;Hardware sales |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Video IoT | $- | $20616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Security Convergence | - | - |
| &nbsp;&nbsp;&nbsp;Software sales |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Video IoT | - | 194541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Security Convergence | - | - |
| &nbsp;&nbsp;&nbsp;Service revenue |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Video IoT | 1703511 | 1233682 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-Security Convergence | 37622328 | 19225852 |
|  | $39325839 | $20674691 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Disaggregation of revenue from contracts with customers

The Group derives revenue from the transfer of goods and services over time and at a point in time in the following major products lines and all revenue took place mainly in Asia and MENA regions:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Six months ended June 30, 2025 | Hardware | Software | Service | Total |
| Total revenue streams | $22920688 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - | $40131990 | $63052678 |
| Inter-revenue streams | (22920688) | - | (806151) | (23726839) |
| Revenue from external |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Customer contracts | $- | $- | $39325839 | $39325839 |
| Timing of revenue recognition |  |  |  |  |
| &nbsp;&nbsp;&nbsp;At a point in time | $- | $- | $- | $- |
| &nbsp;&nbsp;&nbsp;Over time | - | - | 39325839 | 39325839 |
|  | $- | $- | $39325839 | $39325839 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| Six months ended June 30, 2024 | Hardware | Software | Service | Total |
| Total revenue streams | $22557 | $194541 | $20966070 | $21183168 |
| Inter-revenue streams | (1941) | - | (506536) | (508477) |
| Revenue from external |  |  |  |  |
| &nbsp;&nbsp;&nbsp;customer contracts | $20616 | $194541 | $20459534 | $20674691 |
| Timing of revenue recognition |  |  |  |  |
| &nbsp;&nbsp;&nbsp;At a point in time | $20616 | $194541 | $- | $149669 |
| &nbsp;&nbsp;&nbsp;Over time | - | - | 20459534 | 20459534 |
|  | $20616 | $194541 | $20459534 | $20674691 |

---

&nbsp;&nbsp;&nbsp;&nbsp;b) Contract assets and liabilities

The Group has recognized the following revenue-related contract assets and liabilities:

---

| | | |
|:---|:---|:---|
|  | June 30, <br> 2025 | December 31, <br> 2024 |
| Contract assets: |  |  |
| Unbilled receivables relating to service contracts | $36883629 | $&nbsp;&nbsp;&nbsp;&nbsp;34306195 |
| Contract liabilities: |  |  |
| Contract liabilities relating to service contracts | $265236 | $273227 |

---

Revenue recognized that was included in the contract liability balance at the beginning of the year:

---

| | | |
|:---|:---|:---|
|  | Six months ended June 30 | Six months ended June 30 |
|  | 2025 | 2024 |
| Service revenue | $42673 | $54199 |

---

&nbsp;&nbsp;&nbsp;&nbsp;c) Significant
changes in unbilled receivables (contract assets)

Unbilled receivables increased during the six months ended June 30, 2025 and 2024, primarily due to the progress of projects toward the completion of contract activities. For the six months ended June 30, 2025, contract assets increased primarily due to the recognition of unbilled receivables and revenue when activities were performed to satisfy contractual obligations prior to the achievement of billing milestones. These amounts were partially offset by billings made upon the achievement of billing milestones, at which point the related amounts were reclassified to trade receivables, and by exchange losses resulting from the sharp depreciation of the Egyptian pound against the U.S. dollar in March 2024.

&nbsp;&nbsp;&nbsp;&nbsp;d) Unfulfilled
long-term contracts

Aggregate amount of the transaction price allocated to long-term service contracts that are partially or fully unsatisfied as of June 30, 2025 and December 31, 2024, amounting to $136,243,444 and $170,913,623, respectively based on the currency conversion rates prevailing on those respective dates.

Management expects that the transaction price allocated to the unsatisfied contracts as of June 30, 2025 and December 31, 2024, will be recognized as revenue over the remaining six months of 2025 through 2027 and from year 2025 to 2027, respectively. Except for the above-mentioned contract, all other service contracts are for periods of one year or less or are billed based on the amount of time incurred.

22. **Other gains (losses), net** 

---

| | | |
|:---|:---|:---|
|  | Six months ended June 30 | Six months ended June 30 |
|  | 2025 | 2024 |
| Gain on financial assets at fair value through profit or loss | $- | $548944 |
| Loss on sale of financial assets | (265108) | - |
| Gain on disposal of property and equipment | - | 73 |
| Other losses | (22206) | (33894) |
|  | $(287314) | $515123 |

---

23. **Interest income** 

---

| | | |
|:---|:---|:---|
|  | Six months ended June 30 | Six months ended June 30 |
|  | 2025 | 2024 |
| Interest income from financial assets measured at amortized cost | $1177263 | $390749 |
| Others | 8 | 1706 |
|  | $1177271 | $392455 |

---

24. **Finance costs** 

---

| | | |
|:---|:---|:---|
|  | Six months ended June 30 | Six months ended June 30 |
|  | 2025 | 2024 |
| Interest expense: |  |  |
| &nbsp;&nbsp;Bank borrowings | $284759 | $292368 |
| &nbsp;&nbsp;Loan from shareholders (refer to Note 31) | - | 113549 |
| &nbsp;&nbsp;Lease liabilities | 8914 | 10688 |
|  | $293673 | $416605 |

