Gorilla Technology Group Inc.

First-half 2026 revenue was $78.4 million, up 99% year over year. Q2 revenue reached $50.1 million, up 78% sequentially from Q1 and 138% year over year. Reported operating loss narrowed from $41.1 million in Q1 to about $2.2 million in Q2, and operating cash consumption fell to $4.3 million in H1 2026 from $12.5 million in H1 2025. Cash ended June at about $179.4 million. For the second half, management guided Q3 revenue to $48 million to $50 million and Q4 to above $60 million to $70 million, implying full-year 2026 revenue of at least $200 million, up from the earlier $137 million to $200 million range. Management also targeted 2027 revenue of $450 million to $500 million.

Jayesh Chandan framed the first half as a turning point, saying Gorilla had moved from intention to execution as revenue scaled, operating loss narrowed, and cash was deployed into infrastructure. He emphasized that the company is not pivoting away from its existing security and network intelligence business, but using it as a platform for a larger AI infrastructure buildout. His tone was highly confident and combative, repeatedly stressing that the market should judge Gorilla by signed contracts, delivered equipment, recognized revenue, and collected cash.

Bruce Bower highlighted the financial profile as one of heavy investment now and margin expansion later. He pointed to $78 million of H1 revenue, $179.4 million of cash, $13 million of conventional debt, and $107 million of long-term debt from a 5-year convertible placed in June, plus another convertible in July. He said operating cash flow was minus $4 million in H1 versus minus $12.5 million last year, expected over $20 million of customer collections in September and October, and said the business could reach breakeven operating cash flow for the full year. He also said Yotta 1, Yotta 2, and NeutraDC are expected to carry average gross margins of 75% or more, and that next year’s gross margins could be in the 40% plus range, though he called that non-official.

Analysts focused on what is actually included in 2027 guidance, how financing is being structured, residual value of GPUs, CapEx, and key risks such as power, hardware timing, and customer acceptance. Management said guidance only includes contracted or firmed delivery schedules, with Yotta 1, Yotta 2 batch 1, and the initial 300 NeutraDC servers included, while later phases are not yet included. On financing, management said it is prioritizing shareholder-friendly terms, has project finance arrangements in place or close to completion, and for Indonesia expects 70% financing with the balance from Gorilla’s balance sheet and customer prepayments. They also said GPU pricing is fixed rather than indexed, and that the main risks are delivery timing, site/power readiness, and workload migration.