Summary of Conference Call Company and Industry - The conference call pertains to **Nordea**, a financial services group operating in the Nordic region, focusing on macroeconomic trends, interest rates, and financial performance metrics. Core Points and Arguments 1. **Macro Trends**: - Interest rates are expected to decrease by approximately **12 basis points** quarter on quarter in Q4, following rate cuts in Q3. The average decrease in three-month interbank offered rates was **19 basis points** in Sweden and **8 basis points** in Norway, while Denmark and Finland saw increases of **2 to 3 basis points** [2][3] - The USD-denominated MSCI World Index increased by **4.9%** quarter on quarter, and the OMX40 Nordic Index rose by **3.8%** [2] 2. **Net Interest Income (NII)**: - NII for Q3 was reported at **EUR 1.775 billion**, with expectations for Q4 to be lower due to a decrease in average Nordic policy rates [3][4] - The margin-driven NII saw a reduction of nearly **EUR 90 million** in Q3, with a projected contribution of around **EUR 10 million** from deposit hedges in Q4 [4][5] 3. **Net Fee and Commission Income (NCI)**: - NCI for Q3 was **EUR 811 million**, with non-recurring gains of **EUR 10 million** not expected to repeat, leading to a relevant starting point of **EUR 800 million** for Q4 [6] - The average quarterly run rate for brokerage and advisory services was around **EUR 50 million** [7] 4. **Net Insurance Results**: - Q3 net insurance results were **EUR 66 million**, benefiting from movements in medium to long-term interest rates [9] 5. **Loan Losses**: - Historically, loan losses in Q4 tend to be higher, with expectations around **10 basis points** based on long-term averages. Significant portions of management judgment buffers have already been released earlier in the year [10][11] 6. **Capital and Dividends**: - The CET1 ratio was **15.9%** at the end of Q3, with a requirement of **13.6%**. A new buyback program of **EUR 500 million** was launched, expected to reduce the CET1 ratio by **30 basis points** [12][15] - The dividend policy aims for a payout of **60%-70%** of annual profits, with a stable to growing dividend per share ambition [12][13] Other Important Content - The impact of foreign exchange (FX) movements was noted, with SEK and NOK showing minor tailwinds for euro-denominated income in Q4 [3] - The conference call emphasized the importance of tracking FX movements, particularly for the P&L statement [3] - The company plans to book a fee for interest-free deposits under regulatory fees starting Q4, with a limited impact of mid-single-digit million euros [10] - The silent period for further inquiries begins on **7 January**, with the Q4 report scheduled for release on **29 January** [1][16]

Summary of CVB Financial and Heritage Commerce Corp Merger Conference Call Company and Industry - **Companies Involved**: CVB Financial Corporation and Heritage Commerce Corp - **Industry**: Banking, specifically focused on business banking Core Points and Arguments 1. **Merger Announcement**: The call discusses the definitive merger agreement between CVB Financial Corporation and Heritage Commerce Corp, marking a significant strategic acquisition for CVB Financial [2][4] 2. **Strategic Importance**: This merger is described as the largest by asset size in CVB's history, aimed at expanding into the Bay Area, a key strategic objective [4][5] 3. **Financial Projections**: - Projected return on average assets for 2027 is 1.5% - Projected return on average tangible common equity is approximately 17% [4] - Expected earnings per share (EPS) accretion of 13.2% in 2027 and an internal rate of return above 20% [5][7] - Anticipated tangible book value dilution of 7.7% with a projected earnback of 2.5 years [5][8] 4. **Transaction Details**: - The merger is a 100% stock deal with a fixed exchange ratio of 0.65 CVBF shares for each Heritage share - Total deal value is approximately $811 million based on recent stock prices [8] - Pricing multiples are 12.6 times 2027 EPS and 1.51 times Heritage's tangible book value [9] 5. **Cost Savings and Synergies**: Expected to achieve approximately 35% cost savings, with potential revenue synergies not yet modeled into financial metrics [9] 6. **Capital Position**: Pro forma company estimated to have a Common Equity Tier 1 (CT1) ratio of 14.6% at close, allowing for continued capital returns to shareholders through dividends and share repurchases [10] Additional Important Insights 1. **Cultural Fit**: Both companies share a similar culture focused on small and medium business customers, emphasizing pristine credit quality and low-cost deposits [6] 2. **Integration Strategy**: The management teams from both banks have extensive experience in mergers, and there is a strong commitment to ensuring a smooth integration process [29][31] 3. **Market Opportunities**: The merger is expected to enhance the ability to compete with larger banks, particularly in the Bay Area, by leveraging a larger balance sheet and expanded product offerings [55] 4. **Credit Quality**: Both banks have a strong credit culture, and due diligence revealed that Heritage's credit quality aligns well with CVB's standards [45][47] 5. **Future M&A Appetite**: Post-integration, the management will evaluate future M&A opportunities, but the immediate focus will be on successfully merging the two organizations [14][36] This summary encapsulates the key points discussed during the conference call regarding the merger between CVB Financial and Heritage Commerce Corp, highlighting the strategic, financial, and operational aspects of the transaction.

