Gorilla Technology Group Inc. Q4 FY2025 earnings call

• Reported record full-year revenue of $101.4 million, up 35.7% y-o-y, within the guided range of $100 million to $110 million. - Executed a real turnaround: IFRS operating loss narrowed by 53.2 million or 79.6%, IFRS net loss narrowed by 82.6%, IFRS basic EPS improved by 91.7%. Adjusted EBITDA and adjusted net income were strong. - AI is no longer a discretionary software trend but rapidly becoming a national capability and core operating layer. AI compute is shifting from training-led to inference-led cycle, expanding demand. Edge compute is a major driver. - Asia-Pacific data center investment growing from ~$30 billion in mid-2026 to ~$90 billion by 2030, installed capacity doubling. Southeast Asia, India, Middle East also have positive growth trajectories. - In 2026, advancing AI infrastructure and data center build strategy across regions, expanding evaluation work in India, progressing strategy in Middle East with MOU signed in Saudi Arabia, exploring data center development opportunities. Strengthening product edge with post-quantum cryptography ready in April 2026, R&D ongoing for local interception products, and planning to invest heavily in 6G local interception in 2027. Currently has ~300 full-time employees and over 200 contractors, anticipates growing to ~1,200 - 1,500 full-time employees by mid-June 2026. Collected over $22 million in first two months of 2026 from largest customers. Finished 2025 with $104.8 million cash, reduced total debt load to $13.8 million. Aim to be cash flow positive in 2026. Gorilla Technology Capital is a game changing catalyst.

Full-year revenue was $101.4 million, up 35.7% year-on-year. IFRS operating loss narrowed to about 13.7 million from 66.9 million last year (79.6% reduction). IFRS net loss narrowed to about 11.3 million from 64.8 million last year (82.6% improvement). IFRS basic EPS improved to about 0.51 from negative 6.13 (91.7% improvement). Adjusted EBITDA came in around $19.1 million, adjusted net income was about $19.9 million, adjusted basic EPS was 0.89 and adjusted dilute EPS was 0.88. Fourth quarter revenue was approximately $35.6 million, well above consensus of ~$34.75 million, and adjusted EPS was roughly around 0.37, a ~22% beat vs consensus. Full-year revenue was ~$101.4 million, beating consensus of ~$100.6 million by ~6%.

• Maintained revenue guidance range of $137 to $200 million for 2026. - Not prepared to issue gross margin or EBITDA guidance at this point, but expects an update in the coming month to month and a half about the timing of data center projects, delivery schedule from NVIDIA, and with customers to firm up guidance. - There is a $7 billion revenue opportunity in the pipeline.

• Monitoring the situation in the Middle East closely for potential impacts on operations, including logistic routes, supplier lead times, local security conditions, FX exposure, collection cycles, and regulatory changes. Impact would likely show up on timing rather than demand.

Q: Has anything changed in terms of best guess on timing for the first three phases of the freighter partnership?

A: Some programs have moved in timing, currently in final stages of getting first set of GPUs, accelerated data center discussions, now looking at over 600 megawatts of capacity instead of 12 megawatts, controlled ramp up.

Q: Do those customers waiting to see execution on the first frayer contract hold back agreements?

A: Absolutely not, pipeline is exploding, deals are mature, demand is accelerating, execution has been strong and confidence grows.

Q: How to characterize the recruiting market in geographies hiring and needs of AIHPC senior executive level?

A: Hiring at rapid pace, building teams in various regions, hiring senior executives, hub-and-spoke model, localizing teams, R&D and services capabilities growing.

Q: On gross margin mix and modeling revenue per megawatt in Southeast Asia?

A: 2025 had higher service mix and some lower margin projects, future gross margins expected to improve, revenue per megawatt varies by customer and program, typically in high four figures to low five figures per GPU per month.

Q: RT costs acquisition and pricing/margin contribution?

A: Integrating AstroKos into stack for smart city, video intelligence, GPU data centers, springboard in regions, shortens sales cycle, improves delivery readiness.

Q: Framing collections coming in this quarter?

A: Plus or minus 10 million plus or minus a few million, relates to solutions delivered in 2025.

Q: Update on Middle East operations given Iran-U.S. situation?

A: Monitoring closely, no material impact on operations currently, trends in favor, accelerating.

Q: Concrete milestones for quantum safe networks and SD-WAN product?

A: Post-quantum SD-WAN to be launched by end of April 2026, positions as trusted operator, helps with traffic optimization, future-proofs transport layer, makes architectures deployable.