---

25. **Expenses by nature** 

---

| | | |
|:---|:---|:---|
|  | Six months ended June 30 | Six months ended June 30 |
|  | 2025 | 2024 |
| Employee benefit expense | $5759701 | $4812094 |
| Outsourcing charges | 6695625 | 661848 |
| Professional services expenses | 2353266 | 2733375 |
| Change in inventory of finished goods | 17293499 | 86273 |
| Expected credit loss | 6107 | 364640 |
| Insurance expenses | 587833 | 569087 |
| Amortization expenses on intangible assets | 317806 | 442242 |
| Traveling expense | 508169 | 342877 |
| Depreciation expenses on property and equipment | 244062 | 259809 |
| Depreciation expenses on right-of-use asset | 81762 | 15937 |
| Others | 1268460 | 905508 |
|  | $35116290 | $11193690 |

---

26. **Employee benefit expense** 

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended June 30, 2025 | Six months ended June 30, 2025 | Six months ended June 30, 2025 |
|  | Cost of<br> revenue | Operating<br> expenses | Total |
| Wages and salaries | $1372814 | $3310672 | $4683486 |
| Labor and health insurance fees | 80214 | 291353 | 371567 |
| Pension | 49836 | 111384 | 161220 |
| Share-based compensation expenses | - | 472642 | 472642 |
| Other personnel expenses | 788 | 69998 | 70786 |
|  | $1503652 | $4256049 | $5759701 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended June 30, 2024 | Six months ended June 30, 2024 | Six months ended June 30, 2024 |
|  | Cost of<br> revenue | Operating<br> expenses | Total |
| Wages and salaries | $1665177 | $2554388 | $4219565 |
| Labor and health insurance fees | 125768 | 250175 | 375943 |
| Pension | 57231 | 98994 | 156225 |
| Other personnel expenses |  | 60361 | 60361 |
|  | $1848176 | $2963918 | $4812094 |

---

&nbsp;&nbsp;&nbsp;&nbsp;27. **Income tax** 

&nbsp;&nbsp;&nbsp;&nbsp;a) Taiwan
taxation

Taiwan profits tax has been provided for at the rate of 20% on the estimated assessable profits.

&nbsp;&nbsp;&nbsp;&nbsp;b) Hong
Kong taxation

Hong Kong profits tax has been provided for at the rate of 16.5% on the estimated assessable profits. This subsidiary is in the process of liquidation as of June 30, 2025. There were no assessable profits for the six months ended June 20, 2025 and 2024.

&nbsp;&nbsp;&nbsp;&nbsp;c) Japan
taxation

Japan profits tax has been provided for at the rate of 30.62% on the estimated assessable profits. There was no assessable profit for the six months ended June 20, 2025 as the subsidiary was liquidated in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;d) United
States taxation

Tax rate is 27.98% on the estimated assessable profits. There were no assessable profits for the six months ended June 20, 2025 and 2024.

&nbsp;&nbsp;&nbsp;&nbsp;e) United
Kingdom taxation

United Kingdom profits tax has been provided for at a rate of 25% on estimated assessable profits for the six months ended June 30, 2025 (2024: 19%).

&nbsp;&nbsp;&nbsp;&nbsp;f) India
taxation

India profits tax has been provided for at the rate of 25.17% on the estimated assessable profits for the six months ended June 30, 2025 (2024: 25%).

&nbsp;&nbsp;&nbsp;&nbsp;g) Egypt
taxation

Egypt profits tax has been provided for at the rate of 22.5% on the estimated assessable profits.

&nbsp;&nbsp;&nbsp;&nbsp;h) Components
of income tax expense:

---

| | | |
|:---|:---|:---|
|  | Six months ended June 30 | Six months ended June 30 |
|  | 2025 | 2024 |
| Current tax: |  |  |
| Current tax on profits for the period | $2447928 | $1912210 |
| Prior year income tax overestimation | (22022) | - |
| Total current tax | 2425906 | 1912210 |
| Deferred tax: |  |  |
| Origination and reversal of temporary differences | (2109695) | (1781319) |
| Income tax expense | $316211 | $137891 |

---

28. **Earnings (loss) per share** 

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended June 30, 2025 | Six months ended June 30, 2025 | Six months ended June 30, 2025 |
|  |<br>Amount <br> after tax | Weighted average<br>number of ordinary shares outstanding |<br>Earnings/ <br> (loss)<br> per share |
| <u>Basic/ diluted loss per share</u> |  |  |  |
| Loss attributable to the parent (Note 1) | $(8503060) | 19819284 | $(0.43) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | Six months ended June 30, 2024 | Six months ended June 30, 2024 | Six months ended June 30, 2024 |
|  |<br>Amount<br> after tax | Weighted average<br>number of ordinary <br> shares outstanding |<br>Earnings<br> per share |
| <u>Basic earnings per share</u> |  |  |  |
| Profit attributable to the parent | $1611588 | 9330948 | $0.17 |
| <u>Diluted earnings per share (Note 2)</u> |  |  |  |
| Assumed conversion of all dilutive potential ordinary shares |  |  |  |
| - Employees' equity compensation | - | 107710 |  |
| - Warrants | - | 969822 |  |
| - Share-based payment | - | 5390 |  |
| Profit attributable to ordinary shareholders of the parent plus assumed conversion of all dilutive potential ordinary shares | $1611588 | 10413870 | $0.15 |

