GRRRW · Gorilla Technology Group Inc.

Gorilla Technology Group reported strong Q1 2026 results, with revenue surging 55% year-over-year to $28.2 million, driven by AI infrastructure projects and public safety contracts. The company achieved a key operational milestone by generating positive operating cash flow of $6.6 million, a $17.3 million improvement from a year ago, reflecting successful collections from the Egypt project and improved working capital management. Cash and equivalents soared to $98.4 million, providing ample liquidity for data centre expansion initiatives, including a planned 200MW AI data centre campus in Korat, Thailand. Reported IFRS results showed a net loss of $36.9 million, primarily due to $20.9 million in non-cash stock-based compensation and $18.9 million in foreign currency exchange losses, largely from Egyptian pound devaluation. Adjusted EBITDA loss was $8.3 million, compared to positive $5.2 million in Q1 2025. Management highlighted that the underlying business is cash-generative and guided full-year 2026 revenue to a range of $160 million to $200 million, up from previous expectations. The CEO expressed confidence in achieving a $500 million annualized revenue run rate next year, driven by the Yotta partnership and expanding AI infrastructure capacity. The strong balance sheet and positive cash flow trajectory position Gorilla to execute on its growth strategy, though investors should monitor non-cash charges and currency volatility.