Gorilla Technology Group Inc. Annual Investor Briefing

I’m putting together this guide to help you understand how Gorilla Technology performed this past year. Think of this as a cheat sheet to help you decide if this company fits your portfolio.

1. What does this company do?

Gorilla Technology uses artificial intelligence to analyze video feeds for security and business insights. They operate globally with two primary focuses: Video IoT, which provides AI video tools for smart cities and retail, and Security Convergence, which offers software to protect networks and data.

2. Financial performance: How are they doing?

The company is currently prioritizing growth over profit. For 2025, they reported $48.2 million in revenue, shifting toward a subscription-based model. They manage operations across several countries, including Taiwan, Egypt, and the UK.

A major point of focus is their "accounts receivable." They are owed $22.5 million, and about 35% of that has been outstanding for over a year. These are mostly government or enterprise contracts. Because these payments are delayed, it creates a strain on cash flow. The company burns about $3.5 million per month to operate, making the collection of these outstanding payments a critical factor for their ongoing business funding.

3. Major wins and challenges

• Big Partnership: In March 2025, Gorilla signed a deal with "One Amazon USA Inc." for their "Internet of Forests" project. They committed $5 million, with revenue expected to start in late 2026.
• Strategic Bets: Gorilla holds $4.2 million in equity in AI startups like "Astrikos AI." This functions as a venture capital investment; if these startups succeed, it boosts Gorilla’s value, but if they fail, the company must write off the investment, which impacts profit.
• Share Buybacks: The company repurchased over 268,000 shares in 2025 at an average price of $2.15, signaling that management views the stock as undervalued.

4. Financial health: Cash and debt

Gorilla uses loans and other financial tools to maintain liquidity. They hold $12.8 million in debt with interest rates between 5% and 8%. Because they operate globally, currency fluctuations resulted in a $1.4 million cost in 2025.

They have 26.2 million shares outstanding. However, there are 9.5 million warrants currently held. If these are exercised, the company will issue more shares, which would reduce your ownership percentage by over 36%.

5. Key risks

• Payment Delays: With $7.8 million in payments overdue by over a year, there is a risk that these funds may not be collected. If these clients do not pay, the company may need to issue more shares to raise necessary cash.
• Dilution: The 9.5 million warrants represent a significant risk. If converted into stock, the resulting increase in share count lowers the value of existing holdings.
• Complexity: Their financial structure is complex due to international tax requirements and the subjective valuations required for their private AI investments.

6. Future outlook

Gorilla aims to grow revenue by 20% in 2026. They are betting that automated security will become a necessity for their clients. Their success depends on collecting on long-standing government contracts and successfully transitioning their AI investments into steady, recurring subscription income.

Investor Takeaway: When evaluating this opportunity, weigh the potential of their "Internet of Forests" project and their subscription growth against the immediate risks of cash flow strain from overdue receivables and the potential for significant share dilution from outstanding warrants.