---

---

| | |
|:---|:---|
| Note 1: | Warrants, employee share options and restricted stock units were excluded in the computation of diluted loss per share for the six months ended June 30, 2025, as they were anti-dilutive. The number of shares that were excluded from the loss per share calculation above for the six months ended June 30, 2025, that could be dilutive in the future was 1,627,074. |

---

---

| | |
|:---|:---|
| Note 2: | Convertible preference shares and private warrants were excluded in the computation of diluted loss per share for the six months ended June 30, 2024. The number of shares that were excluded from the loss per share calculation above for the six months ended June 30, 2024 could be dilutive in the future were 3,913,134. |

---

29. **Supplemental cash flow information**

Investing activities with partial cash payments:

---

| | | |
|:---|:---|:---|
|  | Six months ended June 30 | Six months ended June 30 |
|  | 2025 | 2024 |
| Purchase of property and equipment | $328833 | $343372 |
| Add: Opening balance of payable on equipment | - | 19724 |
| Less: Ending balance of payable on equipment | - | - |
| Cash paid during the period | $328833 | $363096 |

---

---

| | | |
|:---|:---|:---|
|  | Six months ended June 30 | Six months ended June 30 |
|  | 2025 | 2024 |
| Acquisition of intangible assets | $54987 | $37508 |
| Add: Opening balance of payable on intangible assets | - | 3020475 |
| Less: Ending balance of payable on intangible assets | - | (3000001) |
| Cash paid during the period | $54987 | $57982 |

---

30. **Changes in liabilities from financing activities**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Short-term<br> borrowings | Long-term<br> borrowings<br> (including<br> current portion) | Lease<br> liabilities | Liabilities<br> from financing<br> activities- gross |
| At January 1, 2025 | $15073458 | $6344559 | $790147 | $22208164 |
| Changes in cash flow from financing activities | (4352537) | (1105138) | (106870) | (5564545) |
| Changes in other non-cash items | - | - | - | - |
| Impact of changes in foreign exchange rate | 1466108 | 667854 | 3900 | 2137862 |
| At June 30, 2025 | $12187029 | $5907275 | $687177 | $18781481 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Short-term<br> borrowings | Long-term<br> borrowings<br> (including<br> current portion) | Lease<br> liabilities | Liabilities<br> from financing<br> activities-gross |
| At January 1, 2024 | $16449110 | $8640311 | $53338 | $25142759 |
| Changes in cash flow from financing activities | (2571682) | (750819) | (68252) | (3390753) |
| Changes in other non-cash items | - | - | 539835 | 539835 |
| Impact of changes in foreign exchange rate | (772926) | (479099) | 267044 | (984981) |
| At June 30, 2024 | $13104502 | $8640311 | $791965 | $21306860 |

---

31. **Related party transactions**

&nbsp;&nbsp;&nbsp;&nbsp;a) Names
of related parties and relationship

---

| | |
|:---|:---|
| Names of related parties | Relationship with the Company |
| Koh Sih-Ping (Note) | Other related party |
| Origin Rise Limited (Note) | Other related party |
| Asteria Corporation | Shareholder of the Company |

---

Note: Origin Rise Limited, which was one of the major shareholders of the Company until the Company repurchased its shares on December 5, 2022, was controlled by its sole director, Koh Sih-Ping, who retired as the Director and Chief Executive Officer of the Group on September 9, 2022. Neither has been a related party to the Group since then.

&nbsp;&nbsp;&nbsp;&nbsp;b) The
Group lists Koh Sih-Ping as the joint guarantor for one of its long-term borrowings as of December 31, 2024. Please refer to Note 13
for further details.

In March 2023, the Group entered into a shareholder loan agreement in the amount of $3,000,000 with Asteria Corporation. The Company issued promissory note with an interest rate of 10.375% per annum and maturity date of March 10, 2024 to the lender in the same amount as the loan made. The loan was fully repaid on April 29, 2024.

The Company's interest expense and interest payable related to the loan from related parties are as follows:

---

| | | |
|:---|:---|:---|
|  | Six months ended June 30 | Six months ended June 30 |
|  | 2025 | 2024 |
| Interest expense | $- | $113549 |

---

---

| | | |
|:---|:---|:---|
|  | June 30,<br> 2025 | December 31,<br> 2024 |
| Interest payable | $&nbsp;&nbsp;&nbsp;&nbsp; - | $&nbsp;&nbsp;&nbsp;&nbsp; - |

---

&nbsp;&nbsp;&nbsp;&nbsp;c) Key
management compensation

---

| | | |
|:---|:---|:---|
|  | Six months ended June 30 | Six months ended June 30 |
|  | 2025 | 2024 |
| Salaries and other short-term employee benefits | $889685 | $970844 |
| Post-employment benefits | 2447 | 13697 |
| Share-based compensation expenses | 394281 | - |
|  | $1286413 | $984541 |

---

32. **Pledged assets**

The book value of Group's assets pledged as collateral are as follows:

---

| | | | |
|:---|:---|:---|:---|
| Pledged assets | June 30,<br> 2025 | December 31, <br> 2024 | Purpose |
| Time deposits (shown as 'Restricted deposits') | $16019748 | $15773099 | Performance guarantee deposit, and short-term borrowings. |
| Land | 13352830 | 11901824 | Long-term and short-term borrowings |
| Buildings and structures | 2413593 | 2164594 | Long-term and short-term borrowings |
|  | $31786171 | $29839517 |  |

---

33. **Significant contingent liabilities and unrecognized contract commitments**

&nbsp;&nbsp;&nbsp;&nbsp;a) The
significant contingent liabilities incurred after the reporting period are provided in Note 34.

