Gorilla Technology Q3 Earnings Miss Estimates, Pipeline Increased

Core Insights - Gorilla Technology Group Inc. (GRRR) reported third-quarter 2025 adjusted EPS of 24 cents, missing the Zacks Consensus Estimate by 7.7% and down 17.2% year-over-year [1] - Total revenues reached $26.5 million, reflecting a 32% year-over-year increase and surpassing the consensus mark by 1.8%, driven by AI infrastructure and public safety projects across various regions [1] Financial Performance - Operating expenses rose 39% year-over-year to $9.5 million, primarily due to net fair value remeasurement, while the cost of revenue increased 57.3% to $16.6 million [2] - Adjusted EBITDA was $6.8 million, marking a 21% year-over-year increase, attributed to improved contracting and vendor alignment [2] - Cash and cash equivalents stood at $110.2 million at the end of the third quarter, up from $21.7 million at the end of 2024, with total debt reduced to $15.1 million from $21.4 million [4] Project Developments - The company anticipates accelerating deployment of its 5G and AI infrastructure projects in Southeast Asia through the fourth quarter, with projects in the MENA region nearing final execution [3] Future Outlook - GRRR reiterated its 2025 revenue guidance of $100-$110 million, with 2026 estimates ranging from $137-$200 million, supported by a pipeline exceeding $7 billion in AI and GPU infrastructure opportunities [5] - The company expects adjusted EBITDA for 2025 to be between $20-$25 million and anticipates positive operating cash flows for the year [5]