Summary of Coinbase Global (NasdaqGS:COIN) 2025 Update Company Overview - **Company**: Coinbase Global - **Event**: 2025 Update / Briefing - **Date**: December 17, 2025 Key Points Industry Insights - **Financial System Update**: Coinbase aims to modernize the outdated financial system using cryptocurrency, addressing issues like high fees, delays, and unequal access faced by 87% of Americans [2][3][4] - **Crypto Adoption Phases**: The company is focusing on three phases of crypto adoption: investment, financial services, and a developer platform [5][6] Product Developments - **Crypto Assets Growth**: Coinbase has grown its assets on the platform by 5x over the past three years, reaching over $500 billion in Q3 [4] - **Stock Trading Launch**: Coinbase has introduced stock trading, allowing users to trade equities alongside cryptocurrencies in a single account [9][10] - **Equity Perpetuals**: The platform will offer 24/7 access to trade equities with leverage, enhancing trading efficiency [11] - **Prediction Markets**: New prediction markets have been launched, enabling users to trade on various global events [12] - **Derivatives Trading**: Coinbase now allows U.S. traders to access futures and perpetual futures directly on the platform, with plans to expand offerings [13][14] - **Decentralized Exchange (DEX) Trading**: Users can trade millions of assets through decentralized exchanges, including Solana assets [15][16] - **Token Sales Platform**: A new platform for token sales has been introduced, allowing early access to popular projects [17][18] Financial Services Expansion - **Direct Deposit Feature**: Users can set up direct deposit into Coinbase, automatically investing in chosen assets [19] - **Lending and Staking**: Customers can lend USDC and stake assets like Ethereum, earning significant rewards [20][21] - **Borrowing Options**: Users can borrow against their crypto assets, accessing liquidity at competitive rates [22][23] User Experience Enhancements - **Pay Tab**: A new feature allows users to send crypto instantly and for free using phone numbers or emails [24] - **Coinbase One Card**: Users can earn Bitcoin rewards on everyday purchases, with significant earnings reported [25] New Innovations - **Coinbase Advisor**: An AI-powered financial advisor that helps users manage their portfolios and provides actionable insights [26][27] - **Coinbase Business**: Aimed at companies, this service simplifies crypto integration for businesses, with over 1,600 companies already using it [31][32] Infrastructure and Developer Tools - **Coinbase Developer Platform (CDP)**: New APIs have been launched to facilitate custody, payments, trading, and stablecoin integration for businesses [39][40] - **Custom Stablecoins**: Businesses can create their own branded stablecoins backed by USDC [46] Self-Custodial Solutions - **Base App**: A self-custodial wallet that supports multiple networks and offers a user-friendly experience for managing assets [48][61] Future Vision - **Creator Economy**: The Base App aims to empower creators by allowing them to tokenize their content and earn directly from their audience [50][59] - **Global Accessibility**: Coinbase is focused on making its services available globally, enhancing economic freedom through crypto [48][62] Additional Insights - **Market Trends**: The shift towards crypto is seen as a response to the inefficiencies of traditional financial systems, with a growing number of users seeking better financial outcomes [9][10] - **Customer Engagement**: The introduction of features like the Pay tab and the Coinbase One Card reflects a commitment to enhancing user engagement and satisfaction [24][25] This summary encapsulates the key developments and strategic directions of Coinbase Global as discussed in the 2025 update, highlighting the company's commitment to transforming the financial landscape through innovative crypto solutions.

