Research Reports

Q3 2025 revenue was $26.5 million, ahead of the analyst consensus estimate of $26.0–$26.2 million (CEO, CFO).
Gross profit in Q3 was $9.9 million, above the $9.5 million estimate (CEO).
IFRS operating income was positive $4.4 million, versus an estimated loss of $6.0 million (CEO).
Adjusted EBITDA was $6.8 million, above the $5.6 million estimate (CEO).
Adjusted net income was $6.0 million, above the $3.5 million estimate (CEO).
Non-IFRS EPS was $0.257, in line with the $0.26 estimate; IFRS EPS was breakeven at $0.00, versus an estimated loss of $0.08 (CEO).
Total cash at quarter-end was $121.4 million, comprising $109 million unrestricted and the balance restricted; net cash position was $106 million (CFO).
Debt was $15.1 million, below the analyst implied $21 million (CEO, CFO).
Accounts receivable were $36 million; CFO expects collection of significant outstandings in Asia and the Middle East in Q4 (CFO).
9-month operating cash flow was negative $15 million; CFO still expects breakeven or positive for the full year (CFO).
Gross margin for the 9 months was slightly over 35%; full-year expected in the 35%–40% range (CFO).
Backlog includes a signed $1.4 billion Southeast Asia data center contract with FREYR; first phase alone provides $100 million annual revenue for the first 3 years (CEO, CFO).
Pipeline of $7 billion from governments, telcos, and institutions (CEO).
Partnerships with Intel, Edgecore, HPE, NVIDIA, and Telstra (CEO).

Official guidance:

Full-year 2025: Revenue $100 million–$110 million; EBITDA margins 20%+; net income margins 15%–20% (CFO).
Full-year 2026: Revenue $137 million–$200 million, based on contractual backlog including the FREYR contract (CFO).

Mgmt quotes:

(CEO): “Q3 marks the strongest quarter in Gorilla's history with revenue ahead of expectations, operating profit firmly positive and the bottom line at breakeven.”
(CEO): “This is proper profitability. We ran the business efficiently. We delivered on big projects across the region. We controlled our costs, but most importantly, we generated a real operating profit.”
(CEO): “The $1.4 billion Southeast Asia data center project is not a rumor. It's not a letter of intent. It is not a win. It is a contract and is underway already flowing into our scheduling and revenue plans for 2026 and onwards.”
(CFO): “When this business went public in 2022 via de-SPAC, the revenue for that year was $22 million. The guidance for this year is $100 million to $110 million.”
(CEO): “We're not at a peak today. If anything, this is the foothill before the climb.”

Topic: 2026 revenue guidance assumptions and EBITDA margin range
Key points:
- 2026 revenue guided at $137M–$200M, based only on contracted backlog and Phase 1 of Southeast Asia data center project (contributing $100M from '26–'28).
- Guidance includes $0 from the $1.4B program’s remaining phases, $0 from other new mandates, and $0 from late-stage national projects.
- EBITDA margin guided at 15%–25% for 2026.
- Revenue ramp for the first $100M is gradual: 6–8 MW capacity (several hundred high-density AI racks), GPU-as-a-service usage scales as clusters go live, and services are stacked over time; full commissioning expected by end of 2026.
Mgmt stance: Bullish — management calls the guidance “sensible conservative,” with significant upside from additional AI data center phases and sovereign mandates not yet included.

Topic: Risks to 2026 guidance and pipeline size; definition of backlog vs. pipeline
Key points:
- Risks include: customer site readiness (power, import clearances, procurement cycles), supply chain constraints (GPU server demand, networking lead times, memory prices up 40% in last 2 months), regulatory/compliance approvals, and geopolitical sensitivities.
- Pipeline exceeds $7 billion; backlog for 2026 is strict $85M with exact dates.
- Data center contract ($1.4B) is an umbrella with Freyr; more deployments may be added. None of the Amazon MOU, other MOUs, or new government bids are in guidance.
Mgmt stance: Bullish — upside from additional data center phases, new government wins, and MOU conversions; management emphasizes risk mitigation through conservative base-case assumptions.

Topic: Sales team expansion, pipeline beyond 2026, and use of cash
Key points:
- Current sales team: 250+ full-time employees plus 200+ contractors; CEO personally engages on all projects.
- CEO’s personal target (not formal guidance) is ~$500M annual revenue by 2027.
- Cash use: funding CapEx for data center projects (equity portion; banks providing debt), performance guarantees, working capital; active bank negotiations in New York with term sheets.
- Hiring underway: 60+ in Thailand, 150+ new recruits in India; first-time acquisitions considered in India and the U.S.
Mgmt stance: Bullish — management sees strong pipeline conversion potential and sufficient balance-sheet cash for initial deployments, with Q4 cash generation expected to support higher revenue.

Topic: Freyr contract margins vs. CapEx, Egypt contract economics, and MOU updates (One Amazon)
Key points:
- Freyr is not a construction gig; it’s a long-term AI infrastructure relationship (design, build, operate, monetize) with layered services (video intelligence, big data, cybersecurity). EBITDA margins are higher, but cash generation is impacted by upfront CapEx.
- Egypt Smart City contract: 95% of revenues from government; business shifted from project-based to milestone-based predictable collections, reducing execution and financial risk. Revenue in ’26 expected to be more predictable quarter-over-quarter.
- One Amazon project: proof of concept completed in Panama; moving to Mato Grosso with an initial $100M program expected to receive a “good chunk” in tech deployment (not in ’26 guidance). nTelastra MOU involves 120+ MW over 24 months; Thailand government project expected to have an outcome in “next few months.” None of these are in 2026 guidance.
Mgmt stance: Bullish — management highlights higher-margin recurring services on top of infrastructure, de-risked delivery profile for existing contracts, and multiple large MOUs progressing toward conversion.