Gorilla Technology Group (GRRR) Status update summary

Revenue guidance and backlog

• 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.

• Pipeline of qualified opportunities exceeds $10 billion, but only signed contracts are included in backlog and revenue guidance.

• Revenue recognition over the next four quarters will follow a controlled ramp-up as milestones are achieved, with early quarters focused on mobilization and engineering, and recurring operations as racks go live.

• Data center deployments target up to 100 MW by year-end, with hundreds of MW expected to be signed in the coming months, subject to contracting and approvals.

• Guidance range will tighten as project timing is set, aiming to move toward the upper end as deployments progress.

Project financing and capital allocation

• Project financing is structured to be non-dilutive, with most funding at the project level and minimal parent company equity exposure.

• Debt typically covers 85% or more of project CapEx, with Gorilla investing $20–$30 million per $300–$350 million deployment.

• Cash flow from projects is expected to become significant after initial lockbox periods, with strong discipline on capital deployment and a targeted under three-year payback period.

• Buyback authorization increased to $20 million, with over $11 million repurchased, maintaining strong cash position without compromising growth.

Strategic initiatives and partnerships

• U.S. acquisition and new U.S. wins are actively pursued, with delays attributed to government shutdowns affecting procurement cycles.

• Four global delivery centers established, with expansion in Southeast Asia, India, Middle East, North Africa, and Europe.

• Strategic investment in Astrocast AI provides a foothold in real-time infrastructure intelligence, supporting smart city and data center offerings, and expanding presence in India, UAE, and the U.S.

• Close collaboration with NVIDIA and OEM partners enhances credibility and positions the company as a full-stack operator and integrator for AI infrastructure.