Summary of Heritage Commerce and CitiVivi Financial Corporation Merger Conference Call Industry and Companies Involved - **Industry**: Banking and Financial Services - **Companies**: CitiVivi Financial Corporation and Heritage Commerce Corporation Core Points and Arguments 1. **Merger Announcement**: The conference call discusses the all-stock merger transaction between CitiVivi Financial Corporation and Heritage Commerce Corporation, marking a significant strategic acquisition for both companies [1][2][4]. 2. **Strategic Importance**: The merger is described as the largest by asset size in the history of CitiVivi, aimed at expanding into the Bay Area, which is a key strategic objective [4][5]. 3. **Financial Projections**: - Projected return on average assets for 2027 is 1.5% - Projected return on average tangible common equity is approximately 17% [4]. - Expected earnings per share (EPS) accretion of 13.2% in 2027 and an internal rate of return above 20% [5][7]. - Anticipated tangible book value dilution of 7.7% with a projected earnback period of 2.5 years [5][8]. 4. **Transaction Details**: - The merger is a 100% stock deal with a fixed exchange ratio of 0.65 CVBF shares for each Heritage share, representing a total deal value of approximately $811 million [8]. - Pricing multiples are noted as 12.6 times 2027 EPS and 1.51 times Heritage tangible book value [9]. 5. **Cost Savings and Synergies**: Expected cost savings of approximately 35% with no revenue synergies modeled into the financial metrics, although opportunities to deepen customer relationships are anticipated [9][10]. 6. **Capital Position**: The pro forma company is estimated to have a Common Equity Tier 1 (CT1) ratio of 14.6% at close, allowing for continued capital returns to shareholders through dividends and share repurchases [10]. Additional Important Insights 1. **Cultural Fit**: Both companies share a similar culture focused on small and medium business customers, emphasizing pristine credit quality and low-cost deposits [6][22]. 2. **Integration Focus**: The management teams are committed to a seamless integration process, with a disciplined approach to ensure that both organizations can work together effectively [30][32]. 3. **Market Opportunities**: The merger is expected to enhance the ability to compete with larger banks, particularly in the Bay Area, by leveraging a larger balance sheet and expanded product offerings [55][56]. 4. **Credit Quality**: Both banks have a strong credit culture, and due diligence revealed that Heritage has maintained a solid credit quality, aligning with CitiVivi's standards [46][48]. 5. **Future M&A Activity**: Post-merger, the companies will evaluate future M&A opportunities, but the immediate focus will be on successful integration [15][37]. This summary encapsulates the key points discussed during the conference call regarding the merger between CitiVivi Financial Corporation and Heritage Commerce Corporation, highlighting the strategic, financial, and operational aspects of the transaction.

CareCloud (NasdaqGM:CCLD) Update Summary Company Overview - CareCloud is focused on modernizing patient phone access in healthcare through AI-driven solutions, specifically the Stratus AI Desk Agent [1][2] Industry Context - The traditional front desk model in healthcare is becoming unsustainable due to staffing shortages, burnout, and increasing patient demands [4][5] - Phone calls remain the primary access channel for patients, despite the rise of digital tools [3][4] Core Challenges Identified - Staffing issues lead to long hold times, missed calls, and frustrated patients, resulting in revenue leakage [4][5] - Traditional solutions like hiring more staff or implementing IVR systems are inadequate for handling unpredictable spikes in call volume [4][5] Stratus AI Desk Agent Solution - Stratus AI Desk Agent is an AI-powered voice agent designed to handle patient calls through natural conversations, available 24/7 [5][6] - It supports unlimited simultaneous calls, detects intent and sentiment in real-time, and integrates with CareCloud's practice management and EHR systems [6][7] - The AI agent can manage scheduling, prescription refills, and general inquiries without increasing staff workload [9][10] Performance Metrics - Stratus AI boasts a 97% call resolution success rate, with nearly 80% of inbound calls handled autonomously [11][12] - The solution leads to fewer no-shows and better schedule utilization, contributing to stronger revenue flow [11][12] Financial Implications - A typical practice handling 2,000 inbound calls per month could save approximately $7,200 monthly or over $86,000 annually by using Stratus AI, with a projected ROI exceeding 200% [13][14] - The pricing model is based on successful calls handled by AI, making it flexible and risk-free with a 30-day trial [12][13] Security and Compliance - Stratus AI is designed to