GRRRW Gorilla Technology Group Inc.
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Executive Summary
Gorilla Technology Group Inc. reported Q1 2026 revenue of $28.2 million, up 55% YoY from $18.3 million, and generated positive operating cash flow of $6.6 million versus a $10.7 million use in Q1 2025. The IFRS net loss widened to $37.0 million from $4.6 million, driven by $20.9 million in non-cash stock-based compensation and $18.9 million in FX losses. Management raised full-year 2026 revenue guidance to $160-$200 million, citing contracted backlog and AI infrastructure momentum.
Actionable Insight
The 55% revenue growth and positive operating cash flow are strong operational signals, but the 14-point gross margin compression and massive non-cash charges warrant caution. The raised guidance to $160-200M implies a sharp H2 ramp. Monitor the Egypt project cash conversion and margin trajectory in the next quarterly filing to validate the growth story.
Key Facts
- Q1 2026 revenue $28.2M, up 55% YoY from $18.3M
- Operating cash flow turned positive at $6.6M vs -$10.7M in Q1 2025
- IFRS net loss of $37.0M vs $4.6M loss in Q1 2025
- Non-cash stock-based compensation of $20.9M and FX losses of $18.9M drove the reported loss
- Cash and cash equivalents $98.4M at March 31, 2026, down slightly from $99.5M at year-end 2025
- Full-year 2026 revenue guidance raised to $160M-$200M
- Gross margin declined to 21.1% from 35.1% in Q1 2025
- Adjusted EBITDA (non-IFRS) was -$8.3M vs +$5.2M in Q1 2025
- Adjusted net loss (non-IFRS) of $4.6M vs adjusted net income of $4.6M in Q1 2025
- Total debt of $13.2M remains low
Financial Impact
Revenue grew 55% YoY to $28.2M, but gross margin fell from 35.1% to 21.1%. Operating cash flow improved by $17.3M to positive $6.6M. Reported net loss widened by $32.4M due to non-cash and FX items.
Risk Factors
- Gross margin declined to 21.1% from 35.1%, indicating lower-margin project mix
- Non-cash stock-based compensation of $20.9M and FX losses of $18.9M obscure underlying profitability
- Cash balance declined slightly from year-end despite positive operating cash flow
- Adjusted EBITDA turned negative at -$8.3M vs +$5.2M in Q1 2025
- Guidance raise to $160-200M implies significant H2 revenue ramp that may not materialize
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 6-K Filing (Primary) | 0001437749-26-018444 |
| Exhibit: ex_944447.htm | 0001437749-26-018444 |
| Document: grrr20260410_6k.htm | 0001437749-26-018444 |
| Document: 0001437749-26-018444-index-headers.html | 0001437749-26-018444 |
| Document: 0001437749-26-018444-index.html | 0001437749-26-018444 |
| Document: 0001437749-26-018444.txt | 0001437749-26-018444 |
Filters
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|---|---|---|---|---|---|
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Jun 5, 2026
7d ago
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6-K
| $0.3097 awaiting T+5 | awaiting T+5 | — | $0.3097 (−0.00%) |
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Jun 5, 2026
7d ago
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424B5
| $0.4196 awaiting T+5 | awaiting T+5 | — | $0.3097 (+26.19%) |
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May 27, 2026
16d ago
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6-K
| $0.3097 $0.3097 | · 0.00% | ▼ −1.21% | $0.3097 (+0.00%) |
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Apr 15, 2026
8w ago
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20-F
| $0.3097 $0.3097 | · 0.00% | ▼ −0.98% | $0.3097 (+0.00%) |
US Market Status
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