Gorilla Technology Group Inc. (GRRR)
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We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Whoever holds today is betting that Egypt keeps paying, that the pound stops falling, and that the data center frameworks become revenue before the current backlog — about a year and a half of it — runs out in 2027; there is no diversified second leg to cushion any of those three, because three quarters of the company is one contract. Whoever buys today pays a mid single-digit multiple of revenue for that bet and additionally carries the dilution risk of $232.0 million of convertible notes whose conversion price can slide to $6.00 and $8.00. What would change the picture is visible and checkable: a receivables balance that falls through payment rather than devaluation, a second quarter of positive operating cash flow, or a signed data center project with revenue attached. The decision is yours.
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Gorilla Technology sells Edge AI, video analytics and smart-city systems, and its revenue grew 35.7 percent to $101.4 million in fiscal year 2025. We read the annual report (20-F) the company filed with the SEC — and the growth has one address: $77.5 million of it came from a single Egyptian government customer, billed in a currency that lost 11.5 percent against the dollar in one year. Gross margin has more than halved since 2023, operating cash flow was negative three years running, invoiced and unbilled work exceeded a full year of revenue at year-end 2025, and since June 2026 the balance sheet carries $232.0 million of convertible notes. Not investment advice — just a careful look at what happens when growth is a promise and the cash keeps saying maybe.
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Stock Watch
This analysis is as of July 16, 2026. Stock Watch will tell you what's changed at GRRR since then.
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Appears in These Scanners
This stock currently matches 5 of our scanner strategies — each hit links to the scanner.
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
Sells AIGorilla verkauft KI selbst: Der Jahresbericht 20-F für 2025 beschreibt das Produktangebot durchgehend als KI-gestützte Lösungen (Videoanalyse, Kennzeichen- und Gesichtserkennung, Edge Computing) und nennt KI ausdrücklich einen wesentlichen und wachsenden Bestandteil des Geschäfts; das Segment Video IoT (3,5 Mio. $ Umsatz 2025) ist reines KI-Videogeschäft, dazu kommt der Aufbau KI-fähiger Rechenzentren in Südostasien. Einschränkung: Der weit überwiegende Umsatz stammt aus Systemintegration für Regierungskunden, nicht aus KI-Software.
View the full file — quotes, sources, reviewed filings
„we deliver AI-driven solutions that power Smart Cities, Enterprises, Government, Manufacturing, Telecommunications, Retail, Transportation, Logistics, Healthcare, and Education"
wir liefern KI-gestützte Lösungen für Smart Cities, Unternehmen, Behörden, Fertigung, Telekommunikation, Handel, Transport, Logistik, Gesundheitswesen und Bildung
„AI is enabled by or integrated into many of our platforms and is a significant and potentially growing element of our business."
KI ist in viele unserer Plattformen eingebaut oder ermöglicht sie und ist ein wesentlicher und potenziell wachsender Bestandteil unseres Geschäfts.
„Gorilla has been entering into partnerships to develop a network of AI-powered data centers across Southeast Asia."
Gorilla ist Partnerschaften eingegangen, um ein Netz KI-fähiger Rechenzentren in ganz Südostasien aufzubauen.
Filings Reviewed: 20-F 2026-04-15 · 6-K 2026-05-27 · 6-K 2026-07-17
Rated on July 27, 2026 · How the Rating Is Built
Analysts & Price Target
No price target is available for this stock.
- Consensus
- Strong Sell
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Next Reporting Date
- Expected Earnings per Share
- 0.35 $
Expected date of the next quarterly or annual figures. Dates do shift occasionally — only the invitation issued by the company is binding.
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | – | – | 12 | 271.40 | 110.00 | -8 | -8 |
| 2024: Q3 | 0.15 | 850.00 | 20 | -36.40 | -38.80 | -9 | -9 |
| 2024: Q4 | – | – | 34 | 27.00 | -172.70 | -20 | -21 |
| 2025: Q1 | -0.23 | -458.80 | 18 | 109.00 | -25.00 | -11 | -11 |
| 2025: Q2 | 0.06 | – | 21 | 76.50 | -18.70 | -2 | -2 |
| 2025: Q3 | 0.24 | 60.00 | 27 | 32.00 | -0.10 | -3 | -3 |
| 2025: Q4 | 0.35 | – | 36 | 4.80 | -7.70 | -14 | -14 |
| 2026: Q1 | -0.18 | 21.70 | 28 | 54.60 | -130.90 | 7 | 7 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
A genuine 25-year track record in video analytics and a real, delivered government network in Egypt — but the AI story and the ledger diverge: Security Convergence (systems integration) is 96.5 percent of fiscal year 2025 revenue, the AI-video-analytics segment Video IoT only 3.5 percent ($3.5 million of $101.4 million), and hardware plus outsourcing cost $63.2 million against $3.1 million of research and development (annual report 20-F for 2025).
Revenue grew 35.7 percent to $101.4 million in fiscal year 2025 and a further 54.6 percent to $28.2 million in the first quarter of 2026, but $77.5 million — 76.5 percent — came from a single Egyptian government customer (2024: 79.1 percent; 2023: 80.8 percent), while the second-largest customer fell from $11.0 million to zero. The backlog behind it dropped 41 percent to $101.3 million and is expected to be recognised by 2027; the announced successor, the $1.4 billion Freyr framework, produced no revenue in 2025.
