Disclaimer: This is not financial advice; do your own research. I have a long position in GRRR ($12.80 average).
TLDR: Gorilla Technology Group Inc (GRRR) - they’re a small ($510 million market cap) AI company. They made just over $100 million in revenue for 2025. Their estimated earnings for 2026 are $160-$200 million (higher than BBAI who has a $2.3 billion market cap). The CEO of GRRR (Jay Chandan) recently said that $200 million top end could be readjusted higher later this year. The CEO also stated his annual revenue goal for 2027 is $500 million. They currently have a pipeline of almost $10 billion. If GRRR achieves $200 million revenue for 2026, then I estimate the market cap should be around $1 billion (5X P/S ratio). If GRRR achieves $500 million for 2027, then their market cap should be at least $2.5 billion. I think GRRR is significantly undervalued especially compared to other AI stocks like BBAI, SOUN, and PLTR when you look at the P/S ratio.
GRRR Company Profile: They develop AI-based video analytics, cybersecurity, and IoT (Internet of Things) solutions for smart cities, enterprises, and broadcasting networks. They generate revenue from AI-driven security software, video analytics, and data center/GPU infrastructure to governments, smart cities, and large enterprises. The sales model revolves around subscription-based software licensing, system deployment projects, and multi-year service and maintenance contracts.
GRRR 2025 Highlights: GRRR earned $101.4 million revenue in 2025 (35.7% increase from 2024. The total operating expenses for 2025 was $47.5 million (54.4% decrease from 2024). IFRS operating loss was $13.7 million (79.5% decrease). Adjusted EBITDA for 2025 was $19.1 million. GRRR did a large equity offering in mid 2025 that raised $105 million. They ended 2025 with $104.8 million cash on hand. GRRR had a sharp rise and fall in share price during 2025 primarily driven by the dilution and because revenue from announced contracts didn’t hit the books as fast as some anticipated. GRRR had 27.65 million shares outstanding at the end of 2025. While it wasn’t all smooth/pretty, GRRR showed good signs of operational turnaround and positive signs of future growth.
GRRR Current Performance: GRRR achieved $28.2 million revenue in 1q 2026 (55.5% YOY increase). The operating cash flow for the quarter was positive, at $6.6 million. They had an operating loss of $41.1 million for the quarter. However, the $41.1 million operating loss was distorted by $20.9 million in non-cash stock compensation and $18.9 million in FX losses, bringing the underlying operating loss to roughly $1.2 million. The revenue guidance for 2026 was readjusted from $137-$200 million to $160-$200 million revenue by mgmt on the earnings call. Also, the CEO, Jay Chandan, said that the top end of the 2026 revenue guidance, could be readjusted higher than $200 million. In fact, him and the CFO said the $200 million top end was “ultra conservative” on the call. The potential adjustment will depend on if there are no hiccups in delivering the GPUs for the Yotta contract between September-November. All in all, GRRR is showing real, sustainable revenue from customers.
GRRR Contracts/Pipeline: GRRR secured a $270 million Smart Government Security Convergence contract with the Government of Egypt in July 2023 that is now in its final implementation phase. In March 2026, GRRR signed a 5 year, $500 million deal with Yotta for an AI infrastructure/supply partnership in India. The deal was expanded to $2.8 billion in late April for an additional 20,736 NVIDIA B300 GPU cards, targeted for delivery by September 30, 2026 (bringing the total contract value to $3.3 billion). They just signed a $2 billion deal supply agreement with Supermicro for the Yotta deal. In May, GRRR announced the development of a 200 MW AI data center campus on 40 acres in Korat, Thailand that they expect to generate $1.5 billion annual revenue by 2028. Then in l