&nbsp;&nbsp;&nbsp;&nbsp;b) The
significant unrecognized contract commitments are listed below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) As
of June 30, 2025 and December 31, 2024, the guaranteed notes secured for service project or warranty of NSGUARD Technology Inc. amounted
to $61,538 and $54,851, respectively.

ii) As of June 30, 2025 and December 31, 2024, the banker's letter of guarantee issued by the bank at the request of Gorilla Technology Egypt amounted to $8,063,312 and $7,869,368, respectively.

iii) As of June 30, 2025 and December 31, 2024, the banker's letter of guarantee issued by the bank at the request of Gorilla Technology Inc. amounted to $1,180,508 and $1,126,922, respectively.

iv) As of June 30, 2025 and December 31, 2024, the banker's letter of guarantee issued by the bank at the request of NSGUARD Technology Inc. amounted to $175,779 and $282,471, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v) As of June 30, 2025, the Company had committed to spend approximately $141,807 under agreements to purchase property and equipment. This amount is net of capital advances paid which are recognized in unaudited consolidated balance sheets as "Capital work in progress" under "Property and equipment."

34. **Significant events after the reporting period**

**Registered Direct Offering of Common Stock**<br>On July 2, 2025, the Company closed a registered direct offering pursuant to a prospectus supplement filed under its existing shelf registration statement on Form F-3. The Company issued 2,529,946 ordinary shares and pre-funded warrants to purchase 3,470,054 ordinary shares to a limited number of purchasers at an offering price of $17.50 per ordinary share and $17.4999 per pre-funded warrant, with an exercise price of $0.0001 per share. Gross proceeds from the offering, before deduction of placement agent fees and offering expenses, were approximately $105 million. Of the 2,529,946 ordinary shares issued, 1,485,978 were reissued from treasury shares held as of June 30, 2025. Following the offering, no ordinary shares remain held in treasury. The net proceeds from the offering are intended to be used for working capital needs, including performance guarantees or bid bonds, fulfillment of statutory capital reserve requirements for project bids, growth initiatives related to previously announced acquisitions, and other general corporate purposes.<br>As the transaction occurred after the reporting date, it is considered a non-adjusting event and has not been reflected in the unaudited condensed consolidated financial statements as of and for the six months ended June 30, 2025.<br>**Other Events**<br>The Group has evaluated subsequent events till the date the consolidated financial statements were authorized for issuance. Based on this evaluation, no events or transactions have occurred subsequent to June 30, 2025, that would require adjustment to, or disclosure in the consolidated financial statements.<br>

35. **Capital management**

The Group's objectives when managing capital are to safeguard the Group's ability to continue as a going concern in order to provide returns for shareholders and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. The Group monitors capital on the basis of the gearing ratio. This ratio is calculated as net debt divided by total capital. Net debt is calculated as total borrowings (including 'current and non-current borrowings' as shown in the consolidated balance sheet) less cash and cash equivalents. Total capital is calculated as 'equity' as shown in the consolidated balance sheet plus net debt.

The gearing ratios were as follows:

---

| | | |
|:---|:---|:---|
|  | June 30,<br> 2025 | December 31, <br> 2024 |
| Total borrowings | $18094304 | $21418016 |
| Less: Cash and cash equivalents | (10110206) | (21699202) |
| Net (cash) / debt | 7984098 | (281186) |
| Total equity | 98180994 | 73103853 |
| Total capital | $106165092 | $73103853 |
| Gearing ratio | 8% | 0% |

---

36. **Financial instruments**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Financial instruments by category

---

| | | |
|:---|:---|:---|
|  | June 30,<br> 2025 | December 31, <br> 2024 |
| <u>Financial assets</u> |  |  |
| &nbsp;&nbsp;&nbsp;Financial assets at fair value through profit or loss | $4001000 | $1000 |
| &nbsp;&nbsp;&nbsp;Financial assets at amortized cost (Note) | 72108713 | 65007331 |
|  | $76109713 | $65008331 |

---

---

| | | |
|:---|:---|:---|
|  | June 30,<br> 2025 | December 31, <br> 2024 |
| <u>Financial liabilities</u> |  |  |
| &nbsp;&nbsp;&nbsp;Financial liabilities at amortized cost (Note) | $50187906 | $50272275 |
| &nbsp;&nbsp;&nbsp;Warrant liabilities | 732887 | 20082272 |
|  | $50920793 | $70354547 |

---

Note: Financial assets at amortized cost include cash and cash equivalents, restricted deposits, accounts receivable, net, other receivables, net and guarantee deposits paid.

Financial liabilities at amortized cost include short-term borrowings, notes and accounts payable, other payables, guarantee deposits received and long-term borrowings (including current portion).

&nbsp;&nbsp;&nbsp;&nbsp;b) Financial
risk management policies

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) The
Group's activities expose it to a variety of financial risks: market risk (including foreign exchange risk and interest rate risk),
credit risk and liquidity risk. The Group's overall risk management program focuses on the unpredictability of financial markets
and seeks to minimize potential adverse effects on the Group's financial condition and financial performance.

ii) Risk management is carried out by a central treasury department (Group treasury) under policies approved by the Board of Directors. Group treasury identifies and evaluates financial risks in close cooperation with the Group's operating units. The Board provides written principles for overall risk management, as well as written policies covering specific areas and matters, such as foreign exchange risk, interest rate risk, credit risk, use of non-derivative financial instruments, and investment of excess liquidity.