be HIPAA compliant, ensuring patient data protection through end-to-end encryption and secure EHR synchronization [11] Customer Feedback - Positive testimonials highlight that Stratus AI allows staff to focus on complex patient needs while maintaining high service standards [12] Implementation and Customization - The implementation process typically takes 2 to 4 weeks, with customization options available to fit specific practice needs [16][40] - The AI can handle multiple languages and is designed to integrate seamlessly with existing workflows [16][39] Future Developments - Plans to introduce an outbound calling agent to proactively reach out to patients for follow-ups and reminders [32] Conclusion - Stratus AI Desk Agent represents a significant advancement in healthcare operations, providing immediate patient access, scalable operations, and improved staff satisfaction without adding operational burdens [23][41]

Coherus Oncology Conference Summary Company Overview - **Company**: Coherus Oncology (NasdaqGM:CHRS) - **Focus**: Transitioned from a biosimilar company to a commercial-stage innovative oncology company with a focus on immuno-oncology pipeline, particularly PD-1 inhibitors and novel therapies [3][4][5] Key Products and Pipeline - **Toripalimab**: FDA-approved next-generation PD-1 inhibitor, cornerstone of the oncology pipeline [4][5] - **Casdozokitug**: First-in-class anti-IL27 therapy showing promise in liver cancer and other tumor types [11][12] - **Tagmukitug**: Cytolytic antibody targeting CCR8, showing potential in various solid tumors [53][54] Clinical Data and Efficacy - **Casdozokitug**: - Phase 1 trial showed manageable safety profile with no dose-limiting toxicities (DLTs) [16] - Monotherapy activity observed in squamous non-small cell lung cancer (NSCLC) and renal cell carcinoma (RCC) [17] - In combination with Atizo and Bev for hepatocellular carcinoma (HCC), showed an overall response rate (ORR) of 38% and a complete response (CR) rate of 17%, compared to historical controls of 30% and 8% respectively [20][21] - Responses observed irrespective of viral etiology, indicating broad applicability [22] - **Tagmukitug**: - Demonstrated ability to deplete CCR8-positive T regulatory cells in tumors, leading to increased CD8 T cell activity [56] - Early data from head and neck cancer patients showed promising responses in heavily pre-treated individuals [62] Safety and Tolerability - **Casdozokitug**: Safety profile encouraging, with no significant increase in immune-related adverse events compared to standard treatments [26][27] - **Tagmukitug**: Selective targeting of CCR8 with a favorable safety profile, avoiding off-target toxicity seen in other CCR8 programs [58][59] Market Position and Future Outlook - **Market Strategy**: Coherus aims to leverage its innovative pipeline to establish a strong position in the oncology market, focusing on underserved patient populations [5][9] - **Upcoming Milestones**: - Initial data for the Casdozokitug triplet combination expected in mid-2026 [47] - Continued development of Tagmukitug across multiple tumor types with data anticipated throughout 2026 [65] Conclusion - Coherus Oncology is positioned for a data-rich 2026 with promising clinical trials and innovative therapies that could significantly impact cancer treatment, particularly in HCC and other solid tumors [71]

Summary of Capricor Therapeutics Conference Call Company Overview - **Company**: Capricor Therapeutics (NasdaqCM: CAPR) - **Focus**: Development of Deramyocel for the treatment of Duchenne muscular dystrophy (DMD) Key Points Discussed Industry and Clinical Trials - **Phase III Trial**: The Hope III trial is evaluating Deramyocel for DMD treatment, focusing on safety and efficacy [1][5] - **Previous Studies**: The clinical journey began with the HOPE-Duchenne study in 2016, which showed a reduction in cardiac scarring and improvements in skeletal muscle function [6][7] - **Patient Demographics**: 106 patients were randomized in the Hope III trial, with a focus on non-ambulatory patients and those with documented cardiomyopathy [19][20] Efficacy of Deramyocel - **Primary Endpoint**: The trial met its primary efficacy endpoint, showing a 54% slowing of upper limb deterioration compared to placebo, with a statistically significant p-value of 0.029 [31][45] - **Cardiac Function**: Deramyocel patients exhibited a 91% slowing of cardiomyopathy progression, indicating significant stabilization of left ventricular ejection fraction [34][35] - **Mechanism of Action**: Deramyocel works through anti-fibrotic, immunomodulatory, and anti-inflammatory mechanisms, which may enhance the effects of other therapies [12][58] Safety Profile - **Adverse Events**: Most adverse events were mild to moderate, occurring shortly after infusion and resolving within 24 hours. Only one serious adverse event was reported compared to five in the