Gross margin fell from 69.1 percent (2023) via 50.0 percent (2024) to 33.4 percent (2025) and on to 21.1 percent in the first quarter of 2026 — gross profit in dollars shrank from $44.7 million to $33.9 million despite 57 percent revenue growth. On top, the Egyptian pound denomination cost $21.0 million (2025), $27.8 million (2024) and $18.9 million in the first quarter of 2026 in exchange losses; the reported adjusted EBITDA of $19.1 million exists only after adding $25.7 million of exactly those losses back.
Three straight years of negative operating cash flow (−$28.7 / −$29.7 / −$9.4 million); as of December 31, 2025, accounts receivable of $54.1 million plus unbilled contract assets of $57.9 million total $112.0 million — more than a full year of revenue. The $99.5 million of cash came from financing (+$101.2 million in 2025), not from customers. The first quarter of 2026 turned positive at plus $6.6 million, but of the $21.9 million decline in receivables and contract assets only $4.2 million appears as an inflow, against $20.1 million of unrealised currency losses added back.
The balance sheet itself is sound — equity of $196.1 million, only $13.8 million of total indebtedness, no going-concern qualification, disclosure controls judged effective (12/31/2025). But it was bought with stock: shares outstanding rose from 7,565,099 to 27,757,474 in just over two years, after a 10-to-1 reverse split, plus $20.9 million of stock-based compensation in a single quarter and $232.0 million of 7.50 percent convertible notes whose conversion price can reset down to $6.00 and $8.00 — roughly 33.5 million new shares in the unfavourable case.
On the closing prices documented in SEC filings ($21.78 on June 2, 2026 and $16.77 on July 14, 2026) and 27,757,474 shares, the market value ranged between roughly $605 million and $466 million — 4.6 to 6.0 times fiscal year 2025 revenue, or 2.3 to 3.8 times the company guidance for 2026 ($160–200 million). The price has slid further since: to $12.01 at the July 24, 2026 price data cut-off, about $333 million of market value. No price-to-earnings ratio exists, and the very low forward multiple quoted elsewhere rests on an adjusted estimate that excludes the currency losses. Coverage is two analysts, both strong buy, average price target $39.50 (data as of July 26, 2026) — an echo rather than a consensus.
Gorilla Technology is discussed as an AI company and earns its money as a systems integrator for one government. Revenue grew 35.7 percent to $101.4 million in fiscal year 2025 — but $77.5 million of it came from a single Egyptian government customer, billed in a currency whose devaluation cost $48.8 million over two years; gross margin more than halved to 33.4 percent and fell on to 21.1 percent in the first quarter of 2026, and $112.0 million of invoiced and unbilled work was still uncollected at year-end. The balance sheet looks solid, but it was funded by tripling the share count after a reverse split and by $232.0 million of convertible notes. Not investment advice.
- GRRR landed on our research list through our Reddit hype scanner (ApeWisdom data): 6 mentions in 24 hours as of July 16, 2026. Forum mentions are sentiment signals, not quality signals. Gorilla has had its own row in our company universe only since July 27, 2026 — it was created with this analysis. The first scanner run on it returned (data as of 07/27/2026, priced off the 07/24/2026 close): fundamental grade C on a rating of 51 out of 100, Piotroski 3 of 9 — weak, since fundamentally healthy companies sit at 8 or 9 — and an Altman Z of 3.03, which on the book-value variant we use, Z″ (distress below 1.1, safe from 2.6), is safe territory, but with a narrow margin. Relative strength, Stan Weinstein stage and EPS rating are still missing because our price history for this stock is one day old; the only metric screen it hits is the downtrend list "Below the 50- & 200-SMA". All lists are recalculated every night — this is a dated snapshot.
- Gorilla is a foreign private issuer: the figures come from the annual report on Form 20-F (IFRS), not from a 10-K, and interim numbers arrive as voluntary 6-K attachments rather than audited quarterly reports — the first-quarter 2026 figures are expressly unaudited and unreviewed. Move the $21.0 million of currency losses below the operating line, as some data services do, and 2025 arithmetically turns into a positive operating result of about $7.4 million; the company's own income statement reports an operating loss of $13.7 million. We follow the filing.
- Valuation figures deliberately rest only on prices documented in SEC filings ($21.78 on June 2, 2026 from the prospectus supplement, $16.77 on July 14, 2026 from the Series B press release) and on the 27,757,474 shares stated there as of June 1, 2026. The share price has fallen further since: at the July 24, 2026 price data cut-off it stood at $12.01, equal to a market value of about $333 million — that is the figure shown on the stock page, and the reason it comes out smaller than the range in the text. Analyses are evergreen; daily prices are not a buy argument.
About the Company
Gorilla Technology Group Inc. provides solutions in security, network, business intelligence, and Internet of Things (IoT) technology in Taiwan and the United Kingdom. It operates through three segments: Video IoT, Security Convergence, and Other segments. The company offers building and office; policing; railway; road; port; airport; retail; healthcare infrastructure security; safe school and universities; and parking solution. Gorilla Technology Group Inc. is headquartered in London, the United Kingdom.
| IPO Year | 2022 |
|---|
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.