&nbsp;&nbsp;&nbsp;&nbsp;c) Significant
financial risks and degrees of financial risks

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Market
risk

<u>Foreign exchange risk</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
Group's businesses involve some non-functional currency operations (the Company's and certain subsidiaries' functional
currency: USD; other certain subsidiaries' functional currency: NTD, Egyptian pounds ("EGP"), GBP, INR. A significant
portion of the Group's future revenues is from the Egypt Contract, denominated in EGP. The fluctuation in exchange rate from EGP
to U.S. dollars impacts the Group's cash inflows when converting the EGP to U.S. dollars. Any significant revaluation of the EGP
may have a material adverse effect on the Group's revenues and financial condition, and the value of, and any dividends payable
on our shares in U.S. dollar.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
information on assets and liabilities denominated in foreign currencies whose values would be materially affected by the exchange rate
fluctuations is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | June 30, 2025 | June 30, 2025 | June 30, 2025 |
|  | Foreign currency<br> amount <br> (in thousands) | Exchange<br> rate | Book value<br> (USD) |
| (Foreign currency: functional currency) |  |  |  |
| F**inancial assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;<u>Monetary items</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NTD:USD | $258227 | 0.034 | $8828273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EGP:USD | 2130636 | 0.020 | 42433740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GBP:USD | 13916 | 1.370 | 19065463 |
| <u>Financial liabilities</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;<u>Monetary items</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NTD:USD | 1045084 | 0.034 | 35729378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EGP:USD | 88586 | 0.020 | 1762866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GBP:USD | 65913 | 1.370 | 90300740 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 | December 31, 2024 |
|  | Foreign currency<br> amount <br> (in thousands) | Exchange<br> rate | Book value<br> (USD) |
| (Foreign currency: functional currency) |  |  |  |
| F**inancial assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;<u>Monetary items</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NTD:USD | $516275 | 0.030 | $15732406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EGP:USD | 2594496 | 0.020 | 50852122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GBP:USD | 21733 | 1.260 | 27383676 |
| <u>Financial liabilities</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;<u>Monetary items</u> |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NTD:USD | 496173 | 0.030 | 15119853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EGP:USD | 89942 | 0.020 | 1762866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GBP:USD | 60172 | 1.260 | 75816160 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
total exchange gain or (loss) (including realized and unrealized) arising from significant foreign exchange variation on the monetary
items held by the Group for the six months ended June 30, 2025, and 2024 amounting to ($11,552,001) and ($5,028,955), respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Analysis
of foreign currency market risk arising from significant foreign exchange variation:

---

| | | |
|:---|:---|:---|
|  | June 30, 2025 | June 30, 2025 |
|  | Sensitivity analysis | Sensitivity analysis |
|  | Degree of<br> variation | Effect on<br> profit or<br> loss (USD) |
| (Foreign currency: functional currency) |  |  |
| <u>Financial assets</u> |  |  |
| &nbsp;&nbsp;&nbsp;<u>Monetary items</u> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NTD:USD | 1% | $88283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EGP:USD | 1% | 424337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GBP:USD | 1% | 190655 |
| <u>Financial liabilities</u> |  |  |
| &nbsp;&nbsp;&nbsp;<u>Monetary items</u> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NTD:USD | 1% | 357294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EGP:USD | 1% | 17629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GBP:USD | 1% | 903007 |

---

---

| | | |
|:---|:---|:---|
|  | December 31, 2024 | December 31, 2024 |
|  | Sensitivity analysis | Sensitivity analysis |
|  | Degree of<br> variation | Effect on<br> profit or<br> loss (USD) |
| (Foreign currency: functional currency) |  |  |
| <u>Financial assets</u> |  |  |
| &nbsp;&nbsp;&nbsp;<u>Monetary items</u> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NTD:USD | 1% | $157324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EGP:USD | 1% | 508521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GBP:USD | 1% | 273837 |
| <u>Financial liabilities</u> |  |  |
| &nbsp;&nbsp;&nbsp;<u>Monetary items</u> |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NTD:USD | 1% | 151199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EGP:USD | 1% | 17629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GBP:USD | 1% | 758162 |

---

<u>Price risk</u>

As of June 30, 2025 and December 31, 2024, the Group is not exposed to material price risk of equity instrument.

