Core Insights - Gorilla Technology Group reported record full-year revenue of $101.4 million, a 35.7% increase year-over-year, marking the first time the company exceeded $100 million in annual revenue [3][6] - The company demonstrated significant improvements in its IFRS results, with the operating loss narrowing to approximately $13.7 million from $66.9 million the previous year, and the net loss narrowing to about $11.3 million from $64.8 million [3][6] - Gorilla is focusing on expanding its AI infrastructure and data center strategy, targeting over 600 MW of capacity across Southeast Asia, Taiwan, India, and the Middle East, with a revenue guidance of $137 million to $200 million for 2026 [5][11][14] Financial Performance - For the fourth quarter, Gorilla's implied revenue was approximately $35.6 million, with an adjusted EPS of roughly $0.37, compared to market consensus expectations of $34.75 million in revenue and $0.30 in adjusted EPS [1] - Adjusted EBITDA was reported at around $19.1 million, with adjusted net income of about $19.9 million, and adjusted basic EPS of $0.89 [2][6] - The company ended 2025 with $104.8 million in cash, and as of February 26, 2026, had $108 million in unrestricted cash and a total cash position of $116.6 million [7][6] Debt and Liquidity - Gorilla reduced its total debt to approximately $13.8 million from $21.4 million in the prior year, with management opting to retain this debt due to its low average interest rate of about 3% [9][10] - The company has spent over $11 million on share buybacks, arguing that the market undervalues its performance and strategy [10] AI Infrastructure Strategy - The company is advancing its AI infrastructure and data center build strategy, emphasizing a shift from training-led to inference-led computing, which is crucial for distributed compute and edge environments [11] - Gorilla is exploring opportunities to buy or build its own data center assets to create recurring revenue streams rather than relying solely on project cycles [12] Future Guidance and Product Development - Gorilla is maintaining its previously issued 2026 revenue guidance range of $137 million to $200 million, reflecting the delivery schedule of data center projects [14] - The company is targeting to have its post-quantum cryptography SD-WAN ready by April 2026 and is investing in 6G lawful interception technology starting in 2027 [16]