placebo group [21][22] - **Long-term Safety**: The safety profile is consistent with previous studies, showing no new safety findings over four years of treatment in the open-label extension of the HOPE-2 study [21][47] Regulatory and Future Plans - **FDA Submission**: Capricor plans to submit data to the FDA by the end of the calendar year, aiming for a Class 2 resubmission status [51][52] - **Global Expansion**: The company is preparing for international submissions, particularly in Japan and Europe [55][56] Additional Insights - **Combination Therapy**: Deramyocel can potentially be used alongside existing therapies, including gene therapies and corticosteroids, due to its unique mechanism of action [44][68] - **Future Trials**: There are discussions about potential trials targeting younger ambulatory patients, especially with the recent addition of DMD to newborn screening programs [68][70] Conclusion - **Overall Impact**: The Hope III study results suggest that Deramyocel could be a first-in-class therapy for treating both skeletal muscle dysfunction and cardiomyopathy in DMD, with a favorable safety profile and significant clinical benefits [46][47]

Summary of Midnight Sun Mining Corp Update - December 17, 2025 Company Overview - **Company**: Midnight Sun Mining Corp - **Focus**: Copper exploration in Zambia, specifically the Dumbwa and Kazhiba projects Key Points from the Call Industry Context - The presentation is centered around the Zambian Copperbelt, a significant area for copper mining and exploration Project Updates - **Dumbwa Project**: - Currently, 88 drill holes completed with 17,800 meters drilled over approximately 1.7 km, extending to 2.5 km for scout holes [17][18] - The drilling is divided into three blocks: Sundash Farm Block, West River Drill Block, and Dumbwa Central and North Blocks [19] - A formal resource declaration is anticipated by Q3/Q4 2026 [19] - The project is described as having a predictable mineralization pattern, with a potential for large tonnage, near-surface, low-grade copper deposits [30] - **Kazhiba Project**: - Adrian Coralku is leading the work at Kazhiba, collaborating with Kevin Bonal on the Dumbwa project [8] Technical Insights - The mineralization at Dumbwa is hosted in a north-south trending shear zone, similar to the Kansanshi deposit located nearby [32] - The geological model indicates a strong correlation between soil anomalies and underlying copper sulfide mineralization [28][30] - The project has faced delays in assay reporting due to quality control issues with the laboratory, SGS, which is being addressed [21][22][25] Assay Results and Expectations - Only 14% of the drilled holes have received assay results, with significant bottlenecks in reporting [20][21] - Initial results show promising intercepts, such as 39.7 meters at 0.51% copper, indicating potential for economic viability [49][51] - The project is expected to yield a resource of over 1 billion tons of ore, with grades potentially around 0.5% copper [30][61] Comparisons with Other Deposits - The geology of Dumbwa is comparable to that of Lumwana, with similar mineralization characteristics but differing in strike length and thickness [53][54] - The potential for Dumbwa is modeled to exceed that of Lumwana in terms of strike length, with estimates suggesting up to 11 kilometers of mineralization [54][59] Future Outlook - The team is optimistic about the potential of Dumbwa, with ongoing drilling and modeling efforts to refine resource estimates [63] - The focus remains on the southern 11 kilometers of the project, with plans to explore the northern sections as well [63] Conclusion - The call highlighted the excitement surrounding the Dumbwa project, emphasizing its potential as a tier-one copper opportunity in the Zambian Copperbelt, despite current challenges with assay reporting and geological complexities [30][62]

Summary of Phillips Edison & Company (PECO) Update - December 17, 2025 Company Overview - **Company**: Phillips Edison & Company (NasdaqGS: PECO) - **Industry**: Grocery-anchored neighborhood shopping centers Key Points and Arguments 1. **Growth Strategy**: PECO is positioned as a growth company, targeting 3-4% same-center NOI growth and mid- to high single-digit core FFO per share growth annually, emphasizing long-term value creation and cash flow stability [2][4][5] 2. **Market Position**: PECO is one of the largest owners and operators of grocery-anchored shopping centers, with a goal to increase enterprise value to over $10 billion [3] 3. **Financial Performance**: The company has increased its 2025 earnings guidance, projecting a 7% growth in NAREIT and 6.8% growth in core FFO per share [4] 4. **Competitive Advantages**: PECO's expertise in necessity-based retail provides stability and quality cash flows, with a high retention rate of 93% for tenants [3][8] 5. **Incremental Growth Initiatives**: PECO plans