Gorilla Technology Group (GRRR) Q2 2026 earnings summary

Executive summary

• H1 2026 revenue surged 99.3% year-over-year to $78.4 million, with Q2 revenues up 138% from Q2 last year and 78% sequentially from Q1, driven by accelerated delivery across multiple customer programs and scaling of AI infrastructure and data center projects.

• Operating loss narrowed dramatically from $41.1 million in Q1 to $2.2 million in Q2, a 95% reduction, largely due to lower share-based compensation.

• Cash position increased to $179.4 million at the end of June, up 82% from Q1, reflecting financing inflows and customer collections.

• Major infrastructure deployments underway in India, Indonesia, and Thailand, with multiple sites being prepared in parallel.

• Strategic investments in infrastructure, hardware, and capacity are positioning the business for future growth and scale.

Financial highlights

• H1 2026 revenue: $78.4 million, up 99% year-over-year.

• Q2 revenue: $50.1 million, exceeding upgraded guidance by 14%.

• H1 2026 IFRS operating loss was $47.2 million, including $25.4 million in stock-based compensation, $4.0 million in fair value measurement effects, $2.0 million in debt transaction costs, and $0.3 million in acquisition-related expenses.

• Adjusted EBITDA loss was $14.6 million, compared to adjusted EBITDA of $6.2 million in H1 2025.

• Net cash used in operating activities declined 65% year-over-year to $4.3 million.

Outlook and guidance

• FY2026 revenue guidance raised to at least $200 million, up from the previous range of $160–200 million.

• Q3 2026 revenue expected between $48–$50 million, up from prior plan of $36–$40 million.

• Q4 2026 revenue expected to exceed $60–$70 million.

• FY2027 revenue targeted at $450–$500 million, dependent on project execution and capacity commissioning, with expectations of substantial gross margin improvement.

• Gross margin for GPU-as-a-service projects expected to average 75%, with overall gross margin for 2027 projected above 40%.