Gorilla Technology Group Inc.

Gorilla started as a security and smart-city technology vendor — video intelligence, facial and license-plate recognition, network intelligence and IoT platforms sold mostly to governments and critical infrastructure operators in Taiwan, Egypt and across Asia. That legacy business is real, profitable in patches, and still growing through public-safety and port-security contracts.

What's driving the stock is the second business layered on top: AI infrastructure — data centers, GPU-as-a-Service and sovereign AI compute programs across India, Indonesia and Thailand. Management now expects 60–70% of 2026 revenue to come from this side, up from close to zero two years ago. Gorilla is a Cayman Islands-incorporated foreign private issuer that reports to the SEC on Form 20-F/6-K under IFRS, not the 10-Q/10-K, US-GAAP format most US small-caps use.

• [GUIDANCE]
  Guidance keeps going upFull-year 2026 revenue guidance has been raised twice this year, most recently to $160M–$200M from an earlier $137M floor. On June 23, management also flagged a Q2 outlook of at least $44M — well above Q1's $28.2M.
• [MEGADEALS]
  A run of multi-billion-dollar headlinesAn expanded ~$2.8B Yotta collaboration in India, a ~$2B Supermicro GPU supply deal, and a ~$2.5B GPU-as-a-Service contract with NeutraDC in Indonesia — all announced within about ten weeks of each other.
• [TARGETS]
  Analyst targets sprinting higherCantor Fitzgerald: $31 → $40 (Jun 4). Northland reiterated Buy (Jun 16). Multiple "small-cap AI stocks to watch" features ran through June, keeping the name in front of retail flow.
• [OPTIONS]
  Speculative positioning into earningsPre-earnings options volume ran at roughly 2.3x normal ahead of the May 27 print, with calls outnumbering puts about 4-to-1 — classic setup for an outsized post-earnings move.

Management frames the $41.1M IFRS operating loss as almost entirely non-cash — $20.9M of stock-based compensation plus $18.9M of FX losses on Egyptian-pound balances. That's a fair point on the IFRS number specifically. It's a smaller point on the company's own non-IFRS adjusted EBITDA, which still swung from +$5.2M to -$8.3M after those exact add-backs — a real deterioration, not just an accounting artifact. Source: Gorilla Technology Q1 2026 results, filed with the SEC as Exhibit 99.1 to Form 6-K, May 27, 2026.

"Our customers are paying. I'm going to repeat that. Our customers are paying."

Unlike a lot of AI-infrastructure names, Gorilla actually collected on its receivables this quarter — $90.1M from $112.0M, a $21.9M drop that outpaced revenue growth. Combined with cash roughly flat at $98.4M and only $13.2M of debt going into the quarter, the balance sheet looked genuinely clean as of March 31.

That picture changes after quarter-end: on June 5, Gorilla closed $107M of 7.50% convertible notes due 2031 (net proceeds ~$102.4M), priced to fund the equity portion of its second Yotta project. Convertible at ~$25.48/share, a price the stock hasn't traded at since mid-2025. The raise pushes pro forma cash toward ~$200M, but it also stacks a new dilution path on top of the roughly 47% increase in shares outstanding already seen over the past year.