Gorilla Technology Group (GRRR) Status update summary

Backlog, pipeline, and revenue guidance

• Signed and contracted backlog exceeds $100 million, forming the execution base through 2026, with revenue guidance for 2026 ranging from $137 million to $200 million, driven by phased ramp-up in Asia, Middle East, and Europe data center programs.

• Actively pursuing a qualified pipeline of over $10 billion in AI infrastructure, national systems, and data centers, with a disciplined approach to only moving opportunities into backlog once fully contracted.

• Revenue recognition over the next four quarters will follow a controlled ramp-up as contracted milestones convert into revenue, with early quarters focused on mobilization and engineering, and later quarters on recurring operations.

• Data center operational targets include deploying up to 100 MW by year-end and several hundred MW by the end of next year, subject to contracting and approvals.

U.S. acquisition and global expansion

• U.S. acquisition process is active but delayed due to government shutdowns affecting procurement and approvals; diligence and compliance remain priorities.

• New U.S. contract wins are being pursued, with announcements expected as deals are contracted; global expansion continues with delivery centers in Asia, India, Middle East, North Africa, and Europe.

Major contracts and financing

• $1.4 billion contract is with a Singapore-based contractor for AI data center backbone work; end customer not disclosed, but government validation and approvals are in place.

• Project financing is at final stages, with term sheets in hand and a preference for non-dilutive, project-level capital; first racks expected to go live in early 2026.

• Project finance structure is non-recourse to the parent, with 85%+ of CapEx covered by debt and a targeted under three-year payback period.