Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Equity Bottom-Up

<ul>
<li>Nvidia's results and guidance sparked a massive rally in the shares, marking one of the largest single-day increases in market cap in U.S. stock market history.</li>
<li>The company sees a multi-year growth cycle of data center upgrades ahead. Key supply chain partners TSMC and ASML are rising as well.</li>
<li>Wiwynn in Taiwan should be a key winner. We also highlight a potential wildcard smallcap AI play that we will investigate further.</li>
</ul>


Nvidia's results and guidance sparked a massive rally in the shares, marking one of the largest single-day increases in market cap in U.S. stock market history.
The company sees a multi-year growth cycle of data center upgrades ahead. Key supply chain partners TSMC and ASML are rising as well.
Wiwynn in Taiwan should be a key winner. We also highlight a potential wildcard smallcap AI play that we will investigate further.


Nvidia Results Blow-Out: Multi-Year Growth Ahead; Wiwynn in Taiwan, Plus a Smallcap Wildcard AI Play

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

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.

Equity Research Firm

Gorilla Technology Group  / Equity Bottom-Up

<ul><li>Gorilla, a leader in AI-powered smart city and digital infrastructure solutions, announced its FY24 earnings, with adjusted EBITDA of $20.6 million (up 76.2% Y/Y) on sales of $74.7 million (up 15.4% Y/Y).</li><li>The company’s gross margin for FY24 came in at 50%, above consensus of 40%. The stock was up 18% in the aftermarket.</li><li>Net income, excluding exceptional non-cash items, was $21.3 million, beating the lower end of analysts’ estimates by 473% ($3.8 million versus $21.3 million). </li></ul>

Gorilla, a leader in AI-powered smart city and digital infrastructure solutions, announced its FY24 earnings, with adjusted EBITDA of $20.6 million (up 76.2% Y/Y) on sales of $74.7 million (up 15.4% Y/Y).The company’s gross margin for FY24 came in at 50%, above consensus of 40%. The stock was up 18% in the aftermarket.Net income, excluding exceptional non-cash items, was $21.3 million, beating the lower end of analysts’ estimates by 473% ($3.8 million versus $21.3 million). 

Gorilla Technology Group, Inc. - Significant FY24 Earnings Beat

<ul><li>Gorilla, a leading smart city full technology suite integrator, announced two major deals recently that could accelerate its growth and demonstrate the strength of its offerings.</li><li>Gorilla raised its FY25 revenue guidance from $90-100 million to $100-110 million, slightly more than 10% at the midpoint.</li><li>The latest deal is an exclusive AI and infrastructure partner deal for the $100 billion Global Edge Fund from Abu Dhabi Investment Fund.</li></ul>

Gorilla, a leading smart city full technology suite integrator, announced two major deals recently that could accelerate its growth and demonstrate the strength of its offerings.Gorilla raised its FY25 revenue guidance from $90-100 million to $100-110 million, slightly more than 10% at the midpoint.The latest deal is an exclusive AI and infrastructure partner deal for the $100 billion Global Edge Fund from Abu Dhabi Investment Fund.

Gorilla Technology Group, Inc. - Thailand Energy and Global Edge Wins Accelerate Growth

<ul><li>Gorilla, a leading smart city full technology suite integrator, announced a number of partnerships supporting ONE AMAZON.</li><li>This multi-billion-dollar initiative is not only the world’s first, but also the world’s largest deployment of environmental biodegradable sensors, creating an unprecedented real-time intelligence network across the Amazon.</li><li>The Internet of the Forest (IoF™) platform, powered by Gorilla’s AI, IoT, and sensor technologies, provides real-time monitoring of the Amazon rainforest, enabling proactive conservation efforts and empowering indigenous communities through data-driven insights and sustainable economic opportunities.</li></ul>

Gorilla, a leading smart city full technology suite integrator, announced a number of partnerships supporting ONE AMAZON.This multi-billion-dollar initiative is not only the world’s first, but also the world’s largest deployment of environmental biodegradable sensors, creating an unprecedented real-time intelligence network across the Amazon.The Internet of the Forest (IoF™) platform, powered by Gorilla’s AI, IoT, and sensor technologies, provides real-time monitoring of the Amazon rainforest, enabling proactive conservation efforts and empowering indigenous communities through data-driven insights and sustainable economic opportunities.

Gorilla Technology Group, Inc. - Partnering with AECOM, MIT, & Goldman Sachs on ONE AMAZON

<ul><li>With three major recent signings, one in Latin America and two in Asia, Gorilla could be heading into a solid growth year in 2025.</li><li>The LatAm deal, in consortium with NC Digy Smart Cities and AECOM, is a multi-phase initiative and the deal itself should open up significant new opportunities for Gorilla.</li><li>Chairman and CEO Jay Chandan said, “We are actively engaging with over 20 cities between the United States and Latin America, to collaborate on making their urban environments smarter and more connected. </li></ul>

With three major recent signings, one in Latin America and two in Asia, Gorilla could be heading into a solid growth year in 2025.The LatAm deal, in consortium with NC Digy Smart Cities and AECOM, is a multi-phase initiative and the deal itself should open up significant new opportunities for Gorilla.Chairman and CEO Jay Chandan said, “We are actively engaging with over 20 cities between the United States and Latin America, to collaborate on making their urban environments smarter and more connected. 

Gorilla Technology Group, Inc: New Deals Put Gorilla on an Accelerated Growth Path

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)

Nvidia Results Blow-Out: Multi-Year Growth Ahead; Wiwynn in Taiwan, Plus a Smallcap Wildcard AI Play

The company sees US$1 trillion of data center upgrades ahead. Our AI Leaders Basket constituents TSMC and ASML are rising as well.

Vincent Fernando, CFA

Gorilla Technology Group, Inc. - Significant FY24 Earnings Beat

Gorilla, a leader in AI-powered smart city and digital infrastructure solutions, announced its FY24 earnings, with adjusted EBITDA of $20.6 million...

Water Tower Research

Gorilla Technology Group, Inc. - Thailand Energy and Global Edge Wins Accelerate Growth

Gorilla, a leading smart city full technology suite integrator, announced two major deals recently that could accelerate its growth and demonstrate...

Water Tower Research

Gorilla Technology Group, Inc. - Partnering with AECOM, MIT, & Goldman Sachs on ONE AMAZON

Gorilla, a leading smart city full technology suite integrator, announced a number of partnerships supporting ONE AMAZON.

Water Tower Research

Gorilla Technology Group, Inc: New Deals Put Gorilla on an Accelerated Growth Path

With three major recent signings, one in Latin America and two in Asia, Gorilla could be heading into a solid growth year in 2025.

Water Tower Research

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