Gorilla Tech (NASDAQ:GRRR) stock is rocketing higher on Friday after the company announced a massive government contract in Egypt.
That contract will have it working for the Egyptian government to create a Smart Government Security Convergence solution. The focus of this project is to allow for better efficiency and effectiveness of security operations, improving decision-making, allowing proactive threat detection, as well as quick response to emerging risks.
According to Gorilla Tech, the contract is worth $270 million over a three-year period. The company notes that this is its largest contract to date. It also puts the company on the pathway to profitability by the time 2024 ends.
Dr. Rajesh Natarajan, Chief Innovation Officer at Gorilla Tech, said the following about the contract:
“By integrating cutting-edge technologies such as AI, IoT and data analytics, we are poised to revolutionize the way governments safeguard their critical assets. This collaboration reaffirms our commitment to delivering innovative solutions that empower governments to proactively address emerging security challenges.”
What This Means for GRRR Stock
Investors are excited about this deal and its potential to bring the company profits next year. As such, investors are seeing heavy trading of GRRR stock today. As of this writing, more than 3.1 million shares of the stock have changed hands. For comparison, the company’s daily average trading volume is about 277,000 shares.
GRRR Stock is up 83.3% as of Friday morning. For the record, the company’s shares were down 78.3% year-to-date when markets closed on Thursday.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
