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Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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Gorilla Technology Group  / Equity Bottom-Up

<div><ul><li>Gorilla, a leader in AI-powered security intelligence, network intelligence, business intelligence and IoT technology, announced its 1Q26 earnings, with revenue up 55% Y/Y. </li><li>The company raised full-year 2026 revenue guidance to $160-200 million.</li><li>Operating cash flow swung from $(10.7) million to $6.6 million, a $17.3-million improvement, and was largely driven by successful cash collections from Gorilla’s project in Taiwan and Egypt. </li></ul></div>

Gorilla, a leader in AI-powered security intelligence, network intelligence, business intelligence and IoT technology, announced its 1Q26 earnings, with revenue up 55% Y/Y. The company raised full-year 2026 revenue guidance to $160-200 million.Operating cash flow swung from $(10.7) million to $6.6 million, a $17.3-million improvement, and was largely driven by successful cash collections from Gorilla’s project in Taiwan and Egypt. 

GRRR: 1Q26 Revenue Up 55% Y/Y; Operating Cash Flow Turns Positive; Full-Year Guidance Raised

<ul><li>Shift to AI infrastructure and the Yotta partnership. Gorilla is pivoting from a traditional AI software focus to becoming a core AI infrastructure provider, emphasizing physical deployment over theoretical “PowerPoint” presentations.</li><li>A cornerstone of this shift is the partnership with Yotta in India, which involves massive GPU deployments.</li><li>The first phase includes ~5,000 GPUs, while the second announced phase adds more than 20,000 B300 GPU cards. </li></ul>

Shift to AI infrastructure and the Yotta partnership. Gorilla is pivoting from a traditional AI software focus to becoming a core AI infrastructure provider, emphasizing physical deployment over theoretical “PowerPoint” presentations.A cornerstone of this shift is the partnership with Yotta in India, which involves massive GPU deployments.The first phase includes ~5,000 GPUs, while the second announced phase adds more than 20,000 B300 GPU cards. 

GRRR: CEO and CFO Talk Yotta, International Expansion, and AI Infrastructure

<div><ul><li>Gorilla, a leader in AI-powered security intelligence, network intelligence, business intelligence and IoT technology, announced its FY25 earnings, with record revenue of $101.4 million (up 35.7% Y/Y).</li><li>The company generated adjusted EBITDA of $19.1 million as it grew.</li><li>Gorilla is closely watching the situation in the Middle East, as of yet it is not seeing any impact.</li></ul></div>

Gorilla, a leader in AI-powered security intelligence, network intelligence, business intelligence and IoT technology, announced its FY25 earnings, with record revenue of $101.4 million (up 35.7% Y/Y).The company generated adjusted EBITDA of $19.1 million as it grew.Gorilla is closely watching the situation in the Middle East, as of yet it is not seeing any impact.

GRRR: FY25 Record Revenue of $101MM; Up 36% Y/Y with Strong Adjusted EBITDA of $19MM

<ul><li>Management stated that the company has a contracted backlog in excess of $100 million for 2026, consisting strictly of signed agreements with defined delivery milestones.</li><li>Beyond this base, the company is actively pursuing a qualified pipeline of more than $10 billion across AI infrastructure and data center projects.</li><li>This pipeline represents growth opportunities that only move into the official backlog once contracts are fully executed and scheduled.</li></ul>

Management stated that the company has a contracted backlog in excess of $100 million for 2026, consisting strictly of signed agreements with defined delivery milestones.Beyond this base, the company is actively pursuing a qualified pipeline of more than $10 billion across AI infrastructure and data center projects.This pipeline represents growth opportunities that only move into the official backlog once contracts are fully executed and scheduled.

GRRR: CEO and CFO Answer Investor Questions from Pipeline to NVIDIA to Astrikos.ai

<div><ul><li>Chandan described his 2025 Nobel Sustainability Award nomination as a surreal validation of his career building complex, national-scale infrastructure. </li><li>Rather than mere “good intentions”, the recognition affirms that Gorilla’s AI solutions are successfully engineered into real-world systems across global markets.</li><li>For Chandan, the award proved that his team’s “stubborn decisions” were rational and that its commitment to implementation survives the contact with reality.</li></ul></div><div><p style="list-style-type: square;"></p></div>

Chandan described his 2025 Nobel Sustainability Award nomination as a surreal validation of his career building complex, national-scale infrastructure. Rather than mere “good intentions”, the recognition affirms that Gorilla’s AI solutions are successfully engineered into real-world systems across global markets.For Chandan, the award proved that his team’s “stubborn decisions” were rational and that its commitment to implementation survives the contact with reality.

GRRR: CEO Talks Nobel, Astrikos Investment, and Outlook for 2026

Taiwan

Gorilla Technology Group Inc. operates as a video big data and analytics technology firm. The Company offers intelligent video surveillance solutions featuring analytics for enterprise business surveillance, content delivery, and communication solutions for mobile business, network intelligence, forensics, telecommunications, and web service industries.

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Gorilla Technology Group (GRRR US)

GRRR: 1Q26 Revenue Up 55% Y/Y; Operating Cash Flow Turns Positive; Full-Year Guidance Raised

Gorilla, a leader in AI-powered security intelligence, network intelligence, business intelligence and IoT...

Water Tower Research

GRRR: CEO and CFO Talk Yotta, International Expansion, and AI Infrastructure

Gorilla is pivoting from a traditional AI software focus to becoming a core AI infrastructure provider, emphasizing physical deployment over...

Water Tower Research

GRRR: FY25 Record Revenue of $101MM; Up 36% Y/Y with Strong Adjusted EBITDA of $19MM

Gorilla, a leader in AI-powered security intelligence, network intelligence, business intelligence and IoT technology, announced its FY25...

Water Tower Research

GRRR: CEO and CFO Answer Investor Questions from Pipeline to NVIDIA to Astrikos.ai

Management stated that the company has a contracted backlog in excess of $100 million for 2026, consisting strictly of signed agreements with...

Water Tower Research

GRRR: CEO Talks Nobel, Astrikos Investment, and Outlook for 2026

Chandan described his 2025 Nobel Sustainability Award nomination as a surreal validation of his career building complex, national-scale...

Water Tower Research

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