to expand its portfolio with everyday retail centers, targeting $700 million to $1 billion in this segment over the next five years, which could represent 7%-10% of its total portfolio [9][10] 6. **Investment in Development**: The company is investing approximately $50 million annually in ground-up development projects, with an increase to about $70 million in 2025 and 2026 due to specific projects [11][25] 7. **Acquisition Strategy**: PECO aims to acquire $400-$500 million in assets in 2026, focusing on grocery-anchored centers and leveraging its strong market position [12][51] 8. **Financial Health**: PECO maintains a strong liquidity position and investment-grade ratings, with a long-term leverage target of low to mid-5 times net debt to adjusted EBITDA [17][18] 9. **Macroeconomic Outlook**: The company does not anticipate a recession in 2026, citing resilient consumer behavior and strong demand for necessity-based retail [19][20] 10. **Interest Rate Impact**: PECO expects some headwinds from interest rates but believes recent declines will positively affect real estate values [21] Additional Important Insights 1. **Rent Growth**: PECO has significant pricing power, with new and renewal leases showing rent spreads of 2%-3% and strong demand from retailers [7][40] 2. **Portfolio Quality**: The company emphasizes maintaining a high-quality portfolio through strategic asset recycling, selling lower-performing assets to fund acquisitions with higher returns [16] 3. **Long-term Guidance**: PECO projects same-center NOI growth of 3%-4% annually, driven by rent growth and occupancy levels, without needing additional occupancy increases [24][28] 4. **Everyday Retail Expansion**: The everyday retail segment is seen as a natural extension of PECO's core business, with high-quality demographics and strong initial returns [46][47] 5. **Market Dynamics**: The company is adapting to market conditions, including potential impacts from tariffs, but remains optimistic about its necessity-based retail focus [49][50] This summary encapsulates the key points from the PECO update, highlighting the company's growth strategies, financial performance, and market outlook.

Summary of Gorilla Technology Group Fireside Chat Company Overview - **Company**: Gorilla Technology Group (NasdaqCM:GRRR) - **Industry**: AI Security Platforms and Infrastructure - **Core Offerings**: Mission-critical AI security platforms, video intelligence, post-event analytics, secure network intelligence, lawful interception, and IPDR capabilities [3][4][5] Key Developments - **Major Contract**: Signed a three-year contract with FRAIR valued at approximately $1.4 billion, with the first phase of $300 million currently being launched in Thailand [4][6] - **AI Infrastructure**: Transitioning from a software solutions company to a sovereign-grade AI compute provider with enhanced data center capabilities across multiple regions including Middle East, North Africa, Europe, Southeast Asia, and Latin America [4][5] - **5G Solutions**: Successfully deployed the first global 5G lawful interception solution, with ongoing projects in Taiwan and Southeast Asia [24][25] Strategic Investments - **Acquisition of Actros**: Investment in Actros to enhance AI-driven platforms and infrastructure deployment in India, which is projected to grow from $15 billion in 2024 to over $330 billion by 2033, representing a 40% CAGR [16][17][18] - **Data Center Growth**: Data center market in India expected to grow from $9-10 billion to about $30 billion by 2032-2033, indicating significant opportunities for Gorilla [17] Recognition and Sustainability - **Nobel Sustainability Nomination**: CEO Jay Chandan was nominated for the 2025 Sustainability Awards, highlighting Gorilla's commitment to sustainable AI deployment at a national scale [11][12] Financial Outlook - **Revenue Projections for 2026**: Expected revenue range of $137 million to $200 million, driven by signed contracts and backlog, with a focus on reducing customer concentration risk [27][28] - **Cash Position**: Over $110 million in cash with reduced debt below $15 million, allowing for flexibility in executing large projects without relying heavily on equity markets [30] Operational Highlights - **Execution and Delivery**: Emphasis on building a repeatable deployment model and expanding engineering teams in Thailand and India [6][7][8] - **Project Milestones**: Successful execution of projects in Egypt and ongoing developments in AI infrastructure, with a focus on national scale delivery [22][26] Conclusion - Gorilla Technology Group is positioning itself as a leader in AI security and infrastructure, with significant contracts, strategic investments, and a strong focus on sustainability and operational execution. The company is set to transition from a growth story to a steady infrastructure platform, with promising financial projections for 2026 [29][30]