Gorilla Technology Group (NASDAQ:GRRR) executives highlighted record revenue, a sharp reduction in reported losses, and an expanding push into AI infrastructure and data center opportunities during the company’s latest earnings call. Management also emphasized improved cash collections early in 2026, a reduced debt load, and continued share repurchases, while maintaining a wide revenue guidance range tied to the timing of large-scale data center deployments.
Record revenue and profitability turnaround in 2025
Chairman and CEO Jay Chandan said Gorilla posted record full-year revenue of $101.4 million, up 35.7% year-over-year, marking the first time the company exceeded $100 million in annual revenue. He noted the result landed within the company’s stated guidance range of $100 million to $110 million.
On an adjusted basis, Chandan reported adjusted EBITDA of around $19.1 million and adjusted net income of about $19.9 million, with adjusted basic EPS of $0.89 and adjusted diluted EPS of $0.88.
Results versus consensus and early 2026 cash collections
Chandan compared performance to what he described as market consensus expectations. For the fourth quarter, he said consensus was roughly $34.75 million of revenue and adjusted EPS of $0.30. He stated Gorilla’s implied fourth-quarter revenue was approximately $35.6 million, and implied adjusted EPS was roughly $0.37.
For the full year, he cited consensus of approximately $100.6 million of revenue and $0.84 adjusted EPS, compared with Gorilla’s reported $101.4 million of revenue and $0.89 adjusted EPS.
CFO Bruce Bower said the company ended 2025 with $104.8 million in cash, and added that collections early in 2026 increased the cash position. As of February 26, Bower said Gorilla had $108 million of unrestricted cash and $116.6 million of total cash, despite spending $3 million on share buybacks during the first two months of the calendar year.
On collections, Chandan said Gorilla collected more than $22 million in the first two months of 2026 from its largest customers for solutions delivered and invoiced in 2025, and expected additional collections “in the coming weeks.” In the Q&A, Bower characterized expected near-term collections as $10 million, plus or minus a few million, tied to 2025 deliveries.
Balance sheet changes, buybacks, and cash flow goal
Chandan said the company reduced total debt to about $13.8 million, down from $21.4 million in the prior year, and noted refinancing and repayments also released more than $5.3 million of deposits previously held as collateral. Bower explained that management did not pay off all remaining debt because the company’s remaining $13.8 million balance carried an average interest rate of about 3%, which he said made it sensible to retain as flexible capital.
Chandan said Gorilla had spent more than $11 million on share buybacks to date, arguing the market continued to undervalue the company relative to its performance and strategy. He also stated the company is aiming to be cash flow positive in 2026, framing it as an operating objective tied to delivery discipline, overhead control, and collections.
AI infrastructure strategy and data center expansion
A major theme of the call was infrastructure demand tied to AI workloads and what Chandan described as a shift from training-led to inference-led computing, with growing importance for distributed compute and edge environments. He said Gorilla is advancing an AI infrastructure and data center build strategy across Malaysia, Thailand, Indonesia, Singapore, and other regions including Taiwan, while expanding evaluation work in India and progressing a Middle East strategy including Saudi Arabia, where he said an MOU has already been signed.
Chandan said Gorilla is also exploring opportunities to buy and/or build its own data center assets, arguing that ownership could provide more control and enable recurring infrastructure-led revenue streams rather than reliance on project cycles. Bower added that the company’s approach is purpose-built and demand-driven, emphasizing that Gorilla does not plan to build capacity speculatively and instead seeks customer prepayments and project finance to cover the majority of project capex.
In response to an analyst question about the Freyr partnership timeline, Chandan said the company was “on track,” while acknowledging “slight delays” tied to market forces and delivery timing. He said Gorilla was in the final stages of receiving its first set of GPUs “over the next few days,” with deployments beginning immediately, and described a plan to create a regular cadence of deliveries. He also said the company had moved from previously discussing about 12.5 MW of data center capacity to targeting more than 600 MW as demand increased.
Guidance, margins, and product roadmap updates
Bower said Gorilla is maintaining its previously issued 2026 revenue guidance range of $137 million to $200 million. He said the wide range reflects the delivery schedule of data center projects the company is pursuing with Freyr and others, and that Gorilla expected to provide a more detailed timing update in the next month to month and a half, including delivery scheduling from NVIDIA and customer timing. He added the company was not prepared to issue gross margin or EBITDA guidance yet.
On gross margin, Bower attributed 2025 margin pressure to a higher hardware mix (he said hardware was about 40% of revenue) versus an “abnormally high service mix” in 2024, and to at least one major law enforcement customer project with a margin lower than the company would normally accept, which he described as a strategic win to demonstrate capabilities. Looking forward, he said the company’s GPU-as-a-service business carries “extremely high” gross margins of 70%+ (calling 70% a minimum cutoff) and suggested that at scale the model could support about a 25% operating margin, while also noting the impact of depreciation when equipment is held in an SPV consolidated into financial statements.
On the product side, Chandan reiterated that Gorilla’s post-quantum cryptography SD-WAN was targeted to be ready by April 2026. He also said lawful interception product suites remain in continued R&D, and that the company is putting together a team to invest heavily into 6G lawful interception starting in 2027.
Chandan also discussed the company’s Astrikos.ai investment, describing it as a real-time infrastructure intelligence engine used for monitoring, prediction, and optimization in critical environments. He said Gorilla is integrating Astrikos.ai into its stack across smart city and national infrastructure operations, video intelligence and security workflows, and GPU-rich data center operations that require continuous telemetry and predictive optimization.
About Gorilla Technology Group (NASDAQ:GRRR)
Gorilla Technology Group is a Taiwan‐based provider of video computing and artificial intelligence solutions, offering software and hardware platforms for real‐time video analytics, facial recognition and edge‐computing applications. The company’s core business centers on the development of AI‐driven surveillance technologies that can be deployed in cloud, on-premise or hybrid environments. Gorilla Technology Group’s platforms are designed to process high-volume video data streams for security monitoring, operational optimization and business intelligence.
The company’s flagship offerings include video management systems integrated with smart analytics modules, IoT gateways for edge-level data processing and AI engines for tasks such as people counting, license plate recognition and behavioral analysis.
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