<u>Cash flow and interest rate risk</u>

The Group held short-term borrowings with variable rates, of which short-term effective rate would change with market interest rate, and then affect the future cash flow. Every 1% increase in the market interest rate would result to an increase of $121,870 and $131,045 in the cash outflow for the six months ended June 30, 2025 and 2024, respectively.

ii) Credit risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Credit
risk refers to the risk of financial loss to the Group arising from default by the clients or counterparties of financial instruments
on the contract obligations. The main factor is that counterparties could not repay in full the accounts receivable based on the agreed
terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
Group manages its credit risk taking into consideration the entire Group's concern. For banks and financial institutions, only
independently rated parties with at least BBB+ credit rating determined by Standard & Poor's are accepted. According to the
Group's credit policy, each local entity in the Group is responsible for managing and analyzing the credit risk for each of their
new clients before standard payment and delivery terms and conditions are offered. Internal risk control assesses the credit quality
of the customers, taking into account their financial position, past experience and other factors. Individual risk limits are set based
on internal or external ratings in accordance with limits set by the Board of Directors. The utilization of credit limits is regularly
monitored.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. The
Group adopts the following assumption under IFRS 9 to assess whether there has been a significant increase in credit risk on that instrument
since initial recognition: If the domestic and foreign contract payments were past due over 180 days based on the terms, there has been
a significant increase in credit risk on that instrument since initial recognition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The
Group adopts the assumption under IFRS 9, that is, the default occurs when the contract payments are past due over one year. Longer payment
terms are given to customers and default barely occurred even though the contract payments are past due within one year in the past because
of the industry characteristics of the Group and positive long-term relationship with customers. Therefore, a more lagging default criterion
is appropriate to determine the risk of default occurring.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Group classifies customer's accounts receivable and contract assets in accordance with customer types. The Group applies the modified approach using the provision matrix and loss rate methodology to estimate expected credit loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. The
Group used the forecastability to adjust historical and timely information to assess the default possibility of accounts receivable.
On June 30, 2025 and December 31, 2024, the provision matrix are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Not past due | Up to 180 days past due | Up to 365 days past due | Over 365 days past due | Total |
| <u>At June 30, 2025</u> |  |  |  |  |  |
| Expected loss rate | 0.03% | 0.07%~0.7 | 0.7%~100 | 100% |  |
| Total book value | $7750946 | $15168834 | $20966246 | $- | $43886026 |
| Loss allowance | 2327 | 10523 | 78240 | - | 91090 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Not past due | Up to 180 days past due | Up to 365 days past due | Over 365 days past due | Total |
| <u>At December 31, 2024</u> |  |  |  |  |  |
| Expected loss rate | 0.03% | 0.08%~91.71 | 72.68%~100 | 100% |  |
| Total book value | $514854 | $25252572 | $4290 | $7364002 | $33135718 |
| Loss allowance | 170 | 97099 | 4290 | 7364002 | 7465561 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Movements
in relation to the Group applying the modified approach to provide ECLs for contract assets, accounts and other receivable are as follows:

---

| | | |
|:---|:---|:---|
|  | Accounts receivable | Other receivables |
| At January 1, 2025 | $7465561 | $521852 |
| Provision for ECLs | 6107 | - |
| Write off of ECLs | (7353344) | - |
| Currency translation adjustments | (27234) | - |
| At June 30, 2025 | $91090 | $521852 |

---

---

| | | |
|:---|:---|:---|
|  | Accounts receivable | Other receivables |
| At January 1, 2024 | $13114951 | $521852 |
| Provision for ECLs | 897170 | - |
| Write off of ECLs | (6084336) | - |
| Currency translation adjustments | (462224) | - |
| At December 31, 2024 | $7465561 | $521852 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. The
Group's credit risk exposure in relation to unbilled receivables under IFRS 9 as of June 30, 2025 and December 31, 2024 are $36,883,629
and $34,306,195, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. The
Group held cash and cash equivalents and restricted deposits of $26,129,954 and $37,472,301 with banks as at June 30, 2025 and December
31, 2024, respectively, which are considered to have low credit risk as those banks are the large and renowned financial institutions.
The balances are measured on 12-months expected credit losses and subject to immaterial credit loss.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. No
significant allowance for expected credit losses was recognized during the six months ended June 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Other
receivables and guarantee deposits of $2,183,823 and $1,864,873 as at June 30, 2025 and December 31, 2024, respectively, are considered
to have low credit risk. The other receivables and other non-current assets are measured on 12-months expected credit losses and subject
to material credit loss. As of June 30, 2025 and December 31, 2024, the majority amount of other receivables were not received and provided
for.

iii) Liquidity risk

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Cash
flow forecasting is performed in the operating entities of the Group and aggregated by Group treasury. Group treasury monitors rolling
forecasts of the Group's liquidity requirements to ensure it has sufficient cash to meet operational needs while maintaining sufficient
headroom on its undrawn committed borrowing facilities at all times so that the Group does not breach borrowing limits or covenants on
any of its borrowing facilities. Such forecasting takes into consideration the Group's debt financing plans, covenant compliance,
compliance with internal balance sheet ratio targets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A
significant portion of the Group's future revenues is from the Egypt Contract, which is denominated in EGP. Fluctuations in the
exchange rate between EGP to U.S. dollars may affect the Group's cash inflows when converting the EGP to pay U.S. dollar-denominated
expenses. The Group remains committed to closely managing this exposure to ensure that currency fluctuations do not materially impact
its operations or financial condition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Please
refer to Note 13 for undrawn borrowing facilities as at June 30, 2025 and December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The
table below analyzes the Group's non-derivative financial liabilities into relevant maturity groupings based on the remaining period
at the balance sheet date to the contractual maturity date for non-derivative financial liabilities. The amounts disclosed in the table
are the contractual undiscounted cash flows.

