Gorilla Technology Group Inc.

Gorilla Technology Group Inc (NASDAQ: GRRR) is a global provider of advanced solutions in security intelligence, network intelligence, business intelligence, and IoT technologies. Leveraging AI and deep learning, the Company delivers a broad portfolio of Smart City, Network, Video, Security Convergence, and IoT offerings to clients across sectors such as Government & Public Services, Manufacturing, Telecom, Retail, Transportation & Logistics, Healthcare, and Education.

Key Business Updates

• Strongest Revenue Performance in Company History: Gorilla Technology delivered record quarterly revenue in Q3 FY25, reporting USD 26.5 million, a 32% increase from the prior-year period. This growth was driven by successful execution across AI infrastructure, public safety, and enterprise technology deployments in Asia, the Middle East, Europe, and the Americas. The result marks the strongest quarter in the company’s history and reflects expanding demand for its AI-driven solutions.
• Significant Operational Turnaround: Operational performance showed a marked improvement, with the Company reporting operating income of USD 0.4 million, a reversal from the USD 6.0 million operating loss recorded in Q3 FY24. This swing of over USD 6.4 million was supported by disciplined cost management across people, professional services, and overheads, combined with enhanced contracting efficiency and vendor alignment. These improvements demonstrate Gorilla’s strengthened operational execution as it scales its AI infrastructure programmes.
• Improved Profitability and Enhanced Adjusted Metrics: Profitability metrics also strengthened notably, with EBITDA rising to USD 0.8 million from an EBITDA loss of USD 5.6 million in the prior year. Net loss narrowed substantially to near breakeven at USD 0.03 million, compared to USD 7.8 million previously. Adjusted EBITDA improved 21% to USD 6.8 million, while adjusted net income increased 72% year-on-year to USD 6.0 million, reflecting underlying profitability momentum despite currency-related headwinds.
• Strengthened Balance Sheet and Liquidity Position: The Company ended the quarter with a significantly enhanced liquidity profile. Unrestricted cash increased to USD 110.2 million, rising more than 408% from year-end 2024 and nearly 990% from Q2 FY25. Total debt declined to USD 15.1 million, a 30% reduction from the prior year-end, reflecting improved working capital management. Gorilla’s strengthened balance sheet provides greater flexibility to support ongoing AI data centre deployments and future contracted pipeline conversions.
• Expanding Project Execution Across Key Regions: Operationally, the Company continued to advance major regional programmes. In Southeast Asia, deployment activities for its AI and 5G infrastructure initiatives accelerated, while in MENA, projects entered their final execution stages. Strong collections and delivery momentum across both markets reinforce Gorilla’s capabilities in executing sovereign-grade, large-scale infrastructure programmes with consistency and precision.
• Robust Multi-Billion-Dollar Pipeline and 2026 Growth Outlook: The Company reiterated its FY25 guidance and issued FY26 revenue expectations of USD 137 million to USD 200 million, supported by the initial phase of the USD 1.4 billion AI data centre mandate, expected to contribute USD 100 million annually from 2026 onward. Additional Asian law-enforcement contracts and an expanded AI and GPU infrastructure pipeline exceeding USD 7 billion further underpin the Company’s growth visibility, although revenue from unfinalized project phases is not yet included in guidance.
• Strategic Positioning for Long-Term AI Infrastructure Leadership: Management emphasized that Gorilla is now emerging as a recognized leader in sovereign-grade AI infrastructure, operating with increased financial strength and execution capability. With a reinforced balance sheet, strong contracted backlog, and clear operational priorities, the Company aims to convert its pipeline, expand recurring revenue streams, maintain cost discipline, and deliver sustained quarterly performance that supports a long-term valuation re-rating.

Technical Observation (on the daily chart):

GRRR’s chart shows a clear, extended downtrend that began after the March peak, with the price now trading well below both the 20-day and 50-day moving averages, which are also trending downward. Momentum is weak, and the RSI near 20 indicates deeply oversold conditions, suggesting the stock may be due for a short-term bounce but remains structurally bearish. Volume has faded since midyear, reflecting low buying interest, and the recent breakdown puts pressure on the support zone. Overall, the trend remains negative until the price can reclaim the short-term moving averages with stronger volume.

Gorilla Technology delivered its strongest quarter to date, underscored by 32% revenue growth, a return to operating profitability, and a near-breakeven bottom line, reflecting improved execution and disciplined cost management. A significantly strengthened balance sheet—with unrestricted cash rising to USD 110 million and debt reduced meaningfully—positions the Company to fund large-scale AI infrastructure mandates, including its recently secured USD 1.4 billion AI data centre project. With a robust USD 7 billion+ pipeline, accelerating project deployments across Southeast Asia and MENA, and reaffirmed guidance, Gorilla enters the next phase of growth with strong visibility, financial flexibility, and increasing credibility as an emerging leader in sovereign-grade AI infrastructure.

As per the above-mentioned price action, recent key business and financial updates, momentum in the stock over the last month, and technical indicators analysis, a ‘Buy’ rating has been given Gorilla Technology Group Inc (NASDAQ: GRRR) at the closing market price of USD 12.62 as of Nov 17,2025.

Individuals can evaluate the stock based on the support and resistance levels provided in the report in case of keen interest taking into consideration the risk-reward scenario.

Markets are trading in a highly volatile zone currently due to certain macro-economic issues and prevailing geopolitical tensions. Therefore, it is prudent to follow a cautious approach while investing.

Related Risk: This report may be looked at from a high-risk perspective and a recommendation is provided for a short duration. This report is solely based on technical parameters, and the fundamental performance of the stocks has not been considered in the decision-making process. Other factors which could impact the stock prices include market risks, regulatory risks, interest rates risks, currency risks, social and political instability risks etc.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance level is November 17,2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Target Price refers to a price level that the stock is expected to reach as per the relative valuation method and or technical analysis taking into consideration both short-term and long-term scenarios.

Note 5: ‘Kalkine reports are prepared based on the stock prices captured either from the New York Stock Exchange (NYSE), NASDAQ Capital Markets (NASDAQ), and or REFINITIV. Typically, all sources (NYSE, NASDAQ, or REFINITIV) may reflect stock prices with a delay which could be a lag of 15-20 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.