Gorilla Technology Group (GRRR) investor relations material

Executive summary

• Revenue reached $28.2 million in Q1 2026, up 55% year-over-year, marking a transition from turnaround to scaling operations and driven by strong project execution and collections.

• Operating cash flow turned positive at $6.6 million, a $17.3 million improvement from last year.

• Ended the quarter with $98.4 million in cash, up 373% year-over-year, supporting future growth initiatives and a strong net cash position after debt reduction.

• Major project milestones in Egypt contributed significant cash inflows and reduced guarantee exposure.

• IFRS operating loss of $41.1 million was primarily due to $20.9 million in non-cash stock-based compensation and $18.9 million in FX losses.

Financial highlights

• Revenue grew 55% year-over-year to $28.2 million in Q1.

• Gross profit for Q1 2026 was $6.0 million on $28.2 million in revenue.

• Adjusted EBITDA loss for Q1 2026 was $8.3 million, after excluding non-cash and FX items.

• SG&A expenses were $7 million in Q1, up 16% year-over-year, reflecting prior hiring and infrastructure investments.

• Debt reduced to $13.2 million, supporting a strong net cash position.

Outlook and guidance

• Full-year 2026 revenue guidance raised to $160–$200 million, with 60–70% expected from AI data center and digital infrastructure.

• Targeting $500 million revenue in 2027, with ambitions for 100–150 MW AI infrastructure capacity by year-end and 500 MW by 2028.

• Gross margins expected to expand as AI-focused business grows, with data center/GPU-as-a-service margins at 75–80% or higher.

• EBITDA margin expected to expand to 25–30%+ as scale and higher-margin business increase.