<u>Non-derivative financial liabilities:</u>

---

| | | |
|:---|:---|:---|
| June 30, 2025 | Less than<br> 1 year | Over<br> 1 year |
| Lease liabilities | $206193 | $480984 |
| Long-term borrowings (including current portion) | 1747816 | 4159459 |

---

---

| | | |
|:---|:---|:---|
| December 31, 2024 | Less than<br> 1 year | Over<br> 1 year |
| Lease liabilities | $210448 | $579699 |
| Long-term borrowings (including current portion) | 1972371 | 4372188 |

---

Except for the above, the Group's non-derivative financial liabilities are due less than 1 year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Group does not expect the timing of occurrence of the cash flows estimated through the maturity date analysis will be significantly earlier, nor expect the actual cash flow amount will be significantly different.

37. **Fair value information**

&nbsp;&nbsp;&nbsp;&nbsp;A. The
different levels that the inputs to valuation techniques are used to measure fair value of financial and non-financial instruments have
been defined as follows:

---

| | |
|:---|:---|
| Level 1: | Quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can access at the measurement date. A market is regarded as active where a market in which transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an ongoing basis. |

---

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3: Unobservable inputs for the asset or liability. The fair value of the Group's investment in a rent-a-captive company without active market is included in Level 3.

&nbsp;&nbsp;&nbsp;&nbsp;B. The
carrying amounts of the Group's financial assets and financial liabilities not measured at fair value are approximate to their
fair values which are provided in Note 36.

&nbsp;&nbsp;&nbsp;&nbsp;C. The
related information of financial instruments measured at fair value by level on the basis of the nature, characteristics and risks of
the assets and liabilities is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The related information of nature of the assets and liabilities is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| At June 30, 2025 | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| **Recurring fair value measurements** |  |  |  |  |
| Financial assets at fair value through profit or loss |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment in a rent-a-captive company | $- | $- | $1000 | $1000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in SAFE (Refer clause (g) below) | - | - | 4000000 | 4000000 |
|  | $- | $- | $4001000 | $4001000 |
| **Liabilities** |  |  |  |  |
| **<u>Recurring fair value measurements</u>** |  |  |  |  |
| Financial liabilities at fair value through profit or loss |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Warrant liabilities | $732887 | $- | $- | $732887 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| At December 31, 2024 | Level 1 | Level 2 | Level 3 | Total |
| **Assets** |  |  |  |  |
| **Recurring fair value measurements** |  |  |  |  |
| Financial assets at fair value through profit or loss |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investment in a rent-a-captive company | $- | $- | $1000 | $1000 |
| **Liabilities** |  |  |  |  |
| **<u>Recurring fair value measurements</u>** |  |  |  |  |
| Financial liabilities at fair value through profit or loss |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Warrant liabilities | $910263 | $- | $19172009 | $20082272 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The methods and assumptions the Group used to measure fair value of warrant liabilities categorized within Level 1 are based on market quoted closing price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The methods and assumptions the Group used to measure fair value of investment in a rent-a-captive company categorized within Level 3 are based on net asset value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The output of valuation model is an estimated value and the valuation technique may not be able to capture all relevant factors of the Group's financial and non-financial instruments. Therefore, the estimated value derived using valuation model is adjusted accordingly with additional inputs, for example, model risk or liquidity risk, etc. In accordance with the Group's management policies and relevant control procedures relating to the valuation models used for fair value measurement, management believes adjustment to valuation is necessary in order to reasonably represent the fair value of financial and non-financial instruments at the consolidated balance sheet. The inputs and pricing information used during valuation are carefully assessed and adjusted based on current market conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Group takes into account adjustments for credit risks to measure the fair value of financial and non-financial instruments to reflect credit risk of the counterparty and the Group's credit quality.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) For the six months ended June 30, 2025 and 2024, there was no transfer between Level 1 and Level 2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) On March 11, 2025, the Company entered into a Strategic
Partnership Agreement with One Amazon USA Inc., in connection with a $5 million investment through a Simple Agreement for Future Equity
(SAFE). The agreement designates the Company as the primary technology provider for One Amazon's Internet of Forests initiative.
SAFE is expected to convert into equity of One Amazon upon the occurrence of specified triggering events outlined in the agreement. As
of June 30, 2025, the Company has paid $4 million under the SAFE. The investment is recorded as a financial asset. Given the proximity
of the investment date to the period-end date, the fair value of the financial asset at period-end is considered to approximate its fair
value at initial recognition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. For details of changes in Level 3 instruments for the six months ended June 30, 2025 and 2024 refer to Note 17 and 18.

