Gorilla Technology Group (GRRR) H1 2025 earnings summary

Executive summary

• First half 2025 revenue reached $39.3 million, a 90.2% year-over-year increase, driven by large, complex projects and international expansion, including new contracts in Taiwan and the UK.

• Operational expansion included three new projects in the last 30 days: two in Taiwan (new customers) and a significant extension in the UK.

• Business model shifted from seasonal, milestone-heavy cycles to multi-year contracts, enhancing recurring revenue and stability.

• Operating loss (IFRS) was $9.1 million, but Adjusted EBITDA and Adjusted Net Income (Non-IFRS) were both $5.7 million, reflecting underlying profitability.

• Debt reduced to $18.1 million from $21.4 million at end of 2024, and cash position strengthened to $26.1 million after a $105 million equity raise in July 2025.

Financial highlights

• H1 2025 revenue: $39.3 million, up 90.2% year-over-year.

• Adjusted EBITDA and Adjusted Net Income for H1 2025 were both $5.7 million.

• Gross margin in the first half was in the low 30% range, impacted by a higher hardware mix, but full-year gross margin is forecasted at 40%.

• Cash position at the end of the first half was $26.1 million, with an additional $105 million raised via equity offering in July.

• Loss per share (IFRS): $0.43; Adjusted Basic EPS (Non-IFRS): $0.29.

Outlook and guidance

• Full-year 2025 revenue guidance remains $100 million–$110 million, with targeted EBITDA margins above 20% and positive operating cash flow.

• Backlog at mid-year stands at $59 million, with $70 million backlog already for 2026.

• Plans to use increased liquidity to secure future contracts and drive further expansion, especially in Southeast Asia.

• Anticipates continued customer collections and release of customer guarantees to boost cash flow in H2 2025.

• Several near-term opportunities and contract announcements expected in the coming months.