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

Equity Bottom-Up

Gorilla Technology Group  / Equity Bottom-Up

<div><ul><li>Chandan commented that, “being nominated by the Nobel Sustainability Trust is a lifetime honor that stands as a reminder that the work we are doing in sustainable digital infrastructure carries real weight and real responsibility.” </li><li>He went on to say, “sustainability is not a slogan for us. It is the way we design technology, the way we build nations, and the way we measure long-term impact on communities around the world.”</li><li>The Nobel Sustainability Trust “Sustainability Award” recognizes global leadership and innovation that advances human and planetary well-being, aligning with the United Nations’ Sustainable Development Goals. </li></ul></div>

Chandan commented that, “being nominated by the Nobel Sustainability Trust is a lifetime honor that stands as a reminder that the work we are doing in sustainable digital infrastructure carries real weight and real responsibility.” He went on to say, “sustainability is not a slogan for us. It is the way we design technology, the way we build nations, and the way we measure long-term impact on communities around the world.”The Nobel Sustainability Trust “Sustainability Award” recognizes global leadership and innovation that advances human and planetary well-being, aligning with the United Nations’ Sustainable Development Goals. 

GRRR: CEO Nominated for Nobel Sustainability Award

<div><ul><li>Gorilla, a leader in AI-powered security intelligence, network intelligence, business intelligence, and IoT technology, announced its 3Q25 earnings, with record sales of $26.5 million (up 32% Y/Y).</li><li>The company has $121 million in cash and has reduced debt to $15.1 million. The stock price was up 12% in the aftermarket.</li><li>Gorilla highlighted five successes in the quarter: (1) record revenue (up 32% in Y/Y); (2) strong project execution ($0.4 million operating income versus a loss of $6.0 million a year ago); (3) focus on profitability (adjusted EBITDA grew 31% Y/Y to $6.8 million; (4) improved capital flexibility (total debt down 30%, unrestricted cash of $110 million); and (5) EPS inflection (break-even EPS versus a loss of $7.8 million a year ago)</li></ul></div>

Gorilla, a leader in AI-powered security intelligence, network intelligence, business intelligence, and IoT technology, announced its 3Q25 earnings, with record sales of $26.5 million (up 32% Y/Y).The company has $121 million in cash and has reduced debt to $15.1 million. The stock price was up 12% in the aftermarket.Gorilla highlighted five successes in the quarter: (1) record revenue (up 32% in Y/Y); (2) strong project execution ($0.4 million operating income versus a loss of $6.0 million a year ago); (3) focus on profitability (adjusted EBITDA grew 31% Y/Y to $6.8 million; (4) improved capital flexibility (total debt down 30%, unrestricted cash of $110 million); and (5) EPS inflection (break-even EPS versus a loss of $7.8 million a year ago)

GRRR: 3Q25 Record Revenue; Break-Even; $121MM in Cash; 2026 Revenue Guidance of $137-200MM

Thematic (Sector/Industry)

<ul><li>Artificial intelligence (AI) is all the buzz, but for good reason.</li><li>AI is being used to automate and optimize many tasks previously thought to be beyond computers.</li><li>WTR will be hosting a hybrid conference on April 10-11 in New York City to discuss how AI can propel the business prospects of smaller companies. </li></ul>

Artificial intelligence (AI) is all the buzz, but for good reason.AI is being used to automate and optimize many tasks previously thought to be beyond computers.WTR will be hosting a hybrid conference on April 10-11 in New York City to discuss how AI can propel the business prospects of smaller companies. 

Tech Talk - WTR Technology Conference - AI and Crypto

<ul><li>The global Smart Cities market size was valued at $1.5 trillion in 2020 and is projected to grow to $11 trillion by 2030, a CAGR of more than 20%.</li><li>While North America is currently the largest market, Asia-Pacific is projected to overtake it in a few years.</li><li>Smart Cities are urban areas that utilize digital infrastructure and interconnected systems, most likely using artificial intelligence (AI). </li></ul>

The global Smart Cities market size was valued at $1.5 trillion in 2020 and is projected to grow to $11 trillion by 2030, a CAGR of more than 20%.While North America is currently the largest market, Asia-Pacific is projected to overtake it in a few years.Smart Cities are urban areas that utilize digital infrastructure and interconnected systems, most likely using artificial intelligence (AI). 

Tech Talk: Smart Cities Delivering on the Promise

<ul><li>There are no new SPAC IPOs to report for month of June so far, nor any new IPO registrations. </li><li>YTD, there have been only 15 IPO pricings, of which six came in February, and only nine new S-1 registrations have been filed thus far. </li><li>The SPAC IPO pipeline stands at just 45 versus a number that peaked at 310 in September 2021.</li></ul>

There are no new SPAC IPOs to report for month of June so far, nor any new IPO registrations. YTD, there have been only 15 IPO pricings, of which six came in February, and only nine new S-1 registrations have been filed thus far. The SPAC IPO pipeline stands at just 45 versus a number that peaked at 310 in September 2021.

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: CEO Nominated for Nobel Sustainability Award

He went on to say, “sustainability is not a slogan for us. It is the way we design technology, the way we build nations, and the way we measure...

Water Tower Research

GRRR: 3Q25 Record Revenue; Break-Even; $121MM in Cash; 2026 Revenue Guidance of $137-200MM

Gorilla, a leader in AI-powered security intelligence, network intelligence, business intelligence, and IoT technology, announced its 3Q25...

Water Tower Research

Tech Talk - WTR Technology Conference - AI and Crypto

Artificial intelligence (AI) is all the buzz, but for good reason. AI is being used to automate and optimize many tasks previously thought to be...

Water Tower Research

Tech Talk: Smart Cities Delivering on the Promise

The global Smart Cities market size was valued at $1.5 trillion in 2020 and is projected to grow to $11 trillion by 2030, a CAGR of more than 20%.

Water Tower Research

SPAC Talk : SPACs and the AI Wave

YTD, there have been only 15 IPO pricings, of which six came in February, and only nine new S-1 registrations have been filed thus far.

Water Tower Research

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