The Group is in charge of valuation procedures for fair value measurements being categorized within Level 3, which is to verify independent fair value of financial instruments. Such assessment is to ensure the valuation results are reasonable by applying independent information to make results close to current market conditions, confirming the resource of information is independent, reliable and in line with other resources and represented as the exercisable price, and frequently calibrating valuation model, performing back-testing, updating inputs used to the valuation model and making any other necessary adjustments to the fair value. The Finance Department has established valuation policies, processes, and rules for measuring the fair value of financial instruments and ensures compliance with the related IFRS requirements. In certain cases, the Group also engages third-party valuation specialists to support the valuation of level 3 financial instruments requiring significant judgment or use of unobservable inputs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The following is the qualitative information of significant unobservable inputs and sensitivity analysis of changes in significant unobservable inputs to valuation model used in Level 3 fair value measurement:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Fair value at<br> June 30,<br> 2025 | Valuation<br> technique | Significant<br> unobservable<br> input | Range<br> (weighted<br> average) | Relationship of inputs to<br> fair value |
| Investment in a rent-a-captive company | $1000 | Net asset value | Not applicable | Not applicable | Not applicable |
| Investment in SAFE (Refer clause (g) above) | $4000000 | Market approach | Not applicable | Not applicable | Not applicable |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Fair value at<br> December 31,<br> 2024 | Valuation<br> technique | Significant<br> unobservable<br> input | Range<br> (weighted<br> average) | Relationship of inputs to<br> fair value |
| Investment in a rent-a-captive company | $1000 | Net asset value | Not applicable | Not applicable | Not applicable |
| Warrant liabilities | $19172009 | Black-Scholes Model | Risk free rate-series A | 4.37% | The higher the risk free rate, the higher the fair value |
|  |  |  | Risk free rate-series B | 4.40% | The higher the risk free rate, the higher the fair value |
|  |  |  | Price volatility - series A | 119.07% | No certain positive and negative relationship between stock price volatility and fair value |
|  |  |  | Price volatility - series B | 119.07% | No certain positive and negative relationship between stock price volatility and fair value |
|  |  |  | Dividend yield | 0.00% | The higher the dividend rate, the lower the fair value |

---

The Group has carefully assessed the valuation models and assumptions used to measure fair value, and the expected changes in fair value are insignificant even if there are reasonably possible changes in inputs.

38. **Segment Information**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) General information

The Group uses the product line as basis for providing information to the chief operating decision-maker. The Group currently divides the sales order district into three major product lines: video IoT, security convergence and other. The chief operating decision-maker makes decision concerning financial management as well as evaluation of the business performance based on these three product lines; therefore, the reportable segments are video IoT, security convergence and other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Measurement of segment information

The Group evaluates the performance of the operating segments based on a measure of revenue and income before tax, in a manner consistent with that in the consolidated statements of comprehensive income (loss).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Reconciliation of segment income, assets and liabilities

The segment information provided to the chief operating decision-maker for the reportable segments is as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Six months ended June 30, 2025 | Six months ended June 30, 2025 | Six months ended June 30, 2025 | Six months ended June 30, 2025 | Six months ended June 30, 2025 |
|  |<br>Security<br> Convergence |<br>Video IoT | Other<br>segment<br> (Note 1) | Adjustment<br> and<br>write-off<br> (Note 2) |<br>Consolidation |
| Revenue from external customers | $37622328 | $1703511 | $- | $- | $39325839 |
| Inter-segment revenue | 23726839 | - | - | (23726839) | - |
| Total segment revenue | $61349167 | $1703511 | $- | $(23726839) | $39325839 |
| Segment gain (loss) before tax | $(2585099) | $(279204) | $(5320440) | $(2106) | $(8186849) |
| Segment including : |  |  |  |  |  |
| Depreciation | $263102 | $62454 | $268 | $- | $325824 |
| Amortization | $65859 | $12283 | $239664 | $- | $317806 |
| Interest income | $(932055) | $(14086) | $(231130) | $- | $(1177271) |
| Interest expense | $261003 | $32670 | $- | $- | $293673 |
| Tax expense (benefit) | $(684861) | $1000272 | $800 | $- | $316211 |
| Segment assets | $175406409 | $131528290 | $104688196 | $(248876841) | $162746054 |
| Segment liabilities | $144709699 | $126321498 | $11505107 | $(217971244) | $64565060 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | Six months ended June 30, 2024 | Six months ended June 30, 2024 | Six months ended June 30, 2024 | Six months ended June 30, 2024 | Six months ended June 30, 2024 |
|  |<br>Security<br> Convergence |<br>Video IoT | Other<br>segment<br> (Note 1) | Adjustment<br> and<br>write-off<br> (Note 2) |<br>Consolidation |
| Revenue from external customers | $19225852 | $1448839 | $- | $- | $20674691 |
| Inter-segment revenue | 506478 | 1941 | - | (508419) | - |
| Total segment revenue | $19732330 | $1450780 | $- | $(508419) | $20674691 |
| Segment gain (loss) before tax | $10331305 | $581944 | $(9268068) | $104298 | $1749479 |
| Segment including : |  |  |  |  |  |
| Depreciation | $164733 | $18406 | $92607 | $- | $275746 |
| Amortization | $69251 | $4328 | $368663 | $- | $442242 |
| Interest income | $(158031) | $(12545) | $(221879) | $- | $(392455) |
| Interest expense | $256131 | $36267 | $124207 | $- | $416605 |
| Tax expense | $121055 | $14330 | $2506 | $- | $137891 |
| Segment assets | $89569681 | $11856603 | $121854568 | $(90167488) | $133113364 |
| Segment liabilities | $47090280 | $18218410 | $83395402 | $(87646410) | $61057682 |

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Note 1: Other segment is composed of holding companies and overseas subsidiaries which are excluded from reportable segments of Security Convergence or Video IoT.

Note 2: Adjustment and write-off represents elimination for intercompany transactions for consolidation purpose.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Reconciliation for segment income (loss)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) Sales between segments are carried out at arm's length. The revenue from external customers reported to the chief operating decision-maker is measured in a manner consistent with that in the consolidated statements of comprehensive income (loss).

ii) Refer to clause c) above for information on total consolidated profit or loss after reconciliation and reconciliation for profit or loss after tax of reportable segments during the current period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Information on product and service

The main businesses of the Group are providing information, software and data processing services. Refer to Note 21 for the disclosure information by products and services.