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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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Equity Bottom-Up

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 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